CORE LAB REPORTS Q1 2009 RESULTS:
YEAR-OVER-YEAR Q1 NET INCOME AND EPS INCREASE;
CASH AND FREE CASH FLOW AT RECORD LEVELS
AMSTERDAM (22 April 2009) - Core Laboratories N.V. (NYSE: "CLB") reported first quarter 2009 revenue of $178,876,000, which was approximately equal to revenue reported for the first quarter of 2008. Net income for the quarter was $29,192,000, including foreign exchange losses, compared with net income of $26,747,000 for the first quarter of 2008. Earnings per diluted share (EPS) for the first quarter of 2009 were $1.26, while EPS for the year-earlier quarter were $1.11.
Excluding foreign exchange losses that equaled $0.05 per share, Core’s EPS for the first quarter of 2009 was $1.31, compared with last year’s first quarter adjusted EPS of $1.23.
Operating income for the first quarter of 2009 reached $48,507,000, excluding the effects for foreign exchange losses. First quarter operating margins, defined as operating income excluding the effects of foreign exchange divided by revenue, were 27%, which is comparable with the year-earlier first quarter operating margins using adjusted operating income.
Free cash flow, defined as cash from operations minus capital expenditures, reached an all-time quarterly high of $47,463,000, and quarter-ending cash was $73,036,000, the highest quarter-end total ever recorded by the Company. For the quarter, free cash flow topped $2.00 per diluted share, while cash totaled $3.15 per diluted share. Core utilized some of this free cash to repurchase shares in the quarter after receiving shareholder authorization on 29 January 2009 to repurchase up to 25.6% of the Company’s issued share capital. Core’s total average outstanding share count of 23,210,000 is now at its lowest level since the third quarter of 1997. In addition, during the past year, Core’s indebtedness, net of cash, has been reduced from approximately $271,000,000 to approximately $165,000,000, a decrease of $106,000,000, or nearly 40%.
First quarter results were supported by year-over-year first quarter revenue and operating profit gains for Reservoir Description operations and revenue gains for Reservoir Management operations. Both operating segments have significant international operations and projects, which include deepwater exposure on both southern Atlantic coastlines. Production Enhancement operations, with greater exposure to North American natural gas markets, posted slightly lower first quarter revenue and operating profit totals. Increased market penetration by, and acceptance of, recently introduced Production Enhancement services and products largely offset the significant decline in North American drilling activities.

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