<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from _______________ to __________________
Commission File Number 0-26710
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
CORE LABORATORIES, INC. PROFIT SHARING AND RETIREMENT PLAN
5295 Hollister Road
Houston, Texas 77040
B. Name and issuer of the securities held pursuant to the plan and the address
of its principal executive office:
Core Laboratories, N.V.
Herengracht 424
1017 B2 Amsterdam
The Netherlands
<PAGE> 2
Pursuant to the requirements of the Securities Exchange Act of 1934, the plan
administrator has duly caused this annual report to be signed on its behalf by
the undersigned thereunto duly authorized.
Dated: June 29, 1999
CORE LABORATORIES, INC.
PROFIT SHARING AND RETIREMENT PLAN
By: /s/ Richard L. Bergmark
-------------------------------
Richard L. Bergmark
<PAGE> 3
CORE LABORATORIES, INC.
PROFIT SHARING AND RETIREMENT PLAN
FINANCIAL STATEMENTS
AS OF DECEMBER 31, 1998
TOGETHER WITH AUDITORS' REPORT
<PAGE> 4
CORE LABORATORIES, INC.
PROFIT SHARING AND RETIREMENT PLAN
INDEX TO FINANCIAL STATEMENTS, EXHIBITS
AND SUPPLEMENTAL SCHEDULES
DECEMBER 31, 1998
<TABLE>
<CAPTION>
Page(s)
-------
<S> <C>
Report of Independent Public Accountants.................................................................. 1
Financial Statements-
Statements of Net Assets Available for Benefits as of December 31, 1998 and 1997....................... 2
Statement of Changes in Net Assets Available for Benefits for the Year Ended
December 31, 1998.................................................................................... 3
Notes to Financial Statements............................................................................. 4-10
Exhibits-
Exhibit 1 - Statements of Net Assets Available for Benefits, With Fund Information as of
December 31, 1998 and 1997........................................................................... 11-12
Exhibit 2 - Statement of Changes in Net Assets Available for Benefits, With Fund
Information for the Year Ended December 31, 1998..................................................... 13
Supplemental Schedules-
Schedule I - Item 27 (a) Schedule of Assets Held for Investment Purposes as of
December 31, 1998.................................................................................. 14
Schedule II - Item 27 (d) Schedule of Reportable Transactions - Individual Transactions for
the Year Ended December 31, 1998.................................................................... 15
Schedule III - Item 27 (d) Schedule of Reportable Transactions - Series of Transactions for
the Year Ended December 31, 1998.................................................................... 16
Schedule IV - Item 27 (e) Schedule of Non-Exempt Transactions for the Year Ended
December 31, 1998.................................................................................. 17
</TABLE>
<PAGE> 5
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Plan Administrator of the
Core Laboratories, Inc. Profit Sharing
and Retirement Plan:
We have audited the accompanying statements of net assets available for benefits
of the Core Laboratories, Inc. Profit Sharing and Retirement Plan (the "Plan")
as of December 31, 1998 and 1997, and the related statement of changes in net
assets available for benefits for the year ended December 31, 1998. These
financial statements and the supplemental schedules referred to below are the
responsibility of the Plan Administrator. Our responsibility is to express an
opinion on these financial statements and supplemental schedules based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1998 and 1997, and the changes in net assets available for benefits
for the year ended December 31, 1998, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes as of December 31, 1998, (Schedule I), reportable
transactions for the year ended December 31, 1998, (Schedules II and III), and
non-exempt transactions for the year ended December 31, 1998, (Schedule IV), are
presented for purposes of additional analysis and are not a required part of the
basic financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental schedules
have been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
ARTHUR ANDERSEN LLP
Houston, Texas
June 23, 1999
1
<PAGE> 6
CORE LABORATORIES, INC.
PROFIT SHARING AND RETIREMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
1998 1997
------------ ------------
<S> <C> <C>
INVESTMENTS, at fair value-
Cash and cash equivalents $ 1,177,269 $ --
Invesco Stable Value Fund 2,020,299 --
Bond Fund of America 1,960,233 --
Franklin Real Estate Securities Fund A 1,317,460 --
Washington Mutual Investors 5,161,187 --
Massachusetts Investors Trust A 2,826,982 --
Franklin Balance Sheet Investment Fund 2,395,737 --
MFS Emerging Growth Fund A 1,855,962 --
EuroPacific Growth Fund 1,373,828 --
Templeton Foreign Smaller Companies Fund I 662,863 --
Templeton Developing Markets Trust I 665,056 --
Core Laboratories N.V. Common Stock 8,573,164 6,786,883
CMA Government Securities Fund 101,306 --
Merrill Lynch Retirement Preservation Trust Fund 300,433 --
Eaton Vance Income Fund 357,272 --
Global Allocation Fund 392,846 --
AIM Value Fund 453,188 --
Alliance Growth Fund 511,257 --
AIM Constellation Fund 292,090 --
Templeton Foreign Fund 115,124 --
Seligman Communications and Information Fund 196,728 --
Conseco Life Insurance Contracts 67,326 --
Transamerican Stable Value 79,388 --
Transamerican Bond 65,374 --
Transamerican Cash Management 21,361 --
Transamerican Equity Index 111,359 --
Transamerican Equity 283,190 --
Fidelity Managed Income Portfolio -- 2,809,163
Ivy International Fund -- 25,543
NationsBank Prime Portfolio Trust A Shares -- 12,729,814
Loans receivable from participants 952,530 734,535
------------ ------------
Total investments 34,290,812 23,085,938
CONTRIBUTIONS RECEIVABLE-
Participant 14,678 191,813
Company 733,688 97,139
------------ ------------
Total contributions receivable 748,366 288,952
ACCRUED INTEREST AND DIVIDENDS RECEIVABLE 542,343 37,285
ACCRUED PAYABLE -- (140,124)
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS $ 35,581,521 $ 23,272,051
============ ============
</TABLE>
The accompanying notes to financial statements are an integral part
of these financial statements.
2
<PAGE> 7
CORE LABORATORIES, INC.
PROFIT SHARING AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<S> <C>
ADDITIONS TO NET ASSETS ATTRIBUTABLE TO:
Investment income-
Interest and dividend income $ 1,512,951
Net appreciation of investments 339,167
------------
Total investment income 1,852,118
Contributions-
Participant 2,804,193
Company 2,727,146
Rollovers 38,425
Transfers from other plans (Note 6) 7,478,529
------------
13,048,293
DEDUCTIONS FROM NET ASSETS ATTRIBUTABLE TO:
Expenses (76,885)
Distributions to participants (2,514,056)
------------
Net increase in net assets available for benefits for the year 12,309,470
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 23,272,051
------------
End of year $ 35,581,521
============
</TABLE>
The accompanying notes to financial statements are an integral part
of this financial statement.
