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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

ash equivalents11,88087,754Cash and cash equivalents, beginning of period377,223289,469Cash and cash equivalents, end of period$ 389,103$ 377,223COVANCE INC.GAAP to Pro Forma ReconciliationQ4 2011(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAP Restructuring
Activities (1)Other
Charges (2)Income Tax
Items (3)Pro FormaNet revenues$
532,478$
532,478Reimbursable out-of-pocket expenses49,90749,907Total revenues582,385---582,385Costs and expenses:  Cost of revenue371,852371,852  Reimbursable out-of-pocket expenses49,90749,907  Selling, general and administrative95,752(8,754)(10,287)76,711  Depreciation and amortization25,9238726,010Total costs and expenses543,434(8,667)(10,287)-524,480Income from operations38,9518,66710,287-57,905Other expense (income), net:  Interest expense (income), net339339  Foreign exchange transaction loss, net356356  Impairment of equity investment12,119(12,119)-Other expense (income), net12,814-(12,119)-695Income before taxes and equity investee earnings26,1378,66722,406-57,210Tax expense5,1722,7063,1571,76912,804Equity investee earnings175175Net income $
21,140$
5,961$
9,249$
(1,769)$
44,581Basic earnings per share$
.35$
.10$
.32$
(0.03)$
.75Weighted average shares outstanding - basic59,730,27059,730,27059,730,27059,730,27059,730,270Diluted earnings per share$
.35$
.10$
.32$
(0.03)$
.73Weighted average shares outstanding - diluted61,080,38761,080,38761,080,38761,080,38761,080,387(1) Represents costs incurred in connection with capacity rationalization, streamlining operations and other cost reduction actions.(2) Represents costs incurred in connection with termination of an inventory supply agreement and related inventory write-down and an impairment of a related equity investment.(3) Represents favorable resolutions of income tax matters.COVANCE INC.GAAP to Pro Forma ReconciliationQ4 2010(Dollars in thou
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