COVANCE INC. INCOME STATEMENTS
THREE MONTHS AND YEARS ENDED DECEMBER 31, 1998 AND 1997
(Dollars in thousands, except per share data)
(UNAUDITED)
Three Months Ended December 31, Year Ended December 31,
1998 1997 1998 1997
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Net Revenues $198,789 $ 158,072 $ 731,574 $ 590,651
Costs and expenses:
Cost of revenue 132,695 104,686 484,128 389,785
Selling, General & Administrative
expenses 32,449 25,631 117,844 92,329
Depreciation and Amortization 10,657 8,358 37,723 30,877
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Total 175,801 138,675 639,695 512,991
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Income from operations 22,988 19,397 91,879 77,660
Other expense:
Interest expense, net 2,071 1,939 7,361 8,314
Other expense, net 1 278 373 167
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2,241 2,217 7,734 8,481
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Income before taxes and
equity investee operations 20,747 17,180 84,145 69,179
Taxes on income 8,522 7,216 35,099 29,367
Equity investee loss - 215 4 58
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Net Income $ 12,225 $ 9,749 $ 48,608 $ 39,754
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Basic earnings per share $0.21 $0.17 $0.84 $0.69
Weighted Average Shares
Outstanding - Basic 58,317,177 57,484,592 58,050,114 57,254,042
Diluted earnings per share $0.21 $0.17 $0.83 $0.69
Weighted Average Shares
Outstanding - Diluted 59,337,859 57,708,828 58,774,334 57,463,587
COVANCE INC. CONDENSED BALANCE SHEET DATA
DECEMBER 31, 1998 AND 1997
(Dollars in thousands)
December 31,
1998 1997
Cash and cash equivalents $ 19,263 $ 28,027
Accounts and unbilled receivables 180,734 145,769
Total Current Assets 274,489 230,478
Total Assets 593,415 484,014
Total Current Liabilities 193,001 170,990
Long-Term Debt 149,909 132,423
Total Liabilities 368,400 326,957
Total Stockholders' Equity 225,015 157,057
March 31, 1996 earnings per share computed based upon the number of shares
issued as a result of the spin-off from Corning.
COVANCE INC. CONDENSED CASH FLOW DATA
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
(Dollars in thousands)
Cash flows from net earnings adjusted for
non-cash activity $ 98,109 $ 84,683
Changes in working capital (33,970) (8,054)
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Net cash provided by operating activities 64,139 76,629
Capital expenditures (74,945) (56,538)
Acquisition of businesses, net of cash acquired (25,546) -
Other, net 129 196
Net cash provided by (used in) financing activities 27,459 (17,676)
_________ _________
Net change in cash and cash equivalents (8,764) 2,611
Cash and cash equivalents, beginning of period 28,027 25,416
_________ _________
Cash and cash equivalents, end of period $19,263 $28,027
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