COVANCE INC.
INCOME STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 1998 and 1997
(Dollars in thousands, except per share data)
(UNAUDITED)
Three Months Ended March 31,
1998 1997
Net revenues $168,509 $135,723
Costs and expenses:
Cost of revenue 112,729 90,825
Selling, general &
administrative expenses 26,911 20,651
Depreciation and amortization 8,555 7,108
Total 148,195 118,584
Income from operations 20,314 17,139
Other expense, net:
Interest expense, net 1,695 2,015
Other expense 113 474
Other expense, net 1,808 2,489
Income before taxes and
equity investee results 18,506 14,650
Taxes on income 7,860 6,153
Equity investee loss (gain) 194 (130)
Net Income $10,452 $8,627
Basic earnings per share $0.18 $0.15
Weighted average shares
outstanding - basic 57,775,312 57,063,644
Diluted earnings per share $0.18 $0.15
Weighted average shares
outstanding - diluted 58,241,983 57,253,369
COVANCE INC.
CONDENSED BALANCE SHEET DATA
MARCH 31, 1998 AND DECEMBER 31, 1997
(Dollars in thousands)
March 31, December 31,
1998 1997
CONDENSED BALANCE SHEET DATA
Cash and cash equivalents $17,730 $28,027
Accounts and unbilled receivables $152,832 $145,769
Total Current Assets $229,605 $230,478
Total Assets $484,873 $484,014
Total Current Liabilities $170,423 $170,990
Long-term debt $122,059 $132,423
Total Liabilities $316,380 $326,957
Total Stockholders' Equity $168,493 $157,057
COVANCE INC.
CONDENSED CASH FLOW DATA
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(Dollars in thousands)
Three Months Ended March 31
1998 1997
CONDENSED CASH FLOW DATA
Cash flows from net earnings adjusted
for non-cash activity $20,667 $15,744
Changes in operating assets
and liabilities (12,408) (3,749)
Net cash provided by
operating activities 8,259 11,995
Capital expenditures (9,957) (14,502)
Other, net 10 51
Net repayment of debt (10,000) (2,000)
Cash provided by stock issued under
employee benefits plans 1,391 --
Net change in cash
and cash equivalents (10,297) (4,456)
Cash and cash equivalents,
beginning of period 28,027 25,416
Cash and cash equivalents,
end of period $17,730 $20,960
SOURCE Covance Inc.
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