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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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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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