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, Oct. 17, 2012
/PRNewswire/ -- 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%.
(Logo:
http://photos.prnewswire.com/prnh/20100712/DA33898LOGO)
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
Blast™ and HTD Blast
XL™ 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.
Segment Highlights
Core Laboratories reports results under three operating
segments: Reservoir Description, Production Enhancement, and
Reservoir Management.
Reservoir Description
In the third quarter 2012, Core's Reservoir Description
operations posted record revenue for any third quarter of
$124,156,000, an increase of 4% over
year-earlier quarterly totals. As has been the case in four
of the past five years, third quarter Reservoir Description revenue
was down sequentially from second quarter totals because of the
large amount of revenue the Company generates from Canadian oil
sand projects, which peaks in the second calendar quarter.
Operating income increased 15% to $36,780,000, while operating margins expanded to
30%, more than 300 basis points over year-ago levels
ex-items. The segment's revenue growth and margin expansion
occurred in an operating environment of a flat international rig
count. Increasing market penetration and improved utilization
of higher technology services drove this market place
outperformance.
The Company continued to receive thousands of feet of reservoir
core and hundreds of reservoir fluid samples from some of the
largest oil field development projects worldwide. These
include deepwater developments offshore Brazil, Angola, Gabon, Nigeria, and Ghana. The rock and fluids
data sets will be integrated to ensure that operators can maximize
daily production and ultimate hydrocarbon recoveries.
In the Middle East, Core
continues to work in fields in both southern and northern
Iraq, Kuwait, Saudi
Arabia, Qatar, and the
United Arab Emirates. Many of these projects are phase
behavior studies of reservoir oils and natural gases for enhanced
oil recovery operations.
In the deepwater Gulf of
Mexico, Core continues to pioneer technologies related to
ever-increasing reservoir pressures and temperatures in ultra-deep
field developments. Currently, the Company is able to sample
reservoir fluids at 25,000 psi and 335 degrees Fahrenheit (168
degrees Celsius). Core Lab is the first company to have these
capabilities and is working on technologies to conduct fluid phase
behavior studies at 30,000 psi and 400 degrees Fahrenheit (204
degrees Celsius).
In addition, the Company continues to lead the industry in
mercury-free Pressure-Volume-Temperature (PVT) capabilities.
As directed by major clients including Total and BP, among others,
Core continues to install state-of-the-art, automated mercury-free
PVT cells in its major reservoir fluids facilities around the
globe. Currently with ten cells operational in Aberdeen,
Abu Dhabi, Kuwait, Houston, and Broussard, the Company has three
more cells to be delivered in the fourth quarter of 2012 and an
additional three cells on order for early 2013 deployment.
During the quarter, the Company completed the 100,000 plus
square foot expansion of its core analysis facilities in
Houston to accommodate the high
volume of work received from the deepwater Gulf of Mexico and other deepwater reservoirs
around the globe. The expansion increased the Company's
capacity to perform reservoir-condition testing and added thirteen
additional core layout and viewing rooms.
Production Enhancement
Production Enhancement operations reported third quarter 2012
revenue of $100,871,000, up 4% year
over year, and operating income of $31,316,000, excluding the business interruption
payment. Operating margins were 31%. Moreover, and more
importantly, these results were sequentially better than second
quarter 2012 results, despite the U.S. rig count decreasing
approximately 6% sequentially from second quarter 2012 levels,
reflecting the positive impact of the increasing market penetration
of Core's technology, especially applied to unconventional
reservoir development.
The third quarter results reflected increased demand for the
Company's proprietary and patented hydraulic fracture and
field-flood diagnostic technologies. SpectraChem®
and Zero Wash® tracers were employed by clients
stimulating long, multi stage horizontal wellbores in
unconventional plays in North
America, as well as in China, Poland, and Australia. Similar projects
were conducted in conventional reservoirs offshore Africa, Oman,
and the eastern Mediterranean. Internationally, several
field-flood projects continued to use
SpectraFlood™ tracers to determine the
effectiveness of injected fluids, including recently developed
fields in deepwater offshore West
Africa, the North Sea, and onshore Colombia.
Core's recently introduced HTD Blast™
and new HTD Blast XL™ technologies, used to
more effectively and efficiently perforate unconventional shale
reservoirs, remained in high demand. In one wellbore, the HTD
Blast XL™ system was used to complete 27
different zones, which ultimately led to higher production rates
while decreasing completion costs.
Reservoir Management
Reservoir Management operations posted third quarter 2012
revenue of $20,401,000, up 45% over
year-earlier quarterly totals, and operating income of $6,029,000. Operating margins were 30%.
