UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): June 1, 2015
WORLD
FUEL SERVICES CORPORATION
(Exact
name of registrant as specified in its charter)
Florida
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1-9533
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59-2459427
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(State or other jurisdiction of
incorporation)
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(Commission File
Number)
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(I.R.S. Employer
Identification No.)
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9800 N.W. 41st Street, Suite 400
Miami
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33178
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s telephone number, including
area code: (305) 428-8000
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 7.01. Regulation FD Disclosure
World Fuel Services Corporation (the “Company”) announced today that its
board of directors has renewed the Company’s share repurchase program,
authorizing the purchase of up to $100 million in common stock. This
board action replaces the previously announced May 2014 share repurchase
authorization. In addition, the Company announced that its board of
directors has declared a quarterly cash dividend of $0.06 per share
payable on July 10, 2015 to shareholders of record on June 19, 2015. A
copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(c)
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Exhibits
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Exhibit No.
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Description
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99.1
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Press Release, dated June 1, 2015.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date:
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June 1, 2015
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World Fuel Services Corporation
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/s/ R. Alexander Lake
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R. Alexander Lake
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Senior Vice President, General Counsel and
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Corporate Secretary
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EXHIBIT INDEX
Exhibit
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Description
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99.1
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Press Release, dated June 1, 2015.
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Exhibit 99.1
World
Fuel Services Corporation Announces Renewal of Share Repurchase Program
and Regular Quarterly Cash Dividend
MIAMI--(BUSINESS WIRE)--June 1, 2015--World Fuel Services Corporation
(NYSE: INT) today announced that its Board of Directors has renewed the
company’s share repurchase program, authorizing the purchase of up to
$100 million in common stock. This board action replaces the previously
announced May 2014 share repurchase authorization.
Share repurchases may be made from time to time in the open market or
through privately negotiated transactions. The timing and amount of
shares to be repurchased under the program will depend on market
conditions, share price, securities law and other legal requirements and
factors. The program does not require the purchase of any minimum number
of shares, has no expiration date and may be suspended or discontinued
at any time without prior notice.
In addition, the Company’s Board of Directors also declared its
quarterly cash dividend of $0.06 per share payable on July 10, 2015 to
shareholders of record on June 19, 2015.
“This expansion of our share repurchase program, combined with our
recent dividend increase, demonstrates our commitment to delivering
increased value to our shareholders,” said Michael J. Kasbar, chairman
and chief executive officer. “These actions complement our ongoing
value-creating initiatives, including the use of capital to invest in
strategic growth opportunities, both organically and through
acquisitions.”
Information Relating to Forward-Looking Statements
This release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including
statements regarding our expectations about value creation and growth
opportunities. These forward-looking statements are qualified in their
entirety by cautionary statements and risk factor disclosures contained
in the company’s Securities and Exchange Commission (“SEC”) filings,
including the company’s Annual Report on Form 10-K filed with the SEC on
February 12, 2015. Actual results may differ materially from any
forward-looking statements due to risks and uncertainties, including,
but not limited to: our ability to effectively integrate and derive
benefits from acquired businesses, our ability to capitalize on new
market opportunities, potential liabilities and the extent of any
insurance coverage, the outcome of pending litigation and other
proceedings, the impact of quarterly fluctuations in results, the
creditworthiness of our 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 and suppliers operate, our failure to effectively hedge
certain financial risks associated with the use of derivatives,
non-performance by counterparties or customers on derivatives contracts,
loss of, or reduced sales, to a significant government customer,
uninsured losses, the impact of natural disasters, adverse results in
legal disputes, unanticipated tax liabilities, our ability to retain and
attract senior management and other key employees and other risks
detailed from time to time in the company’s SEC filings. New risks
emerge from time to time and it is not possible for management to
predict all such risk factors or to assess the impact of such risks on
our business. Accordingly, we undertake no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, changes in expectations, future events, or otherwise.
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services is a global fuel
logistics, transaction management and payment processing company,
principally engaged in the distribution of fuel and related products and
services in the aviation, marine and land transportation industries.
World Fuel Services sells fuel and delivers services to its clients at
more than 8,000 locations in more than 200 countries and territories
worldwide.
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 (FBOs), 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, residential and government accounts. The
company also offers transaction management services which consist of
card payment solutions and merchant processing services to customers in
the aviation, marine and land transportation industries. For more
information, call 305-428-8000 or visit www.wfscorp.com.
CONTACT:
World Fuel Services Corporation
Ira M. Birns, 305-428-8000
Executive
Vice President & Chief Financial Officer
or
Glenn Klevitz,
305-428-8000
Vice President, Assistant Treasurer
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