World Fuel Services 2006 Annual Report Download

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2006 Annual Report
Fueling
Relationships
Around the
World

Table of contents

  • Page 1
    Fueling Relationships Around the World 2006 Annual Report

  • Page 2
    ...of local professionals. Our Vision To become the world's leading integrated provider of credit, finance, services, and logistics to the energy and transportation markets. To build a world-class organization that drives sustained growth through a high performance culture and entrepreneurial agility.

  • Page 3
    ... December 31, (In thousands, except diluted earnings per share and financial ratios) 2004 2005 2006 Income Statement Data Revenue Gross Profit Income from Operations Net Income Diluted Earnings Per Share Diluted Weighted Average Shares Balance Sheet Data Total Current Assets Total Assets Total...

  • Page 4
    Revenue MARINE 2006 2005 ($ in millions) $5,785.1 $4,467.7 $3,031.5 2004 Income from Operations 2006 2005 2004 $44.2 $35.4 $23.3 LETTER TO Shareholders Paul H. Stebbins Michael J. Kasbar To our shareholders: Aviation

  • Page 5
    Revenue Revenue AVIATION 2006 2005 ($ in millions) ($ in millions) 2004 $2,444.2 LAND $4,579.3 $3,938.3 2006 2005 2004 $420.7 $328.0 $178.7 Income from Operations 2006 2005 2004 Income from Operations 2006 2005 2004 $56.7 $39.9 $28.9 $1.1 $0.9 $0.4 What did we learn? Marine Land

  • Page 6
    ... Vice President, Chief Risk and Administrative Officer and Interim Chief Financial Officer Michael S. Clementi President and Chief Operating Officer World Fuel Services, Inc. Paul M. Nobel Senior Vice President and Chief Accounting Officer R. Alexander Lake, Jr. General Counsel and Corporate...

  • Page 7
    ...Suite 400 Miami, Florida (Address of principal executive offices) 33178 (Zip Code) Registrant's telephone number, including area code: (305) 428-8000 Securities registered pursuant to Section 12(b) of the Act: Title of each class: Name of each exchange on which registered: Common Stock, par value...

  • Page 8
    ... About Market Risk ...Financial Statements and Supplementary Data ...Changes in and Disagreements with Accountants on Accounting and Financial Disclosure ...Controls and Procedures ...Other Information ...Directors, Executive Officers and Corporate Governance ...Executive Compensation ...Security...

  • Page 9
    ... in the United States, United Kingdom, Denmark, Norway, The Netherlands, Germany, Greece, Turkey, the United Arab Emirates, Russia, China, Taiwan, South Korea, Singapore, Japan, Hong Kong, Costa Rica, Brazil, Chile, Argentina, Mexico, Colombia and South Africa. See "Item 2-Properties" for a list of...

  • Page 10
    ... statements of income, none of our marine customers accounted for more than 10% of total consolidated revenue. Aviation Segment We market fuel and related services to major commercial airlines, second and third-tier airlines, cargo carriers, regional and low cost carriers, corporate fleets...

  • Page 11
    ... offices in California, Texas and Miami, which provide the appropriate network to enable us to provide land fuel and related services throughout most of the United States. In our land segment, we act as a reseller. We purchase fuel from a supplier, mark it up and resell it to our customers through...

  • Page 12
    ... in order to operate our business and/or purchase and sell fuel. Forward-Looking Statements Certain statements made in this report and the information incorporated by reference in it, or made by us in other reports, filings with the SEC, press releases, teleconferences, industry conferences or...

  • Page 13
    ... credit facility; increases in interest rates; our ability to retain and attract senior management and other key employees; our ability to manage growth; our ability to integrate acquired businesses; changes in United States or foreign tax laws; increased levels of competition; changes in credit...

  • Page 14
    ...materially affect our reported results. The majority of our business transactions are denominated in United States dollars. However, in certain markets, primarily in Mexico, Colombia, Brazil and the United Kingdom, payments to some of our fuel suppliers and from some of our customers are denominated...

  • Page 15
    ... may reduce the demand for our products and services. Our business could also be adversely affected by increased merger activity in the marine, aviation and land transportation industries, which may reduce the number of customers that purchase our products and services, as well as the prices we are...

  • Page 16
    ... indebtedness under the revolving credit facility, trigger cross-defaults under other agreements to which we are a party, and impair our ability to obtain working capital advances and letters of credit, which could have a material adverse effect on our business, financial condition and results of...

