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Covance Reports Third Quarter Pro Forma Net Revenue Of $542 Million, Pro Forma EPS Of $0.72 And Adjusted Net Orders Of $701 Million
Date:11/5/2012

PRINCETON, N.J., Nov. 5, 2012 /PRNewswire/ -- Covance Inc. (NYSE: CVD) today reported results for its third quarter ended September 30, 2012.  On a GAAP basis, net revenue was $545 million.  Excluding revenue from facilities in wind-down, pro forma net revenue was $542 million.  On a GAAP basis, the company reported earnings of $0.69 per diluted share in the third quarter.  Excluding losses from facilities in wind-down, restructuring costs and other charges and favorable income tax developments during the quarter, the company reported earnings per diluted share of $0.72.

"Third quarter pro forma earnings were better than expected, increasing $0.07 sequentially, due to significantly improved profitability in toxicology coupled with continued strong performances in clinical development and central laboratories. Our performance this quarter demonstrates the leverage in our scalable business model when commercial success is combined with our lower cost infrastructure," said Joe Herring, Chairman and Chief Executive Officer.  "On the sales front, clinical development and central laboratories continued to deliver strong new orders, driving adjusted net orders of $701 million and an adjusted book-to-bill of 1.29 to 1.  We continue to have significant pending proposals. In addition, our strategic information technology projects continue to progress on-time and on-budget.

"Late-Stage Development revenues grew 6.9% year-on-year, or 13.1% on a constant currency basis. Revenue growth was led by 18% growth in clinical development and continued year-on-year and sequential growth in central laboratories, which more than offset a decline in our market access services. Pro forma operating margins increased 70 basis points year-on-year to 20.0%, but declined as expected from the second quarter level on increased spending on strategic IT projects, continued hiring in clinical development, and lower profitability in market access services, all of which offset sequential operating margin expansion in central laboratories.

"In Early Development, pro forma revenue and earnings improved sequentially for the second consecutive quarter. Pro forma net revenues increased $2.4 million sequentially to $217.8 million, and pro forma operating margin increased 370 basis points sequentially to 12.4% as stronger performance in toxicology coupled with a faster than expected ramp in savings from our cost reduction actions more than offset weaker performance in clinical pharmacology.  

"On a consolidated basis, we expect pro forma revenue in the fourth quarter to be up slightly from the third quarter level and pro forma EPS to be approximately $0.70, reflecting the impact of increased IT spending on Late-Stage Development tools as well as the corporate data center initiative. When combining our fourth quarter projection with our third quarter results, we are narrowing our full-year pro forma EPS target to the high-end of our previous range, or $2.65 to $2.70 (excluding impairment charges, restructuring and other costs, losses from facilities in wind-down, favorable income tax developments and using September 30 foreign exchange rates)."

Consolidated Results($ in millions except EPS)3Q123Q11ChangeYTD12YTD11ChangeTotal Revenues

$597.6

$578.9$1,756.6

$1,654.1Less: Reimbursable Out-of-Pockets 

$52.8

$35.6$138.2

$90.6Net Revenues

$544.8

$543.3

0.3%

$1,618.4

$1,563.5

3.5%Operating Income

$30.6

$51.0

(40.0%)

$72.8

$141.7

(48.6%)Operating Margin

5.6%

9.4%4.5%

9.1%Net Income

$37.8

$40.7

(7.0%)

$60.8

$111.0

(45.2%)Earnings per Share

$0.69

$0.67

2.5%

$1.07

$1.82

(41.0%)Revenue from facilities in wind-down**

$2.9

-$7.3

-Net Revenue, continuing ops*

$541.9

$543.3

(0.3%)

$1,611.2

$1,563.5

3.1%Restructuring Costs and other charges

($18.1)

($5.3)($66.5)

($15.7)Loss from facilities in wind-down**

($2.6)

-($6.4)

-Operating Income, excluding items*

$51.3

$56.3

(8.9%)

$145.7

$157.4

(7.4%)  Operating Margin, excluding items*

9.5%

10.4%9.0%

10.1%Impairment of Equity Investment

-

-($7.4)

-Gain on Sale of Investment

$1.5

-$1.5

-Favorable Income Tax Developments

$11.5

$0.7$11.5

$0.7Net Income, excluding items*

$39.6

$43.4

(8.7%)

$111.6

$120.5

(7.3%)Diluted EPS, excluding items*

$0.72

$0.71

0.7%

$1.97

$1.97

(0.2%)* See attached pro forma income statement for reconciliation of 2012 & 2011 GAAP to pro forma amounts. ** Facilities in wind-down include Chandler, Honolulu and Basel. 

