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CorVel Announces Revenues and Earnings

/EIN News/ -- IRVINE, Calif., Nov. 01, 2016 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ:CRVL) announced the results for the quarter and six months ended September 30, 2016. Revenues for the quarter ended September 30, 2016 were $128.2 million, up 3% from $124.5 million in the same quarter of the prior year. Earnings per share for the quarter ended September 30, 2016 were $0.35 and were $0.41 for the same quarter of the prior year.

Revenues for the six months ended September 30, 2016 were $256.7 million, up 2% from $251.4 million in the same period of the prior year. Earnings per share for the six months ended September 30, 2016 were $0.73 and were $0.75 for the same period of the prior year.

Revenue growth for the quarter was driven by a 13% increase in the Company’s claims management services. However staffing and adjusting to the new laws for time management resulted in recruiting expenses and legal fees. The Company is also experiencing extended sales cycles due to the economic uncertainty in the healthcare marketplace caused by the election and the evolving conditions under the Affordable Care Act.

About CorVel
CorVel Corporation is a national provider of innovative workers’ compensation, auto, liability and health solutions for employers, third party administrators, insurance companies, and government agencies seeking to control costs and promote positive outcomes. We apply technology, intelligence, and a human touch throughout the risk management process so our clients can intervene early and often while being connected to the critical intelligence they need to proactively manage risk. With a robust technology platform at its core, our connected solution is delivered by a national team of associates who are committed to helping clients design and administer programs that meet their organization’s performance goals.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company, management’s beliefs, and certain assumptions made by the Company, and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include, but are not limited to, statements relating to the Company’s results of operations and claims management services. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement.

The risks and uncertainties referred to above include, but are not limited to, factors described in this press release and the Company’s filings with the Securities and Exchange Commission, including but not limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2016 and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016. The forward-looking statements in this press release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

         
CorVel Corporation        
Quarterly Results - Income Statement  
Quarter and Six Months Ended September 30, 2015 and September 30, 2016  
   
 
Quarter Ended  September 30, 2015  September 30, 2016  
Revenues    124,460,000     128,219,000    
Cost of revenues   97,776,000     102,307,000    
Gross profit   26,684,000     25,912,000    
       
General and administrative   13,209,000     14,644,000    
Income from operations   13,475,000     11,268,000    
       
Income tax expense   5,208,000     4,316,000    
Net income   8,267,000     6,952,000    
       
Earnings Per Share:      
Basic $ 0.42   $ 0.36    
Diluted $ 0.41   $ 0.35    
       
Weighted Shares  
Basic   19,902,000     19,581,000    
Diluted   20,063,000     19,733,000    
 
       
Six months ended  September 30, 2015  September 30, 2016    
Revenues    251,399,000     256,678,000    
Cost of revenues   198,532,000     205,184,000    
Gross profit   52,867,000     51,494,000    
       
General and administrative   28,171,000     28,105,000    
Income from operations   24,696,000     23,389,000    
       
Income tax expense   9,529,000     8,946,000    
Net income   15,167,000     14,443,000    
       
Earnings Per Share:      
Basic $ 0.76   $ 0.74    
Diluted $ 0.75   $ 0.73    
       
Weighted Shares  
Basic   20,026,000     19,577,000    
Diluted   20,199,000     19,743,000    
       
       
 
CorVel Corporation  
Quarterly Results - Condensed Balance Sheet  
March 31, 2016 (audited) and September 30, 2016 (unaudited)  
       
       
   March 31, 2016  September 30, 2016  
Cash   32,779,000     40,862,000    
Customer deposits   25,649,000     31,189,000    
Accounts receivable, net   59,747,000     60,445,000    
Prepaid expenses and taxes   4,933,000     6,201,000    
Property, net   53,268,000     57,386,000    
Goodwill and other assets   43,893,000     44,155,000    
  Total   220,269,000     240,238,000    
       
Accounts and taxes payable   13,233,000     16,172,000    
Accrued liabilities   67,182,000     70,439,000    
Deferred tax liability   7,906,000     7,479,000    
Paid in capital   130,468,000     134,424,000    
Treasury stock   -391,803,000     -396,002,000    
Retained earnings    393,283,000     407,726,000      
  Total   220,269,000     240,238,000    
       

 

Contact: Heather H. Burnham
                    Phone: 949-851-1473
                    http://www.corvel.com

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