3
<PAGE> 8
CORE LABORATORIES, INC.
PROFIT SHARING AND RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998
1. SUMMARY OF SIGNIFICANT PLAN PROVISIONS:
The Core Laboratories, Inc. Profit Sharing and Retirement Plan (the "Plan" or
"Core Plan") was established by Core Laboratories, Inc. (the "Company"),
effective October 1, 1994. The Plan allows participants to contribute up to 12
percent of their compensation, as defined by the Plan, on a pretax basis. The
Company may, at its discretion, elect to make matching contributions to the
account of each participant in the Plan a percentage of each participant's
compensation, as defined. During 1998, the Company elected to contribute up to 4
percent of each participant's compensation. The Company may, at its discretion,
also contribute for a Plan year an additional amount with respect to each
participant who has completed one year of service and is employed by the Company
on the last day of such Plan year. The Company's board of directors shall
determine whether such contribution shall be made for a Plan year, the matching
percentage and the percentage of a participant's compensation upon which the
match shall be based. Total Company contributions of $2,727,146 were approved by
the board of directors in 1998. The following description of key features of the
Plan provide only general information. Participants should refer to the Plan
document for a more complete explanation of the Plan's provisions.
PLAN ADMINISTRATOR AND TRUSTEE
The Company is the Plan administrator as defined under the Employee Retirement
Income Security Act of 1974, as amended (ERISA). Prior to January 1, 1998, the
Company had contracted with J.E. Stone & Associates to maintain the Plan's
participant account balances. Effective January 1, 1998, the Company contracted
with The 401K Company (the "Recordkeeper") to maintain the Plan's participant
account balances. Prior to January 1, 1998, NationsBank of Texas, N.A., was the
trustee of all investments held by the plan. Effective January 1, 1998, Austin
Trust Company (the "Trustee") became the trustee of all investments held by the
Plan.
ELIGIBILITY
Substantially all of the Company's employees are eligible to participate in the
Plan. Participation may commence upon the later of the first day of the calendar
quarter coincident with or following such eligible employee's date of hire or
the date on which such employees attain the age of 21.
VESTING
Participants are fully vested in their contributions and related earnings/losses
and vest in Company contributions and related earnings/losses at the rate of 20
percent for each year of service. Upon death, physical or mental disability, or
normal retirement, all participants become fully vested in Company contributions
and related earnings/losses.
4
<PAGE> 9
INVESTMENT PROGRAM
Prior to January 1, 1998, participants had the option of investing their
contributions, the Company's matching contributions and any additional Company
contributions in any of the following funds (description provided by investment
managers):
Fidelity Managed Income Portfolio--Investments were made in
high-quality short- and long-term investment contracts with variable
and fixed rates that had maturities of between one and seven years,
with the objective of preservation of capital and a low risk level.
Fidelity Asset Manager--Investments were made in domestic and foreign
stocks, bonds and short-term instruments with the objective of high
return with reduced risk.
Longleaf Partners Fund--Investments were made in securities of
companies having a market capitalization of $1 billion or less with the
objective of long-term capital growth.
Ivy International Fund--Investments were made in foreign and domestic
equity securities with the objective of long-term capital growth.
Core Laboratories N.V. Common Stock Fund-- Participants had the option
of investing in Core Laboratories N.V. common stock. Investments were
in the common stock of the Company purchased at prevailing market
prices.
In anticipation of the change in service providers, options previously offered
were liquidated and invested in the new options described below at the
participant's direction. The Core Laboratories N.V. Common Stock Fund was
transferred in-kind.
Effective January 1, 1998, the following new options were available to
participants for investing their contributions, the Company's matching
contributions and any additional Company contributions in any of the following
funds (description provided by investment managers):
Invesco Stable Value Fund - Investments are made in a diversified
portfolio of investment contracts with insurance companies, banks, or
other financial institutions and in various mutual funds with the
objective of producing consistent, positive returns while preserving
principal and maintaining liquidity. The investment contracts are
recorded at contract value, which approximates fair value. The average
yield for the year ended December 31, 1998, was 6.43 percent.
Uninvested funds are temporarily held in the Alliance Money Reserves, a
money market fund, pending investment.
Bond Fund of America - Investments are made in high quality corporate
bonds and U.S. government securities and money market securities that
have limited short-term risk and limited prospects for long-term
performance.
Franklin Real Estate Securities Fund A - Investments are made in stocks
of real estate investment trusts securities with some short-term risk
and volatility and the potential for good long-term performance.
Washington Mutual Investors - Investments are made in high-quality
stocks and securities that are convertible to stocks with the objective
of long-term principal growth.
5
<PAGE> 10
Vanguard Index Trust 500 Portfolio - Investments are made in a
collection of stocks of U.S. companies in similar proportions to the
S&P 500 Index with the objective of mirroring the S&P 500 Index. This
fund was available for election effective January 1, 1999. The Company
discretionary contribution is reflected as a receivable in this fund at
December 31, 1998.
Massachusetts Investors Trust A - Investments are made in all types of
stocks listed on securities exchanges, traded in various
over-the-counter markets or outside organized markets with the
objective of current income and long-term growth of capital and income.
Franklin Balance Sheet Investment Fund - Investments are made in small
company securities that are undervalued in the marketplace and
closed-end funds that trade below net asset value.
MFS Emerging Growth Fund A - Investments are made in stocks of small
and medium-sized emerging growth companies with the objective of
long-term capital growth.
EuroPacific Growth Fund - Investments are made in a selection of
companies based outside the United States with the objective of
long-term capital appreciation.
Templeton Foreign Smaller Companies Fund I - Investments are made in
the stocks of small companies with the objective of long-term capital
growth.
Templeton Developing Markets Trust I - Investments are made primarily
in stocks of developing market issuers and bonds with the objective of
long-term capital appreciation.
Core Laboratories N.V. Common Stock Fund - Participants have the option
of investing in Core Laboratories N.V. common stock. Investments are in
the common stock of the Company purchased at prevailing market prices.
Uninvested funds are temporarily held in the Alliance Government
Reserves, a money market fund, pending investment.
Participants who are seeking guidance in their investment direction can choose
among the following Asset Allocation Models:
Short-Term Model (1-5 years) - This option is designed for participants
with short-term investment goals and invests 60 percent of its assets
in the Invesco Stable Value Fund, 15 percent in the Bond Fund of
America, 10 percent in Franklin Real Estate Securities Fund A, 5
percent in Washington Mutual Investors, 5 percent in EuroPacific Growth
Fund, and 5 percent in Templeton Foreign Smaller Companies Fund I.
