World Fuel Services Corporation : (INT)

World Fuel Services Corporation

World Fuel Corporation has recently caught the eye of several value investors. Fidelity Funds has recently, through a 13G SEC filing disclosed its 11.7% ownership in the company. Dimensional Advisors in a similar filing disclosed that they have purchased 8.5% of INT

World Fuel Services Corporation is a global leader in aviation and marine fuel marketing, providing services at more than 1,100 airports and seaports worldwide.

“Our focus has been on improving the predictability of our financial results,” said Jerrold Blair, World Fuel Services’ Chairman. “Through a reengineering of our business processes, including the way in which we extend credit to our customers, we have improved our margins, reduced our credit risk, substantially decreased our day sales outstanding and lowered our receivables. During the third quarter, we continued our global expansion by acquiring an interest in a joint venture with Signature Flight Support, the world’s largest flight support operator.”

With 22 offices strategically located throughout the world, and 300 employees, 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 65 marketing representatives provides deep domain expertise in all aspects of fuel asset 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

World Fuel Services Corporation recently reported a net income of $3,416,000 for the third quarter ended December 31, 2000, compared to $1,199,000 for the third quarter of the prior fiscal year, an increase of 185%. Diluted earnings per share were $0.32, compared to $0.10 per share for the comparable quarter in fiscal 2000, an increase of 220%. Net income and earnings per share from continuing operations were $3,912,000 and $0.37, respectively, for the current quarter, compared to $669,000 and $0.06 in the same quarter a year ago. Revenue for the third quarter was $408,567,000, compared to $323,063,000 for the same period last year, an increase of $85,504,000, or 26.5%.

World Fuel Services Corporation has declared its quarterly cash dividend of $0.05 per share payable on April 5, 2001, to shareholders of record on March 16, 2001.

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