Core's Eagle Ford Shale Study continues to add industry
participants as the Company analyzes thousands of feet of core,
primarily from the oil-prone areas in southwestern Texas.
Industry interest remains strong in unconventional oil reservoirs
in the Permian basin, and the Company has received dozens of cores,
including cores from the Wolfcamp section whose results will be
included in the Company's Midland Basin Study. The
Midland Basin Study now has 28 industry participants.
Internationally, Reservoir Management, in its continuing
cooperation with Petrobras, now has six studies detailing the
petroleum geology and reservoir potential of onshore and offshore
Brazil. Core's newest study, Equatorial Basins of
Eastern South America,
contains cores and cutting samples from multiple sedimentary basins
in shallow and deepwater areas.
In addition, Core's Deepwater Campos Basin, Santos Basin,
Cretaceous Carbonates of the Southeastern Margin, and
Pre-Salt Phase II Brazil studies now have over 30 industry
participants. The combination of these studies contains the
most comprehensive data sets available of the Cretaceous-aged
carbonate sequences that make up the reservoir complex of deepwater
pre-salt giant and super-giant field developments. Petrobras
remains Core's largest and most important national oil company
client.
Free Cash Flow, Share Repurchases, Dividends, Capital
Returned To Shareholders
During the third quarter of 2012, Core Laboratories generated
$51,256,000 of cash from operating
activities and had capital expenditures of $9,260,000, yielding $41,996,000 in FCF. For the quarter, Core
returned $46,443,000 to its
shareholders in the forms of share repurchases and dividends.
The FCF was used to pay $13,252,000
in cash dividends and to repurchase 283,513 shares at a cost of
$33,191,000. The average price
paid per share since the inception of the repurchase program is
approximately $25.77.
Year-over-year, Core decreased its average diluted quarterly share
count by approximately 1%, from 48,030,000 to 47,528,000.
On 10 July 2012, the Company's
Board announced a quarterly cash dividend of $0.28 per share that was paid in the third
quarter of 2012. This amount represented a 12% increase over
the quarterly dividends of $0.25 per
share that were paid in 2011, and when paid each quarter of 2012,
will equal a payout of $1.12 per
share of common stock. The quarterly $0.28 per share cash dividend was paid on
20 August 2012 to shareholders of
record on 20 July 2012. Dutch withholding tax was deducted
from the dividend at the rate of 15%.
On 9 October 2012, the Board
announced a cash dividend of $0.28
per share of common stock to be paid on 20
November 2012 to the shareholders of record on 19 October
2012. Dutch withholding tax will be deducted from the
dividend at the rate of 15%.
Return On Invested Capital
As reported in the previous twelve 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 third quarter 2012 in its
fourth quarter 2012 earnings release.
Fourth Quarter 2012 Earnings Guidance, 2013 Outlook
Core Lab anticipates that North American activity levels will
remain similar to third quarter levels, while international
activity will continue with moderate increases. Therefore,
Core expects fourth quarter 2012 revenue to range between
$245,000,000 to $250,000,000, with
EPS in the $1.10 to $1.17
range. This operational guidance excludes any foreign
currency translations or any shares that may be repurchased in the
fourth quarter, other than previously disclosed. A 25%
effective tax rate is assumed for the fourth quarter.
This fourth quarter guidance reflects Core's ability to continue
to grow year-over-year revenues above the increase in worldwide
activity levels. For the third quarter of 2012, all three of
the Company's operating segments increased year-over-year quarterly
revenue totals.
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 in increasingly more established fields
and 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 targeted at increasing the daily
productivity and ultimate hydrocarbon recovery rates from
liquids-related unconventional reservoir developments
worldwide. Therefore, Core believes its business model to
achieve 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 equal that of
2012. The Company expects to increase its quarterly dividend
in 2013 while continuing its share buyback program.
