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Covance Reports First Quarter Revenue of $441M and EPS of $0.63; Updates Full Year Financial Targets
Date:4/29/2009

ENDED MARCH 31, 2009 AND 2008 (Dollars in thousands) (UNAUDITED) Three Months Ended March 31 --------------- 2009 2008 ---- ---- Cash flows from operating activities: Net income $40,295 $49,102 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 19,614 17,348 Non-cash compensation expense associated with employee benefit and stock compensation plans 5,879 6,044 Deferred income tax benefit (1,840) (779) Gain on sale of business - (2,978) Loss on sale of property and equipment 166 13 Equity investee earnings (172) (449) Changes in operating assets and liabilities, net of business acquired: Accounts receivable (29,151) (2,532) Unbilled services 9,808 (7,280) Inventory (6,401) (4,051) Accounts payable 944 1,215 Accrued liabilities (36,361) (19,542) Unearned revenue 8,214 (5,539) Income taxes payable 9,535 11,177 Other assets and liabilities, net (11,301) (5,957) ------- ------
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Related biology technology :

1. Covance Opens New Clinical Development Offices in Chile, Peru and Expands Argentina Office
2. Jina Ventures Advises Swiss Pharma Contract on Strategic Sale to Covance Inc
3. Covance Increases Early Clinical Footprint in Europe with Acquisition of Swiss-Based Early Clinical Development Site
4. Covance Purchases Equity Stake in Caprion Proteomics
5. Covance and Lilly Finalize 10-Year, $1.6 Billion Strategic R&D Collaboration
6. Covance Decides to Pursue Its Original Preclinical Strategy in China
7. Covance and WuXi PharmaTech to Form a Joint Venture to Provide World-Class Preclinical Services in China
8. Covance to Present at The R.W. Baird 2008 Growth Stock Conference
9. Covance to Present at Merrill Lynch Global Pharmaceutical, Biotechnology and Medical Device Conference
10. Covance Reports Full-Year 2007 Revenue Growth Of 15.4% and Seventh Consecutive Year of EPS Growth in Excess of 20%
11. Covance Inc. Invites You to Join the Webcast of Its Third Quarter 2007 Financial Results Conference Call
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