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Covance Reports Fourth Quarter Pro Forma Net Revenue Of $561 Million, Pro Forma EPS Of $0.73 And Adjusted Net Orders Of $769 Million
Date:1/24/2013

December 3120122011Cash flows from operating activities:  Net income$
94,732$
32,189  Adjustments to reconcile net income to net cash provided byoperating activities:Depreciation and amortization117,708105,214Non-cash impairment charges41,73612,119Non-cash compensation expense associated with employee benefitand stock compensation plans40,75940,057Deferred income tax benefit(8,404)(6,128)Gain on sale of investment(1,459)-Loss on sale of business169-Loss on disposal of property and equipment1,1811,618Equity investee earnings(17)(480)Changes in operating assets and liabilities, net of businesses soldand acquired:Accounts receivable(28,541)(50,754)Unbilled services(23,419)(23,366)Inventory10,9188,226Accounts payable(1,963)2,297Accrued liabilities8,20556,409Unearned revenue54,99815,909Income taxes(10,522)(21,070)Other assets and liabilities, net(35,920)(28,762)Net cash provided by operating activities260,161243,478Cash flows from investing activities:  Capital expenditures(151,679)(134,633)  Proceeds from sale of investment4,682-  Other, net1,017(219)Net cash used in investing activities(145,980)(134,852)Cash flows from financing activities:  Net borrowings (repayments) under revolving credit facility290,000(5,000)  Repayments under long-term debt-(97,500)  Stock issued under employee stock purchase and option plans13,7729,325  Purchase of treasury stock(323,773)(8,810)Net cash used in financing activities(20,001)(101,985)Effect of exchange rate changes on cash9,5415,239Net change in cash and cash equivalents103,72111,880Cash and cash equivalents, beginning of period389,103377,223Cash and cash equivalents, end of period$
492,824$
389,103 COVANCE INC.GAAP to Pro Forma ReconciliationQ4 2012(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAP Restructuring Activities (1)Other
Items (2)Operating Results at Sites Wound-Down (3)Pro FormaNet revenues$
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