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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

rts on Form 10-Q.  The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

Financial Exhibits Follow

 COVANCE INC.CONSOLIDATED INCOME STATEMENTSFOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012(Dollars in thousands, except per share data)(UNAUDITED)Three Months Ended March 3120132012Net revenues$
580,199$
530,841Reimbursable out-of-pocket expenses54,13643,067Total revenues634,335573,908Costs and expenses:  Cost of revenue411,344376,460  Reimbursable out-of-pocket expenses54,13643,067  Selling, general and administrative89,21981,029  Depreciation and amortization31,38527,230Total costs and expenses586,084(a)527,786Income from operations48,251(a)46,122Other (income) expense, net:  Interest expense, net871493  Foreign exchange transaction loss, net335228  Gain on sale of investment(15,693)-Other (income) expense, net(14,487)(a)721Income before taxes and equity investee earnings62,738(a)45,401Taxes on income14,572(a)9,807Equity investee earnings -98Net income$
48,166(a)$
35,692Basic earnings per share$
.89(a)$
.62Weighted average shares outstanding - basic54,207,03257,745,855Diluted earnings per share$
.86(a)$
.60Weighted average shares outstanding - diluted56,307,03459,229,881(a) Three months ended March 31, 2013 includes, as applicable, $6,170 in restructuring costs ($4,347 net of tax), and $15,693 gain on sale of investment in BioClinica, Inc. ($10,194 net of tax).Excluding the impact of restructuring charges and gain on sale of investment, as applicable:Income from operations$
54,421$
46,122Taxes on income$
,896$
9,807Net income $
42,319$
35,692Basic earnings per share$
.78$
.62Diluted earnings per share$
.75$
.60 

 COVANCE INC.CONSOLIDATED BALANCE SHEETSMARCH 31, 2013 and DECEMBER 31, 2012(Dollars in thousands)March 31D
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SOURCE Covance Inc.
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