World Fuel Services Corporation Reports Solid Earnings for the Third Quarter of 2009

"Our aviation segment posted strong sequential volume growth, resulting in the first year-over-year increase in five quarters and achieving volumes not seen since the second quarter of 2008," said Paul H. Stebbins, chairman and chief executive officer of World Fuel Services Corporation. "We remain focused on aggressively managing risk, improving our customer offering and enhancing our global supply relationships."

"The marine business performed well despite challenging economic conditions," stated Michael J. Kasbar, president and chief operating officer. "Our land business delivered solid results for the second consecutive quarter," added Kasbar.

The company's aviation segment generated gross profit of $42.9 million in the third quarter of 2009, an increase of $3.1 million or 8% sequentially, but a decrease of 15% from last year's record third quarter. The marine segment generated third quarter gross profit of $40.2 million, flat sequentially and a decline of 37% from the record results achieved in the third quarter of last year. The company's land segment posted gross profit of $11.7 million in the third quarter, an increase of 2% sequentially and 15% year-over-year.

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.

WORLD FUEL SERVICES CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA)
                                        For the Three Months ended        For the Nine Months ended
                                        September 30,                     September 30,
                                        2009             2008             2009             2008
Revenue                                 $     3,202,653  $     5,453,351  $     7,749,936  $     15,595,955
Cost of revenue                               3,107,921        5,329,546        7,476,301        15,304,019
Gross profit                                  94,732           123,805          273,635          291,936
Operating expenses:
Compensation and employee benefits            32,359           35,503           101,231          100,381
Provision for bad debt                        1,774            6,842            2,696            16,899
General and administrative                    19,726           21,144           59,603           62,197
                                              53,859           63,489           163,530          179,477
Income from operations                        40,873           60,316           110,105          112,459
Interest and other expense, net               1,339            5,348            3,256            10,316
Income before income taxes                    39,534           54,968           106,849          102,143
Provision for income taxes                    10,437           14,848           23,990           25,552
Net income including noncontrolling
interest                                      29,097           40,120           82,859           76,591
Less: net income attributable to
noncontrolling interest                       25               35               215              205
Net income attributable to World Fuel   $     29,072     $     40,085     $     82,644     $     76,386
Basic earnings per share                $     0.98       $     1.38       $     2.81       $     2.65
Basic weighted average common shares          29,578           29,123           29,433           28,778
Diluted earnings per share              $     0.97       $     1.37       $     2.78       $     2.63
Diluted weighted average common shares        30,081           29,307           29,766           29,083

WORLD FUEL SERVICES CORPORATION
CONSOLIDATED BALANCE SHEETS
(UNAUDITED - IN THOUSANDS)
                                                As of
                                                September 30,     December 31,
                                                2009              2008
Assets:
Current assets:
Cash and cash equivalents                       $      348,504    $      314,352
Short-term investments                                 8,100             8,100
Accounts receivable, net                               864,562           676,100
Inventories                                            101,462           28,726
Short-term derivative assets, net                      19,255            72,260
Prepaid expenses and other current assets              50,778            72,612
Total current assets                                   1,392,661         1,172,150
Property and equipment, net                            39,279            35,328
Other assets                                           238,476           197,148
Total assets                                    $      1,670,416  $      1,404,626
Liabilities and equity:
Current liabilities:
Short-term debt                                 $      10,871     $      23,840
Accounts payable                                       770,476           548,876
Short-term derivative liabilities, net                 23,367            66,302
Customer deposits                                      53,235            40,961
Accrued expenses and other current liabilities         57,989            70,808
Total current liabilities                              915,938           750,787
Long-term debt                                         9,796             9,537
Other long-term liabilities                            46,412            36,156
Total liabilities                                      972,146           796,480
Equity:
World Fuel shareholders' equity                        698,247           607,887
Noncontrolling interest equity                         23                259
Total equity                                           698,270           608,146
Total liabilities and equity                    $      1,670,416  $      1,404,626

