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

ke investments that will improve our ability to provide strategic partnering and integrated services as well as investments in infrastructure to enhance our ability to manage future growth.

Cash and cash equivalents at June 30, 2009 were $204 million compared to $190 million at March 31, 2009 and $196 million at June 30, 2008. At June 30, 2009, short-term debt totaled $58 million, a reduction of $22 million from last quarter.

Free cash flow (defined as operating cash flow less capital expenditures) for the second quarter of 2009 was $19 million, consisting of operating cash flow of $49 million less capital expenditures of $30 million. Free cash flow year to date was negative $12 million, consisting of operating cash flow of $59 million less capital expenditures of $71 million. In 2009, we now expect free cash flow to be approximately $85 million, consisting of operating cash flow of approximately $255 million less capital expenditures of approximately $170 million. The free cash flow target for 2009 assumes net Days Sales Outstanding (DSO) at 40 days.

Net Days Sales Outstanding (DSO) were 41 days at June 30, 2009 compared to 39 days at both March 31, 2009 and June 30, 2008.

The effective tax rate in the second quarter was 27.0%, down from the 29.0% rate last quarter, due primarily to a shift in the geographic mix of our earnings. We expect that the effective tax rate will be in the 28.0% range on a prospective basis.

The Company's investor conference call will be webcast on July 30 at 9:00 am ET. Management's commentary and presentation slides will be available through www.covance.com.

Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with annual revenues greater than $1.7 billion, global operations in more than 25 countries, and more than 10,000 employees w
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