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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

0; Reimbursable out-of-pocket expenses49,90749,907  Selling, general and administrative95,752(8,754)(10,287)76,711  Depreciation and amortization25,9238726,010Total costs and expenses543,434(8,667)(10,287)-524,480Income from operations38,9518,66710,287-57,905Other expense, net:  Interest expense, net339339  Foreign exchange transaction loss, net356356  Impairment of equity investment12,119(12,119)-Other expense, net12,814-(12,119)-695Income before taxes and equity investee earnings26,1378,66722,406-57,210Tax expense5,1722,7063,1571,76912,804Equity investee earnings175175Net income $
21,140$
5,961$
9,249$
(1,769)$
44,581Basic earnings per share$
.35$
.10$
.32$
(0.03)$
.75Weighted average shares outstanding - basic59,730,27059,730,27059,730,27059,730,27059,730,270Diluted earnings per share$
.35$
.10$
.32$
(0.03)$
.73Weighted average shares outstanding - diluted61,080,38761,080,38761,080,38761,080,38761,080,387(1) Represents costs incurred in connection with capacity rationalization, streamlining operations and other cost reduction actions.(2) Represents costs incurred in connection with termination of an inventory supply agreement and related inventory write-down and an impairment of a related equity investment.(3) Represents favorable resolutions of income tax matters. COVANCE INC.GAAP to Pro Forma ReconciliationFor the year ended December 31, 2012(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAP Restructuring Activities (1)Other
Items (2)Operating Results at Sites Wound-Down (3)Income Tax Items (4)Pro FormaNet revenues$
2,180,621$
(8,754)$  2,171,867Reimbursable out-of-pocket expenses185,138185,138Total revenues2,365,759--(8,754)-2,357,005Costs and expenses:  Cost of revenue1,570,223(21,168)(15,180)1,533,875  Reimbursable out-of-pocket expenses185,138185,138  Selling, general and admi
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