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Covance Reports Second Quarter Net Revenue of $592 Million, Pro Forma EPS of $0.78 and Record Adjusted Net Orders of $776 Million
Date:7/30/2013

pensation plans19,31119,422Deferred income tax benefit(5,712)(15,507)Gain on sale of investments(16,400)-Loss on sale of business-169Loss on disposal of property and equipment375432Equity investee earnings-(17)Changes in operating assets and liabilities, net of business sold:Accounts receivable(57,095)(2,143)Unbilled services(17,467)(20,704)Inventory1,3238,948Accounts payable18,3126,401Accrued liabilities(45,470)(26,023)Unearned revenue(14,095)36,442Income taxes6,736(5,028)Other assets and liabilities, net(44,441)(45,124)Net cash (used in) provided by operating activities(2,582)82,076Cash flows from investing activities:  Capital expenditures(68,433)(69,343)  Proceeds from sale of investments17,781-  Other, net394990Net cash used in investing activities(50,258)(68,353)Cash flows from financing activities:  Net borrowings under revolving credit facility5,000300,000  Stock issued under option plans40,2263,522  Purchase of treasury stock(27,118)(302,099)Net cash provided by financing activities18,1081,423Effect of exchange rate changes on cash(12,492)(6,421)Net change in cash and cash equivalents(47,224)8,725Cash and cash equivalents, beginning of period492,824389,103Cash and cash equivalents, end of period$ 445,600$ 397,828 COVANCE INC.GAAP to Pro Forma ReconciliationQ2 2013(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAP Restructuring and Other CostReduction Activities (1)Other
Items (2)Pro FormaNet revenues$
592,298$
592,298Reimbursable out-of-pocket expenses51,67851,678Total revenues643,976--643,976Costs and expenses:  Cost of revenue419,115419,115  Reimbursable out-of-pocket expenses51,67851,678  Selling, general and administrative90,177(5,428)84,749  Depreciation and amortization31,496(585)30,911Total costs and expenses592,466(6,013)-586,453Income from operations51,5106,013-57,523Other (income) expense, net:  Interest expense, net1,0041,004 
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8. Covance Reports Fourth Quarter Pro Forma Net Revenue Of $561 Million, Pro Forma EPS Of $0.73 And Adjusted Net Orders Of $769 Million
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10. Covance Reports Third Quarter Pro Forma Net Revenue Of $542 Million, Pro Forma EPS Of $0.72 And Adjusted Net Orders Of $701 Million
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