World Fuel Services Corporation Reports Strong Earnings and Operating Cash Flow for the First Quarter of 2009

World Fuel Services Corporation (NYSE:INT), a global leader in the marketing and sale of marine, aviation and land fuel products and related services, today reported first quarter net income of $25.8 million or $0.87 diluted earnings per share compared to $15.8 million or $0.54 diluted earnings per share in the first quarter of 2008. Non-GAAP net income for the first quarter, which excludes share-based compensation and amortization of acquired intangible assets, was $28.3 million or $0.95 non-GAAP diluted earnings per share compared to $17.4 million or $0.60 non-GAAP diluted earnings per share in the first quarter of 2008. A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures.”

"Although the global economy remained uncertain, we delivered strong first quarter results, effectively managed risk and continued to execute upon our long-term growth strategy,” said Paul H. Stebbins, chairman and chief executive officer of World Fuel Services Corporation. "Our balance sheet and liquidity position remain very strong as we continue to be the counterparty of choice in the markets we serve.”

The company’s marine segment generated gross profit of $47.1 million in the first quarter of 2009, an increase of 28% year-over-year. "During a quarter in which markets continued to soften, our heightened discipline and solid execution allowed us to generate strong operating results,” stated Michael J. Kasbar, president and chief operating officer. The company’s aviation segment generated first quarter gross profit of $32.0 million, a year-over-year decrease of 9%. "While industry conditions remain challenging, our aviation segment delivered good results,” added Kasbar. The company’s land segment posted gross profit of $8.2 million in the first quarter, an increase of $6.4 million year-over-year, driven principally by our acquisition of the Texor business.

"By delivering strong operating results and further reducing our net trade cycle we generated $89.6 million of operating cash flow in the first quarter,” stated Ira M. Birns, executive vice president and chief financial officer. "We have now generated more than $570 million of operating cash flow over the past three quarters, further strengthening our balance sheet and liquidity profile.”

Non-GAAP Financial Measures

This press release includes selected financial information that has not been prepared in accordance with accounting principles generally accepted in the United States ("GAAP”). This information includes non-GAAP net income and non-GAAP diluted earnings per share. The non-GAAP financial measures exclude costs associated with share-based compensation and amortization of acquired intangible assets, primarily because we do not believe they are reflective of the company’s core operating results. We believe that these non-GAAP financial measures, when considered in conjunction with our financial information prepared in accordance with GAAP, are useful for investors to evaluate our core operating results and trends.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In addition, our presentation of non-GAAP net income and non-GAAP earnings per share may not be comparable to the presentation of such metrics by other companies. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measure. As previously mentioned, a reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release.

Information Relating to Forward-Looking Statements

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 creditworthiness of customers and counterparties and our ability to collect accounts receivable and settle derivatives contracts, fluctuations in world oil prices or foreign currency, changes in political, economic, regulatory, or environmental conditions, adverse conditions in the markets or industries in which we or our customers operate, our failure to effectively hedge certain financial risks associated with the use of derivatives, non-performance by counterparties or customers on derivatives contracts, the integration of acquired businesses, uninsured losses, our ability to retain and attract senior management and other key employees 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.

About World Fuel Services Corporation

Headquartered in Miami, Florida, World Fuel Services is a global leader in the marketing and sale of marine, aviation and land fuel products, as well as related services. World Fuel Services sells fuel and delivers services to its clients at more than 6,000 locations in more than 190 countries, including airports, seaports, tanker truck loading terminals and other customer storage locations. With 44 strategically located global offices (including satellite offices), World Fuel Services offers its clients a value-added outsource service for the supply, quality control, logistical support and price risk management of marine, aviation and land fuel.

The Company’s global team of market makers provides deep domain expertise in all aspects of marine, aviation and land fuel management. World Fuel Services’ marine customers include international container and tanker fleets and time-charter operators, as well as the United States and foreign governments. Aviation customers include commercial airlines, cargo carriers and corporate clientele, as well as the United States and foreign governments. Land customers include petroleum distributors, retail petroleum operators, and industrial, commercial and government accounts. For more information, call 305-428-8000 or visit http://www.wfscorp.com.