  • Page 17
    ... on the purchase and sale of marine, aviation and land fuel products. These taxes include sales, excise, GST, VAT, and other taxes. Changes in United States and foreign tax laws or our failure to comply with those tax laws could adversely affect our business and operating results. We face intense...

  • Page 18
    ... or replacing those that expire. WORLD FUEL SERVICES CORPORATION and SUBSIDIARIES PROPERTIES Location Principal Use Lease Expiration Corporate 9800 Northwest 41st Street, Suite 400 Miami, FL 33178, USA Marine Segment 9800 Northwest 41st Street, Suite 400 Miami, FL 33178, USA Raritan Plaza III 101...

  • Page 19
    WORLD FUEL SERVICES CORPORATION and SUBSIDIARIES PROPERTIES-(Continued) Location Principal Use Lease Expiration Marine Segment, continued 2 Greenwich Office Park Greenwich, CT 06830, USA 1101 Fifth Avenue, Suite 280 San Rafeal, CA 94901, USA 238A Thompson Road #17-08 Novena Square Tower A Singapore...

  • Page 20
    ... Houston, Texas 77094, USA 238A Thompson Road #17-08 Novena Square Tower A Singapore 307684 Kingfisher House, Northwood Park Gatwick Road, Crawley West Sussex, RH10 2XN United Kingdom Oficentro Ejécutivo La Sabana Sur, Edificio #7, Piso 2 San José, Costa Rica Av. Rio Branco 181/3004 Rio de Janeiro...

  • Page 21
    ... In April 2001, Miami-Dade County, Florida (the "County") filed suit (the "County Suit") against 17 defendants to seek reimbursement for the cost of remediating environmental contamination at Miami International Airport (the "Airport"). One of our subsidiaries, Page Avjet Fuel Corporation, now known...

  • Page 22
    ...Judicial Circuit in and for Miami-Dade County, Florida. On November 28, 2006, three of Southeast's creditors, including World Fuel, filed involuntary bankruptcy petitions against Southeast and its principal (the "Debtors") in the U.S. Bankruptcy Court, Tampa Division. World Fuel is in the process of...

  • Page 23
    ...II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is traded on the New York Stock Exchange ("NYSE") under the symbol INT. As of February 20, 2007, there were 278 shareholders of record of our common stock and the...

  • Page 24
    ...12/04 12/05 12/06 WORLD FUEL SERVICES CORPORATION RUSSELL 2000 S & P ENERGY * $100 invested on 3/31/01 in stock or index-including reinvestment of dividends. The Company's fiscal year end changed to December 31st in 2002. Copyright© 2007, Standard & Poor's, a division of The McGraw-Hill Companies...

  • Page 25
    Item 6. Selected Financial Data WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES SELECTED FINANCIAL DATA (In thousands, except earnings per share data) 2006 For the Year ended December 31, 2005 2004 (1) 2003 2002 (2) (Unaudited) Revenue ...Cost of sales ...Gross profit ...Operating expenses (3) ......

  • Page 26
    ... fleets and to the United States and foreign governments. In our land segment, we offer fuel and related services to petroleum distributors operating in the land transportation market. We compete by providing our customers value-added benefits including single-supplier convenience, competitive...

  • Page 27
    ... Middle East, Asia and Latin America, as well as potential future terrorist activities and possible military retaliation. In addition, because fuel costs represent a significant part of our customers' operating expenses, volatile and/or high fuel prices can adversely affect our customers' businesses...

  • Page 28
    ... the credit risks inherent in our business, see "Item 1A-Risk Factors" of this Form 10-K. Share-Based Payment In January 2006, we adopted Statement of Financial Accounting Standard ("SFAS") No. 123(R), "ShareBased Payment," a revision of SFAS No. 123, "Accounting for Stock-Based Compensations" using...

  • Page 29
    ... value of our common stock, as defined in the respective plans under which they were issued. Derivatives We enter into derivative contracts in order to mitigate the risk of market price fluctuations in marine, aviation and land fuel, and to offer our customers fuel pricing alternatives to meet their...

  • Page 30
    ... total increase in land segment revenue, $57.7 million was due to an increase in the average price per gallon sold as a result of higher world oil prices in 2006. The remaining revenue increase of $35.0 million was primarily due to increased sales volume to new and existing customers. Gross Profit...

  • Page 31
    ... in operating expenses, $9.0 million was related to compensation and employee benefits, $9.7 million to general and administrative expenses and $1.5 million was due to executive severance costs related to the departure of our former Chief Financial Officer. Partially offsetting these increases was...

