COVANCE INC.
INCOME STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1998 AND 1997
(Dollars in thousands, except per share data)
(UNAUDITED)
Three Months Ended Six Months Ended
June 30 June 30
1998 1997 1998 1997
Net Revenues $182,089 $145,392 $350,598 $281,115
Costs and expenses:
Cost of revenue 119,338 95,154 232,066 185,979
Selling, general &
administrative expense 29,426 22,595 56,339 43,246
Depreciation and
amortization 9,023 7,421 17,577 14,529
Total 157,787 125,170 305,982 243,754
Income from operations 24,302 20,222 44,616 37,361
Other expense, net:
Interest expense, net 1,808 2,173 3,503 4,188
Other expense (income) 74 (525) 187 (51)
Other expense, net 1,882 1,648 3,690 4,137
Income before taxes and
equity investee results22,420 18,574 40,926 33,224
Taxes on income 9,388 7,940 17,248 14,093
Equity investee loss (gain)164 115 358 (15)
Net income $12,868 $10,519 $23,320 $19,146
Basic earnings per share $0.22 $0.18 $0.40 $0.34
Weighted average shares
outstanding - basic57,953,563 57,125,803 57,864,438 57,094,723
Diluted earnings per
share $0.22 $0.18 $0.40 $0.33
Weighted average
shares outstanding -
diluted 58,457,280 57,202,694 58,290,610 57,229,411
COVANCE INC.
CONDENSED BALANCE SHEET DATA
JUNE 30, 1998 AND DECEMBER 31, 1997
(Dollars in thousands)
June 30, December 31,
1998 1997
(UNAUDITED)
CONDENSED BALANCE SHEET DATA
Cash and cash equivalents $11,231 $28,027
Accounts and unbilled
receivables $ 177,609 $ 145,769
Total Current Assets $ 251,898 $ 230,478
Total Assets $ 509,295 $ 484,014
Total Current Liabilities $ 162,740 $ 170,990
Long-term debt $ 136,910 $ 132,423
Total Liabilities $ 324,004 $ 326,957
Total Stockholders' Equity $ 185,291 $ 157,057
COVANCE INC.
CONDENSED CASH FLOW DATA
FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
(Dollars in thousands)
(UNAUDITED)
Six Months Ended June 30
1998 1997
CONDENSED CASH FLOW DATA
Cash flows from net earnings
adjusted for non-cash
activity $ 45,614 $ 35,432
Changes in operating assets
and liabilities (46,534) (6,614)
Net cash (used in) provided
by operating activities (920) 28,818
Capital expenditures (23,523) (22,354)
Other, net 54 85
Net proceeds from
(repayment of) debt 5,000 (5,950)
Cash provided by stock issued
under employee benefit plans 2,593 1,082
Net change in cash and
cash equivalents (16,796) 1,681
Cash and cash equivalents,
beginning of period 28,027 25,416
Cash and cash equivalents,
end of period $ 11,231 $ 27,097
SOURCE Covance Inc.
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