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Covance Reports Fourth Quarter Revenue of $532M, GAAP EPS of $0.35, Pro Forma EPS of $0.73, and Adjusted Net Orders of $759M
Date:1/25/2012

income tax items totaling $2,469 during the year ended December 31, 2011.(d) Includes, as applicable, $18,362 in restructuring costs ($13,688 net of tax) and $6,946 in favorable income tax items during the three months ended December 31, 2010. (e) Includes, as applicable, asset impairment charges ($119,229) and restructuring costs ($18,362) totaling $137,591 ($87,610 net of tax) and favorable income tax items totaling $17,298 during the year ended December 31, 2010. Excluding the impact of restructuring charges, inventory write-down and related charges, the asset impairment charges, the impairment of equity investment and favorable income tax items:Income from operations$
57,905$
47,222$
215,285$
85,084Taxes on income$
2,804$
,499$
47,502$
43,624Net income $
44,581$
35,120$
5,036$
38,566Basic earnings per share$
.75$
.57$
2.77$
2.20Diluted earnings per share$
.73$
.56$
2.70$
2.15COVANCE INC.CONSOLIDATED BALANCE SHEETSDECEMBER 31, 2011 and DECEMBER 31, 2010(Dollars in thousands)December 31December 3120112010ASSETSCurrent Assets:Cash & cash equivalents$
389,103$
377,223Accounts receivable, net312,127261,160Unbilled services114,09590,729Inventory74,69882,924Deferred income taxes52,07835,648Prepaid expenses and other current assets144,80998,127Total Current Assets1,086,910945,811Property and equipment, net849,551843,983Goodwill, net127,779127,653Other assets43,76848,095Total Assets$
2,108,008$
,965,542LIABILITIES and STOCKHOLDERS' EQUITYCurrent Liabilities:Accounts payable$
36,393$
34,079Accrued payroll and benefits142,229107,572Accrued expenses and other current liabilities119,30897,395Unearned revenue202,210186,301Short-term debt and current portion of long-term debt30,00045,000Income taxes payable6,88928,827Total Current Liabilities537,029499,174Long-term debt-87,500Deferred income taxes42,29530,531Other liabilities70,88968,516Total Liabilities650,213685,721Stockholders' Equity:Common
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5. Jina Ventures Advises Swiss Pharma Contract on Strategic Sale to Covance Inc
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