World Fuel Services Corporation Completes Colt International, LLC Acquisition
July 30 2014 - 4:04PM
Business Wire
World Fuel Services Corporation (NYSE: INT) announced today that
it has completed the previously announced acquisition of Colt
International, LLC.
“We are pleased to welcome the Colt team to the World Fuel
Services organization,” said Michael J. Kasbar, chairman and chief
executive officer of World Fuel Services Corporation. “The Colt
transaction, combined with the existing World Fuel business, will
provide customers with the largest contract fueling network in the
general aviation industry and deliver a premier global platform for
international trip planning services.”
Colt, headquartered in Houston, Texas, with 150 employees and
2013 revenue of approximately $400 million, is a leading provider
of contract fuel and trip planning services at more than 3,000
locations worldwide.
The transaction is expected to be $0.06 to $0.09 accretive to
earnings on a GAAP basis in the first twelve months. Non-GAAP
accretion, which excludes amortization of acquired intangible
assets of approximately $0.02 per share, is expected to be $0.08 to
$0.11 in the first twelve months.
Information Relating to Forward-Looking
Statements
With the exception of historical information in this news
release, this document includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding our expectations about
expanding the contract fuel network and global platform, the effect
of the acquisition on our general aviation business, as well as our
expectation regarding the effect of the transaction on our
earnings. 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
effectively integrate and derive benefits from the Colt business,
our ability to capitalize on new market opportunities, particularly
in general aviation market, 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, environmental and other
risks associated with the storage, transportation and delivery of
petroleum products, 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 failure of fuel and other products
we sell to meet specifications, 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, 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.
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”). Specifically, we
have used non-GAAP accretion to earnings per share, which excludes
amortization of acquired intangible assets, primarily because we do
not believe it is reflective of the company’s core operating
results. We believe that this non-GAAP financial measure, when
considered in conjunction with our financial information prepared
in accordance with GAAP, is 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 accretion may not be comparable to the presentation of
such metric by other companies. Investors are encouraged to review
the reconciliation of this non-GAAP measure to its most directly
comparable GAAP financial measure contained in this press
release.
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)
Historical Stock Chart
From Mar 2024 to Apr 2024
World Fuel Services (NYSE:INT)
Historical Stock Chart
From Apr 2023 to Apr 2024