Operating Segment Results

Early Development($ in millions)3Q123Q11ChangeYTD12YTD11ChangeNet Revenues

$220.7

$240.2

(8.1%)

$652.1

$696.1

(6.3%)Operating Income (Loss)

$7.1

$33.2

(78.6%)

($14.7)

$87.7

(116.8%)Operating Margin

3.2%

13.8%(2.3%)

12.6%Revenue from facilities in wind-down**

$2.9

-$7.3

-Net Revenue, continuing ops

$217.8

$240.2

(9.3%)

$644.8

$696.1

(7.4%)Restructuring Costs and other charges

($17.2)

($1.9)($65.1)

($6.7)Loss from facilities in wind-down**

($2.6)

-($6.4)

-Operating Income, excluding items

$26.9

$35.0

(23.2%)

$56.9

$94.4

(39.8%)Operating Margin, excluding items

12.4%

14.6%8.8%

13.6%** Facilities in wind-down include Chandler, Honolulu and Basel. 

The Early Development segment includes preclinical toxicology, analytical chemistry, clinical pharmacology, discovery support, and research products.  Net revenues in the third quarter of 2012 declined 8.1% year-on-year on a GAAP basis to $220.7 million and 9.3% on a pro forma basis to $217.8 million, due to the following: declines in toxicology services, research products, and clinical pharmacology; the impact of the sale of environmental services (which had contributed approximately $2.0 million in quarterly revenue); and the inclusion of the Chandler, Honolulu and Basel sites in last year's results. In the quarter, foreign exchange was a 90 basis point year-on-year headwind. Sequentially, pro forma revenues increased $2.4 million as an increase in toxicology revenues more than offset a decline in clinical pharmacology.

GAAP operating income in the third quarter of 2012 was $7.1 million, and included $17.2 million in costs associated with our restructuring actions and $2.6 million in losses at locations in wind-down. GAAP operating income for the third quarter of 2011 was $33.2 million, and included $1.9 million in restructuring costs. Pro forma operating income, excluding these items, was $26.9 million in the third quarter of this year, up from $18.7 million last quarter, and compared to $35.0 million in the third quarter of last year. Pro forma operating margins were 12.4% for the third quarter of this year, up from 8.7% last quarter and compared to 14.6% in the third quarter of 2011. Sequentially, pro forma operating income increased primarily due to a significant increase in North American toxicology profitability.  

Late-Stage Development($ in millions)3Q123Q11ChangeYTD12YTD11ChangeNet Revenues

$324.1

$303.0

6.9%

$966.3

$867.4

11.4%Operating Income

$64.4

$56.3

14.5%

$204.9

$168.1

21.9%Operating Margin

19.9%

18.6%21.2%

19.4%Restructuring Costs

($0.4)

($2.1)($0.6)

($3.7)Operating Income, excluding items

$64.8

$58.4

11.1%

$205.5

$171.8

19.6%Operating Margin, excluding items

20.0%

19.3%21.3%

19.8% 

The Late-Stage Development segment includes central laboratory, Phase IIb-IV clinical development, and market access services.  Net revenues for the third quarter of 2012 grew 6.9% year-on-year to $324.1 million. In the quarter, foreign exchange negatively impacted year-on-year revenue growth by 620 basis points.  Growth was driven by the continued strong performance in clinical development, which offset a decline in market access revenue. Central laboratory, which grew revenue 2.3% year-on-year on a reported basis and 10.7% on a constant currency basis, had an increase in kit volumes for the fourth consecutive quarter.

