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Covance Reports Third Quarter Net Revenue Of $607 Million, Pro Forma EPS Of $0.83 And Adjusted Net Orders Of $732 Million
Date:10/29/2013

e of investments(16,400)16,400-Other (income) expense, net(11,855)-16,4004,545Income before taxes174,23817,076(16,400)174,914Taxes on income40,8775,724(5,746)40,855Net income $
33,361$
,352$
(10,654)$
34,059Basic earnings per share$
2.45$
.21$
(0.20)$
2.46Weighted average shares outstanding - basic54,524,29654,524,29654,524,29654,524,296Diluted earnings per share$
2.35$
.20$
(0.19)$
2.36Weighted average shares outstanding - diluted56,754,52756,754,52756,754,52756,754,527(1) Represents costs incurred to better align capacity to preclinical market demand and reduce overall cost structure.(2) Represents gain on sale of investments. 

 COVANCE INC.GAAP to Pro Forma ReconciliationYTD Q3 2012(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAP Restructuring
Activities (1)Other
Items (2)Operating
Results at
Sites in Wind-
Down (3)Income Tax
Items (4)Pro FormaNet revenues$
,618,441$
(7,256)$  1,611,185Reimbursable out-of-pocket expenses138,174138,174Total revenues1,756,615--(7,256)-1,749,359Costs and expenses:  Cost of revenue1,174,382(24,781)(11,483)1,138,118  Reimbursable out-of-pocket expenses138,174138,174  Selling, general and administrative266,031(21,446)(384)244,201  Depreciation and amortization87,285(2,293)(1,813)83,179  Goodwill impairment charge17,959(17,959)-Total costs and expenses1,683,831(23,739)(42,740)(13,680)-1,603,672Income from operations72,78423,73942,7406,424-145,687Other (income) expense, net:  Interest expense, net2,3532,353  Foreign exchange transaction loss, net1,3011,301  Impairment of equity investment7,373(7,373)-  Gain on sale of investment(1,459)1,459-  Loss on sale of business169169Other (income) expense, net9,737-(5,914)--3,823Income before taxes and equity investee earnings63,04723,73948,6546,424-141,864Taxes on income2,2297,5627,1201,8
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SOURCE Covance Inc.
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