Covance Reports First Quarter Revenue of $441M and EPS of $0.63; Updates Full Year Financi...(31 2008 and $233 million at March 31 200...)

Free cash flow (defined as operating cash flow less capital expenditures) for the first quarter of 2009 was negative $31 million, consisting of operating cash flow of $9 million (which includes the payment of annual bonuses) less capital expenditures of $40 million. In 2009, we now expect free cash flow to be approximately $75 million and capital expenditures to be approximately $180 million. The free cash flow target for 2009 assumes net Days Sales Outstanding (DSO) at 40 days.

Net DSO were 39 days at March 31, 2009 compared to 37 days at December 31, 2008 and 39 days at March 31, 2008.

The Company's investor conference call will be webcast on April 30 at 9:00 am EDT. Management's commentary and presentation slides will be available through www.covance.com.

Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with annual revenues greater than $1.7 billion, global operations in more than 20 countries, and more than 9,800 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at www.covance.com.

Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, savings, revenue, operations, revenue and earnings growth and other financial results are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements including the statements contained herein regarding anticipated trends in the Company's business are based largely on m
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