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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

,75289,810343,044307,386  Depreciation and amortization25,92325,919105,214103,024  Asset impairment charges---119,229Total costs and expenses543,434(a)

490,595(d)

2,055,817(c)

1,990,980(e)Income from operations38,951(a)

28,860(d)

180,629(c)

47,493(e)Other expense, net:  Interest expense, net3394301,97952  Foreign exchange transaction loss, net3561,0541,2483,649  Impairment of equity investment12,119-12,119-Other expense, net12,814(b)

1,48415,346(b)

3,701Income before taxes and equity investee earnings26,137(a),(b)

27,376(d)

165,283(b),(c)

43,792(e)Tax expense (benefit)5,172(a),(b)

(1,121)(d)

33,574(b),(c)

(23,655)(e)Equity investee earnings (loss)175(119)480807Net income$
21,140(a),(b)

$
28,378(d)

$
32,189(b),(c)

$
8,254(e)Basic earnings per share$
.35(a),(b)

$
.46(d)

$
2.22(b),(c)

$
.08(e)Weighted average shares outstanding - basic59,730,27061,390,96559,629,78863,043,561Diluted earnings per share$
.35(a),(b)

$
.45(d)

$
2.16(b),(c)

$
.06(e)Weighted average shares outstanding - diluted61,080,38762,703,69061,091,35464,472,326(a) Includes, as applicable, $8,667 in restructuring costs ($5,961 net of tax), $10,287 in costs associated with the termination of an inventory supply agreement and related inventory write-down ($7,130 net of tax) and favorable income tax items totaling $1,769 during the three months ended December, 2011.(b) Includes $12,119 impairment of equity investment ($12,119 net of tax) during the three and twelve months ended December 31, 2011.(c) Includes, as applicable, $24,369 in restructuring costs ($16,067 net of tax), $10,287 in costs associated with the termination of an inventory supply agreement and related inventory write-down ($7,130 net of tax) and favorable
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