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Covance Reports Second Quarter Revenue of $466M and EPS of $0.66
Date:7/29/2009

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2009 AND 2008 (Dollars in thousands) (UNAUDITED) Six Months Ended June 30 ---------------- 2009 2008 ---- ---- Cash flows from operating activities: Net income $83,285 $99,975 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 42,887 34,679 Non-cash compensation expense associated With employee benefit and stock compensation plans 13,238 12,540 Deferred income tax benefit (1,387) (2,277) Gain on sale of business (655) (3,927) Loss on sale of property and equipment 264 253 Equity investee loss (earnings) 38 (1,266) Changes in operating assets and liabilities, net of business acquired: Accounts receivable (51,478) (6,775) Unbilled services 8,468 (17,914) Inventory (7,756) (6,544) Accounts payable (10,040) (5,512) Accrued liabilities (32,000) (12,331) Unearned revenue 11,111 (942) Income taxes payable 15,694 2,565 Other assets and liabi
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