  • Page 32
    ...to the business segments totaled $25.4 million for 2006, an increase of $5.8 million, or 29.7% as compared to 2005. The increase in corporate overhead costs was attributable to the $1.5 million executive severance costs and increased compensation and employee benefits, and general and administrative...

  • Page 33
    ...increase in compensation and employee benefits was primarily due to higher performance based incentive compensation, which includes non-cash share-based payment awards, and new hires to support our global business. The increase in the provision for bad debts was due, in part, to customers located in...

  • Page 34
    ... in operating expenses. The increase in land segment operating expenses was attributable to increased compensation and employee benefits, provision for bad debts and general and administrative expenses. Our corporate overhead costs not charged to the business segments totaled $19.6 million for 2005...

  • Page 35
    ... indebtedness under the revolving credit facility, trigger cross-defaults under other agreements to which we are a party, and impair our ability to obtain working capital advances and letters of credit, which could have a material adverse effect on our business, financial condition and results of...

  • Page 36
    ... consolidated financial statements in Item 15 of this Form 10-K. Contractual Obligations As of December 31, 2006, our scheduled maturities of debt, non-cancelable operating lease obligations, employment agreement obligations (excluding discretionary and performance bonuses), derivatives obligations...

  • Page 37
    ... Misstatements. In September 2006, the SEC staff issued Staff Accounting Bulletin ("SAB") No. 108, "Considering the Effects of Prior-Year Misstatements when Quantifying Misstatements in Current Year Financial Statements." SAB No. 108 was issued in order to eliminate the diversity of practice in how...

  • Page 38
    ... exchanges of inventory within the same line of business should be recognized at fair value. EITF No. 04-13 is effective in the first interim or annual reporting period beginning after March 15, 2006. The adoption of EITF No. 04-13 in April 2006 did not have a significant impact on our financial...

  • Page 39
    ... on our financial position or results of operations. Item 7A. Quantitative and Qualitative Disclosures About Market Risk Commodity We enter into derivative contracts in order to mitigate the risk of market price fluctuations in marine, aviation and land fuel, and to offer our customers fuel pricing...

  • Page 40
    ... at December 31, 2006. Foreign Currency The majority of our business transactions are denominated in United States dollars. However, in certain markets, primarily Mexico, Colombia and the United Kingdom, payments to our aviation fuel suppliers and from some of our customers are denominated in local...

  • Page 41
    ... recent financial statements. Item 9A. Controls and Procedures Management's Evaluation of Disclosure Controls and Procedures We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange...

  • Page 42
    ... 31, 2006. Management considers the remediation of this material weakness during our quarter ended December 31, 2006 to represent a change that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Item 9B. Other Information None 34

  • Page 43
    ... of Directors-Corporate Governance Matters," "Information Concerning Executive Officers," and "Section 16(a) Beneficial Ownership Reporting Compliance" in our Proxy Statement for the 2007 Annual Meeting of Shareholders is incorporated herein by reference. We have adopted a Code of Corporate Conduct...

  • Page 44
    ... Right Agreement (Non-Employee Director) is incorporated by reference to our Current Report on Form 8-K filed November 7, 2006. Employment Agreement, amended and restated as of July 26, 2002, with Mr. Paul Stebbins, Chairman to the Board of Directors and Chief Executive Officer, is incorporated by...

  • Page 45
    ... Mr. Michael S. Clementi, President and Chief Operating Officer of World Fuel Services, Inc., is incorporated by reference to our Annual Report on Form 10-K/A filed May 9, 2005. Employment Agreement, dated as of July 18, 2005, with Mr. Paul Nobel, Senior Vice President and Chief Accounting Officer...

  • Page 46
    ... PUBLIC ACCOUNTING FIRM To the Stockholders and Board of Directors of World Fuel Services Corporation: We have completed integrated audits of World Fuel Services Corporation's consolidated financial statements and of its internal control over financial reporting as of December 31, 2006 in accordance...

  • Page 47
    ..., use, or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods...

  • Page 48
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) As of December 31, 2006......Deferred compensation and other long-term liabilities ...Total liabilities ...Commitments and contingencies Stockholders' Equity: Preferred stock, ...

  • Page 49
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands, except earnings per share data) For the Year ended December 31, 2006 2005 2004 Revenue ...Cost of sales ...Gross profit ...Operating expenses: Compensation and employee benefits ...Executive severance ...

  • Page 50
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (In thousands) Common Stock Shares Amount Balance at December 31, 2003 ...Net income ...Cash dividends declared ...Issuance of restricted stock ...Amortization of share-based payment awards ...Exercise ...

