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, 2015		March 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:
Basic	$	0.27	$	0.34
Diluted	$	0.27	$	0.34
Weighted Shares
Basic		20,325,000		19,581,000
Diluted		20,515,000		19,766,000
	Fiscal Year		Fiscal Year
Fiscal Year Ended	March 31, 2015		March 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:
Basic	$	1.38	$	1.44
Diluted	$	1.37	$	1.43
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, 2015						March 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
http://www.corvel.com

Source: CorVel Corporation

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