Medium-Term Model (5-10 years) - This option is designed for
participants with medium-term investment goals and invests 10 percent
of its assets in the Invesco Stable Value Fund, 20 percent in the Bond
Fund of America, 15 percent in Franklin Real Estate Securities Fund A,
25 percent in Washington Mutual Investors, 10 percent in Massachusetts
Investors Trust A, 5 percent in Franklin Balance Sheet Investment Fund,
5 percent in EuroPacific Growth Fund, 5 percent in Templeton Foreign
Smaller Companies Fund I, and 5 percent in Templeton Developing Markets
Trust I.
Long-Term Model (10-15 years) - This option is designed for
participants with long-term investment goals and invests 10 percent in
the Bond Fund of America, 10 percent in Franklin Real Estate Securities
Fund A, 20 percent in Washington Mutual Investors, 15 percent in
Massachusetts Investors Trust A, 15 percent in Franklin Balance Sheet
Investment Fund, 10 percent in MFS Emerging Growth Fund A, 10 percent
in EuroPacific Growth Fund, 5 percent
6
<PAGE> 11
in Templeton Foreign Smaller Companies Fund I, and 5 percent in
Templeton Developing Markets Trust I.
Longer-Term Model (15+ years) - This option is designed for
participants with longer term investment goals and invests 20 percent
in Washington Mutual Investors, 10 percent in Massachusetts Investors
Trust A, 25 percent in Franklin Balance Sheet Investment Fund, 15
percent in MFS Emerging Growth Fund A, 10 percent in EuroPacific Growth
Fund, 10 percent in Templeton Foreign Smaller Companies Fund I, and 10
percent in Templeton Developing Markets Trust I.
Participants who select one of the above Asset Allocation Models can also choose
to invest a portion of their account balances in the Core Laboratories N.V.
Common Stock Fund.
Contributions may be invested in one fund or divided among two or more funds.
Participants may transfer some or all of the balances out of any fund into one
or any combination of the other funds on a daily basis. (See Exhibits 1 and 2
for statements of net assets available for benefits, with fund information as of
December 31, 1998 and 1997, and statement of changes in net assets available for
benefits, with fund information for the year ended December 31, 1998.)
Investments in the Invesco Stable Value Fund and Core Laboratories N.V. Common
Stock Fund are assigned units of participation. The unit value is determined
daily based upon the fair market value of the underlying net assets. The total
units assigned to participants and the unit values at December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
Units Unit Value
--------- ----------
<S> <C> <C>
Invesco Stable Value Fund 2,184,462 $ 1.050
Core Laboratories N.V. Common Stock Fund 9,119,264 $ 1.014
</TABLE>
ADMINISTRATIVE EXPENSES
The Plan pays all administrative expenses.
PRIORITIES UPON PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100 percent vested in their accounts.
LOANS
The Plan permits participants to borrow a minimum of $1,000 up to a maximum
amount equal to the lesser of $50,000 or 50 percent of their vested account
balances in the Plan. These loans bear interest at treasury rates plus 4 percent
and are repaid through payroll deductions over a period not to exceed 5 years.
WITHDRAWALS AND FORFEITURES
A participant may elect to receive benefit payments through any one of the
several methods provided by the Plan upon termination, retirement or financial
hardship. Participants can withdraw
7
<PAGE> 12
their after-tax contributions in cash without being suspended from making
additional contributions to the Plan.
Hardship withdrawals are allowed in the event of immediate and heavy financial
need, subject to Internal Revenue Code of 1986, as amended (the "Code")
provisions. The participants can withdraw up to 100 percent of their pre-tax
contributions and are suspended for at least 12 months from making additional
contributions to the Plan.
Upon termination of employment with the Company, any unvested Company
contributions and related earnings/losses are forfeited. Participants returning
to the Company within 60 months of their initial termination are entitled to
have their previous account balance reinstated by the Company. During 1998,
approximately $79,200 of forfeited balances were utilized to reduce the
Company's contributions. At December 31, 1998, forfeited amounts of $77,900 were
available to reduce future employer contributions.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
BASIS OF ACCOUNTING
The financial statements of the Plan are presented under the accrual method of
accounting. Distributions to participants are recorded when paid.
INVESTMENT VALUATION
Pursuant to the Department of Labor Rules and Regulations for Reporting and
Disclosure under ERISA, the Plan reports the investments in the financial
statements at fair value in accordance with generally accepted accounting
principles.
The fair value of the investments in the collective trusts are based on the
market value of their underlying assets, as determined by the investment
issuer. Investments in mutual funds and common stock are reported at fair market
value based on quoted market prices. Investment income is recorded as earned.
Net realized and unrealized appreciation (depreciation) is recorded in the
accompanying statements of changes in net assets available for benefits as net
appreciation (depreciation) of investments.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires the use of estimates and assumptions that affect
the accompanying financial statements and disclosures. Actual results could
differ from those estimates.
3. RISKS AND UNCERTAINTIES:
The Plan provides for various investments in common collective trusts, mutual
funds and common stock. Investment securities, in general, are exposed to
various risk, such as interest rate, credit and overall market volatility risks.
Due to the level of risk associated with certain investment securities, it is
reasonably possible that changes in the values of investment securities will
occur in the near term and that such changes could materially affect the amounts
reported in the statements of net assets available for benefits and participant
account balances.
8
<PAGE> 13
4. TAX STATUS:
The Plan obtained its latest determination letter on November 12, 1996, in which
the Internal Revenue Service stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Code. The Plan has been
amended since receiving the determination letter. However, the Company believes
that the Plan is currently designed and being operated in compliance with the
applicable requirements of the Code. Therefore, the Company believes that the
Plan was qualified and tax-exempt as of the financial statement date.
5. RECONCILIATION OF FORM 5500:
Benefits payable to participants are included in net assets available for
benefits and are not reflected as a liability in the financial statements. As of
December 31, 1998 and 1997, the benefits payable to participants total $80,340
and $141,979, respectively. The following is a reconciliation of net assets
available for benefits per the financial statements to the Form 5500 as of
December 31, 1998 and 1997:
<TABLE>
<CAPTION>
1998 1997
------------ ------------
<S> <C> <C>
Net assets available for benefits per the financial statements $ 35,581,521 $ 23,272,051
Less-
Current distributions payable to participants at end of year (80,340) (141,979)
------------ ------------
Net assets available for benefits per the Form 5500 $ 35,501,181 $ 23,130,072
============ ============
</TABLE>
The following is a reconciliation of distributions to participants per the
financial statements to the Form 5500 for the year ended December 31, 1998:
<TABLE>
<CAPTION>
1998
------------
<S> <C>
Distributions to participants per the financial statements $ 2,514,056
Add-
Current-year distributions payable to participants at end of year 80,340
Less-
Prior-year distributions payable to participants at end of year (141,979)
------------
Distributions to participants per the Form 5500 $ 2,452,417
============
</TABLE>
Amounts allocated to withdrawing participants are recorded on the Form 5500 for
benefit claims that have been processed and approved for payment prior to
December 31, but not yet paid as of that date.