  • Page 51
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Year ended December 31, 2006 2005 2004 Cash flows from operating activities: Net income ...Adjustments to reconcile net income to net cash provided by (used in) operating activities ...

  • Page 52
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS-(Continued) (In thousands) We acquired Tramp Oil in 2004 and the remaining 33% of the outstanding equity interest of Tramp Oil (Brasil) Limitada ("Tramp Oil Brazil") in 2006. There were no acquisitions in 2005. ...

  • Page 53
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. Nature of Business, Acquisitions and Significant Accounting Policies Nature of Business World Fuel Services Corporation (the "Company") was incorporated in Florida in July 1984 and along with its ...

  • Page 54
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) In March 2006, we acquired the remaining 33% of the outstanding equity interest of Tramp Oil (Brasil) Limitada ("Tramp Oil Brazil") from the minority owners for an aggregate purchase price of ...

  • Page 55
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) accounts receivable. PAFCO ...1, 2005. In connection with the stock split, on January 31, 2005, our Board of Directors approved an increase in World Fuel's authorized common stock from 25,000,000...

  • Page 56
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) and 2005, respectively. Accounts receivable are written-off when it becomes apparent based upon age or customer circumstances that such amounts will not be collected. The following table sets ...

  • Page 57
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Cash Flow Hedges. We enter into interest rate swaps in order to mitigate the risk of fluctuations in interest rates. As of December 31, 2006 and 2005, our unrealized net gains on these interest ...

  • Page 58
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Property and Equipment Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line ...

  • Page 59
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) The following table provides changes in... 2006 ... $36,860 5,487 42,347 (528) 304 42,123 2,198 $44,321 In connection with our acquisitions, we recorded identifiable intangible assets for customer ...

  • Page 60
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Share-Based Payment In January 2006, we adopted Statement of Financial Accounting Standard ("SFAS") No. 123(R), "ShareBased Payment," a revision of SFAS No. 123, "Accounting for Stock-Based ...

  • Page 61
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) flows prospectively from January 1, 2006. Prior to the adoption of SFAS No. 123(R), such excess tax benefits were presented as operating cash flows. In 2006, we recorded excess tax benefits of ...

  • Page 62
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) The following table identifies the unrealized and realized foreign currency gains and losses included in other, net in the accompanying consolidated statements of income (in thousands): 2006 2005 ...

  • Page 63
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Our net income is the same for basic and diluted earnings per share calculations. Shares used to calculate earnings per share are as follows (in thousands): 2006 2005 2004 Basic weighted average ...

  • Page 64
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) applied to the entire financial instrument. SFAS No. 159 is effective for fiscal years that begin after November 15, 2007. We are currently evaluating the requirements of SFAS No. 159, ...

  • Page 65
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) basis occurring after the beginning of an entity's first fiscal year that begins after September 15, 2006. We do not expect the adoption of SFAS No. 155 will have a material impact on our ...

  • Page 66
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) fees ("L/C Fees") ranging from 1.00% to 1.75%. Interest, Non-Use Fees and L/C Fees are payable quarterly and at maturity in arrears. In March 2005, ...

  • Page 67
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) 3. Income Taxes U.S. and foreign income (loss) before income taxes consist of the following (in thousands): 2006 2005 2004 United States ...Foreign ... $ 3,637 77,762 $81,399 $ (1,339) 57,167 $...

  • Page 68
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) repatriation affected our effective tax rate for 2005 by approximately 5.1%. The remaining net decrease in the effective tax rate resulted primarily from profit fluctuations ...

  • Page 69
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) As discussed in Note 1, we adopted SFAS No. 123(R) in January 2006. As provided by FASB Staff Position ("FSP") No. FAS123(R)-3, "Transition Election Related to Accounting for the Tax Effects of ...

  • Page 70
    ...to the number of stock units credited to his account. The estimated fair value of stock and stock units issued to non-employee directors is based on the market value of our common stock on the date of grant and recorded as non-employee director compensation expense. Outstanding stock units issued to...

  • Page 71
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) long as there are outstanding stock options which have not been exercised and, accordingly, the outstanding stock options continue to be governed by the 1996 Plan. At December 31, 2006, the ...

  • Page 72
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Stock Options and Stock-Settled Stock Appreciation Rights Equity Awards The following table summarizes the outstanding stock options and SSARs issued pursuant to the plans described above as of ...

  • Page 73
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) The following table summarizes the status of our SSARs outstanding and exercisable, and related transactions for each of the following years (in thousands, except weighted average exercise price ...

