Exhibit 99.1

 

 

 

FOR IMMEDIATE RELEASE

 

CORE LAB REPORTS FOURTH QUARTER 2019 RESULTS FROM CONTINUING OPERATIONS:

 

COMPANY REVENUE OF $157 MILLION

 

GAAP EPS OF $0.23; $0.38, EX-ITEMS

 

RESERVOIR DESCRIPTION OPERATING MARGINS 17%, EX-ITEMS, UP FROM 16% YEAR-OVER-YEAR

 

CORE GENERATES FCF FOR 73RD CONSECUTIVE QUARTER

 

COMPANY POSTS OILFIELD SERVICE-LEADING ROIC OF 20.2%

 

CORE NOTIFIED OF INCLUSION IN 2020 BLOOMBERG GENDER-EQUALITY INDEX

AMSTERDAM (29 January 2020) - Core Laboratories N.V. (NYSE: "CLB US" and Euronext Amsterdam: "CLB NA") ("Core", "Core Lab", or the "Company") reported that continuing operations resulted in fourth quarter 2019 revenue of $156,800,000.  Core’s operating income was $21,100,000, with earnings per diluted share ("EPS") of $0.23, all in accordance with U.S. generally accepted accounting principles ("GAAP"); operating income, ex-items, a non-GAAP financial measure, was $25,000,000, yielding operating margins of 16% and EPS, ex-items, of $0.38.  A full reconciliation of non-GAAP financial measures is included in the attached financial tables.

Core’s Board of Supervisory Directors ("Board") and the Company’s Executive Management continue to focus on strategies that maximize return on invested capital ("ROIC") and free cash flow ("FCF"), a non-GAAP financial measure defined as cash from operations less capital expenditures, factors that have high correlation to maximizing total shareholder return.  Core’s asset-light business model and capital discipline promote capital efficiency and are designed to produce more predictable and superior long-term ROIC.   Bloomberg's calculations using the latest comparable data available indicate that Core’s ROIC of 20.2% is the highest of the oilfield service companies listed as Core’s Comp Group by Bloomberg.

Segment Highlights

Core Laboratories reports results under two operating segments: Reservoir Description and Production Enhancement.  During the fourth quarter of 2019, as part of the Company’s ongoing efforts to streamline operating structures and business reporting lines, Core continued advancing its cost reduction plan and recognized associated costs of $2,600,000, which are excluded from the following segment highlights.  This plan seeks to position Core Lab to perform at maximum efficiency while adapting to changes in North American market conditions.  

 


The following information was filed by Core Laboratories N V (CLB) on Wednesday, January 29, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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