World Fuel Services Corporation Announces Renewal of Share Repurchase Program and Regular Quarterly Cash Dividend
June 01 2015 - 5:38PM
Business Wire
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150601006764/en/
World Fuel Services CorporationIra M. Birns,
305-428-8000Executive Vice President & Chief Financial
OfficerorGlenn Klevitz, 305-428-8000Vice President, Assistant
Treasurer
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