Date:1/24/2013

nistrative358,854(30,460)(501)327,893  Depreciation and amortization117,708(3,470)(2,347)111,891  Goodwill impairment charge17,959(17,959)-Total costs and expenses2,249,882(33,930)(39,127)(18,028)-2,158,797Income from operations115,87733,93039,1279,274-198,208Other expense, net:  Interest expense, net3,5063,506  Foreign exchange transaction loss, net1,4741,474  Impairment of equity investment7,373(7,373)-  Gain on sale of investment(1,459)1,459-  Loss on sale of business169169Other expense, net11,063-(5,914)--5,149Income before taxes and equity investee earnings104,81433,93045,0419,274-193,059Taxes on income10,09910,7856,0092,74111,50141,135Equity investee earnings1717Net income $
94,732$
23,145$
39,032$
,533$
(11,501)$
51,941Basic earnings per share$
.73$
.42$
.71$
.12$
(0.21)$
2.77Weighted average shares outstanding - basic54,844,64154,844,64154,844,64154,844,64154,844,64154,844,641Diluted earnings per share$
.68$
.41$
.69$
.12$
(0.20)$
2.70Weighted average shares outstanding - diluted56,290,01056,290,01056,290,01056,290,01056,290,01056,290,010(1) Represents costs incurred to better align capacity to preclinical market demand and reduce overall cost structure.(2) Consists of inventory impairment and costs associated with the expected settlement of an inventory supply agreement ($21,168), goodwill impairment ($17,959), impairment of equity investment ($7,373) and a gain on the sale of an investment $1,459.(3) Represents results of operations at sites that were closed during the period.(4) Primarily represents favorable resolutions of income tax matters. COVANCE INC.GAAP to Pro Forma ReconciliationFor the year ended December 31, 2011(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAP Restructuring Activities ⁽¹⁾Other
Charges ⁽²⁾Income Tax Items ⁽³⁾Pro FormaNet revenues$  2,095,938$  2,095,938R
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SOURCE Covance Inc. Copyright©2012 PR Newswire. All rights reserved

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