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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

) Represents favorable resolutions of income tax matters during the three months ended December 31, 2010.COVANCE INC.GAAP to Pro Forma ReconciliationFor the year ended December 31, 2010(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAPAsset Impairment and Restructuring Activities (1)Income Tax Items (2)Pro FormaNet revenues$ 1,925,630$ 1,925,630Reimbursable out-of-pocket expenses112,843112,843Total revenues2,038,473--2,038,473Costs and expenses:  Cost of revenue1,348,4981,348,498  Reimbursable out-of-pocket expenses112,843112,843  Selling, general and administrative307,386(18,092)289,294  Depreciation and amortization103,024(270)102,754  Asset impairment charges119,229(119,229)-Total costs and expenses1,990,980(137,591)-1,853,389Income from operations47,493137,591-185,084Other expense (income), net:  Interest expense (income), net5252  Foreign exchange transaction loss, net3,6493,649  Gain on sale of businesses--Other expense (income), net3,701--3,701Income before taxes and equity investee earnings43,792137,591-181,383Tax (benefit) expense(23,655)49,98117,29843,624Equity investee earnings807807Net income $
8,254$
87,610$
(17,298)$
38,566Basic earnings per share$
.08$
.39$
(0.27)$
2.20Weighted average shares outstanding - basic63,043,56163,043,56163,043,56163,043,561Diluted earnings per share$
.06$
.36$
(0.27)$
2.15Weighted average shares outstanding - diluted64,472,32664,472,32664,472,32664,472,326(1) Represents third quarter asset impairment charges totaling $119,229 and fourth quarter restructuring costs totaling $18,362.(2) Represents favorable resolutions of income tax matters during the year ended December 31, 2010.COVANCE INC.GAAP to Pro Forma ReconciliationFor the year ended December 31, 2009(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAPIncome Tax Items
(1)Gain on Sale of Businesses
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