6. TRANSFERS FROM OTHER PLANS:
Effective January 1, 1998, the Stim-Lab, Inc. 401(k) Profit Sharing Plan (the
"Stim-Lab Plan") and the Saybolt Inc. 401(k) Retirement Plan (the "Saybolt
Plan") were merged with the Core Plan. Stim-Lab, Inc. is a 100% owned subsidiary
acquired in December 1997, and Saybolt Inc. is a 100% owned subsidiary acquired
in May 1997. Plan assets of approximately $0.5 million were transferred from the
Stim-Lab Plan and $3.4 million from the Saybolt Plan into the Core Plan during
1998. Effective January 1, 1998, participants of the Stim-Lab Plan who had 3 or
more years of service were given 100% vesting of their account balances.
Effective December 31, 1998, the Owen Oil Tools, Inc. 401(k) Profit Sharing Plan
(the "Owen Plan") and The Andrews Group, Inc. 401(k) & Profit Sharing Plan (the
"Andrews Plan") were
9
<PAGE> 14
merged with the Core Plan. Owen Oil Tools, Inc. is a 100% owned subsidiary
acquired in June 1998, and The Andrews Group, Inc. is a 100% owned subsidiary
acquired in December 1998. Plan assets of approximately $3.0 million were
transferred from the Owen Plan and $0.6 million from the Andrews Plan into the
Core Plan on December 31, 1998, and are included under Merged Plans in the
statement of net assets available for benefits, with fund information (Exhibit
1). Effective December 31, 1998, special vesting provisions applied to the Owen
Plan participants as defined in the merger agreement. Also effective December
31, 1998, a special provision was made to the plan to allow annuity
distributions to Owen Plan and Andrews Plan participants.
7. SUBSEQUENT EVENTS:
In conjunction with the Company's definitive merger agreement with Coherence
Technology Company, Inc. ("CTC"), the Company intends to merge the Coherence
Technology Company, Inc. 401 (k) Plan into the Company's Plan effective July 1,
1999.
10
<PAGE> 15
EXHIBIT 1
CORE LABORATORIES, INC.
PROFIT SHARING AND RETIREMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
AS OF DECEMBER 31, 1998
<TABLE>
<CAPTION>
Franklin Real
Invesco Estate Washington Vanguard
Stable Value Bond Fund of Securities Mutual Index Trust
Fund America Fund A Investors 500 Portfolio
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENTS, at fair value-
Cash and cash equivalents $ 273,386 $ -- $ -- $ -- $ --
Invesco Stable Value Fund 2,020,299 -- -- -- --
Bond Fund of America -- 1,960,233 -- -- --
Franklin Real Estate Securities Fund A -- -- 1,317,460 -- --
Washington Mutual Investors -- -- -- 5,161,187 --
Massachusetts Investors Trust A -- -- -- -- --
Franklin Balance Sheet Investment Fund -- -- -- -- --
MFS Emerging Growth Fund A -- -- -- -- --
EuroPacific Growth Fund -- -- -- -- --
Templeton Foreign Smaller Companies Fund I -- -- -- -- --
Templeton Developing Markets Trust I -- -- -- -- --
Core Laboratories N.V. Common Stock -- -- -- -- --
CMA Government Securities Fund -- -- -- -- --
Merrill Lynch Retirement Preservation Trust Fund -- -- -- -- --
Eaton Vance Income Fund -- -- -- -- --
Global Allocation Fund -- -- -- -- --
AIM Value Fund -- -- -- -- --
Alliance Growth Fund -- -- -- -- --
AIM Constellation Fund -- -- -- -- --
Templeton Foreign Fund -- -- -- -- --
Seligman Communications and Information Fund -- -- -- -- --
Conseco Life Insurance Contracts -- -- -- -- --
Transamerican Stable Value -- -- -- -- --
Transamerican Bond -- -- -- -- --
Transamerican Cash Management -- -- -- -- --
Transamerican Equity Index -- -- -- -- --
Transamerican Equity -- -- -- -- --
Loans receivable from participants -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total investments 2,293,685 1,960,233 1,317,460 5,161,187 --
CONTRIBUTIONS RECEIVABLE-
Participants -- -- -- -- --
Company 62,486 51,950 45,848 123,218 14,998
----------- ----------- ----------- ----------- -----------
Total contributions receivable 62,486 51,950 45,848 123,218 14,998
ACCRUED INTERFUND TRANSFERS, NET 30,592 9,970 9,876 27,198 178
ACCRUED INTEREST AND DIVIDENDS RECEIVABLE 3,465 21,405 -- 461,076 --
----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $ 2,390,228 $ 2,043,558 $ 1,373,184 $ 5,772,679 $ 15,176
=========== =========== =========== =========== ===========
<CAPTION>
Franklin Templeton
Balance MFS Foreign
Massachusetts Sheet Emerging Smaller
Investors Investment Growth Fund EuroPacific Companies
Trust A Fund A Growth Fund Fund I
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENTS, at fair value-
Cash and cash equivalents $ -- $ -- $ -- $ -- $ --
Invesco Stable Value Fund -- -- -- -- --
Bond Fund of America -- -- -- -- --
Franklin Real Estate Securities Fund A -- -- -- -- --
Washington Mutual Investors -- -- -- -- --
Massachusetts Investors Trust A 2,826,982 -- -- -- --
Franklin Balance Sheet Investment Fund -- 2,395,737 -- -- --
MFS Emerging Growth Fund A -- -- 1,855,962 -- --
EuroPacific Growth Fund -- -- -- 1,373,828 --
Templeton Foreign Smaller Companies Fund I -- -- -- -- 662,863
Templeton Developing Markets Trust I -- -- -- -- --
Core Laboratories N.V. Common Stock -- -- -- -- --
CMA Government Securities Fund -- -- -- -- --
Merrill Lynch Retirement Preservation Trust Fund -- -- -- -- --
Eaton Vance Income Fund -- -- -- -- --
Global Allocation Fund -- -- -- -- --
AIM Value Fund -- -- -- -- --
Alliance Growth Fund -- -- -- -- --
AIM Constellation Fund -- -- -- -- --
Templeton Foreign Fund -- -- -- -- --
Seligman Communications and Information Fund -- -- -- -- --
Conseco Life Insurance Contracts -- -- -- -- --
Transamerican Stable Value -- -- -- -- --
Transamerican Bond -- -- -- -- --
Transamerican Cash Management -- -- -- -- --
