COVANCE INC.
INCOME STATEMENTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
(Dollars in thousands, except per share data)
(UNAUDITED)
Three Months Ended Nine Months Ended
June 30 September 30
1998 1997 1998 1997
Net Revenues $182,187 $151,464 $532,785 $432,579
Costs and expenses:
Cost of revenue 119,366 99,120 351,433 285,099
Selling, general &
administrative expense 29,058 23,452 85,395 66,698
Depreciation and
amortization 9,488 7,990 27,066 22,519
Total 157,912 130,562 463,894 374,316
Income from operations 24,275 20,902 68,891 58,263
Other expense, net:
Interest expense, net 1,787 2,187 5,290 6,375
Other expense (income) 16 (60) 203 (111)
Other expense, net 1,803 2,127 5,493 6,264
Income before taxes
and equity investee 22,472 18,775 63,398 51,999
results
Taxes on income 9,329 8,058 26,577 22,151
Equity investee loss (gain) 80 (142) 438 (157)
Net income $13,063 $10,859 $36,383 $30,005
Basic earnings per share $0.22 $0.19 $0.63 $0.52
Weighted average
shares outstanding 58,154,402 57,342,130 57,961,092 57,177,192
- basic
Diluted earnings per
share $0.22 $0.19 $0.62 $0.52
Weighted average
shares outstanding -
diluted 59,010,297 57,690,814 58,539,706 57,371,085
COVANCE INC.
CONDENSED BALANCE SHEET DATA
SEPTEMBER 30, 1998 AND DECEMBER 31, 1997
(Dollars in thousands)
September 30, December 31,
1998 1997
(UNAUDITED)
CONDENSED BALANCE SHEET DATA
Cash and cash equivalents $11,475 $28,027
Accounts and unbilled
receivables $ 187,894 $ 145,769
Total Current Assets $ 273,027 $ 230,478
Total Assets $ 548,402 $ 484,014
Total Current Liabilities $ 185,421 $ 170,990
Long-term debt $ 127,761 $ 132,423
Total Liabilities $ 339,615 $ 326,957
Total Stockholders' Equity $ 208,787 $ 157,057
COVANCE INC.
CONDENSED CASH FLOW DATA
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
(Dollars in thousands)
(UNAUDITED)
Nine Months Ended September 30
1998 1997
CONDENSED CASH FLOW DATA
Cash flows from net earnings $70,891 $58,036
adjusted for non-cash
activity
Changes in operating assets
and liabilities (41,581) (18,812)
Net cash (used in) provided
by operating activities 29,310 39,224
Capital expenditures (46,037) (34,883)
Other, net 122 99
Net proceeds from
(repayment of) debt (5,000) (15,000)
Cash provided by stock issued
under employee benefit plans 5,053 2,216
Net change in cash and
cash equivalents (16,552) (8,344)
Cash and cash equivalents,
beginning of period 28,027 25,416
Cash and cash equivalents,
end of period $ 11,475 $ 17,072
SOURCE Covance Inc.
* March 31, 1996 earnings per share computed based upon the number of
shares issued as a result of the spin-off from Corning.
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