COVANCE INC (CVD) [Rocket]

In millions, except per share items	Dec-31-14	Dec-31-13	Dec-31-12	Dec-31-11	Dec-31-10	Dec-31-09	Dec-31-08	Dec-31-07
	8-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Late Stage Development		1,531.8	1,311.1	1,165.4	1,085.3	1,075.8
Early Development		870.5	869.5	930.6	840.3	791.8
Net revenue		275.1	238.9	223.6
Other Reconciling Items		192.8	185.1	140.5	112.8	95.0
Total revenues	2,521.0	2,595.1	2,365.8	2,236.4	2,038.5	1,962.6	1,827.1	1,631.5
Revenue growth [+]	-2.9%	9.7%	5.8%	9.7%	3.9%	7.4%	12.0%	16.0%
Late Stage Development		16.8%	12.5%	7.4%	0.9%
Early Development		0.1%	-6.6%	10.7%	6.1%
Net revenue		15.1%	6.8%
Other Reconciling Items		4.1%	31.8%	24.5%	18.8%
Cost of goods sold	1,745.4	1,692.2	1,570.2	1,467.1	1,348.5	1,277.1	1,142.7	1,017.7
Gross profit	775.6	903.0	795.5	769.4	690.0	685.5	684.4	613.8
Gross margin	30.8%	34.8%	33.6%	34.4%	33.8%	34.9%	37.5%	37.6%
Selling, general and administrative	351.5	360.0	358.9	343.0	307.4	270.6	250.2	233.9
Equity in earnings			0.0	-0.5	-0.8	-0.9	-1.9	-2.5
Other operating expenses	151.8	192.8	185.0	140.5	112.8	104.7	103.0	91.7
EBITDA [+]	409.1	350.1	251.7	285.4	268.9	309.3
EBITDA growth	16.8%	39.1%	-11.8%	6.1%	-13.1%	20.0%	17.4%	-12.4%
EBITDA margin	16.2%	13.5%	10.6%	12.8%	13.2%	15.8%	14.1%	13.5%
Depreciation	136.8	127.0	115.6	103.4	101.8	90.3
EBITA	272.3	223.1	136.1	181.9	167.1	219.0	257.7	219.6
EBITA margin	10.8%	8.6%	5.8%	8.1%	8.2%	11.2%	14.1%	13.5%
Amortization of intangibles		0.9	2.1	1.8	1.2	1.0
EBIT [+]	272.3	222.2	134.0	180.1	165.9	218.0	257.7	219.6
EBIT growth	22.5%	65.8%	-25.6%	8.6%	-23.9%	-15.4%	17.4%	13.6%
EBIT margin	10.8%	8.6%	5.7%	8.1%	8.1%	11.1%	14.1%	13.5%
Non-recurring items [+]	37.6	4.9	18.1		119.2	-9.7	-4.1	-6.6
Asset impairment	52.6	4.9	18.0		119.2
Loss (gain) on sale of assets	-15.0						-4.1	-6.6
Loss (gain) on disposal of assets			0.2			-9.7	-4.1	-6.6
Interest expense, net [+]	10.5	4.1	3.5	2.0	0.1	0.2	-6.5	-9.8
Interest expense	10.5	6.7	5.5	3.9	1.5	1.6	1.8	0.5
Interest income		2.6	2.0	1.9	1.5	1.4	8.3	10.3
Other income (expense), net [+]	10.7	14.5	-7.5	-12.9	-2.8	10.3	6.1	10.4
Impairment of equity method investments			7.4	12.1
Gain (loss) on sale of assets		-16.4	-1.5
Gain (loss) on foreign currency transactions		1.9	1.5	1.2	3.6	0.2	-0.1	-1.4
Other	0.2	-10.4	11.1	15.3		-9.2	-10.7	-17.8
Pre-tax income	235.0	227.7	104.8	165.3	43.8	237.8	274.3	246.4
Income taxes	49.2	48.5	10.1	33.6	-23.7	62.9	79.4	72.9
Tax rate	20.9%	21.3%	9.6%	20.3%		26.4%	28.9%	29.6%
Net income	0.0	179.2	94.7	132.2	68.3	175.9	196.8	175.9
Net margin	0.0%	6.9%	4.0%	5.9%	3.3%	9.0%	10.8%	10.8%

Basic EPS [+]	$0.00	$3.28	$1.73	$2.22	$1.08	$2.76	$3.12	$2.76
Growth	-100.0%	89.9%	-22.1%	104.8%	-60.7%	-11.6%	13.0%	21.0%
Diluted EPS [+]	$0.00	$3.15	$1.68	$2.16	$1.06	$2.73	$3.08	$2.71
Growth	-100.0%	87.1%	-22.2%	104.4%	-61.3%	-11.1%	13.3%	21.3%

Shares outstanding (basic) [+]	55.5	54.6	54.8	59.6	63.0	63.8	63.1	63.7
Growth	1.5%	-0.4%	-8.0%	-5.4%	-1.2%	1.1%	-1.0%	0.3%
Shares outstanding (diluted) [+]	57.5	56.9	56.3	61.1	64.5	64.3	64.0	64.8
Growth	1.0%	1.1%	-7.9%	-5.2%	0.2%	0.6%	-1.3%	0.1%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.