Net Income Increases 36% Year-over-Year

MIAMI–August 2, 2011, (CRWENEWSWIRE)– World Fuel Services Corporation (NYSE:INT), a leading fuel logistics company, principally engaged in the marketing, sale and distribution of aviation, marine and land fuel products and related services, today reported second quarter net income of $50.2 million or $0.70 diluted earnings per common share compared to $37.0 million or $0.61 diluted earnings per common share in the second quarter of 2010. Non-GAAP net income for the second quarter, which excludes share-based compensation and amortization of acquired intangible assets, was $57.7 million or $0.81 non-GAAP diluted earnings per common share compared to $40.2 million or $0.66 non-GAAP diluted earnings per common share in the second quarter of 2010.

The company’s aviation segment generated gross profit of $82.0 million in the second quarter of 2011, an increase of $11.9 million or 17% sequentially, and an increase of $29.1 million or 55% year-over-year. The marine segment generated gross profit of $50.7 million, an increase of $10.5 million or 26% sequentially, and an increase of $7.5 million or 17% from last year’s results. The company’s land segment posted gross profit of $32.4 million in the second quarter, an increase of $6.0 million or 23% sequentially, and $20.9 million or 182% year-over-year.

“This quarter’s results demonstrate the durability of our business model in a wide range of operating environments and the importance of having a clear business strategy,” said Paul H. Stebbins, chairman and chief executive officer of World Fuel Services Corporation. “Our investments in people, process and technology, as well as our continued focus on risk management and execution have served us well and we are excited about the prospects for further expansion.”

“The record earnings posted this quarter are a testament to our ability to develop the business through both organic and strategic investment initiatives,” stated Michael J. Kasbar, president and chief operating officer.

The company also announced today that it has obtained a new $250 million five-year term loan, amended and restated its existing $800 million credit facility and extended the maturity date of the facility to 2016. Combined, these facilities represent $1.05 billion of committed financing.

“Given continued global economic uncertainty, we are very pleased with the issuance of a $250 million five-year term loan which carries an initial rate of approximately 2%, further enhancing our liquidity profile,” stated Ira M. Birns, executive vice president and chief financial officer. “We also amended and restated our credit facility which reduces funding costs, enhances flexibility and extends the maturity date of the facility to July 2016.”

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 diluted 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, 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 leading global fuel logistics company, principally engaged in the marketing, sale and distribution of aviation, marine and land fuel products and related services on a worldwide basis. World Fuel Services sells fuel and delivers services to its clients at more than 6,000 locations in 200 countries and territories, including airports, seaports, tanker truck loading terminals and other customer storage locations. With 48 strategically located global offices, World Fuel Services offers its clients a value-added outsource service for the supply, quality control, logistical support and price risk management of aviation, marine and land fuel.

The Company’s global team of market makers provides deep domain expertise in all aspects of aviation, marine and land fuel management. Aviation customers include commercial airlines, cargo carriers, private aircraft and fixed base operators (FBO’s), as well as the United States and foreign governments. World Fuel Services’ marine customers include international container and tanker fleets, cruise lines and time-charter operators, 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 www.wfscorp.com.

Source: World Fuel Services Corporation

Contact:

World Fuel Services Corporation
Ira M. Birns, Executive Vice President &
Chief Financial Officer
or
Francis X. Shea, Executive Vice President &
Chief Risk and Administrative Officer
305-428-8000

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