INT World Fuel Services Corporation

World Fuel Services Reports Results for the Second Quarter of 2004 MIAMI, Aug. 5 /PRNewswire-FirstCall/ -- World Fuel Services Corporation (NYSE:INT), a global leader in the marketing and financing of aviation and marine fuel products and related services, today reported results for the second quarter ended June 30, 2004. Net income rose 26 percent to $6.9 million, or $0.58 per diluted share, as compared to $5.4 million, or $0.49 per diluted share, for the same quarter in the prior year. For the six months ended June 30, 2004, the Company reported earnings of $12.8 million, or $1.10 per diluted share, as compared to $10.7 million, or $0.97 per diluted share, for the same period a year ago. These financial results include the results of Tramp Oil Group, which was acquired on April 2, 2004. "We are very pleased with our results, and remain on track for a good year," said Paul Stebbins, Chairman and Chief Executive Officer. SECOND QUARTER AND SIX MONTHS FINANCIAL HIGHLIGHTS Quarter Ended Six Months Ended ($ in thousands, except per share data) 6/30/04 6/30/03 6/30/04 6/30/03 Revenue $1,377,378 $645,918 $2,289,175 $1,303,918 Income From Operations $9,800 $5,781 $17,510 $12,699 Net Income $6,866 $5,443 $12,820 $10,711 Diluted earnings per share $0.58 $0.49 $1.10 $0.97 About World Fuel Services Corporation Headquartered in Miami, Florida, World Fuel Services Corporation is a global leader in the downstream marketing and financing of aviation and marine fuel products and related services. As the marketer of choice in the aviation and shipping industries, World Fuel Services provides fuel and services at more than 2,500 airports and seaports worldwide. With 42 offices strategically located throughout the world, World Fuel Services offers its customers a value-added outsource service for the supply, quality control, logistical support and price-risk management of marine and aviation fuel. The Company's global team of market makers provides deep domain expertise in all aspects of marine and aviation fuel management. World Fuel Services' aviation customers include commercial, passenger and cargo operators as well as corporate clientele. The Company's marine customers include premier blue-chip companies from all segments of the market. For more information, call (305) 428-8000 or visit http://www.worldfuel.com/. With the exception of historical information in this news release, this document includes forward-looking statements that involve risks and uncertainties, including, but not limited to, quarterly fluctuations in results, the management of growth, fluctuations in world oil prices or foreign currency, major changes in political, economic, regulatory, or environmental conditions, the loss of key customers, suppliers or key members of senior management, uninsured losses, competition, credit risk associated with accounts and notes receivable, and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. Actual results may differ materially from any forward-looking statements set forth herein. For further information, please contact: Investors, Jesse Deal, +1-212-691-8087, , or Media, Len Hall, +1-949-474-4300, , both of Allen & Caron Inc, for World Fuel Services Corporation; or Francis X Shea, CFO & EVP of World Fuel Services Corporation, +1-305-428-8000, . WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (IN THOUSANDS) June 30, December 31, 2004 2003 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $65,328 $76,256 Accounts and notes receivable, net 367,526 192,119 Inventories 38,007 22,940 Prepaid expenses and other current assets 27,298 19,706 Total current assets 498,159 311,021 PROPERTY AND EQUIPMENT, NET 6,964 6,963 OTHER ASSETS 58,057 39,694 $563,180 $357,678 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Short-term debt $1,535 $1,600 Accounts payable 283,273 172,885 Accrued expenses 23,481 9,987 Other current liabilities 28,400 20,290 Total current liabilities 336,689 204,762 LONG-TERM LIABILITIES 54,694 4,537 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY 171,797 148,379 $563,180 $357,678 WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED -- IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended Six Months Ended June 30, June 30, 2004 2003 2004 2003 Revenue $1,377,378 $645,918 $2,289,175 $1,303,918 Cost of sales (1,345,924) (620,436) (2,230,790) (1,251,125) Gross profit 31,454 25,482 58,385 52,793 Operating expenses: Salaries and wages (11,518) (10,647) (21,766) (20,745) Provision for bad debts (1,354) (1,237) (2,239) (3,938) Other (8,782) (7,817) (16,870) (15,411) (21,654) (19,701) (40,875) (40,094) Income from operations 9,800 5,781 17,510 12,699 Other income (expense), net (1,453) 482 (1,387) 229 Income before income taxes 8,347 6,263 16,123 12,928 Provision for income taxes (1,481) (820) (3,303) (2,217) Net income $6,866 $5,443 $12,820 $10,711 Basic earnings per share $0.62 $0.51 $1.17 $1.01 Weighted average shares -- basic 11,056 10,600 10,919 10,592 Diluted earnings per share $0.58 $0.49 $1.10 $0.97 Weighted average shares -- diluted 11,751 11,118 11,628 11,071 DATASOURCE: World Fuel Services Corporation CONTACT: Investors, Jesse Deal, +1-212-691-8087, , or Media, Len Hall, +1-949-474-4300, , both of Allen & Caron Inc, for World Fuel Services Corporation; or Francis X Shea, CFO & EVP of World Fuel Services Corporation, +1-305-428-8000, Web site: http://www.worldfuel.com/

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