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Covance Reports Fourth Quarter Revenue of $492 Million, GAAP EPS of $0.45, and Pro Forma EPS of $0.56
Date:1/26/2011

PRINCETON, N.J., Jan. 26, 2011 /PRNewswire/ -- Covance Inc. (NYSE: CVD) today reported GAAP earnings for its fourth quarter ended December 31, 2010 of $0.45 per diluted share.  Included in fourth quarter results is $0.22 per diluted share in costs from the previously-announced fourth quarter restructuring actions, partially offset by a gain of $0.11 per diluted share from favorable income tax resolutions in the quarter. Excluding these items, earnings per diluted share were $0.56 in the quarter.  For the full-year, earnings per diluted share were $1.06 on a GAAP basis, inclusive of $1.15 per diluted share non-cash impairment charge incurred in the third quarter, $0.21 per diluted share in costs associated with restructuring charges incurred in the fourth quarter, partially offset by a gain of $0.27 per diluted share from favorable income tax resolutions during the year.  Excluding these items, full-year earnings per diluted share were $2.15.  

"During a challenging 2010, we made progress on a number of fronts, including entering into a comprehensive strategic alliance with sanofi-aventis (which helped drive annual backlog growth of 27%), significantly lowering our cost structure, and delivering full-year net revenue growth of 3.1%," said Joe Herring, Chairman and Chief Executive Officer.  "In the fourth quarter, on a sequential basis, revenue grew 3.0% to $492 million and operating margin (after excluding $18.4 million from the fourth quarter restructuring actions) expanded 70 basis points to 9.6%.  Early Development's revenue increased $14 million sequentially and pro forma operating margin grew 130 basis points sequentially to 12.0% reflecting two months of results from our new Porcheville, France and Alnwick, UK sites and modest improvement in toxicology from the depressed third quarter level. As expected, Late-Stage Development revenues and pr
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