Operating income for the third quarter was $64.4 million on a GAAP basis or $64.8 million on a pro forma basis.  This compares to $56.3 million on a GAAP basis and $58.4 million on a pro forma basis in the third quarter of the prior year and to $68.2 million on a pro forma basis last quarter. Pro forma operating margins were 20.0% for the third quarter of 2012 compared to pro forma operating margins of 21.1% last quarter and 19.3% in the third quarter of last year. The year-on-year increase in profitability was driven by both clinical development and central laboratories, while the sequential decrease primarily resulted from increased spending on strategic IT projects, lower profitability in market access services, and increased hiring and staff costs in clinical development.

Corporate InformationThe company reported third quarter adjusted net orders of $701 million. Backlog at September 30, 2012 was $6.37 billion compared to $6.23 billion at June 30, 2012 and $6.08 billion at September 30, 2011. Foreign exchange favorably impacted backlog sequentially by $69 million. 

Corporate expenses totaled $40.9 million in the third quarter of 2012 (including $0.5 million in restructuring costs) compared to $38.9 million last quarter (including $0.3 million in restructuring costs) and $38.4 million in the third quarter of last year (including $1.4 million in restructuring costs).  We expect corporate expenses, excluding restructuring costs, to increase in the fourth quarter as spending ramps on the corporate data center consolidation component of our strategic IT spending. However, in order to support longer-term earnings growth, we expanded our cost reduction actions in the third quarter to include corporate and functional support spending.

Cash and cash equivalents at September 30, 2012 were $441 million compared to $398 million at June 30, 2012 and $400 million at September 30, 2011.  Debt outstanding is now $340 million, originating from borrowings related to our share repurchase program. Covance repurchased $20 million of shares outstanding within the third quarter.

Free cash flow (defined as operating cash flow less capital expenditures) for the third quarter of 2012 was $35 million, consisting of operating cash flow of $71 million less capital expenditures of $36 million.  Free cash flow year-to-date was $48 million, consisting of operating cash flow of $153 million less capital expenditures of $105 million.Net Days Sales Outstanding (DSO) were 38 days at September 30, 2012 compared to 35 days at June 30, 2012 and 38 days at September 30, 2011.

The Company's investor conference call will be webcast on November 6 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 $2 billion, global operations in more than 30 countries, and 11,500 employees worldwide.  Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at www.covance.com.

Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, savings, revenue, operations, revenue and earnings growth and other financial results are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  All such forward-looking statements including the statements contained herein regarding anticipated trends in the Company's business are based largely on management's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.  These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss or delay of large studies, risks associated with acquisitions and investments, the Company's ability to increase order volume, the pace of translation of orders into revenue in late-stage development services, testing mix and geographic mix of kit receipts in central laboratories,  fluctuations in currency exchange rates, the realization of savings from the Company's announced restructuring actions, the cost and pace of completion of our information technology projects and the realization of benefits therefrom,  and other factors described in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.  The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

