CLB Q4 2012: Deepwater Drives Most Profitable Quarter Ever;
All-Time Quarterly And Annual Highs For Revenue, Net Income, EPS
& FCF; 2012 FCF Tops $206,000,000
AMSTERDAM, Jan. 30, 2013 /PRNewswire/ -- Core Laboratories
N.V. (NYSE: "CLB US" and NYSE Euronext: "CLB NA") posted its most
profitable quarter in Company history, with earnings per diluted
share ("EPS") of $1.17 for the fourth
quarter of 2012. The effects of a lower than expected share
count used to calculate fourth quarter guidance was offset by
currency translation losses in the quarter. Excluding
year-ago one-time items, quarterly EPS increased 7% year-over-year
as net income increased to an all-time quarterly high of
$54,801,000. Revenue increased
to a quarterly record of $254,455,000, and operating income reached
$75,868,000, yielding operating
margins of 30%. Free cash flow ("FCF"), defined as cash from
operations less capital expenditures, for the fourth quarter of
2012 also established an all-time quarterly high at $78,055,000, eclipsing the quarter's net income
by over $23,000,000, while the
Company's average diluted share count for the quarter fell to
46,857,000, nearing a 15-year quarterly low. Core repurchased
approximately 894,000 shares during the fourth quarter at an
average share price of approximately $103.32.
(Logo:
http://photos.prnewswire.com/prnh/20100712/DA33898LOGO)
The Company's improved year-over-year and sequential quarterly
results reflect Core's continued focus on international crude-oil
developments, especially those in deepwater, unconventional oil
plays in North America and
high-grading international unconventional opportunities. An
industry leading 13% sequential quarterly increase in international
revenue underpinned results.
The fourth quarter of 2012 saw record demand for Core's
Reservoir Description reservoir fluids and advanced reservoir-rock
properties technologies, especially for projects in the deepwater
Gulf of Mexico, North Sea,
Iraq, Africa, including offshore Gabon and Angola, the Middle
East, and Asia Pacific. Production Enhancement
operations recorded its highest revenue quarter ever because of
increased market penetration by its patented and proprietary
field-flood and fracture-stimulation diagnostic services, coupled
with increased demand for the Company's HTD Blast™ and HTD BlastXL™
technologies. The Reservoir Management segment continued to
add participants and expand projects in unconventional reservoirs
in North America, especially
liquids-rich plays in the Duvernay, Cardium, Bakken, Niobrara,
Eagle Ford, and Mississippi Lime formations, and unconventional
stacked reservoirs in the Permian Basin. The Company also
initiated a new joint industry project in the Pearsall shale in
South Texas. Several international unconventional plays in
Europe, Russia, North and South Africa, China, Australia, and especially in the Middle East continue to be evaluated by
Core.
Compared with full-year 2011 results, Core's 2012 revenue
increased 8% to $981,080,000; net
income increased 17% to $216,071,000;
and EPS was up 19% to $4.54, all of
which establish historic annual highs for the Company.
Operating margins set an annual high of 30%, up 300 basis points
over year-earlier levels. FCF also reached an historic annual
high of $206,051,000, turning more
than one in five revenue dollars into free cash flow.
As reported in the previous 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.
Segment Highlights
Core Laboratories reports results under three operating
segments: Reservoir Description, Production Enhancement, and
Reservoir Management.
Reservoir Description
Reservoir Description operations, focused primarily on
international crude-oil developments, posted its best revenue
quarter ever while year-over-year operating margins increased for
the ninth consecutive quarter. Fourth quarter 2012 revenue
reached $128,805,000, up 4% over
year-earlier totals against an international rig count that
remained flat for the year. Operating income increased 8% to
$37,231,000, and operating margins
climbed more than 100 basis points over levels for the fourth
quarter of 2011.
During the full year of 2012, Reservoir Description margins
climbed over 440 basis points. The record quarterly revenue
and the continued expansion of operating margins are the results of
Core's focus on higher-margin deepwater developments, where
accurate and abundant data for high-temperature, high-pressure
environments and reservoir-condition testing of reservoir fluids
and rock properties continue to be mission-critical for optimizing
reservoir development to maximize the clients' returns on invested
capital. Combinations of reservoir fluids
pressure-volume-temperature phase-behavior studies and
reservoir-condition advanced reservoir-rock properties data sets
are required to optimize daily hydrocarbon production and maximize
hydrocarbon recovery rates in multibillion dollar deepwater
developments. Core's Reservoir Description operations
executed projects in nearly every deepwater development in the
world during the fourth quarter, including the Gulf of Mexico, eastern South America, Western and Eastern Africa, the Eastern Mediterranean, and
Asia-Pacific, including
Australia.
