Date:1/24/2013

eimbursable out-of-pocket expenses140,508140,508Total revenues2,236,446---2,236,446Costs and expenses:  Cost of revenue1,467,0511,467,051  Reimbursable out-of-pocket expenses140,508140,508  Selling, general and administrative343,044(22,592)(10,287)310,165  Depreciation and amortization105,214(1,777)103,437Total costs and expenses2,055,817(24,369)(10,287)-2,021,161Income from operations180,62924,36910,287-215,285Other expense, net:  Interest expense, net1,9791,979  Foreign exchange transaction loss, net1,2481,248  Impairment of equity investment12,119(12,119)-Other expense, net15,346-(12,119)-3,227Income before taxes and equity investee earnings165,28324,36922,406-212,058Tax expense33,5748,3023,1572,46947,502Equity investee earnings480480Net income $
32,189$
,067$
9,249$
(2,469)$
5,036Basic earnings per share$
2.22$
.27$
.32$
(0.04)$
2.77Weighted average shares outstanding - basic59,629,78859,629,78859,629,78859,629,78859,629,788Diluted earnings per share$
2.16$
.26$
.32$
(0.04)$
2.70Weighted average shares outstanding - diluted61,091,35461,091,35461,091,35461,091,35461,091,354(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. 

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SOURCE Covance Inc. Copyright©2012 PR Newswire. All rights reserved

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