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Covance Reports Second Quarter Revenue of $518 Million, GAAP EPS of $0.61, and Pro Forma EPS of $0.66
Date:7/27/2011

umentation is prepared, and are expected to generate revenue of at least $170 million over the next four years.  

Corporate expenses totaled $38.7 million in the second quarter of 2011 (including $1.8 million in restructuring costs) compared to $36.9 million last quarter (including $2.0 million in restructuring costs) and $36.5 million in the second quarter of last year (including $0.8 million in cost actions).  We expect corporate expenses as a percent of revenue, excluding restructuring costs, to trend lower during 2011 as we realize more of the savings from the ongoing restructuring actions.

Cash and cash equivalents at June 30, 2011 were $406 million compared to $368 million at March 31, 2011 and $291 million at June 30, 2010.  Covance repaid $37.5 million in debt during the quarter and now has $92.5 million in debt outstanding, originating from borrowings related to the fourth quarter accelerated share repurchase.

Free cash flow (defined as operating cash flow less capital expenditures) for the second quarter of 2011 was $59 million, consisting of operating cash flow of $89 million less capital expenditures of $30 million.  Free cash flow year-to-date was $38 million, consisting of operating cash flow of $89 million less capital expenditures of $51 million.  

Net Days Sales Outstanding (DSO) were 38 days at June 30, 2011 compared to 37 days at March 31, 2011 and 47 days at June 30, 2010.

The Company's investor conference call will be webcast on July 28 at 9:00 am ET.  Management's commentary and presentation slides will be available through www.covance.com.  

Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with annual revenues greater than $1.9 billion, global operations in more than 30 countries, and more than 10,500 employees worldwide.  Informa
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SOURCE Covance Inc.
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