CorVel Announces Revenues and Earnings

IRVINE, Calif., Nov. 03, 2015 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ:CRVL) announced the results for the quarter and six months ended September 30, 2015. Revenues for the quarter ended September 30, 2015 were $124.5 million and were $123.7 million in the same quarter of the prior year. Earnings per share for the quarter ended September 30, 2015 were $0.41 and were $0.37 for the same quarter of the prior year, an increase of 11%.

Revenues for the six months ended September 30, 2015 were $251.4 million and were $248.1 million in the same period of the prior year. Earnings per share for the six months ended September 30, 2015 were $0.75 and were $0.77 for the same period of the prior year.

During the quarter the Company announced the launch of telehealth services as part of its immediate intervention services model. The Company’s service offering will now include the ability to connect an injured worker with a doctor using a computer, tablet or phone. All data obtained through a telehealth visit is loaded into the Company’s claims management portal, making the information easily accessible for all constituents. Telehealth is another component of the CorVel eco-system that connects patients, healthcare professionals, claims professionals, employers and payors.

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, 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, 2015. 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 Ended September 30, 2014 and 2015 (unaudited)
Quarter Ended September 30, 2014 September 30, 2015
Revenues 123,714,000 124,460,000
Cost of revenues 98,247,000 97,776,000
Gross profit 25,467,000 26,684,000
General and administrative 12,749,000 13,209,000
Income from operations 12,718,000 13,475,000
Income tax expense 4,835,000 5,208,000
Net income 7,883,000 8,267,000
Earnings Per Share:
Basic$0.38 $0.42
Diluted$0.37 $0.41
Weighted Shares
Basic 20,819,000 19,902,000
Diluted 21,050,000 20,063,000
CorVel Corporation
Quarterly Results - Income Statement
Six Months Ended September 30, 2014 and 2015 (unaudited)
Six months ended September 30, 2014 September 30, 2015
Revenues 248,078,000 251,399,000
Cost of revenues 194,911,000 198,532,000
Gross profit 53,167,000 52,867,000
General and administrative 26,954,000 28,171,000
Income from operations 26,213,000 24,696,000
Income tax expense 10,031,000 9,529,000
Net income 16,182,000 15,167,000
Earnings Per Share:
Basic$0.78 $0.76
Diluted$0.77 $0.75
Weighted Shares
Basic 20,877,000 20,026,000
Diluted 21,130,000 20,199,000
CorVel Corporation
Quarterly Results - Condensed Balance Sheet
March 31, 2015 (audited) and September 30, 2015 (unaudited)
March 31, 2015 September 30, 2015
Cash 25,516,000 24,887,000
Customer deposits 17,319,000 24,722,000
Accounts receivable, net 57,537,000 59,225,000
Prepaid expenses and taxes 11,675,000 6,470,000
Deferred income taxes 7,181,000 7,580,000
Property, net 56,299,000 54,647,000
Goodwill and other assets 43,227,000 44,163,000
Total 218,754,000 221,694,000
Accounts and taxes payable 15,770,000 15,499,000
Accrued liabilities 58,318,000 61,853,000
Deferred tax liability 16,743,000 16,743,000
Paid in capital 123,443,000 126,727,000
Treasury stock -360,278,000 -379,053,000
Retained earnings 364,758,000 379,925,000
Total 218,754,000 221,694,000

Heather H. Burnham Phone: 949-851-1473

Source:CorVel Corporation