The second component is a charge of $12.1 million or $0.20 per share which recognized an impairment in the carrying value of an equity investment and the supplier of Research Products. Finally, in the quarter, we recognized a gain of approximately $0.03 per share of unfavorable income tax development.My commentary which follows will focus on the results excluding the impact of these items. Now on the results. Net revenue for the fourth quarter was $532 million, an increase of 8.3% over the fourth quarter of last year, or 7.3% on a constant currency basis. Sequentially, a strong U.S. dollar led to a $12.4 million headwind in FX, which is the primary driver of the $10.8 million sequential decline in net revenue.
Covance's CEO Discusses Q4 2011 Results - Earnings Call Transcript
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