Financial Exhibits FollowCOVANCE INC.CONSOLIDATED INCOME STATEMENTSFOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011(Dollars in thousands, except per share data)(UNAUDITED)Three Months Ended September 30Nine Months Ended September 302012201120122011Net revenues$
544,818$
543,254$   1,618,441$   1,563,460Reimbursable out-of-pocket expenses52,84435,622138,17490,601Total revenues597,662578,8761,756,6151,654,061Costs and expenses:  Cost of revenue389,724383,3471,174,3821,095,199  Reimbursable out-of-pocket expenses52,84435,622138,17490,601  Selling, general and administrative94,40181,292266,031247,292  Depreciation and amortization30,10227,59287,28579,291  Goodwill impairment charge--17,959-Total costs and expenses567,071(a)527,853(c)1,683,831(b)1,512,383(d)Income from operations30,591(a)51,023(c)72,784(b)141,678(d)Other (income) expense, net:  Interest expense, net9203432,3531,640  Foreign exchange transaction loss, net2817771,301892  Impairment of equity investment--7,373-  Gain on sale of investment(1,459)-(1,459)-  Loss on sale of business--169-Other (income) expense, net(258)1,1209,7372,532Income before taxes and equity investee results30,849(a)49,903(c)63,047(b)139,146(d)Taxes on income(6,971)(a)9,781(c)2,229(b)28,402(d)Equity investee earnings-54717305Net income $
37,820(a)$
40,669(c)$
,835(b)$
,049(d)Basic earnings per share$
.70(a)$
.68(c)$
.10(b)$
.86(d)Weighted average shares outstanding - basic53,687,74859,695,33655,206,19059,596,294Diluted earnings per share$
.69(a)$
.67(c)$
.07(b)$
.82(d)Weighted average shares outstanding - diluted55,201,55260,926,60456,701,28061,093,960(a) Three months ended September 30, 2012 include, as applicable, $14,072 in restructuring costs ($9,647 net of tax), $4,000 in costs associated with theexpected settlement of an inventory supply agreement ($2,756 net of tax), $2,609 in losses at sites in wind-down ($1,821 net of tax), $1,459 gain on saleof investment ($945 net of tax) and favorable income tax items totaling $11,501.(b) Nine months ended September 30, 2012 include, as applicable, $23,739 in restructuring costs ($16,177 net of tax), $24,781 in inventory impairment charges and costs associated with the expected settlement of an inventory supply agreement ($17,147 net of tax), $17,959 of goodwill impairment charges ($17,959 net of tax), $7,373 of impairment of equity investment ($7,373 net of tax), $6,424 in losses at sites in wind-down ($4,567 net of tax), $1,459 gain on sale of investment ($945 net of tax) and favorable income tax items totaling $11,501.(c) Three months ended September 30, 2011 include, as applicable, $5,270 in restructuring costs ($3,392 net of tax) and favorable income tax items totaling $700.(d) Nine months ended September 30, 2011 include, as applicable,  $15,702 in restructuring costs ($10,106 net of tax) and favorable income tax items totaling $700.Excluding the impact of restructuring charges, impairment charges, costs associated with the expected settlement of an inventory supply agreement, losses at sites in wind-down, gain on sale of investment and favorable tax items:Income from operations$
51,272$
56,293$
45,687$
57,380Taxes on income$
,473$
2,359$
30,269$
34,698Net income $
39,598$
43,361$
,612$
20,455Basic earnings per share$
.74$
.73$
2.02$
2.02Diluted earnings per share$
.72$
.71$
.97$
.97 COVANCE INC.CONSOLIDATED BALANCE SHEETSSEPTEMBER 30, 2012 and DECEMBER 31, 2011(Dollars in thousands)September 30December 3120122011(UNAUDITED)ASSETSCurrent Assets:Cash & cash equivalents$
441,372$
389,103Accounts receivable, net321,421312,127Unbilled services141,020114,095Inventory48,19974,698Deferred income taxes54,63552,078Prepaid expenses and other current assets173,917144,809Total Current Assets1,180,5641,086,910Property and equipment, net872,261849,551Goodwill109,820127,779Other assets48,63743,768Total Assets$   2,211,282$   2,108,008LIABILITIES and STOCKHOLDERS' EQUITYCurrent Liabilities:Accounts payable$
38,958$
36,393Accrued payroll and benefits118,928142,229Accrued expenses and other current liabilities141,344119,308Unearned revenue234,152202,210Short-term debt 340,00030,000Income taxes payable6,8756,889Total Current Liabilities880,257537,029Deferred income taxes21,29942,295Other liabilities67,01670,889Total Liabilities968,572650,213Stockholders' Equity:Common stock788781Paid-in capital725,727689,584Retained earnings1,566,7291,505,894Accumulated other comprehensive income15,0044,622Treasury stock(1,065,538)(743,086)Total Stockholders' Equity1,242,7101,457,795Total Liabilities and Stockholders'  Equity$   2,211,282$   2,108,008 COVANCE INC.CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011(Dollars in thousands)(UNAUDITED)Nine Months Ended September 3020122011Cash flows from operating activities:  Net income$
,835$
,049  Adjustments to reconcile net income to net cash provided byoperating activities:Depreciation and amortization87,28579,291Non-cash impairment charges44,610-Non-cash compensation expense associated with employee benefitand stock compensation plans29,77429,305Deferred income tax benefit(23,648)(9,680)Gain on sale of investment(1,459)-Loss on sale of business169-Loss on disposal of property and equipment674431Equity investee earnings(17)(305)Changes in operating assets and liabilities, net of businesses soldand acquired:Accounts receivable(10,404)(23,396)Unbilled services(27,561)(31,601)Inventory9,115839Accounts payable2,5656,184Accrued liabilities(1,396)31,505Unearned revenue33,374(4,688)Income taxes payable568(13,988)Other assets and liabilities, net(51,581)(33,992)Net cash provided by operating activities152,903140,954Cash flows from investing activities:  Capital expenditures(105,199)(86,289)  Proceeds from sale of investment4,682-  Other, net1,006(210)Net cash used in investing activities(99,511)(86,499)Cash flows from financing activities:  Net borrowings under revolving credit facility310,00055,000  Repayments under long-term debt-(97,500)  Stock issued under employee stock purchase and option plans5,7948,465  Purchase of treasury stock(322,452)(7,731)Net cash used in financing activities(6,658)(41,766)Effect of exchange rate changes on cash5,5359,783Net change in cash and cash equivalents52,26922,472Cash and cash equivalents, beginning of period389,103377,223Cash and cash equivalents, end of period$
441,372$
399,695 

