World Fuel Services Corporation Reports Record Earnings Per Share and Operating Cash Flow for the Third Quarter of 2008

World Fuel Services Corporation (NYSE:INT), a global leader in the marketing and sale of marine, aviation and land fuel products and related services, today reported third quarter GAAP net income of $40.1 million, ($1.38 and $1.37 per share on a basic and diluted basis, respectively), compared to $14.8 million ($0.53 and $0.51 per share on a basic and diluted basis, respectively), in the third quarter of 2007. Non-GAAP net income for the third quarter, which excludes share-based compensation and amortization of acquired intangible assets, was $43.6 million ($1.50 and $1.49 per share on a basic and diluted basis, respectively), compared to $16.2 million, ($0.58 and $0.56 per share on a basic and diluted basis, respectively), in the third quarter of 2007. A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures.”

"We delivered record results across all three business segments, fortified our balance sheet and increased our liquidity during a period of unprecedented market volatility and challenging global economic conditions,” said Paul H. Stebbins, chairman and chief executive officer of World Fuel Services Corporation. "Our ability to support and add value to our customers and suppliers in this turbulent operating environment differentiates us from our competition and validates our critical position in the global supply chain.”

The company’s marine segment generated record gross profit of $63.2 million, an increase of 42% from the prior quarter and 135% year-over-year. "Our marine segment performed exceptionally, generating record results for the second consecutive quarter despite challenging market conditions, while Texor, acquired in June, delivered solid results for our land segment,” stated Michael J. Kasbar, president and chief operating officer. "Our aviation segment generated record gross profit of $50.5 million, an increase of 12% from the prior quarter and an increase of 52% year-over-year, benefiting, in part, from higher jet fuel prices in the early part of the quarter, followed by lower inventory levels in the latter part of the quarter.”

"Our significant working capital efforts combined with the positive benefit of declining fuel prices resulted in record operating cash flow of $287 million in the third quarter,” stated Ira M. Birns, executive vice president and chief financial officer. "During the quarter we also entered into a $160 million accounts receivable facility, which combined with our cash position and $475 million revolving credit facility, provide substantial liquidity to support our working capital requirements and strategic investment opportunities going forward.”

Non-GAAP Financial Measures

This press release includes selected financial information that has not been prepared in accordance with GAAP. This information includes non-GAAP net income and non-GAAP basic and diluted earnings per share. The non-GAAP financial measures exclude costs associated with share-based compensation and amortization of acquired intangible assets, primarily because they are non-cash expenses that we do not believe are reflective of ongoing operating results. We believe that these non-GAAP financial measures allow for greater transparency in the review of our financial and operational performance and are useful for investors to evaluate our ongoing 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. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measure. As previously mentioned, a reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release.

Information Relating to Forward-Looking Statements

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.

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 in over 190 countries around the world. With 44 offices (including satellite 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 include petroleum distributors, retail petroleum operators, and industrial, commercial and government accounts. For more information, call (305) 428-8000 or visit http://www.wfscorp.com.