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

437 $115,068 $135,835 Taxes on income $15,822 $19,998 $32,171 $39,679 Net income $42,564 $50,256 $82,859 $97,422 Basic earnings per share $0.67 $0.80 $1.30 $1.54 Diluted earnings per share $0.66 $0.79 $1.29 $1.52 COVANCE INC. CONSOLIDATED BALANCE SHEETS JUNE 30, 2009 and DECEMBER 31, 2008 (Dollars in thousands) June 30 December 31 2009 2008 ---- ---- (UNAUDITED) ASSETS Current Assets: Cash & cash equivalents $204,351 $221,334 Accounts receivable, net 281,362 228,951 Unbilled services 105,417 112,719 Inventory 75,962 68,206 Deferred income taxes 16,767 15,029 Prepaid expenses and other current assets 102,735 91,451 ------- ------ Total Current Assets 786,594 737,690 Property and equipment, net 907,185 860,957 Goodwill, net 123,663 105,486 Other assets 49,654 48,955 ------ ------ Total Assets $1,867,096 $1,753,088 ========== ========== LIABILITIES and STOC
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