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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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SOURCE Covance Inc.
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Related biology technology :

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4. Covance Increases Early Clinical Footprint in Europe with Acquisition of Swiss-Based Early Clinical Development Site
5. Jina Ventures Advises Swiss Pharma Contract on Strategic Sale to Covance Inc
6. Covance Opens New Clinical Development Offices in Chile, Peru and Expands Argentina Office
7. Covance Reports First Quarter Revenue of $441M and EPS of $0.63; Updates Full Year Financial Targets
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