Deepwater high-pressure, high-temperature reservoirs that are
undersaturated with natural gas, as is the case for some reservoirs
in the Gulf of Mexico and offshore
South America, pose field
development challenges for operators. Recovery rates from
undersaturated reservoirs tend to be lower than worldwide average
rates of approximately 40% of in-place resources. As an
industry leader in high-pressure, high-temperature miscible gas
injection technology, Core should benefit by responding to the
challenges of increasing and maximizing recovery rates from these
undersaturated reservoirs.
As reservoirs in the North Sea continue to age and decline
curves continue to steepen, Core is performing an increasing number
of reservoir fluid studies to determine the most effective programs
to abate production declines. Combinations of reservoir
fluids and advanced rock properties data sets are being used to
determine optimal pressure-maintenance programs that increase
hydrocarbon production while limiting the growth in water cuts from
these aging reservoirs.
In Iraq, Core continues to
analyze hundreds of reservoir fluids samples and thousands of feet
of core samples from fields in the south that are being
redeveloped, as well as new field discoveries in the Kurdistan area. Core has experienced no
project or contract delays in what are some of the most profitable
projects in Company history. Many of the recent large
discoveries in Kurdistan also are
undersaturated with natural gas, posing challenges to boost
ultimate recovery levels. Core's Reservoir Description
operations will play an instrumental role in determining which
production drive mechanisms can be most economically introduced
into these reservoirs.
Also in the Middle East,
clients are pursuing unconventional natural gas developments.
Future production from these unconventional reservoirs will be used
for power generation and desalinization processes in hopes of
offsetting the more than three million barrels of oil per day used
for these purposes. This fuel switching would free additional crude
oil for export. Core is engaged in several projects where
mostly vertical and some horizontal cores have been cut to evaluate
the potential of unconventional natural gas production throughout
the Middle East, including
Kuwait, Saudi Arabia, Qatar, the United
Arab Emirates, and Oman.
Production Enhancement
Production Enhancement operations, largely focused on North
American deepwater and unconventional developments but expanding
internationally, posted one of its most profitable quarters ever
despite a North American rig count that decreased year-over-year
from fourth quarter 2011 and sequentially from third quarter
2012. Greater market penetration by the Company's patented
and proprietary field-flood and fracture-diagnostics services,
coupled with continuously increasing demand for Core's HTD
Blast™ and HTD BlastXL™ technologies,
more than offset the decline in North American land activity.
International expansion also boosted results.
Year-over-year fourth quarter 2012 revenue increased 3% to a
quarterly record of $106,641,000,
while operating income was $33,168,000, yielding operating margins of
31%. Operations benefited from an increasing number of stages
being completed with fracture stimulation in extended-reach
horizontal wells in unconventional reservoirs. As highlighted
by Cabot Oil and Gas in its third quarter 2012 earnings conference
call, and supported by recent technical literature (Liberty
Resources), operators are benefiting from shorter-spaced, and
optimally placed, stages with more stages per well leading to
increased production and higher ultimate recoveries. Shorter
and more frequent stages per well expose more surface area of the
unconventional reservoir to flow paths to the wellbore.
Core's fracture diagnostics technology clearly indicates the
benefits from shorter, optimally placed, and more frequent stages
as it has been proved that migrating fractures into the reservoir
do not branch out as much as earlier believed. Pumping
additional proppant per stage is also recommended to further
increase initial flow and ultimate hydrocarbon recovery from
unconventional reservoirs.
Core has developed a proprietary Completion Diagnostic
ScoreCard™ service that applies several reservoir, completion, and
stimulation data sets to optimize the hydraulic fracture and
stimulation process. Among the significant parameters are
wellbore- and stage-spacing, reservoir rock type, perforating
charges and gun systems, proppant type and amount, and frac fluids
and gels, among others. The Completion Diagnostic ScoreCard
service, when used to score individual or multi-well projects, has
resulted in increased initial flow and higher ultimate hydrocarbon
recovery rates, maximizing our clients' returns on invested
capital. This new service has yielded significant additional
value to Core's clients and is driving continued market expansion
of the Company's patented and proprietary completion diagnostic
services.
The Company's HTD Blast and HTD Blast XL technologies, used to
more effectively and efficiently perforate extended-reach
horizontal wells, continue to be in high demand. As shorter
and more numerous fracture stages are expected to be completed into
2013, HTD Blast and related technologies provide economical
completion solutions for long, extended-reach lateral wells.
