World Fuel Services 2013 Annual Report Download - page 49

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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
(In thousands, except earnings per share data)
For the Year ended December 31,
2013 2012 2011
Revenue $41,561,947 $38,945,338 $34,622,854
Cost of revenue 40,809,189 38,271,891 33,987,851
Gross profit 752,758 673,447 635,003
Operating expenses:
Compensation and employee benefits 288,021 237,362 215,275
Provision for bad debt 11,745 4,790 8,173
General and administrative 188,634 174,272 154,583
488,400 416,424 378,031
Income from operations 264,358 257,023 256,972
Non-operating expenses, net:
Interest expense and other financing costs, net (17,287) (19,097) (15,825)
Other (expense) income, net (406) 1,669 (2,944)
(17,693) (17,428) (18,769)
Income before income taxes 246,665 239,595 238,203
Provision for income taxes 39,505 38,244 39,001
Net income including noncontrolling interest 207,160 201,351 199,202
Net income attributable to noncontrolling interest 4,085 12,006 5,173
Net income attributable to World Fuel $ 203,075 $ 189,345 $ 194,029
Basic earnings per common share $ 2.85 $ 2.66 $ 2.74
Basic weighted average common shares 71,224 71,154 70,687
Diluted earnings per common share $ 2.83 $ 2.64 $ 2.71
Diluted weighted average common shares 71,800 71,817 71,510
Comprehensive income:
Net income including noncontrolling interest $ 207,160 $ 201,351 $ 199,202
Other comprehensive loss:
Foreign currency translation adjustments (13,189) (9,606) (11,277)
Cash flow hedges, net of income taxes of $36 for 2013 and 2012, respectively (112) 112 —
(13,301) (9,494) (11,277)
Comprehensive income including noncontrolling interest 193,859 191,857 187,925
Comprehensive income attributable to noncontrolling interest 4,085 12,006 5,173
Comprehensive income attributable to World Fuel $ 189,774 $ 179,851 $ 182,752
The accompanying notes are an integral part of these consolidated financial statements.
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