COVANCE INC.GAAP to Pro Forma ReconciliationQ3 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$
544,818$
(2,967)$
541,851Reimbursable out-of-pocket expenses52,84452,844Total revenues597,662--(2,967)-594,695Costs and expenses:  Cost of revenue389,724(4,000)(4,544)381,180  Reimbursable out-of-pocket expenses52,84452,844  Selling, general and administrative94,401(12,989)(162)81,250  Depreciation and amortization30,102(1,083)(870)28,149  Goodwill impairment charge---Total costs and expenses567,071(14,072)(4,000)(5,576)-543,423Income from operations30,59114,0724,0002,609-51,272Other (income) expense, net:  Interest expense, net920920  Foreign exchange transaction loss, net281281  Impairment of equity investment--  Gain on sale of investment(1,459)1,459-  Loss on sale of business--Other (income) expense, net(258)-1,459--1,201Income before taxes and equity investee earnings30,84914,0722,5412,609-50,071Taxes on income(6,971)4,42573078811,50110,473Equity investee earnings--Net income $
37,820$
9,647$
,811$
,821$
(11,501)$
39,598Basic earnings per share$
.70$
.18$
.03$
.03$
(0.21)$
.74Weighted average shares outstanding - basic53,687,74853,687,74853,687,74853,687,74853,687,74853,687,748Diluted earnings per share$
.69$
.17$
.03$
.03$
(0.21)$
.72Weighted average shares outstanding - diluted55,201,55255,201,55255,201,55255,201,55255,201,55255,201,552(1) Represents costs incurred to better align capacity to preclinical market demand and reduce cost structure.(2) Consists of costs associated with the expected settlement of an inventory supply agreement ($4,000) and a gain on the sale of an investment
$1,459.(3) Represents results of operations at sites where wind-down activities have commenced.(4) Primarily represents favorable resolutions of income tax matters.

 

COVANCE INC.GAAP to Pro Forma ReconciliationQ3 2011(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAPRestructuring Activities (1)Income Tax Items (2)Pro FormaNet revenues$
543,254$
543,254Reimbursable out-of-pocket expenses35,62235,622Total revenues578,876--578,876Costs and expenses:  Cost of revenue383,347383,347  Reimbursable out-of-pocket expenses35,62235,622  Selling, general and administrative81,292(4,216)77,076  Depreciation and amortization27,592(1,054)26,538Total costs and expenses527,853(5,270)-522,583Income from operations51,0235,27056,293Other expense, net:  Interest expense, net343343  Foreign exchange transaction loss, net777777Other expense, net1,120--1,120Income before taxes and equity investee earnings49,9035,27055,173Taxes on income9,7811,87870012,359Equity investee earnings547547Net income$
40,669$
3,392$
(700)$
43,361Basic earnings per share$
.68$
.06$
(0.01)$
.73Weighted average shares outstanding - basic59,695,33659,695,33659,695,33659,695,336Diluted earnings per share$
.67$
.06$
(0.01)$
.71Weighted average shares outstanding - diluted60,926,60460,926,60460,926,60460,926,604(1) Represents costs incurred in connection with capacity rationalization, streamlining operations and other cost reduction actions.(2) Represents favorable resolutions of income tax matters.

