World Fuel Services Corporation Reports Strong Fourth Quarter and Record Full Year Earnings

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 fourth quarter net income of $34.5 million or $0.57 diluted earnings per share compared to $28.7 million or $0.49 diluted earnings per share in the fourth quarter of 2008. Non-GAAP net income for the fourth quarter, which excludes share-based compensation and amortization of acquired intangible assets, was $37.5 million or $0.62 non-GAAP diluted earnings per share compared to $36.3 million or $0.62 non-GAAP diluted earnings per share in the fourth quarter of 2008.

The company’s aviation segment generated gross profit of $49.1 million in the fourth quarter of 2009, an increase of $6.2 million or 14% sequentially and $14.0 million or 40% year over year. The marine segment generated gross profit of $41.3 million, an increase of $1.1 million or 3% sequentially, but a decrease of 30% from last year’s results. The company’s land segment posted gross profit of $11.6 million in the fourth quarter, flat sequentially, but an increase of $2.0 million or 21% year over year.

"Our superior value proposition and expertise in the marketplace allowed us to continue to perform well in a difficult operating environment,” said Paul H. Stebbins, chairman and chief executive officer of World Fuel Services Corporation. "We continue to deliver solid results while managing risk in what remain soft market conditions and we are well positioned to benefit as the economy recovers.”

"Focus on leveraging our global scale has provided us with a solid platform for growth, both organically and through strategic acquisition,” stated Michael J. Kasbar, president and chief operating officer. "We continue to execute on our strategy, which will enable us to capitalize on further growth opportunities in the marketplace,” added Kasbar.

For the full year, net income was $117.1 million or $1.96 diluted earnings per share compared to $105.0 million or $1.80 diluted earnings per share in 2008. For the full year, non-GAAP net income was $127.9 or $2.13 non-GAAP diluted earnings per share compared to $120.1 million or $2.06 non-GAAP diluted earnings per share in 2008.

"In addition to posting record annual earnings, we closed and integrated two strategic acquisitions, doubled our dividend, and further enhanced business processes and commercial execution, all of which helped drive above average returns to our shareholders,” stated Ira M. Birns, executive vice president and chief financial officer. "Our continued focus on working capital and risk management has allowed us to keep our balance sheet strong and liquid.”

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. 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.