Core, with client research and development funding, is
developing an Ultra High Pressure, Ultra High Temperature
UltraHPHT™ perforating gun system. The UltraHPHT system is
designed to withstand pressures of up to 30,000 psi and
temperatures of up to 470 degrees Fahrenheit and will be suitable
to perforate ultradeep wells currently being drilled on the
continental shelf in the Gulf of
Mexico. Deepwater reservoirs with higher pressures and
temperatures also will be logical applications for the UltraHPHT
technology. The first deployment of the Company's new UltraHPHT
system is expected to occur during the first quarter of 2013.
Core, in developing the UltraHPHTTM system, along with
reservoir fluids sampling cylinders rated to 25,000 psi and 335
degrees Fahrenheit (as discussed in the Company's Q3 2012 Earnings
Release), is responding to client requests for higher pressure and
temperature capabilities that will be needed over the next decade
as deeper horizons become the next target of frontier
developments.
Reservoir Management
Reservoir Management operations posted fourth quarter 2012
year-over-year revenue gains of 11% to $19,009,000, an all-time fourth quarter high,
while operating income climbed 22% to $5,371,000, yielding operating margins of
28%. Additional oil company clients have been added to
several of Reservoir Management's joint industry projects,
including the Utica, Duvernay, and Mississippi Lime studies; and in
the Marcellus, Bakken, Niobrara, Wolfcamp, and Eagle Ford projects,
among others, continue to expand. Four additional companies
joined Core's Tight Oil Reservoirs of the Midland Basin
Study, bringing the total to 36.
Core has initiated a new joint industry project to evaluate the
potential of the Pearsall shale, which underlies the shallow
portions of the Eagle Ford in South Texas. The Pearsall, at
greater depths and situated in the oil window, has potential as a
liquids-rich play.
Internationally, Core's Global Shales Study continues to
seek high-grade unconventional opportunities in the United Kingdom, Europe, Russia, North and South Africa, China, Australia, and especially the Middle
East. Petrobras, Core's largest national oil company client,
recently joined the Global Shales Study. Reservoir
Management also is conducting proprietary studies for individual
clients in Uganda, the
Middle East, and offshore regions
of Ghana, Liberia, Cameroon, and Namibia. Recent pre-salt
discoveries offshore Angola and
Gabon portend higher levels of
activity over the next several years that will benefit Core's
Reservoir Management operations because its data sets will help
define the emerging carbonate play.
Free Cash Flow, Share Repurchases, Dividends, Capital
Returned To Shareholders
During the fourth quarter of 2012, Core Laboratories generated
$85,052,000 of cash from operating
activities and had capital expenditures of $6,997,000, yielding an all-time quarterly high
FCF of $78,055,000. This fourth
quarter total increased Core's FCF for all of 2012 to $206,051,000, an all-time annual high for the
Company. Therefore, in 2012, Core converted more than one of
every five revenue dollars into free cash flow, the highest
conversion rate of all major oilfield service companies.
The FCF in the fourth quarter, along with borrowings from the
Company's revolving credit facility, was used to pay approximately
$13,000,000 in cash dividends and to
repurchase approximately 894,000 shares at an average share price
of approximately $103.32 per
share. This total includes 471,400 shares in addition to the
422,600 shares the Company had purchased, disclosed, and included
for calculating fourth quarter EPS guidance as detailed in Core's
third quarter earnings release of 17 October 2012. Core's
current outstanding diluted share count of 46,566,000 is within
approximately 200,000 shares of a 15-year low in the Company's
quarterly weighted average diluted share total.
On 9 October 2012, the Company's
Board announced a quarterly cash dividend of $0.28 per share that was paid on 20 November 2012 to shareholders of record on 19
October 2012. Dutch withholding tax was deducted from the
dividend at the rate of 15%.
On 11 January 2013, the Board
announced a cash dividend of $0.32
per share of common stock payable in the first quarter of
2013. This amount represents a 14.2% increase over the
quarterly dividends of $0.28 per
share that were paid in 2012, and if paid each quarter of 2013, it
would equal a payout of $1.28 per
share of common stock. The quarterly $0.32 per share cash dividend will be paid on
22 February 2013 to shareholders of
record on 22 January 2013. Dutch withholding tax will be
deducted from the dividend at a rate of 15%.
