UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): May 1, 2003
COMMISSION FILE NUMBER 1-9533
WORLD FUEL SERVICES CORPORATION
(Exact name of registrant as specified in its charter)
Florida 59-2459427
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification No.)
9800 N.W. 41st Street, Suite 400
Miami 33178
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (305) 428-8000
Item 5. Other Events and Regulation FD Disclosure
On May 1, 2003, World Fuel Services Corporation (the "Company" or
"World Fuel") reported that net income for the first quarter ended March 31,
2003, rose 18 percent to $5.3 million, or $0.48 per diluted share, as compared
to $4.5 million, or $0.42 per diluted share, for the same quarter the prior
year.
Revenue for the first quarter ended March 31, 2003, was $658.0 million,
versus $351.3 million in the same quarter of the prior year, reflecting
significant increases in business volumes in the aviation segment and higher
fuel prices for both the marine and aviation segments.
"We are very pleased with these results, which validate our business model
and demonstrate strong performance in a difficult operating environment," said
Paul Stebbins, Chairman and Chief Executive Officer. "Our team has done a great
job and we are right on track for a good year."
FIRST QUARTER FINANCIAL HIGHLIGHTS
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($ in thousands, except earnings per share)
Quarter Ended
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3/31/03 3/31/02
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Revenue $658,000 $351,284
Income from Operations $6,918 $6,383
Net Income $5,268 $4,473
Diluted earnings per share $0.48 $0.42
See exhibit 99.1 for the press release.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
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99.1 Press Release dated May 1, 2003.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: May 6, 2003 World Fuel Services Corporation
/s/ Michael J. Kasbar
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Michael J. Kasbar
President and Chief Operating Officer
/s/ Francis X. Shea
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Francis X. Shea
Executive Vice President and Chief
Financial Officer (Principal Financial
and Accounting Officer)