WORLD FUEL SERVICES CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED - IN THOUSANDS)
                                                       For the Three Months ended         For the Nine Months ended
                                                       September 30,                      September 30,
                                                       2009             2008              2009             2008
Cash flows from operating activities:
Net income including noncontrolling interest           $   29,097       $   40,120        $   82,859       $   76,591
Adjustments to reconcile net income including
noncontrolling interest to net cash (used in)
provided by operating activities:
Depreciation and amortization                              4,987            3,971             13,127           9,869
Provision for bad debt                                     1,774            6,842             2,696            16,899
Deferred income tax provision (benefit)                    2,732            2,280             5,916            (3,852  )
Share-based payment compensation costs                     869              2,923             4,471            6,808
Foreign currency transaction (gains)
losses, net                                                (1,479  )        2,010             (1,671  )        1,502
Other                                                      248              77                773              307
Changes in assets and liabilities, net of
acquisitions                                               (42,058 )        230,672           8,984            91,668
Total adjustments                                          (32,927 )        248,775           34,296           123,201
Net cash (used in) provided by operating
activities                                                 (3,830  )        288,895           117,155          199,792
Cash flows provided by (used in)
investing activities                                       3,256            (640     )        (57,216 )        (99,419 )
Cash flows (used in) provided by financing activities      (5,296  )        (181,948 )        (28,179 )        24,004
Effect of exchange rate changes on cash and
cash equivalents                                           1,563            (2,010   )        2,392            (1,502  )
Net (decrease) increase in cash and
cash equivalents                                           (4,307  )        104,297           34,152           122,875
Cash and cash equivalents, at beginning
of period                                                  352,811          54,729            314,352          36,151
Cash and cash equivalents, at end of period            $   348,504      $   159,026       $   348,504      $   159,026

WORLD FUEL SERVICES CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA)
                                                     For the Three Months Ended  For the Nine Months Ended
                                                     September 30,               September 30,
                                                     2009          2008          2009          2008
Non-GAAP financial measures and reconciliation:
GAAP net income attributable to World Fuel           $     29,072  $     40,085  $     82,644  $     76,386
Share-based compensation expense, net of taxes             718           2,052         3,244         4,702
Intangible asset amortization expense, net of taxes        1,630         1,416         4,487         2,689
Non-GAAP net income attributable to World Fuel       $     31,420  $     43,553  $     90,375  $     83,777
GAAP diluted earnings per share                      $     0.97    $     1.37    $     2.78    $     2.63
Share-based compensation expense, net of taxes             0.02          0.07          0.11          0.16
Intangible asset amortization expense, net of taxes        0.05          0.05          0.15          0.09
Non-GAAP diluted earnings per share                  $     1.04    $     1.49    $     3.04    $     2.88

WORLD FUEL SERVICES CORPORATION
BUSINESS SEGMENT INFORMATION
(UNAUDITED - IN THOUSANDS)
                         For the Three Months ended            For the Nine Months ended
                         September 30,                         September 30,
                         2009               2008               2009               2008
Revenue:
Marine segment           $   1,706,151      $   2,925,300      $   4,190,510      $   8,386,490
Aviation segment             1,154,206          2,045,278          2,696,786          6,169,625
Land segment                 342,296            482,773            862,640            1,039,840
                         $   3,202,653      $   5,453,351      $   7,749,936      $   15,595,955
Gross profit:
Marine segment           $   40,190         $   63,247         $   127,629        $   144,615
Aviation segment             42,892             50,451             114,657            130,762
Land segment                 11,650             10,107             31,349             16,559
                         $   94,732         $   123,805        $   273,635        $   291,936
Income from operations:
Marine segment           $   22,058         $   42,355         $   74,039         $   83,695
Aviation segment             21,204             23,906             50,603             54,075
Land segment                 2,743              2,422              7,715              1,052
                             46,005             68,683             132,357            138,822
Corporate overhead           (5,132    )        (8,367    )        (22,252   )        (26,363    )
                         $   40,873         $   60,316         $   110,105        $   112,459

SOURCE: World Fuel Services Corporation

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