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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

62,180$
(1,498)$
560,682Reimbursable out-of-pocket expenses46,96446,964Total revenues609,144--(1,498)607,646Costs and expenses:  Cost of revenue395,8413,613(3,697)395,757  Reimbursable out-of-pocket expenses46,96446,964  Selling, general and administrative92,823(9,013)(117)83,693  Depreciation and amortization30,423(1,178)(534)28,711  Goodwill impairment charge---Total costs and expenses566,051(10,191)3,613(4,348)555,125Income from operations43,09310,191(3,613)2,85052,521Other expense, net:  Interest expense, net1,1531,153  Foreign exchange transaction loss, net173173  Impairment of equity investment--  Gain on sale of investment--  Loss on sale of business--Other expense, net1,326---1,326Income before taxes and equity investee earnings41,76710,191(3,613)2,85051,195Taxes on income7,8703,223(1,111)88410,866Equity investee earnings--Net income $
33,897$
,968$
(2,502)$
,966$
40,329Basic earnings per share$
.63$
.13$
(0.05)$
.04$
.75Weighted average shares outstanding - basic53,698,33453,698,33453,698,33453,698,33453,698,334Diluted earnings per share$
.61$
.13$
(0.05)$
.04$
.73Weighted average shares outstanding - diluted55,197,96855,197,96855,197,96855,197,96855,197,968(1) Represents costs incurred to better align capacity to preclinical market demand and reduce overall cost structure.(2) Reduction of inventory impairment based upon determination of actual impaired inventory.(3) Represents results of operations at sites that were closed during the period. COVANCE INC.GAAP to Pro Forma ReconciliationQ4 2011(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAP Restructuring Activities (1)Other
Charges (2)Income Tax Items (3)Pro FormaNet revenues$
532,478$
532,478Reimbursable out-of-pocket expenses49,90749,907Total revenues582,385---582,385Costs and expenses:  Cost of revenue371,852371,852
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SOURCE Covance Inc.
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