World Fuel Services 2012 Annual Report Download - page 40

Item 6. Selected Financial Data
The following selected consolidated financial data should be read in conjunction with the consolidated
financial statements and related notes thereto and Part II, Item 7 of this report appearing under the
caption, ‘‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’’ and
other financial data and ‘‘Risk Factors’’ included elsewhere in this 2012 10-K Report. The historical
results are not necessarily indicative of the operating results to be expected in the future. All financial
information presented has been prepared in U.S. dollars and in accordance with accounting principles
generally accepted in the United States.
(In thousands, except earnings and dividends per share data)
2011 (2) 2010 (3) 2009 (4) 2008 (5)
Revenue $38,945,338 $34,622,854 $19,131,147 $11,295,177 $18,509,403
Cost of revenue 38,271,891 33,987,851 18,689,006 10,919,586 18,114,020
Gross profit 673,447 635,003 442,141 375,591 395,383
Operating expenses (6) 416,424 378,031 261,275 221,596 241,643
Income from operations 257,023 256,972 180,866 153,995 153,740
Non-operating expense, net (17,428) (18,769) (3,336) (4,086) (16,165)
Income before income taxes 239,595 238,203 177,530 149,909 137,575
Provision for income taxes 38,244 39,001 31,027 32,346 32,370
Net income including noncontrolling interest 201,351 199,202 146,503 117,563 105,205
Net income (loss) attributable to noncontrolling interest 12,006 5,173 (362) 424 166
Net income attributable to World Fuel $ 189,345 $ 194,029 $ 146,865 $ 117,139 $ 105,039
Basic earnings per common share $ 2.66 $ 2.74 $ 2.36 $ 1.99 $ 1.82
Basic weighted average common shares 71,154 70,687 62,168 59,003 57,707
Diluted earnings per common share $ 2.64 $ 2.71 $ 2.31 $ 1.96 $ 1.80
Diluted weighted average common shares 71,817 71,510 63,441 59,901 58,244
Cash dividends declared per common share $ 0.150 $ 0.150 $ 0.150 $ 0.150 $ 0.075
2011 (2) 2010 (3) 2009 (4) 2008 (5)
Cash, cash equivalents and short-term investments $ 172,740 $ 205,415 $ 272,893 $ 306,943 $ 322,452
Accounts receivable, net 2,193,866 2,160,561 1,386,700 951,398 676,100
Total current assets 3,281,377 3,122,227 2,067,867 1,467,947 1,172,150
Total assets 4,107,751 3,697,246 2,566,450 1,747,995 1,404,626
Total current liabilities 2,149,298 2,026,142 1,358,484 951,711 750,787
Total long-term liabilities 416,829 324,386 81,402 63,035 45,693
Total equity 1,541,624 1,346,718 1,126,564 733,249 608,146
(1) In 2012, we acquired the CarterEnergy business and the Multi Service business on September 1st
and December 31st, respectively, and completed three additional acquisitions which were not
material individually or in the aggregate. The financial position and results of operations of the
CarterEnergy business and the financial position of the Multi Service business have been included in
our consolidated financial statements since their respective acquisition dates.
(2) In 2011, we acquired all of the outstanding stock of Nordic Camp Supply ApS and certain affiliates
(‘‘NCS’’) and all of the outstanding stock of Ascent Aviation Group, Inc. (‘‘Ascent’’) on March 1st and
April 1st, respectively, and completed six additional acquisitions which were not material individually
or in the aggregate. The financial position and results of operations of these acquisitions have been
included in our consolidated financial statements since their respective acquisition dates.
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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
For the Year ended December 31,
2012 (1)
As of December 31,
2012 (1)