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Fri 4 Sep 2009 15:09

WFS declares quarterly cash dividend


Cash dividend for the quarter to be payable in October 2009.

World Fuel Services Corporation has announced that its board of directors has declared a quarterly cash dividend of $0.075 per share payable on October 7, 2009 to shareholders of record on September 18, 2009.

Earlier this month, WFS reported second quarter net income of $27.7 million or $0.93 per share compared to $20.5 million or $0.71 per share in the second quarter of 2008 - a rise of $7.2 million year-on-year.

Non-GAAP net income for the second quarter, which excludes share-based compensation and amortization of acquired intangible assets, was $30.7 million or $1.02 non-GAAP diluted earnings per share compared to $22.8 million or $0.78 non-GAAP diluted earnings per share in the second quarter of 2008.

The company's marine segment, which includes the sale of bunker fuels, generated gross profit of $40.3 million in the second quarter of 2009, a decrease of 9 percent year-over-year.

Commenting on last quarter's results, chairman and chief executive officer of World Fuel Services Corporation Paul H. Stebbins said "We again delivered solid results despite difficult economic conditions."

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