CorVel Announces Revenues and Earnings

IRVINE, Calif., June 01, 2017 (GLOBE NEWSWIRE) — CorVel Corporation (NASDAQ:CRVL) announced the results for the quarter and fiscal year ended March 31, 2017. Revenues for the quarter ended March 31, 2017 were $134 million, an increase of 4% from revenues of $128 million in the same quarter of the prior year. Earnings per share for the quarter ended March 31, 2017 were $0.42, an increase of 23% from earnings per share of $0.34 in the same quarter of the prior year.

Revenues for the fiscal year ended March 31, 2017 were $519 million and were $504 million for fiscal year ended March 31, 2016. Earnings per share for the fiscal year ended March 31, 2017 were $1.51, an increase of 6% from earnings per share of $1.43 for fiscal year ended March 31, 2016.

The Company continues to invest in the development of its claims management platform, CareMC, for employers and carriers. During the quarter advances were made in user interfaces, consolidating information to facilitate actions and edits on each claim, increasing efficiencies and productivity.

The Return-to-Work module organizes claimant information to shorten disability periods.  The Edge interface provides clients a single access point to streamline managed care processes, helping claims professionals quickly address their highest priority tasks.  These new features demonstrate the benefits derived from integrating various components of the workers’ compensation service continuum in real time.

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 organizations 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, including product investment strategies, bill review 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, 2015 and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, September 30, 2016 and December 31, 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  
Quarters and Fiscal Year Ended March 31, 2016 and March 31, 2017
 
     
Quarter Ended (unaudited) March 31, 2016 March 31, 2017
Revenues   128,294,000   133,605,000
Cost of revenues   101,849,000   105,884,000
Gross profit   26,445,000   27,721,000
     
General and administrative   15,812,000   15,004,000
Income from operations   10,633,000   12,717,000
     
Income tax expense   3,966,000   4,730,000
Net income   6,667,000   7,987,000
     
Earnings Per Share:    
Basic $ 0.34 $ 0.42
Diluted $ 0.34 $ 0.42
     
Weighted Shares  
Basic   19,581,000   19,094,000
Diluted   19,766,000   19,243,000
     
     
 
  Fiscal Year Fiscal Year
Fiscal Year Ended March 31, 2016 March 31, 2017
Revenues   503,584,000   518,686,000
Cost of revenues   399,040,000   413,894,000
Gross profit   104,544,000   104,792,000
     
General and administrative   58,484,000   57,243,000
Income from operations   46,060,000   47,549,000
     
Income tax expense   17,535,000   18,070,000
Net income   28,525,000   29,479,000
     
Earnings Per Share:    
Basic $ 1.44 $ 1.52
Diluted $ 1.43 $ 1.51
     
Weighted Shares  
Basic   19,826,000   19,418,000
Diluted   20,004,000   19,570,000
     
 
CorVel Corporation  
Quarterly Results – Condensed Balance Sheet  
March 31, 2016 and March 31, 2017   
     
     
  March 31, 2016 March 31, 2017
Cash   32,779,000   28,611,000
Customer deposits   25,649,000   32,471,000
Accounts receivable, net   59,747,000   62,841,000
Prepaid expenses and taxes   4,933,000   4,944,000
Property, net   53,268,000   63,042,000
Goodwill and other assets   43,893,000   43,474,000
Total   220,269,000   235,383,000
     
Accounts and taxes payable   13,233,000   16,583,000
Accrued liabilities   67,182,000   73,468,000
Deferred tax liability   7,906,000   6,686,000
Paid in capital   130,468,000   135,686,000
Treasury stock   -391,803,000   -419,802,000
Retained earnings   393,283,000   422,762,000
Total   220,269,000   235,383,000
     

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

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