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World Fuel Services Corporation, a global leader in the marketing and sale of marine, aviation and land fuel products and related services, has reported a $12.1 million, or 12 percent, rise in net income in 2009 to $117.1 million, or $1.96 per share, compared to $105.0 million, or $1.80 per share in 2008.

Non-GAAP net income, which excludes share-based compensation and amortization of acquired intangible assets, was $127.9 million, or $2.13 per share, compared to $120.1 million, or $2.06 per share in 2008.

"In addition to posting record annual earnings, we closed and integrated two strategic acquisitions, doubled our dividend, and further enhanced business processes and commercial execution, all of which helped drive above average returns to our shareholders," said Ira M. Birns, executive vice president and chief financial officer. "Our continued focus on working capital and risk management has allowed us to keep our balance sheet strong and liquid."

Fourth Quarter Results

World Fuel Services reported a $5.8 million, or 20 percent, rise in fourth quarter net income to $34.5 million, or $0.57 per share, compared to $28.7 million, or $0.49 per share, in the fourth quarter of 2008.

Non-GAAP net income for the fourth quarter was $37.5 million, or $0.62 per share, compared to $36.3 million, or $0.62 per share, in the fourth quarter of 2008.

The company's marine segment generated gross profit of $41.3 million, an increase of $1.1 million or 3 percent sequentially, but a decrease of 30 percent from last year's results. The company's land segment posted gross profit of $11.6 million in the fourth quarter, flat sequentially, but an increase of $2.0 million or 21 percent year over year.

The aviation segment generated gross profit of $49.1 million in the fourth quarter of 2009, an increase of $6.2 million or 14% sequentially and $14.0 million, or 40% year-on-year.

"Our superior value proposition and expertise in the marketplace allowed us to continue to perform well in a difficult operating environment," said Paul H. Stebbins, chairman and chief executive officer of World Fuel Services Corporation. "We continue to deliver solid results while managing risk in what remain soft market conditions and we are well positioned to benefit as the economy recovers."

"Focus on leveraging our global scale has provided us with a solid platform for growth, both organically and through strategic acquisition," stated Michael J. Kasbar, president and chief operating officer. "We continue to execute on our strategy, which will enable us to capitalize on further growth opportunities in the marketplace," added Kasbar.