For the full year 2012, the Company generated $237,202,000 in cash from operations, had capital
expenditures of $31,151,000, and
generated free cash flow of $206,051,000. This FCF and borrowings under
the Company's credit facility were used to fund approximately
$52,950,000 in regular quarterly
dividends and to repurchase approximately 1,581,000 shares for
approximately $175,732,000. The
repurchased shares totaled approximately 3% of the Company's
diluted outstanding shares. Total capital returned to shareholders
in 2012 was approximately $228,682,000, or about $4.81 per diluted share.
Since the Company initiated its share repurchase program in
October 2002, Core has returned
almost $1.4 billion to its
shareholders via quarterly and special dividends, the repurchase of
shares, and settlement of warrants. The total number of
shares repurchased and warrants settled by the Company over the
ten-plus-year period represents 36,775,000 diluted shares.
Through the fourth quarter of 2012, when Core's average diluted
share count reached 46,857,000, the Company had its outstanding
diluted shares reduced by over 44%, representing a return to its
shareholders of over $29.00 per
diluted share. During 2011 and 2012, Core returned over
$11.50 per diluted share to its
shareholders via dividends, settled warrants, and share
repurchases.
Return On Invested Capital
As reported in previous quarters, the Company's Board has
established an internal performance metric of achieving an ROIC in
the top decile of the oilfield service companies listed as Core's
peers by Bloomberg Financial. The Company and its Board
believe that ROIC is a leading performance metric used by
shareholders to determine the relative investment value of publicly
traded companies. Further, the Company and its Board believe
shareholders will benefit if Core consistently performs in the
highest ROIC decile among its Bloomberg peers. According to
the latest financial information from Bloomberg, Core Laboratories'
ROIC was the highest of any of the oilfield service companies
listed in its Comp Group. Several of the peer companies
failed to post ROIC that exceeded their WACC, thereby eroding
capital and shareholder value. Core's ratio of ROIC to WACC
is the highest of any company in the Comp Group.
Comp Group companies listed by Bloomberg include Halliburton,
Schlumberger, Carbo Ceramics, FMC Technologies, Baker Hughes,
Cameron International, Oceaneering, National Oilwell Varco, and Oil
States International, among others. Core will update the ROIC
for the oilfield services sector for the fourth quarter 2012 in its
first quarter 2013 earnings release.
First Quarter 2013 and Full Year 2013 Earnings
Guidance
The Company's outlook for 2013 remains positive. With
continued support from robust Brent crude pricing and the expected
delivery of additional deepwater drilling rigs, Core believes that
it will continue to work increasingly in more established fields,
as well as new field development projects. In addition, as it
has consistently done in the past decade, the Company plans to
enter new fields where it currently does not have operations and to
offer new technologies and additional services in 2013. These
new technologies and services will be focused on increasing daily
productivity and ultimate hydrocarbon recovery rates from deepwater
fields and liquids-related unconventional reservoir developments
worldwide. Therefore, Core believes its business model, with
the goal of achieving a revenue growth rate of 200 to 400 basis
points above the increase in worldwide activity level directed
towards producing fields, remains intact with incremental margins
positively impacting operating margins.
Core expects FCF totals to remain at elevated levels in 2013,
with the Company's client-directed capex program to be equal to
slightly greater than that of 2012. The Company has announced
its increased quarterly dividend in 2013 and continues its share
buyback program.
Core Lab anticipates 2013 North American activity levels to be
flat at fourth quarter 2012 levels and international activity
levels to increase approximately 7%, yielding a worldwide activity
increase of approximately 5%. The Company expects its revenue
to grow at a rate faster than its expected change in worldwide
industry activity by approximately 200 to 400 basis points.
Therefore, for the first quarter of 2013, Core expects revenue
of approximately $240,000,000 to
$250,000,000, after taking into account seasonal effects,
and EPS in the $1.12 to $1.18
range.
For the full year, Core expects revenue to range between
$1,030,000,000 and $1,070,000,000
with operating margins averaging approximately 31% and incremental
margins ranging from 35% to 45% are projected for the full year of
2013. This operations guidance excludes any foreign currency
translations, and a 25% effective tax rate is assumed for the year.
This would drive midpoint EPS to a range between $4.96 to $5.22 with a midpoint of $5.09. The midpoint of revenue guidance suggests
revenue growth of approximately 7% in a range up to 9% and the EPS
guidance suggests earnings growth of approximately 12% in a range
up to 16%.
