COVANCE INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2000 AND 1999
(Dollars in thousands)
2000
1999
Assets
Current Assets:
Cash and cash equivalents
$
7,191
$
25,444
Accounts receivable, net
168,006
139,680
Unbilled services
66,135
52,647
Inventory
30,963
26,474
Deferred income taxes
32,696
17,292
Prepaid expenses and other current assets
48,021
40,587
Total Current Assets
353,012
302,124
Property and equipment, net
331,689
296,943
Goodwill, net
81,327
84,575
Other assets
5,063
6,079
Total Assets
$
771,091
$
689,721
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable
$
28,312
$
25,715
Accrued payroll and benefits
44,167
34,138
Accrued expenses and other liabilities
45,720
40,318
Unearned revenue
96,085
75,531
Short-term debt and current portion of long-term debt
235,499
19,787
Income taxes payable
1,939
4,388
Total Current Liabilities
451,722
199,877
Long-term debt
17,224
208,724
Deferred income taxes
20,943
14,982
Other liabilities
15,451
14,079
Total Liabilities
505,340
437,662
Commitments and Contingent Liabilities
Stockholders' Equity:
Common stock—Par value $0.01 per share; 140,000,000 shares authorized; 59,820,253 and 59,024,976 shares issued and outstanding, including those held in treasury, at December 31, 2000 and 1999,
respectively
598
590
Paid-in capital
92,572
85,361
Retained earnings
207,426
192,190
Accumulated other comprehensive income (loss)—
Cumulative translation adjustment
(14,938
)
(6,504
)
Treasury stock at cost (2,025,589 and 1,995,000 shares at December 31, 2000 and 1999, respectively)
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