CLB made .18 for the quarter. Estimates were for .30.
Houston, March 25 (Bloomberg) -- Shares of Core Laboratories NV fell as much as 22 percent after the oil-service company said its fourth quarter profit fell 9 percent.
The shares of Core, which also canceled plans to buy GeoScience Corp. yesterday, fell 4 13/16 to 18 3/8 in early afternoon trading of 1.1 million, more than seven times the three- month daily average. Earlier they touched 18.
Profit from continuing operations fell to $5.24 million, or 18 cents a share, from $5.73 million, or 23 cents a share, in the fourth quarter of 1997.
The Amsterdam-based company was expected to earn 30 cents a share, based on the average estimate of three analysts polled by First Call Corp. Profit fell because oil exploration companies have cut spending, reducing demand for Core's services.
Revenue for the quarter fell 4 percent to $76.8 million from $79.8 million the fourth quarter of 1997.
Core also said it expensed about $1.5 million of acquisition- related costs in the quarter, instead of amortizing them. There were no gains and charges in the fourth quarter.
In 1997's fourth quarter, income from discontinued operations of $85,000 made net income $5.81 million, or 23 cents.
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