COVANCE INC.
INCOME STATEMENTS - INCLUDING MERGER-RELATED CHARGE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1999 AND 1998
(Dollars in thousands, except per share data)
(UNAUDITED)
Three Months Ended Six Months Ended
June 30 June 30
1998 1997 1998 1997
Net Revenues $215,060 $182,089 $425,692 $350,598
Costs and expenses:
Cost of revenue 140,906 119,338 282,336 232,066
Selling, general &
administrative expense 34,383 29,426 68,194 56,339
Depreciation and
amortization 11,567 9,023 22,792 17,577
Merger-related costs 5,249 - 5,249 -
Total 192,105 157,787 378,571 305,982
Income from operations 22,955 24,302 47,121 44,616
Other expense, net:
Interest expense, net 2,419 1,808 4,405 3,503
Other expense (income) 161 74 81 187
Other expense, net 2,580 1,882 4,486 3,690
Income before taxes and
equity investee
results 20,375 22,420 42,635 40,926
Taxes on income 8,168 9,388 17,280 17,248
Equity investee loss (gain) - 164 - 358
Net income $12,207 $12,868 $25,355 $23,320
Basic earnings per share $0.21 $0.22 $0.43 $0.40
Weighted average shares
outstanding-basic 58,751,478 57,953,563 58,657,220 57,864,438
Diluted earnings per
share $0.21 $0.22 $0.43 $0.40
Weighted average
shares outstanding -
diluted 59,348,559 58,457,280 59,600,313 58,290,610
COVANCE INC.
PROFORMA*
INCOME STATEMENTS - EXCLUDING MERGER-RELATED CHARGE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1999 AND 1998
(Dollars in thousands, except per share data)
Three Months Ended Six Months Ended
June 30 June 30
1999 * 1998 1999* 1998
Net revenues $215,060 $182,089 $425,692 $350,598
Costs and expenses:
Cost of revenue 140,906 119,338 282,336 232,066
Selling, general &
administrative expense 34,383 29,426 68,194 56,339
Depreciation
and amortization 11,567 9,023 22,792 17,577
Total 186,856 157,787 373,322 305,982
Income from operations 28,204 24,302 52,370 44,616
Other expense, net:
Interest expense, net 2,419 1,808 4,405 3,503
Other expense 161 74 81 187
Other expense, net 2,580 1,882 4,486 3,690
Income before taxes and
equity investee results 25,624 22,420 47,884 40,926
Taxes on income 10,267 9,388 19,379 17,248
Equity investee loss - 164 - 358
Net income $15,357 $12,868 $28,505 $23,320
Basic earnings per share $0.26 $0.22 $0.49 $0.40
Weighted average shares
outstanding-basic 58,751,478 57,953,563 58,657,220 57,864,438
Diluted earnings per share $0.26 $0.22 $0.48 $0.40
Weighted average shares
outstanding-diluted 59,348,559 58,457,280 59,600,313 58,290,610
* 1999 income statements exclude a one-time charge incurred in Q2 1999
in connection with the terminated PAREXEL merger totaling $5,249 ($3,150 after tax.)
COVANCE INC.
CONDENSED BALANCE SHEET DATA
JUNE 30, 1999 AND DECEMBER 31, 1998
(Dollars in thousands)
June 30, December 31,
1999 1998
(UNAUDITED)
CONDENSED BALANCE SHEET DATA
Cash and cash equivalents $25,081 $19,263
Accounts and unbilled receivables $211,791 $180,734
Total Current Assets $309,363 $274,489
Total Assets $665,925 $593,415
Total Current Liabilities $184,119 $193,001
Long-term debt $199,166 $149,909
Total Liabilities $410,875 $368,400
Total Stockholders' Equity $255,050 $225,015
COVANCE INC.
CONDENSED CASH FLOW DATA
FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND 1998
(Dollars in thousands)
(UNAUDITED)
Six Months Ended June 30
1999 1998
CONDENSED CASH FLOW DATA
Cash flows from net earnings
adjusted for non-cash activity $52,324 $45,614
Changes in operating assets
and liabilities (37,607) (46,534)
Net cash (used in) provided
by operating activities 14,717 (920)
Capital expenditures (48,349) (23,523)
Contingent purchase price
paid in connection with
prior acquisitions (16,128) -
Other, net 564 54
Net proceeds from debt 50,000 5,000
Cash provided by stock
issued under employee
benefit plans 5,014 2,593
Net change in cash
and cash equivalents 5,818 (16,796)
Cash and cash equivalents,
beginning of period 19,263 28,027
Cash and cash equivalents,
end of period $25,081 $11,231
SOURCE Covance Inc.
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