The Company has scheduled a conference call to discuss Core's
fourth quarter 2012 earnings announcement. The call will
begin at 7:30 a.m. CST/2:30 p.m. CET on Thursday, 31 January 2013. To listen to the call, please go
to Core's website at www.corelab.com.
Core Laboratories N.V. (www.corelab.com) is a leading
provider of proprietary and patented reservoir description,
production enhancement, and reservoir management services used to
optimize petroleum reservoir performance. The Company has
over 70 offices in more than 50 countries and is located in every
major oil-producing province in the world.
This release includes forward-looking statements regarding the
future revenue, profitability, business strategies and developments
of the Company made in reliance upon the safe harbor provisions of
Federal securities law. The Company's outlook is subject to
various important cautionary factors, including risks and
uncertainties related to the oil and natural gas industry, business
conditions, international markets, international political climates
and other factors as more fully described in the Company's 2011
Form 10-K filed on 15 February 2012,
and in other securities filings. These important factors could
cause the Company's actual results to differ materially from those
described in these forward-looking statements. Such statements are
based on current expectations of the Company's performance and are
subject to a variety of factors, some of which are not under the
control of the Company. Because the information herein is based
solely on data currently available, and because it is subject to
change as a result of changes in conditions over which the Company
has no control or influence, such forward-looking statements should
not be viewed as assurance regarding the Company's future
performance. The Company undertakes no obligation to publicly
update any forward looking statement to reflect events or
circumstances that may arise after the date of this press
release.
CORE
LABORATORIES N.V. & SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
|
(amounts
in thousands, except per share data)
|
|
|
|
|
Three
Months Ended
|
|
Twelve
Months Ended
|
|
|
|
31
December 2012
|
|
31
December 2011
|
|
31
December 2012
|
|
31
December 2011
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE
|
|
$
|
254,455
|
|
|
$
|
243,786
|
|
|
$
|
981,080
|
|
|
$
|
907,648
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
Costs of
services and sales
|
|
160,958
|
|
|
154,034
|
|
|
621,819
|
|
|
593,369
|
|
|
General
and administrative expenses
|
|
12,302
|
|
|
10,678
|
|
|
43,185
|
|
|
41,141
|
|
|
Depreciation and amortization
|
|
5,498
|
|
|
5,929
|
|
|
22,917
|
|
|
23,303
|
|
|
Other
(income) expense, net
|
|
(171)
|
|
|
257
|
|
|
(4,121)
|
|
|
(919)
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
75,868
|
|
|
72,888
|
|
|
297,280
|
|
|
250,754
|
|
Loss on
exchange of Senior Exchangeable Notes
|
|
—
|
|
|
142
|
|
|
—
|
|
|
1,012
|
|
Interest
expense
|
|
2,292
|
|
|
2,216
|
|
|
8,820
|
|
|
10,900
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
BEFORE INCOME TAX EXPENSE
|
|
73,576
|
|
|
70,530
|
|
|
288,460
|
|
|
238,842
|
|
INCOME TAX
EXPENSE
|
|
18,394
|
|
|
17,371
|
|
|
71,848
|
|
|
54,198
|
|
NET
INCOME
|
|
55,182
|
|
|
53,159
|
|
|
216,612
|
|
|
184,644
|
|
NET INCOME
(LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST
|
|
381
|
|
|
83
|
|
|
541
|
|
|
(40)
|
|
NET INCOME
ATTRIBUTABLE TO CORE LABORATORIES N.V.
