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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

ngs(81)(81)Net (loss) income $
(12,677)$
,530$
39,723$
2,746$
-$
36,322Basic (loss) earnings per share$
(0.23)$
.12$
.73$
.05$
.67Weighted average shares outstanding - basic54,184,96654,184,96654,184,96654,184,96654,184,966Diluted (loss) earnings per share$
(0.23)$
.12$
.73$
.05$
(0.02)$
.65Weighted average shares outstanding - diluted54,184,96654,184,96654,184,96654,184,9661,500,115(4)55,685,081(1) Represents costs incurred to better align capacity to preclinical market demand and reducecost structure.(2) Consists of inventory impairment ($20,781), goodwill impairment ($17,959) and impairment ofequity investment ($7,373).(3) Represents results of operations at sites where wind-down activities have commenced.(4) Reflects inclusion of impact of common stock equivalents in computation of diluted earningsper share as GAAP loss transitions to Pro Forma income. COVANCE INC.GAAP to Pro Forma ReconciliationYTD Q2 2013(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAP Restructuringand Other Cost Reduction Activities (1)Other
Items (2)Pro FormaNet revenues$ 1,172,497$ 1,172,497Reimbursable out-of-pocket expenses105,814105,814Total revenues1,278,311--1,278,311Costs and expenses:  Cost of revenue830,459830,459  Reimbursable out-of-pocket expenses105,814105,814  Selling, general and administrative179,396(10,101)169,295  Depreciation and amortization62,881(2,082)60,799Total costs and expenses1,178,550(12,183)-1,166,367Income from operations99,76112,183-111,944Other (income) expense, net:  Interest expense, net1,8751,875  Foreign exchange transaction loss, net1,0291,029  Gain on sale of investments(16,400)16,400-Other (income) expense, net(13,496)-16,4002,904Income before taxes113,25712,183(16,400)109,040Taxes on income24,0973,894(5,746)22,245Net income $
89,160$
8,289$
(10,654)$
86,795Basic earnings per share$'/>"/>
SOURCE Covance Inc.
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