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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

atively impacted backlog sequentially by $83 million. 

Corporate expenses totaled $51.3 million in the first quarter of 2013 (including $0.7 million in restructuring costs) compared to $48.3 million last quarter (including $1.5 million in restructuring costs) and $37.6 million in the first quarter of 2012. The largest driver of the year-over-year increase in corporate expenses is spending on our strategic IT initiatives followed by higher incentive compensation expenses related to the stronger-than-expected business performance.  Sequentially, the increase was largely driven by higher incentive compensation expenses followed by increased spending on our strategic IT initiatives.

Cash and cash equivalents at March 31, 2013 were $430 million compared to $493 million at December 31, 2012 and $440 million at March 31, 2012.  Debt outstanding is now $325 million.

Net Days Sales Outstanding (DSO) were 41 days at March 31, 2013 compared to 36 days at December 31, 2012 and the exceptionally low 29 days at March 31, 2012.

Free cash flow (defined as operating cash flow less capital expenditures) for the first quarter of 2013 was a negative $84 million, consisting of operating cash flow of a negative $54 million (reflecting the payment of 2012 annual bonuses and a five day increase in DSO) less capital expenditures of $30 million.  In 2013, we expect free cash flow to be at least $125 million, net of capital expenditures of approximately $160 million.  The free cash flow target for 2013 assumes net DSO at 40 days.

The Company's investor conference call will be webcast on May 2 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
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