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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

stock781774Paid-in capital689,584639,341Retained earnings1,505,8941,373,705Accumulated other comprehensive income4,622277Treasury stock(743,086)(734,276)Total Stockholders' Equity1,457,7951,279,821Total Liabilities and Stockholders'  Equity$
2,108,008$
,965,542COVANCE INC.CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010(Dollars in thousands)Years Ended December 3120112010Cash flows from operating activities:  Net income$ 132,189$   68,254  Adjustments to reconcile net income to net cash provided byoperating activities:Depreciation and amortization105,214103,024Asset impairment charges-119,229Non-cash compensation expense associated with employee benefitand stock compensation plans40,05732,289Deferred income tax benefit(6,128)(71,661)Impairment of equity investment12,119-Loss on disposal of property and equipment1,6181,487Equity investee earnings(480)(807)Changes in operating assets and liabilities, net of businessesacquired:Accounts receivable(50,754)23,959Unbilled services(23,366)6,550Inventory8,226(1,998)Accounts payable2,297(2,755)Accrued liabilities56,40920,097Unearned revenue15,90919,411Income taxes payable(21,070)14,797Other assets and liabilities, net(28,762)2,547Net cash provided by operating activities243,478334,423Cash flows from investing activities:  Capital expenditures(134,633)(126,278)  Acquisition of businesses, net of cash acquired(411)(20,994)  Other, net19247Net cash used in investing activities(134,852)(147,225)Cash flows from financing activities:  Net (repayments) borrowings under revolving credit facility(5,000)35,000  Borrowings under long-term debt-100,000  Repayments under long-term debt(97,500)(2,500)  Stock issued under employee stock purchase and option plans9,32518,825  Purchase of treasury stock(8,810)(256,351)Net cash used in financing activities(101,985)(105,026)Effect of exchange rate changes on cash5,2395,582Net change in cash and c
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