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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

>.64$
.15$
(0.20)$
.59Weighted average shares outstanding - basic54,434,56354,434,56354,434,56354,434,563Diluted earnings per share$
.58$
.15$
(0.19)$
.53Weighted average shares outstanding - diluted56,598,93656,598,93656,598,93656,598,936(1) Represents costs incurred to better align capacity to preclinical market demand and reduce overallcost structure.(2) Represents gain on sale of investments. COVANCE INC.GAAP to Pro Forma ReconciliationYTD Q2 2012(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAP Restructuring Activities (1)Other
Charges (2)Operating Results at Sites in Wind-Down (3)Pro FormaNet revenues$ 1,073,623$
(4,289)$ 1,069,334Reimbursable out-of-pocket expenses85,33085,330Total revenues1,158,953--(4,289)1,154,664Costs and expenses:  Cost of revenue784,658(20,781)(6,939)756,938  Reimbursable out-of-pocket expenses85,33085,330  Selling, general and administrative171,630(8,458)(222)162,950  Depreciation and amortization57,183(1,209)(943)55,031  Goodwill impairment charge17,959(17,959)-Total costs and expenses1,116,760(9,667)(38,740)(8,104)1,060,249(Loss) income from operations42,1939,66738,7403,81594,415Other expense, net:  Interest expense, net1,4331,433  Foreign exchange transaction loss, net1,0201,020  Impairment of equity investment7,373(7,373)-  Loss on sale of business169169Other expense, net9,995-(7,373)-2,622Income before taxes and equity investee earnings32,1989,66746,1133,81591,793Tax (benefit) expense9,2003,1376,3901,06919,796Equity investee (loss) earnings1717Net income $
23,015$
,530$
39,723$
2,746$
72,014Basic earnings per share$
.41$
.12$
.71$
.05$
.29Weighted average shares outstanding - basic55,965,41055,965,41055,965,41055,965,41055,965,410Diluted earnings per share$
.40$
.11$
.69$
.05$
.25Weighted average shares outstanding - diluted57,456,15457,456,15457,
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SOURCE Covance Inc.
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