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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

,030Accounts payable7,162(327)Accrued liabilities(67,536)(57,502)Unearned revenue(14,765)59,617Income taxes8,4602,051Other assets and liabilities, net(34,461)(28,806)Net cash (used in) provided by operating activities(54,058)45,434Cash flows from investing activities:  Capital expenditures(30,350)(29,873)  Proceeds from sale of investment17,074-  Other, net393114Net cash used in investing activities(12,883)(29,759)Cash flows from financing activities:  Net borrowings under revolving credit facility5,000310,000  Stock issued under option plans24,9092,094  Purchase of treasury stock(8,649)(283,980)Net cash provided by financing activities21,26028,114Effect of exchange rate changes on cash(17,296)6,864Net change in cash and cash equivalents(62,977)50,653Cash and cash equivalents, beginning of period492,824389,103Cash and cash equivalents, end of period$
429,847$
439,756 

 COVANCE INC.GAAP to Pro Forma ReconciliationQ1 2013(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAP Restructuring Activities (1)Other
Items (2)Pro FormaNet revenues$
580,199$
580,199Reimbursable out-of-pocket expenses54,13654,136Total revenues634,335--634,335Costs and expenses:  Cost of revenue411,344411,344  Reimbursable out-of-pocket expenses54,13654,136  Selling, general and administrative89,219(4,673)84,546  Depreciation and amortization31,385(1,497)29,888Total costs and expenses586,084(6,170)-579,914Income from operations48,2516,170-54,421Other (income) expense, net:  Interest expense, net871871  Foreign exchange transaction loss, net335335  Gain on sale of investment(15,693)15,693-Other (income) expense, net(14,487)-15,6931,206Income before taxes and equity investee earnings62,7386,170(15,693)53,215Taxes on income14,5721,823(5,499)10,896Net income $
48,166$
4,347$
(10,194)$
42,319Basic earnings per share$
.89$
.08$
(0.19)$'/>"/>

SOURCE Covance Inc.
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