  • Page 74
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Restricted Stock, Restricted Stock Units and Common Stock Equity Awards The following table summarizes the status of our unvested restricted stock outstanding and related transactions for each of ...

  • Page 75
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) As discussed above, in June 2006, we granted an aggregate of 400 shares of our common stock to two non-employee directors under the 2006 Plan. These share-based payments represent compensation for...

  • Page 76
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) the Compensation Committee of the Board of Directors approved an increase in the base salary of the CEO and COO to $575 thousand. Pursuant to these employment agreements, our CEO and COO are ...

  • Page 77
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Officer, who has also been serving as our Interim Chief Financial Officer since June 2006. The bonus performance targets are generally based on net income and/or earnings per share growth. Based ...

  • Page 78
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Certain of our foreign subsidiaries have defined contribution plans, which allow for voluntary contributions by the employees. The foreign subsidiaries paid all general and administrative expenses...

  • Page 79
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) The claims asserted by the County relating to environmental contamination at the Airport remain pending; however...Circuit Court of the 11th Judicial Circuit in and for Miami-Dade County, Florida. 71

  • Page 80
    ...FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) On November 28, 2006, three of Southeast's creditors, including World Fuel, filed involuntary bankruptcy petitions against Southeast and its principal (the "Debtors") in the U.S. Bankruptcy Court, Tampa...

  • Page 81
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) For the Year ended December 31, 2006 2005 2004 Depreciation and amortization: Marine segment, includes allocation from corporate ...Aviation segment, includes allocation from corporate ...Land ...

  • Page 82
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Geographic Information Information concerning our revenue, income from operations and total assets, as segregated between U.S. and foreign, is presented as follows, based on the country of ...

  • Page 83
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) 7. Summary Quarterly Information (Unaudited) The following is a summary of the unaudited quarterly results for 2006 and 2005 (in thousands, except earnings per share data): March 31, 2006 June 30,...

  • Page 84
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  • Page 85
    ..., on the 1st day of March 2007. WORLD FUEL SERVICES CORPORATION /S/ MICHAEL J. KASBAR Michael J. Kasbar Director, President and Chief Operating Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this Form 10-K has been signed below by the following persons on behalf of...

  • Page 86
    ... OF THE CHIEF EXECUTIVE OFFICER pursuant to Rule 13a-14(a) or Rule 15d-14(a) I, Paul H. Stebbins, certify that: 1. 2. I have reviewed this Annual Report on Form 10-K of World Fuel Services Corporation; Based on my knowledge, this report does not contain any untrue statement of a material...

  • Page 87
    ... OF THE CHIEF OPERATING OFFICER pursuant to Rule 13a-14(a) or Rule 15d-14(a) I, Michael J. Kasbar, certify that: 1. 2. I have reviewed this Annual Report on Form 10-K of World Fuel Services Corporation; Based on my knowledge, this report does not contain any untrue statement of a material...

  • Page 88
    ...ADMINISTRATIVE OFFICER AND INTERIM CHIEF FINANCIAL OFFICER pursuant to Rule 13a-14(a) or Rule 15d-14(a) I, Francis X. Shea, certify that: 1. 2. I have reviewed this Annual Report on Form 10-K of World Fuel Services Corporation; Based on my knowledge, this report does not contain any untrue statement...

  • Page 89
    ... H. Stebbins, the Chairman and Chief Executive Officer of World Fuel Services Corporation (the "Company"), Michael J. Kasbar, the President and Chief Operating Officer of the Company and Francis X. Shea, Executive Vice-President and Chief Risk and Administrative Officer and Interim Chief Financial...

  • Page 90
    MARINE FUEL SERVICES DIRECTORY OF OFFICES United States * 9800 N.W. 41st Street, Suite 400 Miami, Florida 33178 Telephone: (305) 428-8000 Fax: (305) 392-5621 Raritan Plaza III 101 Fieldcrest Avenue, Suite 2B Edison, New Jersey 08837 Telephone: (732) 623-2400 Fax: (732) 623-2401 2 Greenwich Office ...

  • Page 91
    ... Company's Chief Executive Officer was not aware of any violation by the Company of the NYSE's corporate governance listing standards. Corporate Headquarters World Fuel Services Corporation 9800 N.W. 41st Street, Suite 400 Miami, Florida 33178 Telephone: 305.428.8000 Fax: 305.392.5621 Website: www...

  • Page 92
    9800 N.W. 41st Street • Suite 400 • Miami, Florida 33178 (305) 428-8000 • (305) 392-5621 Fax www.wfscorp.com • (NYSE: INT)