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Covance Reports Full-Year 2007 Revenue Growth Of 15.4% and Seventh Consecutive Year of EPS Growth in Excess of 20%
Date:1/30/2008

h quarter of the prior year. Operating margins for the fourth quarter of 2007 were 16.0% versus 18.6% in the fourth quarter of 2006 and 17.5% last quarter. Late-Stage Development margins were impacted by an issue within a large clinical development study. Excluding this impact, operating margin would have expanded on a sequential basis. Full year operating margins were 16.7% compared to 17.5% in the prior year. We expect operating margin expansion in Late-Stage Development in 2008 on a full-year basis.

Corporate Information

The Company's backlog at December 31, 2007 grew 20.6% year-over-year to $2.68 billion compared to $2.23 billion at December 31, 2006. Net orders were $502 million in the fourth quarter of 2007 and $1.99 billion for the full year.

Corporate expenses totaled $23.0 million in the fourth quarter of 2007 compared to $26.1 million last quarter and $20.0 million in the fourth quarter of last year. Looking forward to 2008, we expect corporate expenses, as a percent of revenue, to return to the range of 6.5% as we continue to make investments in infrastructure to enhance our ability to manage future growth.

Cash and cash equivalents at December 31, 2007 grew to a record $319 million compared to $260 million at September 30, 2007 and $220 million at the end of last year, due to strong cash generation from business operations and $35 million in proceeds from the sale of Cardiac Safety Services.

Free cash flow for the fourth quarter was $21 million, consisting of operating cash flow of $117 million less capital expenditures of $96 million, which included a $20 million site purchase in Virginia. Full-year free cash flow was a robust $93 million, consisting of operating cash flow of $294 million less capital expenditures of $201 million. We expect full year 2008 capital spending to increase to approximately $250 million and free cash flow to be approximately $40 million, including significant expenditures for the new Arizona
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