CorVel Announces Revenues and Earnings

IRVINE, Calif., June 02, 2016 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ:CRVL) announced the results for the quarter and fiscal year ended March 31, 2016. Revenues for the quarter ended March 31, 2016 were $128 million, an increase of $6 million or 5% from revenues of $122 million in the same quarter of the prior year. Earnings per share for the quarter ended March 31, 2016 were $0.34, an increase of 26% from the same quarter of the prior year.

Revenues for the fiscal year ended March 31, 2016 were $504 million and were $493 million for the same period of the prior year. Earnings per share for the fiscal year ended March 31, 2016 were $1.43 and were $1.37 in fiscal year ended March 31, 2015.

The Company continues to develop their My Care app for claimants. Currently in its third year of development, the app for injured workers helps put employees in control of their episode of care. Features of the app support the Company’s pharmacy management services, including a mobile pharmacy card that helps expedite prescription processing. Additional functionality includes concierge services such as appointment scheduling and payment status notifications. CorVel’s long term investments in systems development integrate the activities of payors, claimants, providers, and managed care activities in web-based, smart processing tools.

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 quarters ended June 30, 2015, September 30, 2015 and December 31, 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 and Fiscal Year Ended March 31, 2015 and March 31, 2016
Quarter Ended (unaudited)March 31, 2015March 31, 2016
Revenues 122,195,000 128,294,000
Cost of revenues 99,521,000 101,849,000
Gross profit 22,674,000 26,445,000
General and administrative 13,616,000 15,812,000
Income from operations 9,058,000 10,633,000
Income tax expense 3,482,000 3,966,000
Net income 5,576,000 6,667,000
Earnings Per Share:
Weighted Shares
Basic 20,325,000 19,581,000
Diluted 20,515,000 19,766,000
Fiscal YearFiscal Year
Fiscal Year EndedMarch 31, 2015March 31, 2016
Revenues 492,625,000 503,584,000
Cost of revenues 392,656,000 399,040,000
Gross profit 99,969,000 104,544,000
General and administrative 54,405,000 58,484,000
Income from operations 45,564,000 46,060,000
Income tax expense 16,974,000 17,535,000
Net income 28,590,000 28,525,000
Earnings Per Share:
Weighted Shares
Basic 20,669,000 19,826,000
Diluted 20,890,000 20,004,000

CorVel Corporation
Quarterly Results - Condensed Balance Sheet
March 31, 2015 and March 31, 2016
March 31, 2015March 31, 2016
Cash 25,516,000 32,779,000
Customer deposits 17,319,000 25,649,000
Accounts receivable, net 57,537,000 59,747,000
Prepaid expenses and taxes 11,675,000 4,933,000
Property, net 56,299,000 53,268,000
Goodwill and other assets 43,227,000 43,893,000
Total 211,573,000 220,269,000
Accounts and taxes payable 15,770,000 13,233,000
Accrued liabilities 58,318,000 67,182,000
Deferred tax liability 9,562,000 7,906,000
Paid in capital 123,443,000 130,468,000
Treasury stock -360,278,000 -391,803,000
Retained earnings 364,758,000 393,283,000
Total 211,573,000 220,269,000

Contact: Heather H. Burnham Phone: 949-851-1473

Source:CorVel Corporation