Transamerican Equity Index -- -- -- -- --
Transamerican Equity -- -- -- -- --
Loans receivable from participants -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total investments 2,826,982 2,395,737 1,855,962 1,373,828 662,863
CONTRIBUTIONS RECEIVABLE-
Participants -- -- -- -- --
Company 75,511 70,984 56,819 37,364 25,478
----------- ----------- ----------- ----------- -----------
Total contributions receivable 75,511 70,984 56,819 37,364 25,478
ACCRUED INTERFUND TRANSFERS, NET 16,110 16,970 11,729 8,200 5,601
ACCRUED INTEREST AND DIVIDENDS RECEIVABLE -- -- -- 51,313 --
----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $ 2,918,603 $ 2,483,691 $ 1,924,510 $ 1,470,705 $ 693,942
=========== =========== =========== =========== ===========
<CAPTION>
Core
Templeton Laboratories
Developing N.V. Merged
Markets Common Plans
Trust I Stock Fund Loan Fund Other (see Note 6) Total
----------- ----------- ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENTS, at fair value-
Cash and cash equivalents $ -- $ 673,770 $ -- $ 230,113 $ -- $ 1,177,269
Invesco Stable Value Fund -- -- -- -- -- 2,020,299
Bond Fund of America -- -- -- -- -- 1,960,233
Franklin Real Estate Securities Fund A -- -- -- -- -- 1,317,460
Washington Mutual Investors -- -- -- -- -- 5,161,187
Massachusetts Investors Trust A -- -- -- -- -- 2,826,982
Franklin Balance Sheet Investment Fund -- -- -- -- -- 2,395,737
MFS Emerging Growth Fund A -- -- -- -- -- 1,855,962
EuroPacific Growth Fund -- -- -- -- -- 1,373,828
Templeton Foreign Smaller Companies Fund I -- -- -- -- -- 662,863
Templeton Developing Markets Trust I 665,056 -- -- -- -- 665,056
Core Laboratories N.V. Common Stock -- 8,573,164 -- -- -- 8,573,164
CMA Government Securities Fund -- -- -- -- 101,306 101,306
Merrill Lynch Retirement Preservation Trust Fund -- -- -- -- 300,433 300,433
Eaton Vance Income Fund -- -- -- -- 357,272 357,272
Global Allocation Fund -- -- -- -- 392,846 392,846
AIM Value Fund -- -- -- -- 453,188 453,188
Alliance Growth Fund -- -- -- -- 511,257 511,257
AIM Constellation Fund -- -- -- -- 292,090 292,090
Templeton Foreign Fund -- -- -- -- 115,124 115,124
Seligman Communications and Information Fund -- -- -- -- 196,728 196,728
Conseco Life Insurance Contracts -- -- -- -- 67,326 67,326
Transamerican Stable Value -- -- -- -- 79,388 79,388
Transamerican Bond -- -- -- -- 65,374 65,374
Transamerican Cash Management -- -- -- -- 21,361 21,361
Transamerican Equity Index -- -- -- -- 111,359 111,359
Transamerican Equity -- -- -- -- 283,190 283,190
Loans receivable from participants -- -- 697,999 -- 254,531 952,530
----------- ----------- ----------- ----------- ------------ -----------
Total investments 665,056 9,246,934 697,999 230,113 3,602,773 34,290,812
CONTRIBUTIONS RECEIVABLE-
Participants -- -- -- -- 14,678 14,678
Company 25,129 139,781 -- -- 4,122 733,688
----------- ----------- ----------- ----------- ------------ -----------
Total contributions receivable 25,129 139,781 -- -- 18,800 748,366
ACCRUED INTERFUND TRANSFERS, NET 5,380 33,041 -- (174,845) -- --
ACCRUED INTEREST AND DIVIDENDS RECEIVABLE -- -- -- 5,084 -- 542,343
----------- ----------- ----------- ----------- ------------ -----------
NET ASSETS AVAILABLE FOR BENEFITS $ 695,565 $ 9,419,756 $ 697,999 $ 60,352 $ 3,621,573 $35,581,521
=========== =========== =========== =========== ============ ===========
</TABLE>
This exhibit is an integral part of the accompanying financial statements.
11
<PAGE> 16
EXHIBIT 1(CONTINUED)
CORE LABORATORIES, INC.
PROFIT SHARING AND RETIREMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
AS OF DECEMBER 31, 1997
<TABLE>
<CAPTION>
Core
Laboratories
Fidelity N.V.
Managed Fidelity Longleaf Ivy Common
Income Asset Partners International Stock
Portfolio Manager Fund Fund Fund
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
INVESTMENTS, at fair value-
Fidelity Managed Income Portfolio $ 2,809,163 $ -- $ -- $ -- $ --
Ivy International Fund -- -- -- 25,543 --
Core Laboratories N.V. common stock -- -- -- -- 6,786,883
NationsBank Prime Portfolio Trust A shares -- 3,137,092 7,289,612 1,810,464 482,789
Loans receivable from participants -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total investments 2,809,163 3,137,092 7,289,612 1,836,007 7,269,672
CONTRIBUTIONS RECEIVABLE-
Participant 22,352 31,748 64,348 20,966 52,399
Company 6,457 18,358 33,284 11,747 27,293
ACCRUED INTERFUND TRANSFERS, NET (16,492) (1,986) (46,826) (8,699) 74,895
ACCRUED INTEREST AND DIVIDENDS RECEIVABLE 121 1,105 1,306 367 2,674
OTHER ACCRUED RECEIVABLE (PAYABLE) 12,459 7,101 12,082 6,304 10,983
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS $ 2,834,060 $ 3,193,418 $ 7,353,806 $ 1,866,692 $ 7,437,916
============ ============ ============ ============ ============
<CAPTION>
Loan
Fund Total
------------ ------------
<S> <C> <C>
INVESTMENTS, at fair value-
Fidelity Managed Income Portfolio $ -- $ 2,809,163
Ivy International Fund -- 25,543
Core Laboratories N.V. common stock -- 6,786,883
NationsBank Prime Portfolio Trust A shares 9,857 12,729,814
Loans receivable from participants 734,535 734,535
------------ ------------
Total investments 744,392 23,085,938
CONTRIBUTIONS RECEIVABLE-
Participant -- 191,813
Company -- 97,139
ACCRUED INTERFUND TRANSFERS, NET (892) --
ACCRUED INTEREST AND DIVIDENDS RECEIVABLE 31,712 37,285
OTHER ACCRUED RECEIVABLE (PAYABLE) (189,053) (140,124)
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS $ 586,159 $ 23,272,051
============ ============
</TABLE>
This exhibit is an integral part of the accompanying financial statements.
