×

CorVel Announces Revenues and Earnings

IRVINE, Calif., Feb. 02, 2016 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ:CRVL) announced the results for the quarter and nine months ended December 31, 2015. Revenues for the quarter ended December 31, 2015 were $124 million and were $122 million in the same quarter of the prior year. Earnings per share for the quarter ended December 31, 2015 were $0.34 and were $0.33 for the same quarter of the prior year.

Revenues for the nine months ended December 31, 2015 were $375 million and were $370 million for the same nine month period of the prior year. Earnings per share for the nine months ended December 31, 2015 were $1.09, and were $1.10 in the same nine month period of the prior year.

The Company is continuing its strategy of long term investments in systems infrastructure and information technology. The ongoing development of its claims management platform improves access speeds and enhances the user experience, which can be an advantage in a highly competitive marketplace. The Company also continues to streamline product lines through the consolidation of operational functions to maximize effectiveness for enhanced service delivery.

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 and September 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 December 31, 2014 and 2015 (unaudited)
Quarter Ended December 31, 2014 December 31, 2015
Revenues 122,352,000 123,891,000
Cost of revenues 98,224,000 98,659,000
Gross profit 24,128,000 25,232,000
General and administrative 13,834,000 14,501,000
Income from operations 10,294,000 10,731,000
Income tax expense 3,462,000 4,040,000
Net income 6,832,000 6,691,000
Earnings Per Share:
Basic$0.33 $0.34
Diluted$0.33 $0.34
Weighted Shares
Basic 20,599,000 19,673,000
Diluted 20,786,000 19,852,000
CorVel Corporation
Quarterly Results - Income Statement
Nine Months Ended December 31, 2014 and 2015 (unaudited)
Six months ended December 31, 2014 December 31, 2015
Revenues 370,430,000 375,290,000
Cost of revenues 293,135,000 297,191,000
Gross profit 77,295,000 78,099,000
General and administrative 40,789,000 42,672,000
Income from operations 36,506,000 35,427,000
Income tax expense 13,492,000 13,568,000
Net income 23,014,000 21,859,000
Earnings Per Share:
Basic$1.11 $1.10
Diluted$1.10 $1.09
Weighted Shares
Basic 20,784,000 19,908,000
Diluted 21,015,000 20,083,000
CorVel Corporation
Quarterly Results - Condensed Balance Sheet
March 31, 2015 (audited) and December 31, 2015 (unaudited)
March 31, 2015 December 31, 2015
Cash 25,516,000 26,504,000
Customer deposits 17,319,000 23,922,000
Accounts receivable, net 57,537,000 55,877,000
Prepaid expenses and taxes 11,675,000 6,696,000
Deferred income taxes 7,181,000 7,772,000
Property, net 56,299,000 53,612,000
Goodwill and other assets 43,227,000 44,197,000
Total 218,754,000 218,580,000
Accounts and taxes payable 15,770,000 11,613,000
Accrued liabilities 58,318,000 62,163,000
Deferred tax liability 16,743,000 16,743,000
Paid in capital 123,443,000 128,500,000
Treasury stock -360,278,000 -387,056,000
Retained earnings 364,758,000 386,617,000
Total 218,754,000 218,580,000


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

Source:CorVel Corporation