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, 2016March 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 YearFiscal Year
Fiscal Year EndedMarch 31, 2016March 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, 2016March 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: Heather H. Burnham Phone: 949-851-1473 http://www.corvel.com

Source:CorVel Corporation