|
|
$
|
54,801
|
|
|
$
|
53,076
|
|
|
$
|
216,071
|
|
|
$
|
184,684
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings Per Share:
|
$
|
1.17
|
|
|
$
|
1.11
|
|
|
$
|
4.54
|
|
|
$
|
3.82
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED
AVERAGE DILUTED COMMON SHARES OUTSTANDING
|
46,857
|
|
|
47,677
|
|
|
47,553
|
|
|
48,393
|
|
|
|
|
|
|
|
|
|
|
SEGMENT
INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
Reservoir
Description
|
$
|
128,805
|
|
|
$
|
123,543
|
|
|
$
|
495,529
|
|
|
$
|
469,775
|
|
Production
Enhancement
|
106,641
|
|
|
103,157
|
|
|
403,792
|
|
|
371,449
|
|
Reservoir
Management
|
19,009
|
|
|
17,086
|
|
|
81,759
|
|
|
66,424
|
|
|
Total
|
$
|
254,455
|
|
|
$
|
243,786
|
|
|
$
|
981,080
|
|
|
$
|
907,648
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
Reservoir
Description
|
$
|
37,231
|
|
|
$
|
34,397
|
|
|
$
|
144,502
|
|
|
$
|
116,244
|
|
Production
Enhancement
|
33,168
|
|
|
34,086
|
|
|
128,602
|
|
|
112,576
|
|
Reservoir
Management
|
5,371
|
|
|
4,414
|
|
|
26,428
|
|
|
21,887
|
|
Corporate
and other
|
98
|
|
|
(9)
|
|
|
(2,252)
|
|
|
47
|
|
|
Total
|
$
|
75,868
|
|
|
$
|
72,888
|
|
|
$
|
297,280
|
|
|
$
|
250,754
|
|
CORE
LABORATORIES N.V. & SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE
SHEET
|
(amounts
in thousands)
|
|
ASSETS:
|
31
December 2012
|
|
31
December 2011
|
|
|
(Unaudited)
|
|
|
Cash and
Cash Equivalents
|
$
|
19,226
|
|
|
$
|
29,332
|
|
Accounts
Receivable, net
|
184,774
|
|
|
170,805
|
|
Inventory
|
49,265
|
|
|
53,214
|
|
Other
Current Assets
|
43,642
|
|
|
33,197
|
|
|
Total
Current Assets
|
296,907
|
|
|
286,548
|
|
|
|
|
|
|
Property,
Plant and Equipment, net
|
125,418
|
|
|
115,295
|
|
Intangibles, Goodwill and Other Long Term Assets,
net
|
214,191
|
|
|
209,030
|
|
|
Total
Assets
|
$
|
636,516
|
|
|
$
|
610,873
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY:
|
|
|
|
|
|
|
|
|
Short-Term
Debt & Lease Obligations
|
$
|
40
|
|
|
$
|
2,344
|
|
Accounts
Payable
|
55,168
|
|
|
57,639
|
|
Other
Current Liabilities
|
85,302
|
|
|
83,212
|
|
|
Total
Current Liabilities
|
140,510
|
|
|
143,195
|
|
|
|
|
|
|
Long-Term
Debt & Lease Obligations
|
$
|
234,033
|
|
|
$
|
223,075
|
|
Other
Long-Term Liabilities
|
74,060
|
|
|
62,948
|
|
Total
Equity
|
187,913
|
|
|
181,655
|
|
|
Total
Liabilities and Equity
|
$
|
636,516
|
|
|
$
|
610,873
|
|
|
|
|
|
|
CORE
LABORATORIES N.V. & SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOW
|
|
(amounts
in thousands)
|
|
(Unaudited)
|
|
|
|
|
Twelve
Months Ended
|
|
|
|
|
31
December 2012
|
|
|
|
|
|
|
CASH
FLOWS FROM OPERATING ACTIVITIES
|
$
|
237,202
|
|
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES
|
(34,004)
|
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES
|
(213,304)
|
|
|
|
|
|
|
NET CHANGE
IN CASH AND CASH EQUIVALENTS
|
(10,106)
|
|
CASH AND
CASH EQUIVALENTS, beginning of period
|
29,332
|
|
CASH AND
CASH EQUIVALENTS, end of period
|
$
|
19,226
|
|
|
|
|
|
|
Free Cash Flow
Core uses the non-GAAP measure of free cash flow to evaluate its
cash flows and results of operations. Free cash flow is an
important measurement because it represents the cash from
operations, in excess of capital expenditures, available to operate
the business and fund non-discretionary obligations. Free cash flow
is not a measure of operating performance under GAAP, and should
not be considered in isolation nor construed as an alternative
consideration to operating income, net income, earnings per share,
or cash flows from operating, investing, or financing activities,
each as determined in accordance with GAAP. You should also not
consider free cash flow as a measure of liquidity. Moreover, since
free cash flow is not a measure determined in accordance with GAAP
and thus is susceptible to varying interpretations and
calculations, free cash flow as presented may not be comparable to
similarly titled measures presented by other companies.
Computation of Free Cash Flow
|
(amounts
in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three
Months
|
|
Twelve
Months
|
|
|
Ended
|
|
Ended
|
|
|
31
December 2012
|
|
31
December 2012
|
|
|
|
|
|
Net cash
provided by operating activities
|
|
$
|
85,052
|
|
|
$
|
237,202
|
|
Less:
capital expenditures
|
|
(6,997)
|
|
|
(31,151)
|
|
Free cash
flow
|
|
$
|
78,055
|
|
|
$
|
206,051
|
|
SOURCE Core Laboratories N.V.