World Fuel Services Corporation Reports Record Quarterly Earnings

MIAMI, May 10 /PRNewswire-FirstCall/ -- World Fuel Services Corporation , a global leader in the marketing and sale of marine, aviation and land fuel products and related services, today reported that net income for the first quarter ended March 31, 2006 was $15.0 million, or $0.52 per diluted share, compared to $7.4 million, or $0.31 per diluted share, for the same quarter in the prior year.

"We are very pleased with our record results, which represent a good start to 2006," said Paul Stebbins, Chairman and Chief Executive Officer.

FIRST QUARTER FINANCIAL HIGHLIGHTS ($ in thousands, except per share data) Quarter Ended March 31, 2006 2005 Revenue $2,534,006 $1,774,586 Income from operations $19,953 $8,723 Net income $14,978 $7,382 Diluted earnings per share $0.52 $0.31 About World Fuel Services Corporation

Headquartered in Miami, Florida, World Fuel Services Corporation is a global leader in the marketing and sale of marine, aviation and land fuel products and related services. World Fuel Services provides fuel and related services at more than 2,500 airports, seaports and tanker truck loading terminals worldwide. With 42 offices strategically located throughout the world, World Fuel Services offers its customers a value-added outsource service for the supply, quality control, logistical support and price risk management of marine, aviation and land fuel.

The Company's global team of market makers provides deep domain expertise in all aspects of marine, aviation and land fuel management. World Fuel Services' marine customers include international container and tanker fleets and time-charter operators, as well as the United States and foreign governments. Aviation customers include commercial airlines, cargo carriers and corporate clientele, as well as the United States and foreign governments. Land customers are primarily petroleum distributors. For more information, call [phone] or visit http://www.wfscorp.com/.

With the exception of historical information in this news release, this document includes forward-looking statements that involve risks and uncertainties, including, but not limited to, quarterly fluctuations in results, the management of growth, fluctuations in world oil prices or foreign currency, major changes in political, economic, regulatory, or environmental conditions, the loss of key customers, suppliers or key members of senior management, uninsured losses, competition, credit risk associated with accounts and notes receivable, and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. Actual results may differ materially from any forward-looking statements set forth herein.

Contact: Allen & Caron Inc World Fuel Services Corporation Michael Mason (Investors) Robert S. Tocci, EVP & [e-mail][phone] [phone] or Len Hall (Media)[e-mail][phone] WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA) For the Three Months Ended March 31, 2006 2005 Revenue $2,534,006 $1,774,586 Cost of sales 2,484,261 1,739,075 Gross profit 49,745 35,511 Operating expenses: Compensation and employee benefits 18,744 16,734 Provision for bad debts 508 2,491 General and administrative 10,540 7,563 29,792 26,788 Income from operations 19,953 8,723 Other expense, net (28) (310) Income before income taxes 19,925 8,413 Provision for income taxes 5,116 944 14,809 7,469 Minority interest in (loss) income of consolidated subsidiaries (169) 87 Net income $14,978 $7,382 Basic earnings per share $0.56 $0.33 Basic weighted average shares 26,963 22,410 Diluted earnings per share $0.52 $0.31 Diluted weighted average shares 28,642 23,941 WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED - IN THOUSANDS) As of March 31, December 31, 2006 2005 ASSETS CURRENT ASSETS: Cash and cash equivalents $149,677 $133,284 Short-term investments 10,000 10,000 Accounts and notes receivable, net 758,513 688,129 Inventories 44,145 35,802 Prepaid expenses and other current assets 105,011 81,095 Total current assets 1,067,346 948,310 PROPERTY AND EQUIPMENT, NET 13,925 11,579 OTHER ASSETS 58,538 54,112 $1,139,809 $1,014,001 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term debt $5 $737 Accounts payable 617,140 534,064 Customer deposits 51,017 23,776 Payables related to derivative contracts 41,253 23,637 Accrued expenses 36,562 53,342 Total current liabilities 745,977 635,556 LONG-TERM LIABILITIES 25,108 25,098 STOCKHOLDERS' EQUITY 368,724 353,347 $1,139,809 $1,014,001