CORE LAB REPORTS Q3 2012 EPS OF $1.14, $1.13 EX-ITEMS; Q3 2012 OPS MARGINS AT 30% EX-ITEMS; YTD FCF REACHES $128 MILLION
AMSTERDAM (17 October 2012) - Core Laboratories N.V. (NYSE: "CLB US" and NYSE Euronext: "CLB
NA") reported third quarter 2012 net income of $54,403,000 and earnings per diluted share ("EPS") of $1.14.
Excluding the settlement of a business interruption claim, the Company's operations earned $1.13, an
increase of 13% over year-earlier EPS totals, ex-items. Third quarter 2012 revenue increased 6% over third
quarter 2011 levels to $245,428,000, despite the U.S. rig count decreasing approximately 6% since the end
of the second quarter 2012 and an international rig count that has been flat from year end 2011. Third
quarter 2012 operating income increased to $73,747,000, 6% over year-ago quarterly levels, ex-items,
yielding operating margins of 30%.
Free cash flow ("FCF"), defined as cash from operations in excess of capital expenditures, reached
$41,996,000 for the quarter. During the quarter, Core returned over $46,443,000 to its shareholders by
repurchasing 283,513 shares for $33,191,000 and paying dividends of $13,252,000. Since 2 October 2012,
the Company has repurchased an additional 422,600 shares at an average price of $101.87.
The improved year-over-year third quarter results reflect the Company's continued focus on international
crude-oil related developments and unconventional oil plays in North America. Increased demand for Core's
proprietary and patented fracture and field-flood diagnostics technology and for the Company's HTD BlastTM
and HTD Blast XLTM perforating system technology also bolstered results. Additional clients were added to
Core's joint industry projects in Eagle Ford, Niobrara, and Utica formations and unconventional reservoirs
in the Midland Basin. Internationally, the Company's newest joint industry project, Equatorial Basins of
Eastern South America, makes six such studies available for reservoirs offshore Brazil.
Compared with the first nine months of 2011, Core's revenue increased 9% to $726,625,000; net income
increased 23% to $161,270,000; and EPS was up 25% to $3.38. Operating margins for the first nine months
of 2012 were 30%, up 370 basis points from year-earlier levels, while FCF reached $128,000,000.
As reported the previous twelve quarters, the Board of Supervisory Directors (the “Board”) of Core
Laboratories N.V. has established an internal performance metric of achieving a return on invested capital
(“ROIC”) in the top decile of the service companies listed as Core's peers by Bloomberg Financial. Based
on Bloomberg's calculations for the latest comparable data available, Core's ROIC was the highest in its
oilfield services Comp Group. Moreover, the Company had the highest ROIC to Weighted Average Cost of
Capital (“WACC”) ratio in the Comp Group.
https://www.corelab.com/corporate/pdf/corporate_pdf/pressreleases/2012_10_17_earnings_release.pdf