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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

3281,372Cash flows from investing activities:  Capital expenditures(50,548)(67,461)  Other, net10650Net cash used in investing activities(50,442)(67,411)Cash flows from financing activities:  Net repayments under revolving credit facility(35,000)-  Repayments under long-term debt(5,000)-  Stock issued under employee stock purchase and option plans7,6229,270  Purchase of treasury stock(7,517)(5,283)Net cash (used in) provided by financing activities(39,895)3,987Effect of exchange rate changes on cash30,589(16,572)Net change in cash and cash equivalents28,9841,376Cash and cash equivalents, beginning of period377,223289,469Cash and cash equivalents, end of period$ 406,207$ 290,845COVANCE INC.GAAP to Pro Forma ReconciliationQ2 2011(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAPRestructuring Activities (1)Pro FormaNet revenues$
518,220$
518,220Reimbursable out-of-pocket expenses29,50729,507Total revenues547,727-547,727Costs and expenses:  Cost of revenue358,332358,332  Reimbursable out-of-pocket expenses29,50729,507  Selling, general and administrative85,297(4,159)81,138  Depreciation and amortization25,836(405)25,431Total costs and expenses498,972(4,564)494,408Income from operations48,7554,56453,319Other expense, net:  Interest expense (income), net579579  Foreign exchange transaction loss, net307307Other expense, net886-886Income before taxes and equity investee earnings47,8694,56452,433Taxes on income9,9871,62711,614Equity investee (loss) earnings(240)(240)Net income $
37,642$
2,937$
40,579Basic earnings per share$
.63$
.05$
.68Weighted average shares outstanding - basic59,636,97359,636,97359,636,973Diluted earnings per share$
.61$
.05$
.66Weighted average shares outstanding - diluted61,226,47761,226,47761,226,477(1) Represents costs incurred in connection with capacity rationalization, streamlining operations and other cost reduction actions.COV
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