Date:1/24/2013

ct of restructuring charges, impairment charges, costs associated with the expected settlement of an inventory supply agreement, losses at sites that were closed during the period, gain on sale of investment and favorable tax items, as applicable:Income from operations$
52,521$
57,905$
98,208$
215,285Taxes on income$
,866$
2,804$
41,135$
47,502Net income $
40,329$
44,581$
51,941$
5,036Basic earnings per share$
.75$
.75$
2.77$
2.77Diluted earnings per share$
.73$
.73$
2.70$
2.70COVANCE INC.CONSOLIDATED BALANCE SHEETSDECEMBER 31, 2012 and DECEMBER 31, 2011(Dollars in thousands)December 31December 3120122011ASSETSCurrent Assets:Cash & cash equivalents$
492,824$
389,103Accounts receivable, net339,558312,127Unbilled services136,878114,095Inventory49,27074,698Deferred income taxes44,90352,078Income taxes receivable3,642-Prepaid expenses and other current assets167,629144,809Total Current Assets1,234,7041,086,910Property and equipment, net891,319849,551Goodwill109,820127,779Other assets52,49943,768Total Assets$   2,288,342$   2,108,008LIABILITIES and STOCKHOLDERS' EQUITYCurrent Liabilities:Accounts payable$
34,430$
36,393Accrued payroll and benefits144,681142,229Accrued expenses and other current liabilities127,686119,308Unearned revenue255,776202,210Short-term debt 320,00030,000Income taxes payable-6,889Total Current Liabilities882,573537,029Deferred income taxes27,91242,295Other liabilities70,66570,889Total Liabilities981,150650,213Stockholders' Equity:Common stock791781Paid-in capital744,114689,584Retained earnings1,600,6261,505,894Accumulated other comprehensive income28,5204,622Treasury stock(1,066,859)(743,086)Total Stockholders' Equity1,307,1921,457,795Total Liabilities and Stockholders'  Equity$   2,288,342$   2,108,008 COVANCE INC.CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011(Dollars in thousands)Years Ended
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SOURCE Covance Inc. Copyright©2012 PR Newswire. All rights reserved

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