World Fuel Services 2013 Annual Report Download - page 26

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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 2013 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)
For the Year ended December 31,
2013 (1) 2012 (2) 2011 (3) 2010 (4) 2009 (5)
Revenue $41,561,947 $38,945,338 $34,622,854 $19,131,147 $11,295,177
Cost of revenue 40,809,189 38,271,891 33,987,851 18,689,006 10,919,586
Gross profit 752,758 673,447 635,003 442,141 375,591
Operating expenses (6) 488,400 416,424 378,031 261,275 221,596
Income from operations 264,358 257,023 256,972 180,866 153,995
Non-operating expenses, net (17,693) (17,428) (18,769) (3,336) (4,086)
Income before income taxes 246,665 239,595 238,203 177,530 149,909
Provision for income taxes 39,505 38,244 39,001 31,027 32,346
Net income including noncontrolling interest 207,160 201,351 199,202 146,503 117,563
Net income (loss) attributable to noncontrolling interest 4,085 12,006 5,173 (362) 424
Net income attributable to to World Fuel $ 203,075 $ 189,345 $ 194,029 $ 146,865 $ 117,139
Basic earnings per common share $ 2.85 $ 2.66 $ 2.74 $ 2.36 $ 1.99
Basic weighted average common shares 71,224 71,154 70,687 62,168 59,003
Diluted earnings per common share $ 2.83 $ 2.64 $ 2.71 $ 2.31 $ 1.96
Diluted weighted average common shares 71,800 71,817 71,510 63,441 59,901
Cash dividends declared per common share $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.15
As of December 31,
2013 (1) 2012 (2) 2011 (3) 2010 (4) 2009 (5)
Cash, cash equivalents and short-term investments $ 292,061 $ 172,740 $ 205,415 $ 272,893 $ 306,943
Accounts receivable, net 2,538,642 2,193,866 2,160,561 1,386,700 951,398
Total current assets 3,815,501 3,281,377 3,122,227 2,067,867 1,467,947
Total assets 4,739,277 4,107,751 3,697,246 2,566,450 1,747,995
Total current liabilities 2,514,515 2,149,298 2,026,142 1,358,484 951,711
Total long-term liabilities 545,868 416,829 324,386 81,402 63,035
Total equity (7) 1,678,894 1,541,624 1,346,718 1,126,564 733,249
(1) In 2013, we completed three 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.
(2) In 2012, we acquired i) certain assets of CarterEnergy Corporation, including the assets comprising its wholesale motor
fuel distribution business (the ‘‘CarterEnergy business’’) on September 1st, ii) certain assets of Multi Service Corporation,
including the assets comprising its transaction management business, and all of the outstanding stock of its foreign
subsidiaries (the ‘‘Multi Service business’’) on December 31st and iii) completed three 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.
(3) In 2011, we acquired i) all of the outstanding stock of Nordic Camp Supply ApS and certain affiliates (‘‘NCS’’) and ii) 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.
20
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA