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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

rtization105,214(1,777)103,437Total costs and expenses2,055,817(24,369)(10,287)-2,021,161Income from operations180,62924,36910,287-215,285Other expense (income), net:  Interest expense (income), net1,9791,979  Foreign exchange transaction loss, net1,2481,248  Impairment of equity investment12,119(12,119)-Other expense (income), net15,346-(12,119)-3,227Income before taxes and equity investee earnings165,28324,36922,406-212,058Tax expense33,5748,3023,1572,46947,502Equity investee earnings480480Net income $
5,036Basic earnings per share$
2.77Weighted average shares outstanding - basic59,629,78859,629,78859,629,78859,629,78859,629,788Diluted earnings per share$
2.70Weighted average shares outstanding - diluted61,091,35461,091,35461,091,35461,091,35461,091,354(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 ReconciliationFor the year ended December 31, 2010(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAPAsset
Impairment and
Activities (1)Income Tax
Items (2)Pro FormaNet revenues$ 1,925,630$ 1,925,630Reimbursable out-of-pocket expenses112,843112,843Total revenues2,038,473--2,038,473Costs and expenses:  Cost of revenue1,348,4981,348,498  Reimbursable out-of-pocket expenses112,843112,843  Selling, general and administrative307,386(18,092)289,294  Depreciation and amortization103,024(270)102,754  Asset impairment charges119,229(119,229)-Total costs and expenses1,990,980(137,591)-1,853,389

SOURCE Covance Inc.
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1. Covance Decides to Pursue Its Original Preclinical Strategy in China
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3. Covance Purchases Equity Stake in Caprion Proteomics
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
8. Covance Elects John McCartney to Companys Board of Directors
9. Covance to Present at the Drug Information Associations 45th Annual Meeting
10. Covance Appoints Dr. Steven M. Michael as Vice President and Chief Scientific Officer of Global Bioanalytical Services
11. Covance to Sell Its Interactive Voice and Web Response Services and Enter Into a Multi-Year Marketing Agreement with Phase Forward
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