 

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 income2,2297,5627,1201,85711,50130,269Equity investee earnings1717Net income $
,835$
,177$
41,534$
4,567$
(11,501)$
,612Basic earnings per share$
.10$
.29$
.75$
.08$
(0.21)$
2.02Weighted average shares outstanding - basic55,206,19055,206,19055,206,19055,206,19055,206,19055,206,190Diluted earnings per share$
.07$
.29$
.73$
.08$
(0.20)$
.97Weighted average shares outstanding - diluted56,701,28056,701,28056,701,28056,701,28056,701,28056,701,280(1) Represents costs incurred to better align capacity to preclinical market demand and reduce cost structure.(2) Consists of inventory impairment and costs associated with the expected settlement of an inventory supply agreement ($24,781), goodwill impairment ($17,959), impairment of equity investment ($7,373) and a gain on the sale of an investment $1,459.(3) Represents results of operations at sites where wind-down activities have commenced.(4) Primarily represents favorable resolutions of income tax matters.

 

COVANCE INC.GAAP to Pro Forma ReconciliationYTD Q3 2011(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAPRestructuring Activities (1)Income Tax Items (2)Pro FormaNet revenues$ 1,563,460$ 1,563,460Reimbursable out-of-pocket expenses90,60190,601Total revenues1,654,061--1,654,061Costs and expenses:  Cost of revenue1,095,1991,095,199  Reimbursable out-of-pocket expenses90,60190,601  Selling, general and administrative247,292(13,838)233,454  Depreciation and amortization79,291(1,864)77,427Total costs and expenses1,512,383(15,702)-1,496,681Income from operations141,67815,702157,380Other expense, net:  Interest expense, net1,6401,640  Foreign exchange transaction loss, net892892Other expense, net2,532--2,532Income before taxes and equity investee earnings139,14615,702154,848Taxes on income28,4025,59670034,698Equity investee earnings305305Net income$
,049$
,106$
(700)$
20,455Basic earnings per share$
.86$
.17$
(0.01)$
2.02Weighted average shares outstanding - basic59,596,29459,596,29459,596,29459,596,294Diluted earnings per share$
.82$
.17$
(0.01)$
.97Weighted average shares outstanding - diluted61,093,96061,093,96061,093,96061,093,960(1) Represents costs incurred in connection with capacity rationalization, streamlining operations and other cost reduction actions.(2) Represents favorable resolutions of income tax matters.

 


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(Date:6/26/2016)... DUBLIN , June 27, 2016 Jazz ... the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act ... proposed acquisition of Celator Pharmaceuticals, Inc. ("Celator"; Nasdaq: ... 11:59 p.m. (Eastern Daylight Time). As previously ... entered into a definitive merger agreement under which Jazz ...
(Date:6/24/2016)... HILL, N.C. , June 24, 2016 /PRNewswire/ ... healthcare decisions and regulators/payers have placed more emphasis ... new environment, patient support programs in the pharmaceutical ... for patients, medications. Consequently, pharmaceutical companies are focusing ... ensure they are providing products and services that ...
(Date:6/24/2016)... , June 24, 2016   Bay Area ... Network,s Dean Center for Tick Borne Illness ... and Rehabilitation, MIT Hacking Medicine, University of California, ... today announced the five finalists of Lyme ... disease.  More than 100 scientists, clinicians, researchers, entrepreneurs, ...
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(Date:6/24/2016)... ... 24, 2016 , ... Marcy was in a crisis. Her son James, eight, was out of ... verbally and physically. , “When something upset him, he couldn’t control his emotions,” remembers Marcy. ... throw rocks at my other children and say he was going to kill them. ...
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(Date:6/24/2016)... ... June 24, 2016 , ... People across the U.S. are sharpening ... Talker Award, an essay contest in which patients and their families pay tribute to ... at the 2016 National Society of Genetic Counselors (NSGC) Annual Education Conference (AEC) this ...
(Date:6/24/2016)... Nevada (PRWEB) , ... June 24, 2016 , ... ... Vegas client, The Grove Investment Group (TGIG), has initiated cultivation and processing operations ... in Las Vegas and Pahrump, Nevada. , Puradigm is the manufacturer of a ...
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