12
<PAGE> 17
EXHIBIT 2
CORE LABORATORIES, INC.
PROFIT SHARING AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
Franklin Vanguard
Invesco Real Estate Washington Index Trust
Stable Bond Fund Securities Mutual 500
Value Fund of America Fund A Investors Portfolio
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTABLE TO:
Investment income -
Interest and dividend income $ 65,137 $ 123,934 $ 83,699 $ 498,612 $ --
Net appreciation (depreciation) of investments -- (65,008) (311,856) 383,198 --
----------- ----------- ----------- ----------- -----------
Total investment income 65,137 58,926 (228,157) 881,810 --
Contributions -
Participants 180,547 175,101 186,943 465,734 --
Company 218,157 159,588 187,376 431,748 14,998
Rollovers 3,352 2,212 2,666 5,805 --
----------- ----------- ----------- ----------- -----------
402,056 336,901 376,985 903,287 14,998
Transfers from other plans (Note 6) -- -- -- -- --
Interfund transfers, net 2,834,328 1,717,054 1,293,285 4,390,047 178
DEDUCTIONS FROM NET ASSETS
ATTRIBUTABLE TO:
Expenses (4,063) (3,501) (3,092) (9,502) --
Distributions to participants (907,230) (65,822) (65,837) (392,963) --
----------- ----------- ----------- ----------- -----------
Increase (decrease) in net assets available for
benefits for the year 2,390,228 2,043,558 1,373,184 5,772,679 15,176
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of the year -- -- -- -- --
----------- ----------- ----------- ----------- -----------
End of year $ 2,390,228 $ 2,043,558 $ 1,373,184 $ 5,772,679 $ 15,176
=========== =========== =========== =========== ===========
<CAPTION>
Franklin Templeton
Balance MFS Foreign
Massachusetts Sheet Emerging EuroPacific Smaller
Investors Investment Growth Growth Companies
Trust A Fund Fund A Fund Fund I
------------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTABLE TO:
Investment income -
Interest and dividend income $ 150,034 $ 120,198 $ 16,776 $ 77,124 $ 13,159
Net appreciation (depreciation) of investments 255,111 (214,391) 242,756 108,768 (72,988)
----------- ----------- ----------- ----------- -----------
Total investment income 405,145 (94,193) 259,532 185,892 (59,829)
Contributions -
Participants 287,948 311,747 224,372 153,600 103,349
Company 276,832 291,738 207,086 142,212 97,573
Rollovers 3,814 3,972 2,782 1,885 1,279
----------- ----------- ----------- ----------- -----------
568,594 607,457 434,240 297,697 202,201
Transfers from other plans (Note 6) -- -- -- -- --
Interfund transfers, net 2,285,884 2,055,393 1,298,311 1,144,264 572,998
DEDUCTIONS FROM NET ASSETS
ATTRIBUTABLE TO:
Expenses (4,668) (5,136) (3,356) (2,587) (1,507)
Distributions to participants (336,352) (79,830) (64,217) (154,561) (19,921)
----------- ----------- ----------- ----------- -----------
Increase (decrease) in net assets available for
benefits for the year 2,918,603 2,483,691 1,924,510 1,470,705 693,942
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of the year -- -- -- -- --
----------- ----------- ----------- ----------- -----------
End of year $ 2,918,603 $ 2,483,691 $ 1,924,510 $ 1,470,705 $ 693,942
=========== =========== =========== =========== ===========
<CAPTION>
Core
Templeton Laboratories
Developing N.V. Merged
Markets Common Plans
Trust I Stock Fund Loan Fund Other (see Note 6)
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTABLE TO:
Investment income -
Interest and dividend income $ 11,686 $ 21,876 $ 52,855 $ 52,313 $ 161,798
Net appreciation (depreciation) of investments (118,844) 132,421 -- -- --
----------- ----------- ----------- ----------- -----------
Total investment income (107,158) 154,297 52,855 52,313 161,798
Contributions -
Participants 97,028 596,948 -- -- 20,876
Company 83,486 593,228 -- -- 23,124
Rollovers 1,026 8,793 -- -- 839
----------- ----------- ----------- ----------- -----------
181,540 1,198,969 -- -- 44,839
Transfers from other plans (Note 6) -- -- 152,574 -- 7,325,955
Interfund transfers, net 638,537 935,835 26,033 30,598 (3,911,019)
DEDUCTIONS FROM NET ASSETS
ATTRIBUTABLE TO:
Expenses (1,403) (15,511) -- (22,559) --
Distributions to participants (15,951) (291,750) (119,622) -- --
----------- ----------- ----------- ----------- -----------
Increase (decrease) in net assets available for
benefits for the year 695,565 1,981,840 111,840 60,352 3,621,573
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of the year -- 7,437,916 586,159 -- --
----------- ----------- ----------- ----------- -----------
End of year $ 695,565 $ 9,419,756 $ 697,999 $ 60,352 $ 3,621,573
=========== =========== =========== =========== ===========
<CAPTION>
Fidelity
Managed Fidelity Longleaf Ivy
Income Asset Partners International
Portfolio Manager Fund Fund Total
----------- ----------- ----------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTABLE TO:
Investment income -
Interest and dividend income $ 56,072 $ 1,372 $ 2,163 $ 4,143 $ 1,512,951
Net appreciation (depreciation) of investments -- -- -- -- 339,167
----------- ----------- ----------- ------------- -----------
Total investment income 56,072 1,372 2,163 4,143 1,852,118
Contributions -
Participants -- -- -- -- 2,804,193
Company -- -- -- -- 2,727,146
Rollovers -- -- -- -- 38,425
----------- ----------- ----------- ------------- -----------
-- -- -- -- 5,569,764
Transfers from other plans (Note 6) -- -- -- -- 7,478,529
Interfund transfers, net (2,890,132) (3,194,790) (7,355,969) (1,870,835) --
DEDUCTIONS FROM NET ASSETS
ATTRIBUTABLE TO:
Expenses -- -- -- -- (76,885)
Distributions to participants -- -- -- -- (2,514,056)
----------- ----------- ----------- ------------- -----------
Increase (decrease) in net assets available for
benefits for the year (2,834,060) (3,193,418) (7,353,806) (1,866,692) 12,309,470
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of the year 2,834,060 3,193,418 7,353,806 1,866,692 23,272,051
----------- ----------- ----------- ------------- -----------
End of year $ -- $ -- $ -- $ -- $35,581,521
=========== =========== =========== ============= ===========
</TABLE>
This exhibit is an integral part of the accompanying financial statements.
