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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

39.9 million in the fourth quarter of 2010 compared to $33.4 million last quarter and $32.0 million in the fourth quarter of last year.  Fourth quarter corporate expenses included $5.8 million in costs associated with our recently announced restructuring actions.  We expect corporate expenses as a percent of revenue, excluding severance and other restructuring costs, to trend lower during 2011 as the savings from the planned restructuring actions are realized.

Cash and cash equivalents at December 31, 2010 were $377 million compared to $389 million at September 30, 2010 and $289 million at December 31, 2009.  During the fourth quarter, the Company spent $250 million to repurchase shares of its outstanding common stock and has $133 million in debt outstanding resulting from borrowings related to the accelerated share repurchase.

Free cash flow (defined as operating cash flow less capital expenditures) for the fourth quarter of 2010 was $119 million, consisting of operating cash flow of $145 million less capital expenditures of $26 million.  Free cash flow in 2010 was $208 million, consisting of operating cash flow of $334 million less capital expenditures of $126 million.  In 2011, we expect free cash flow to be approximately $100 million, consisting of operating cash flow of approximately $240 million less capital expenditures of approximately $140 million.  The free cash flow target for 2011 assumes net Days Sales Outstanding (DSO) of approximately 40 days.

Net Days Sales Outstanding (DSO) were 31 days at December 31, 2010 compared to 45 days at September 30, 2010 and 40 days at December 31, 2009.

Taxes in the fourth quarter included a benefit of $6.9 million, primarily as a result of the favorable resolution of an income tax matter. The tax rate for the quarter excluding this benefit and the tax benefit associated with the fourth quarter restructuring costs was 23.0%.

The Company's investor confere
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