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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

Foreign exchange transaction loss, net694694  Gain on sale of investment(707)707-Other (income) expense, net991-7071,698Income before taxes50,5196,013(707)55,825Taxes on income9,5252,071(247)11,349Net income $
40,994$
3,942$
(460)$
44,476Basic earnings per share$
.75$
.07$
(0.01)$
.81Weighted average shares outstanding - basic54,662,09354,662,09354,662,09354,662,093Diluted earnings per share$
.72$
.07$
(0.01)$
.78Weighted average shares outstanding - diluted56,880,11556,880,11556,880,11556,880,115(1) Represents costs incurred to better align capacity to preclinical market demand and reduce overall cost structure.(2) Represents gain on sale of investment. COVANCE INC.GAAP to Pro Forma ReconciliationQ2 2012(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAP Restructuring
Activities (1)Other
Charges (2)Operating Results at Sites in Wind-Down (3)Inclusion of Common Stock Equivalents in Diluted EPS Computation(4)Pro FormaNet revenues$
542,782$
(4,289)$
538,493Reimbursable out-of-pocket expenses42,26342,263Total revenues585,045--(4,289)-580,756Costs and expenses:  Cost of revenue408,198(20,781)(6,939)380,478  Reimbursable out-of-pocket expenses42,26342,263  Selling, general and administrative90,601(8,458)(222)81,921  Depreciation and amortization29,953(1,209)(943)27,801  Goodwill impairment charge17,959(17,959)-Total costs and expenses588,974(9,667)(38,740)(8,104)-532,463(Loss) income from operations(3,929)9,66738,7403,815-48,293Other expense, net:  Interest expense, net940940  Foreign exchange transaction loss, net792792  Impairment of equity investment7,373(7,373)-  Loss on sale of business169-169Other expense, net9,274-(7,373)--1,901(Loss) income before taxes and equity investee earnings(13,203)9,66746,1133,815-46,392Tax (benefit) expense(607)3,1376,3901,069-9,989Equity investee (loss) earni
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3. Covance Reports First Quarter Net Revenue Growth Of 9.3% To $580 Million, Pro Forma EPS Of $0.75 And Adjusted Net Orders Of $716 Million
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