The Company has scheduled a conference call to discuss Core's
third quarter 2012 earnings announcement. The call will begin
at 2:30 p.m. CET / 7:30 a.m. CDT on Thursday, 18 October 2012. 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)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
30
September 2012
|
|
30
September 2011
|
|
30
September 2012
|
|
30
September 2011
|
|
|
|
|
|
|
|
|
|
|
REVENUE
|
|
$
|
245,428
|
|
|
$
|
231,344
|
|
|
$
|
726,625
|
|
|
$
|
663,862
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
Costs of
services and sales
|
|
155,341
|
|
|
150,312
|
|
|
460,861
|
|
|
439,335
|
|
|
General
and administrative expenses
|
|
10,504
|
|
|
11,182
|
|
|
30,883
|
|
|
30,463
|
|
|
Depreciation and amortization
|
|
6,459
|
|
|
5,738
|
|
|
17,419
|
|
|
17,374
|
|
|
Other
(income) expense, net
|
|
(2,256)
|
|
|
548
|
|
|
(3,950)
|
|
|
(1,176)
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
75,380
|
|
|
63,564
|
|
|
221,412
|
|
|
177,866
|
|
Loss on
exchange of Senior Exchangeable Notes
|
|
—
|
|
|
31
|
|
|
—
|
|
|
870
|
|
Interest
expense
|
|
2,160
|
|
|
3,825
|
|
|
6,528
|
|
|
8,684
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
BEFORE INCOME TAX EXPENSE
|
|
73,220
|
|
|
59,708
|
|
|
214,884
|
|
|
168,312
|
|
INCOME TAX
EXPENSE
|
|
18,671
|
|
|
14,599
|
|
|
53,454
|
|
|
36,827
|
|
NET
INCOME
|
|
54,549
|
|
|
45,109
|
|
|
161,430
|
|
|
131,485
|
|
NET INCOME
(LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST
|
|
146
|
|
|
242
|
|
|
160
|
|
|
(123)
|
|
NET INCOME
ATTRIBUTABLE TO CORE LABORATORIES N.V.
|
|
$
|
54,403
|
|
|
$
|
44,867
|
|
|
$
|
161,270
|
|
|
$
|
131,608
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings Per Share:
|
$
|
1.14
|
|
|
$
|
0.93
|
|
|
$
|
3.38
|
|
|
$
|
2.71
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED
AVERAGE DILUTED COMMON SHARES OUTSTANDING
|
47,528
|
|
|
48,030
|
|
|
47,754
|
|
|
48,634
|
|
|
|
|
|
|
|
|
|
|
SEGMENT
INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
Reservoir
Description
|
$
|
124,156
|
|
|
$
|
119,853
|
|
|
$
|
366,724
|
|
|
$
|
346,232
|
|
Production
Enhancement
|
100,871
|
|
|
97,407
|
|
|
297,151
|
|
|
268,292
|
|
Reservoir
Management
|
20,401
|
|
|
14,084
|
|
|
62,750
|
|
|
49,338
|
|
|
Total
|
$
|
245,428
|
|
|
$
|
231,344
|
|
|
$
|
726,625
|
|
|
$
|
663,862
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
Reservoir
Description
|
$
|
36,780
|
|
|
$
|
28,780
|
|
|
$
|
107,271
|
|
|
$
|
81,847
|
|
Production
Enhancement
|
32,339
|
|
|
30,728
|
|
|
95,434
|
|
|
78,490
|
|
Reservoir
Management
|
6,029
|
|
|
3,502
|
|
|
21,057
|
|
|
17,473
|
|
Corporate
and other
|
232
|
|
|
554
|
|
|
(2,350)
|
|
|
56
|
|
|
Total
|
$
|
75,380
|
|
|
$
|
63,564
|
|
|
$
|
221,412
|
|
|
$
|
177,866
|
|
CORE
LABORATORIES N.V. & SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE
SHEET
|
(amounts
in thousands)
|
|
ASSETS:
|
30
September 2012
|
|
31
December 2011
|
|
|
(Unaudited)
|
|
|
Cash and
Cash Equivalents
|
$
|
24,658
|
|
|
$
|
29,332
|
|
Accounts
Receivable, net
|
180,398
|
|
|
170,805
|
|
Inventory
|
53,807
|
|
|
53,214
|
|
Other
Current Assets
|
42,267
|
|
|
33,197
|
|
|
Total
Current Assets
|
301,130
|
|
|
286,548
|
|
|
|
|
|
|
Property,
Plant and Equipment, net
|
125,697
|
|
|
115,295
|
|
Intangibles, Goodwill and Other Long Term Assets,
net
|
211,705
|
|
|
209,030
|
|
|
Total
Assets
|
$
|
638,532
|
|
|
$
|
610,873
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY:
|
|
|
|
|
|
|
|
|
Short-Term
Debt & Lease Obligations
|
$
|
45
|
|
|
$
|
2,344
|
|
Accounts
Payable
|
45,778
|
|
|
57,639
|
|
Other
Current Liabilities
|
73,059
|
|
|
83,212
|
|
|
Total
Current Liabilities
|
118,882
|
|
|
143,195
|
|
|
|
|
|
|
Long-Term
Debt & Lease Obligations
|
213,044
|
|
|
223,075
|
|
Other
Long-Term Liabilities
|
69,774
|
|
|
62,948
|
|
|
|
|
|
Total
Equity
|
236,832
|
|
|
181,655
|
|
|
Total
Liabilities and Equity
|
$
|
638,532
|
|
|
$
|
610,873
|
|
|
|
|
|
|
CORE
LABORATORIES N.V. & SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOW
|
(amounts
in thousands)
|
(Unaudited)
|
|
|
|
|
Nine
Months Ended
|
|
|
|
30
September 2012
|
|
|
|
|
CASH
FLOWS FROM OPERATING ACTIVITIES
|
$
|
152,150
|
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES
|
(24,745)
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES
|
(132,079)
|
|
|
|
|
|
NET CHANGE
IN CASH AND CASH EQUIVALENTS
|
(4,674)
|
|
CASH AND
CASH EQUIVALENTS, beginning of period
|
29,332
|
|
CASH AND
CASH EQUIVALENTS, end of period
|
$
|
24,658
|
|
|
|
|
|
Non-GAAP Information
Management believes that the exclusion of certain income and
expenses enables it to evaluate more effectively the Company's
operations period-over-period and to identify operating trends that
could otherwise be masked by the excluded Items. For this
reason, we used certain non-GAAP measures that exclude these Items;
and we feel that this presentation provides the public a clearer
comparison with the numbers reported in prior periods.
