---

Leading marine, aviation and land fuel specialist World Fuel Services (WFS) has posted a small year-on-year dip of $1.7 million, or 0.9 percent, in net income during 2012.

WFS recorded a full year net income of $192.3 million, or $2.68 diluted earnings per share, compared to $194.0 million, or $2.71 diluted earnings per share in 2011.

Non-GAAP net income and diluted earnings per share for the full year, excluding share-based compensation, amortization of acquired intangible assets and expenses related to the Multi Service acquisition, were $215.9 million and $3.01, respectively, compared to $221.1 million and $3.09 in 2011.

Fourth quarter net income fell by $7.3 million, or 14.6 percent, to $42.8 million, or $0.60 diluted earnings per share. This compares to $50.1 million, or $0.70 diluted earnings per share in the fourth quarter of 2011.

Non-GAAP net income and diluted earnings per share for the fourth quarter, excluding share-based compensation, amortization of acquired intangible assets and expenses related to the Multi Service acquisition, were $52.3 million and $0.73, respectively, compared to $57.4 million and $0.81 in the fourth quarter of 2011.

For the full year, the company’s marine segment generated a gross profit of $208.0 million, representing an increase of approximately $12.9 million, or 7 percent, year-on-year.

The aviation division achieved a gross profit of $294.6 million - a decrease of $11.5 million, or 4 percent, year-on-year.

The land segment posted a gross profit of $170.8 million, which was an increase of $37.0 million, or 28 percent, year-on-year.

"In 2012, despite a stagnant market, we posted record revenue, gross profit, and volume while completing two strategic acquisitions," commented Michael J. Kasbar, president and chief executive officer of World Fuel Services Corporation. "Multi Service enhances our comprehensive solutions offering and opens up new opportunities for growth and value creation."

"The two accretive and strategic acquisitions we completed this past year will further expand the value proposition we offer to our customers and suppliers and provide new avenues for growth," said Ira M. Birns, executive vice president and chief financial officer. "Our operating cash flow contributed to our very strong and liquid balance sheet enabling us to further fuel organic growth as well as make additional strategic acquisitions."