PRINCETON, N.J., Feb. 22 /PRNewswire-FirstCall/ -- Covance Inc.
(NYSE: CVD) said today that its Board of Directors has authorized the
repurchase of up to three million shares, or nearly five percent, of the
Company's common stock. This authorization is in addition to the
approximately 250,000 shares remaining under the repurchase authorization
announced in 2004. Any purchases under this buyback would be dependent upon
business and market conditions and other factors.
"This action reflects the confidence of the Board and management in the
fundamental strengths and future outlook of Covance," said Joe Herring,
Covance Chairman and Chief Executive Officer.
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 $1.3 billion, global operations in more than 20
countries, and more than 8,100 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 of large contracts, 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, difficulties or delays in integrating the business of Radiant and
achieving anticipated efficiencies and synergies, 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.