Core Laboratories N.V. Common SharesNLG (CLB, Financial) filed Quarterly Report for the period ended 2011-03-31.
Core Laboratories N.v. has a market cap of $4.36 billion; its shares were traded at around $96.76 with a P/E ratio of 31.8 and P/S ratio of 5.4. The dividend yield of Core Laboratories N.v. stocks is 1%. Core Laboratories N.v. had an annual average earning growth of 28.7% over the past 10 years. GuruFocus rated Core Laboratories N.v. the business predictability rank of 4.5-star.
Revenue associated with product sales increased to $53.6 million for the first quarter of 2011, up 19 % from $44 .9 million for the first quarter of 2010. The increase in revenue was driven by the acceptance of and demand for our specialized completion products introduced over the last three years which has led to increased market share in North American natural gas and oil shale reservoirs and has increased market penetration in the Middle East, West Africa, and Asia-Pacific perforating markets. These specialized optimizing technologies are focused on high-end well completion and stimulation programs mainly in the Haynesville, Marcellus, Montney and Eagle Ford shale plays and in multi-stage completions in the Bakken, Niobrara and Eagle Ford oil-shale plays. We are also providing high margin completion and recompletion technologies and services to be used in reworking major, giant, and super-giant fields in southern Iraq.
General and administrative expenses totaled $9.5 million for the first quarter of 2011, up from the $6.4 million incurred in the first quarter of 2010, but up only slightly from $9.0 million in the previous quarter. The increase in general and administrative expenses was due to compensation related expenses.
Under the terms of the Notes, defined criteria was met which allowed the Notes to be early exchanged during the first quarter of 2011, and as a result the equity component of the Notes at March 31, 2011 was classified as temporary equity. This balance combined with the debt amount reflects the amount that could result in cash settlement upon exchange. We received ten requests to exchange 46,568 Notes during the first quarter of 2011 which were settled for $46.6 million in cash and 556,455 shares of our common stock, all of which were treasury shares, resulting in a loss of $0.6 million. We also received five requests during the first quarter to exchange 808 Notes which we will settle during the second quarter upon completion of the requisite holding period per the Note Indenture agreement.
Interest expense for the three months ended March 31, 2011 and 2010 was $2.4 million and $4.1 million, respectively, which included $2.2 million and $3.8 million, respectively, of non-cash interest expense due to the amortization of the discount on the Notes. As 128,819 of our $1,000 principal amount Notes were exchanged between March 31, 2010 and March 31, 2011, the associated discount was moved to equity resulting in a lower amount of amortization to interest expense.
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Core Laboratories N.v. has a market cap of $4.36 billion; its shares were traded at around $96.76 with a P/E ratio of 31.8 and P/S ratio of 5.4. The dividend yield of Core Laboratories N.v. stocks is 1%. Core Laboratories N.v. had an annual average earning growth of 28.7% over the past 10 years. GuruFocus rated Core Laboratories N.v. the business predictability rank of 4.5-star.
Highlight of Business Operations:
Service revenue increased to $153.1 million for the first quarter of 2011, up 7% when compared to $143.4 million for the first quarter of 2010. The increase in service revenue was due, in part, to the increased demand for reservoir rock studies, reservoir fluids phase-behavior studies, and for crude oil testing, inspection, distillation, assay, fractionation and characterization projects worldwide. Our large scale core analyses and reservoir fluid projects combined with our fluid and derived products inspection, calibration and assay work continue to provide meaningful revenue streams in the Middle East, Asia-Pacific and the southern-Atlantic margins off the coasts of West Africa and Brazil. Activity in North American shale plays, especially the liquid-rich plays, has also led to growth in reservoir characterization projects.Revenue associated with product sales increased to $53.6 million for the first quarter of 2011, up 19 % from $44 .9 million for the first quarter of 2010. The increase in revenue was driven by the acceptance of and demand for our specialized completion products introduced over the last three years which has led to increased market share in North American natural gas and oil shale reservoirs and has increased market penetration in the Middle East, West Africa, and Asia-Pacific perforating markets. These specialized optimizing technologies are focused on high-end well completion and stimulation programs mainly in the Haynesville, Marcellus, Montney and Eagle Ford shale plays and in multi-stage completions in the Bakken, Niobrara and Eagle Ford oil-shale plays. We are also providing high margin completion and recompletion technologies and services to be used in reworking major, giant, and super-giant fields in southern Iraq.
General and administrative expenses totaled $9.5 million for the first quarter of 2011, up from the $6.4 million incurred in the first quarter of 2010, but up only slightly from $9.0 million in the previous quarter. The increase in general and administrative expenses was due to compensation related expenses.
Under the terms of the Notes, defined criteria was met which allowed the Notes to be early exchanged during the first quarter of 2011, and as a result the equity component of the Notes at March 31, 2011 was classified as temporary equity. This balance combined with the debt amount reflects the amount that could result in cash settlement upon exchange. We received ten requests to exchange 46,568 Notes during the first quarter of 2011 which were settled for $46.6 million in cash and 556,455 shares of our common stock, all of which were treasury shares, resulting in a loss of $0.6 million. We also received five requests during the first quarter to exchange 808 Notes which we will settle during the second quarter upon completion of the requisite holding period per the Note Indenture agreement.
Interest expense for the three months ended March 31, 2011 and 2010 was $2.4 million and $4.1 million, respectively, which included $2.2 million and $3.8 million, respectively, of non-cash interest expense due to the amortization of the discount on the Notes. As 128,819 of our $1,000 principal amount Notes were exchanged between March 31, 2010 and March 31, 2011, the associated discount was moved to equity resulting in a lower amount of amortization to interest expense.
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