13
<PAGE> 18
SCHEDULE I
CORE LABORATORIES, INC.
PROFIT SHARING AND RETIREMENT PLAN
ITEM 27(a) SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1998
<TABLE>
<CAPTION>
Historical Current
Identity of Issue Description of Investment Cost Value
- --------------------------------- -------------------------------------------- ------------ ------------
<S> <C> <C> <C>
Alliance Capital Management Corp. Alliance Capital Reserves $ 90,960 $ 90,960
Alliance Capital Management Corp. Alliance Government Reserves 673,770 673,770
Alliance Capital Management Corp. Alliance Money Reserves 273,386 273,386
INVESCO Trust Company Invesco Stable Value Fund 2,020,299 2,020,299
American Funds Group Bond Fund of America 2,016,192 1,960,233
Franklin Templeton Group of Funds Franklin Real Estate Securities Fund A 1,589,961 1,317,460
American Funds Group Washington Mutual Investors 4,882,004 5,161,187
Massachusetts Financial Services Massachusetts Investors Trust A 2,587,825 2,826,982
Franklin Templeton Group of Funds Franklin Balance Sheet Investment Fund 2,591,857 2,395,737
Massachusetts Financial Services MFS Emerging Growth Fund A 1,610,368 1,855,962
American Funds Group EuroPacific Growth Fund 1,292,723 1,373,828
Franklin Templeton Group of Funds Templeton Foreign Smaller Companies Fund I 731,626 662,863
Franklin Templeton Group of Funds Templeton Developing Markets Trust I 766,409 665,056
Core Laboratories N.V.
Common Stock Core Laboratories N.V. Common Stock 4,933,863 8,573,164
CMA Funds CMA Government Securities Fund 101,306 101,306
Merrill Lynch Retirement Preservation Trust Fund 300,433 300,433
Eaton Vance Municipal Funds Eaton Vance Income Fund 361,779 357,272
Merrill Lynch Global Allocation Fund 448,289 392,846
AIM Family of Funds AIM Value Fund 357,587 453,188
Alliance Capital Funds Alliance Growth Fund 404,266 511,257
AIM Family of Funds AIM Constellation Fund 250,077 292,090
Franklin Templeton Group of Funds Templeton Foreign Fund 136,882 115,124
Seligman Group Seligman Communications and Information Fund 162,731 196,728
Conseco Life Insurance Companies Conseco Life Insurance Contracts 67,326 67,326
Transamerica Asset Management Transamerican Stable Value 75,560 79,388
Transamerica Asset Management Transamerican Bond 61,063 65,374
Transamerica Asset Management Transamerican Cash Management 20,453 21,361
Transamerica Asset Management Transamerican Equity Index 90,091 111,359
Transamerica Asset Management Transamerican Equity 205,593 283,190
Core Laboratories, Inc. Profit 952,530 952,530
Sharing and Retirement Plan Participant Loans (interest rates ranging from
3.00% to 10.00%)
------------ ------------
Total assets held for investment purposes $ 30,057,209 $ 34,151,659
============ ============
</TABLE>
14
<PAGE> 19
SCHEDULE II
CORE LABORATORIES, INC.
PROFIT SHARING AND RETIREMENT PLAN
ITEM 27(d) SCHEDULE OF REPORTABLE TRANSACTIONS - INDIVIDUAL TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
Purchase Selling
Identity of Party Involved Description of Asset Price(a) Price(b) Cost
- --------------------------------- ------------------------------------------ ------------ ----------- -----------
<S> <C> <C> <C> <C>
Alliance Capital Management Corp. Alliance Capital Reserves $ 12,726,572 $ -- $ 12,726,572
Alliance Capital Management Corp. Alliance Capital Reserves 3,150,493 -- 3,150,493
Alliance Capital Management Corp. Alliance Capital Reserves 2,848,790 -- 2,848,790
Alliance Capital Management Corp. Alliance Capital Reserves -- 9,980,110 9,980,110
Alliance Capital Management Corp. Alliance Capital Reserves -- 2,444,654 2,444,654
Alliance Capital Management Corp. Alliance Capital Reserves -- 2,377,934 2,377,934
Alliance Capital Management Corp. Alliance Capital Reserves -- 1,127,217 1,127,217
American Funds Group Washington Mutual Investors Fund 2,912,489 -- 2,912,489
Fidelity Management Trust Company Fidelity Managed Income Portfolio -- 2,837,834 2,837,834
NationsBank of Texas N.A. NationsBank Prime Portfolio Trust A Shares -- 1,809,681 1,809,681
NationsBank of Texas N.A. NationsBank Prime Portfolio Trust A Shares -- 3,135,363 3,135,363
NationsBank of Texas N.A. NationsBank Prime Portfolio Trust A Shares -- 7,287,083 7,287,083
<CAPTION>
Current
Value
of Asset on
Transaction Net
Identity of Party Involved Description of Asset Date Gain(Loss)
- --------------------------------- ------------------------------------------ ------------ ----------
<S> <C> <C> <C>
Alliance Capital Management Corp. Alliance Capital Reserves $ 12,726,572 $ --
Alliance Capital Management Corp. Alliance Capital Reserves 3,150,493 --
Alliance Capital Management Corp. Alliance Capital Reserves 2,848,790 --
Alliance Capital Management Corp. Alliance Capital Reserves 9,980,110 --
Alliance Capital Management Corp. Alliance Capital Reserves 2,444,654 --
Alliance Capital Management Corp. Alliance Capital Reserves 2,377,934 --
Alliance Capital Management Corp. Alliance Capital Reserves 1,127,217 --
American Funds Group Washington Mutual Investors Fund 2,912,489 --
Fidelity Management Trust Company Fidelity Managed Income Portfolio 2,837,834 --
NationsBank of Texas N.A. NationsBank Prime Portfolio Trust A Shares 1,809,681 --
NationsBank of Texas N.A. NationsBank Prime Portfolio Trust A Shares 3,135,363 --
NationsBank of Texas N.A. NationsBank Prime Portfolio Trust A Shares 7,287,083 --
</TABLE>
(a) Purchase price includes transaction expenses.
(b) Selling price is net of transaction expenses.