Reconciliation of Operating Income
|
(amounts
in thousands)
|
(Unaudited)
|
|
|
Three
Months Ended
|
|
Three
Months Ended
|
|
30
September 2012
|
|
30
September 2011
|
|
|
|
|
Operating
income
|
$
|
75,380
|
|
|
$
|
63,564
|
|
Insurance
settlement
|
(1,023)
|
|
|
—
|
|
Foreign
exchange (gains) losses
|
(610)
|
|
|
1,522
|
|
Employee
retention stock award costs
|
—
|
|
|
4,431
|
|
Operating
income excluding specific items
|
$
|
73,747
|
|
|
$
|
69,517
|
|
|
|
|
|
|
Production Enhancement
|
|
|
Three
Months Ended
|
|
|
30
September 2012
|
|
|
|
|
Operating
income
|
$
|
32,339
|
|
|
Insurance
settlement
|
(1,023)
|
|
|
Operating
income excluding specific items
|
$
|
31,316
|
|
|
|
|
|
Reconciliation of Net Income
|
(amounts
in thousands)
|
(Unaudited)
|
|
|
Three
Months Ended
|
|
Three
Months Ended
|
|
|
30
September 2012
|
|
30
September 2011
|
|
|
|
|
|
|
Net
income
|
$
|
54,403
|
|
|
$
|
44,867
|
|
|
Insurance
settlement (net of tax)
|
(762)
|
|
|
—
|
|
|
Foreign
exchange (gains) losses (net of tax)
|
(454)
|
|
|
1,148
|
|
|
Employee
retention stock award costs
|
—
|
|
|
4,431
|
|
|
Financing
costs (net of tax)
|
—
|
|
|
1,012
|
|
|
Impact of
higher (lower) effective tax rate
|
358
|
|
|
(3,462)
|
|
|
Net income
excluding specific items
|
$
|
53,545
|
|
|
$
|
47,996
|
|
|
|
|
|
|
|
Reconciliation of Earnings Per Diluted
Share
|
(Unaudited)
|
|
|
Three
Months Ended
|
|
Three
Months Ended
|
|
|
30
September 2012
|
|
30
September 2011
|
|
|
|
|
|
|
Earnings
per diluted share
|
$
|
1.14
|
|
|
$
|
0.93
|
|
|
Insurance
settlement (net of tax)
|
(0.01)
|
|
|
—
|
|
|
Foreign
exchange (gains) losses (net of tax)
|
(0.01)
|
|
|
0.02
|
|
|
Employee
retention stock award costs
|
—
|
|
|
0.09
|
|
|
Financing
costs (net of tax)
|
—
|
|
|
0.02
|
|
|
Impact of
higher (lower) effective tax rate
|
0.01
|
|
|
(0.06)
|
|
|
Earnings
per diluted share excluding specific items
|
$
|
1.13
|
|
|
$
|
1.00
|
|
|
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 Ended
|
|
Nine
Months Ended
|
|
|
30
September 2012
|
|
30
September 2012
|
|
|
|
|
|
Net cash
provided by operating activities
|
|
$
|
51,256
|
|
|
$
|
152,150
|
|
Capital
expenditures
|
|
(9,260)
|
|
|
(24,154)
|
|
Free cash
flow
|
|
$
|
41,996
|
|
|
$
|
127,996
|
|
SOURCE Core Laboratories N.V.