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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

sands, except per share data)(UNAUDITED)AdjustmentsGAAPRestructuring
Activities (1)Income Tax
Items (2)Pro FormaNet revenues$
491,513$
491,513Reimbursable out-of-pocket expenses27,94227,942Total revenues519,455--519,455Costs and expenses:  Cost of revenue346,924346,924  Reimbursable out-of-pocket expenses27,94227,942  Selling, general and administrative89,810(18,092)71,718  Depreciation and amortization25,919(270)25,649Total costs and expenses490,595(18,362)-472,233Income from operations28,86018,362-47,222Other expense (income), net:  Interest expense (income), net430430  Foreign exchange transaction loss, net1,0541,054Other expense (income), net1,484--1,484Income before taxes and equity investee earnings27,37618,362-45,738Tax (benefit) expense(1,121)4,6746,94610,499Equity investee (loss) earnings(119)(119)Net income $
28,378$
3,688$
(6,946)$
35,120Basic earnings per share$
.46$
.22$
(0.11)$
.57Weighted average shares outstanding - basic61,390,96561,390,96561,390,96561,390,965Diluted earnings per share$
.45$
.22$
(0.11)$
.56Weighted average shares outstanding - diluted62,703,69062,703,69062,703,69062,703,690(1) Represents costs incurred in connection with capacity rationalization, streamlining operations and other cost reduction actions.(2) Represents favorable resolutions of income tax matters.COVANCE INC.GAAP to Pro Forma ReconciliationFor the year ended December 31, 2011(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAPRestructuring

Activities (1)Other
Charges (2)Income Tax
Items (3)Pro FormaNet revenues$ 2,095,938$ 2,095,938Reimbursable out-of-pocket expenses140,508140,508Total revenues2,236,446---2,236,446Costs and expenses:  Cost of revenue1,467,0511,467,051  Reimbursable out-of-pocket expenses140,508140,508  Selling, general and administrative343,044(22,592)(10,287)310,165  Depreciation and amo
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