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Covance Reports First Quarter Net Revenue Growth Of 9.3% To $580 Million, Pro Forma EPS Of $0.75 And Adjusted Net Orders Of $716 Million
Date:5/1/2013

uring costs

($3.6)

-Operating Income, excluding items

$20.1

$11.3

77.8%Operating Margin, excluding items

9.7%

5.3%The Early Development segment includes preclinical toxicology, analytical chemistry, clinical pharmacology, discovery support, and research products.  Net revenues in the first quarter of 2013 declined 2.1% year-on-year to $207.3 million, as a result of the impact of the 2012 closure of the Basel and Honolulu sites and the sale of environmental services (which combined contributed $4.7 million in revenue in the first quarter of 2012). In the quarter, foreign exchange had a 10 basis point year-on-year unfavorable impact. Sequentially, revenue declined by $8.6 million from the fourth quarter as sequential growth in clinical pharmacology, research products, and nutritional chemistry were more than offset by declines in toxicology and discovery support services.

GAAP operating income in the first quarter of 2013 was $16.6 million, and included $3.6 million in costs associated with our on-going restructuring versus operating income of $11.3 million in the first quarter of 2012.  Pro forma operating income, excluding these costs, was $20.1 million in the first quarter of this year, a 78% increase from the first quarter of 2012. Pro forma operating margins were 9.7% in the first quarter of this year, versus 5.3% in the first quarter of last year and 12.0% in the fourth quarter of 2012.  The sequential decline in pro forma operating income was caused by a lower level of revenue in toxicology and discovery support services.  

 

Late-Stage Development($ in millions)1Q131Q12ChangeNet Revenues

$372.9

$319.2

16.8%Operating Income

$82.9

$72.4

14.5%Operating Margin

22.2%

22.7%Restructuring Costs

($1.9)

-Operating Income, excluding items

$84.8


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SOURCE Covance Inc.
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