NOTE: This schedule includes each single transaction involving the same assets
which amounts to more than 5 percent of Plan assets as of January 1, 1998.
15
<PAGE> 20
SCHEDULE III
CORE LABORATORIES, INC.
PROFIT SHARING AND RETIREMENT PLAN
ITEM 27(d) SCHEDULE OF REPORTABLE TRANSACTIONS - SERIES OF TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
Purchase Selling
Identity of Party Involved Description of Asset Price(a) Price(b) Cost
- --------------------------------- -------------------------------------------- ------------ ---------- -----------
<S> <C> <C> <C> <C>
Alliance Capital Management Corp. Alliance Capital Reserves $25,238,466 $ -- $25,238,466
Alliance Capital Management Corp. Alliance Capital Reserves -- 25,148,411 25,148,411
Core Laboratories Core Laboratories N.V. Common Stock Fund (c) 4,620,051 -- 4,620,051
Core Laboratories Core Laboratories N.V. Common Stock Fund (c) -- 2,775,210 2,654,275
INVESCO Trust Company Invesco Stable Value Fund (c) 4,144,265 -- 4,144,265
INVESCO Trust Company Invesco Stable Value Fund (c) -- 1,850,580 1,850,580
American Funds Group Bond Fund of America 2,404,992 -- 2,404,992
American Funds Group Bond Fund of America -- 379,751 388,800
Franklin Templeton Group Franklin Real Estate Securities Fund A 2,072,937 -- 2,072,937
Franklin Templeton Group Franklin Real Estate Securities Fund A -- 443,621 482,976
American Funds Group Washington Mutual Investors 6,083,190 -- 6,083,190
American Funds Group Washington Mutual Investors -- 1,305,201 1,201,186
Massachusetts Financial Services Massachusetts Investors Trust A 3,240,212 -- 3,240,212
Massachusetts Financial Services Massachusetts Investors Trust A -- 668,341 652,387
Franklin Templeton Group Franklin Balance Sheet Investment Fund 3,067,095 -- 3,067,095
Franklin Templeton Group Franklin Balance Sheet Investment Fund -- 456,967 475,238
Massachusetts Financial Services MFS Emerging Growth Fund A 1,901,133 -- 1,901,133
Massachusetts Financial Services MFS Emerging Growth Fund A -- 287,927 290,765
American Funds Group EuroPacific Growth Fund 1,681,109 -- 1,681,109
American Funds Group EuroPacific Growth Fund -- 416,049 388,386
Fidelity Management Trust Company Fidelity Managed Income Portfolio 28,671 -- 28,671
Fidelity Management Trust Company Fidelity Managed Income Portfolio -- 2,837,834 2,837,834
NationsBank of Texas N.A NationsBank Prime Portfolio Trust A Shares -- 12,729,814 12,729,814
<CAPTION>
Current Value
of Asset on
Transaction Net
Identity of Party Involved Description of Asset Date Gain(Loss)
- --------------------------------- ------------------------------------------ ----------- ---------
<S> <C> <C> <C>
Alliance Capital Management Corp. Alliance Capital Reserves $25,238,466 $ --
Alliance Capital Management Corp. Alliance Capital Reserves 25,148,411 --
Core Laboratories Core Laboratories N.V. Common Stock Fund (c) 4,620,051 --
Core Laboratories Core Laboratories N.V. Common Stock Fund (c) 2,775,210 120,935
INVESCO Trust Company Invesco Stable Value Fund (c) 4,144,265 --
INVESCO Trust Company Invesco Stable Value Fund (c) 1,850,580 --
American Funds Group Bond Fund of America 2,404,992 --
American Funds Group Bond Fund of America 379,751 (9,049)
Franklin Templeton Group Franklin Real Estate Securities Fund A 2,072,937 --
Franklin Templeton Group Franklin Real Estate Securities Fund A 443,621 (39,355)
American Funds Group Washington Mutual Investors 6,083,190 --
American Funds Group Washington Mutual Investors 1,305,201 104,015
Massachusetts Financial Services Massachusetts Investors Trust A 3,240,212 --
Massachusetts Financial Services Massachusetts Investors Trust A 668,341 15,954
Franklin Templeton Group Franklin Balance Sheet Investment Fund 3,067,095 --
Franklin Templeton Group Franklin Balance Sheet Investment Fund 456,967 (18,271)
Massachusetts Financial Services MFS Emerging Growth Fund A 1,901,133 --
Massachusetts Financial Services MFS Emerging Growth Fund A 287,927 (2,838)
American Funds Group EuroPacific Growth Fund 1,681,109 --
American Funds Group EuroPacific Growth Fund 416,049 27,663
Fidelity Management Trust Company Fidelity Managed Income Portfolio 28,671 --
Fidelity Management Trust Company Fidelity Managed Income Portfolio 2,837,834 --
NationsBank of Texas N.A NationsBank Prime Portfolio Trust A Shares 12,729,814 --
</TABLE>
(a) Purchase price includes transaction expenses.
(b) Selling price is net of transaction expenses.
(c) The Invesco Stable Value Fund and Core Laboratories N.V. Common Stock Fund
are reported on a unitized basis.
NOTE: This schedule includes each series of transactions involving the same
assets which amounts to more than 5 percent of Plan assets as of
January 1, 1998.
16
<PAGE> 21
SCHEDULE IV
CORE LABORATORIES, INC.
PROFIT SHARING AND RETIREMENT PLAN
ITEM 27(e) - SCHEDULE OF NON-EXEMPT TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
Description of Transaction
Relationship of Plan, Including Maturity Date, Interest
Identity of Employer or Other Rate of Interest, Amount Incurred
Party Involved Party in Interest Collateral and Maturity Value Loaned On Loan
- -------------- ----------------- ----------------------------- ---------- --------
<S> <C> <C> <C> <C>
Core Laboratories, Inc. Employer Lending of monies from the Plan to
the Employer (contributions not
timely remitted to the Plan) as
follows:
Deemed loan dated October 21,
1997, maturity of April 1, 1998,
with interest at 6% per annum $ 119,372 $ 1,766*
</TABLE>
* Interest in the amount of $1,766 was remitted to the Plan subsequent to
December 31, 1998.
17
<PAGE> 22
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NO. EXHIBITS
- -------- --------
<S> <C>
23.1 Consent of Independent Public Accountants
</TABLE>
<PAGE> 1
EXHIBIT 23.1
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation by
reference of our report dated June 23, 1999, included in this Form 11-K, into
the previously filed registration statement of Core Laboratories, N.V., on Form
S-8 (File No. 33-80473).
ARTHUR ANDERSEN LLP
Houston, Texas
June 29, 1999
