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Covance Reports Second Quarter Revenue of $475M and EPS of $0.49; Updates Full-Year Financial Targets(12)
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                                                        ----------------
                                                        2010          2009
                                                        ----          ----
  Cash flows from operating activities:
    Net income                                      $70,806      $83,285
    Adjustments to reconcile net income to net cash
    provided by
      operating activities:
      Depreciation and amortization                  51,000        42,887
      Non-cash compensation expense associated with
      employee benefit
        and stock compensation plans                16,215        13,238
      Deferred income tax benefit                    (5,752)      (1,387)
      Gain on sale of business                            -          (655)
      Loss on sale of property and equipment            345          264
      Equity investee (earnings) loss                  (673)          38
      Changes in operating assets and liabilities,
      net of business
        acquired:
        Accounts receivable                          4,013      (51,478)
        Unbilled services                          (16,830)        8,468
        Inventory                                    3,302        (7,756)
        Accounts payable                            (1,141)    (10,040)
        Accrued liabilities                        (19,636)    (32,000)

 

 

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