World Fuel Services Corporation Announces Renewal of Share Repurchase Program
June 02 2014 - 5:11PM
Business Wire
World Fuel Services Corporation (NYSE:INT), a leading global
fuel logistics company, principally engaged in the marketing, sale
and distribution of aviation, marine and land fuel and related
products and services, today announced that its Board of Directors
has renewed the company’s share repurchase program, authorizing the
purchase of up to $65 million in common stock. This board action
replaces the remainder of the previously announced October 2008
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.
“The renewed availability under our share repurchase program
demonstrates our continued confidence in World Fuel’s business
model and long-term strategy, and reflects our commitment to
delivering value to our shareholders,” said Ira M. Birns, executive
vice president and chief financial officer. “The additional
capacity will allow us to continue to consider repurchases from
time to time, when we feel our shares are undervalued, principally
to offset the dilutive impact of employee stock awards.”
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 our business
model and long-term strategy and plans for share repurchases. 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 14, 2014. Actual results may differ materially from
any forward-looking statements due to risks and uncertainties,
including, but not limited to: our ability to capitalize on new
market opportunities, our ability to effectively integrate and
derive benefits from acquired businesses, 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
leading global fuel logistics company, principally engaged in the
marketing, sale and distribution of aviation, marine and land fuel
and related products and services on a worldwide basis. 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, 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.
World Fuel Services CorporationIra M. Birns,
305-428-8000Executive Vice President & Chief Financial
Officer
World Fuel Services (NYSE:INT)
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