World Fuel Services Corporation Announces Share Repurchase Program and Regular Quarterly Cash Dividend
September 12 2016 - 6:58PM
Business Wire
World Fuel Services Corporation (NYSE: INT) today announced that
its Board of Directors has authorized the purchase of up to $100
million in common stock. This board action replaces the previously
announced June 2015 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 October 12,
2016 to shareholders of record on September 23, 2016.
“Our business continues to generate strong cash flows, with $471
million of operating cash flow over the 12-month period ending June
30, 2016,” said Ira M. Birns, executive vice president and chief
financial officer. “Today’s announcement demonstrates our
confidence in World Fuel’s long-term prospects and continued
commitment to enhancing shareholder value, through a combination of
dividends and share repurchases, 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 long-term
prospects 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 16, 2016.
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/20160912006539/en/
World Fuel Services CorporationIra M. Birns, Executive Vice
President &Chief Financial OfficerorGlenn KlevitzVice
President, Assistant Treasurer305-428-8000
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