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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

a)

$
.64$
.06(b)

$
2.73(c)Weighted average shares outstanding - diluted62,703,69064,541,06364,472,32664,341,084(a) Includes $18,362 in restructuring costs ($13,688 net of tax) and $6,946 in favorable income tax items during the three months ended December 31, 2010.(b) Includes asset impairment charges ($119,229) and restructuring costs ($18,362) totaling $137,591 ($87,610 net of tax) and favorable income tax itemstotaling $17,298 during the year ended December 31, 2010.(c) Includes a $9,026 gain on sale of Interactive Voice & Web Response Services ($5,867 net of tax) and a $655 gain on sale of Cardiac SafetyServices ($426 net of tax) and favorable income tax items totaling $2,072 during the year ended December 31, 2009.Excluding the impact of the asset impairment charges, restructuring charges, favorable income tax items and gain on sale of businesses:Income before taxes and equity investee earnings$
45,738$
54,576$
81,383$
228,164Taxes on income$
,499$
3,820$
43,624$
,554Net income $
35,120$
41,535$
38,566$
7,517Basic earnings per share$
.57$
.65$
2.20$
2.62Diluted earnings per share$
.56$
.64$
2.15$
2.60COVANCE INC.CONSOLIDATED BALANCE SHEETSDECEMBER 31, 2010 and 2009(Dollars in thousands)December 31December 3120102009ASSETSCurrent Assets:Cash & cash equivalents$
377,223$
289,469Accounts receivable, net261,160285,119Unbilled services90,72997,279Inventory82,92480,926Deferred income taxes35,64831,512Prepaid expenses and other current assets98,12793,367Total Current Assets945,811877,672Property and equipment, net843,983921,995Goodwill, net127,653127,653Other assets48,09547,624Total Assets$
,965,542$
,974,944LIABILITIES and STOCKHOLDERS' EQUITYCurrent Liabilities:Accounts payable$
34,079$
36,834Accrued payroll and benefits107,572111,365Accrued expenses and other current liabilities97,39573,383Unearned revenue186,301166,890Short-term debt and current porti
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