Form 8-K CORVEL CORP For: Feb 03

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February 3, 2015 6:06 AM EST

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

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CURRENT REPORT

Pursuant to Section�13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February�3, 2015

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CORVEL CORPORATION

(Exact Name of Registrant as Specified in Charter)

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DELAWARE � 000-19291 � 33-0282651

(State or Other Jurisdiction

of Incorporation)

 � (Commission
File Number)		 �

(IRS Employer

Identification No.)

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2010 Main Street, Suite�600, �
Irvine, California � 92614
(Address of Principal Executive Offices) � (Zip Code)

Registrant�s telephone number, including area code (949)�851-1473

N/A

(Former Name or Former Address, if Changed Since Last Report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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� Written communications pursuant to Rule�425 under the Securities Act (17 CFR 230.425)

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� Soliciting material pursuant to Rule�14a-12 under the Exchange Act (17 CFR 240.14a-12)

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� Pre-commencement communications pursuant to Rule�14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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� Pre-commencement communications pursuant to Rule�13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item�2.02 Results of Operations and Financial Condition.

On February�3, 2015, CorVel Corporation issued a press release announcing its financial results for the three and nine months ended December�31, 2014. A copy of the press release is furnished herewith as Exhibit No.�99.1.

The information contained in this report and in the exhibit attached to this report is being furnished to the Securities and Exchange Commission and shall not be deemed �filed� for purposes of Section�18 of the Securities Exchange Act of 1934, as amended (the �Exchange Act�), or otherwise subject to the liability of that section, or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item�9.01 Financial Statements, Pro Forma Financial Information and Exhibits.

(d)�Exhibits

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Exhibit
No.

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Description of Exhibit

99.1 �� Press Release, dated February 3, 2015, announcing CorVel Corporation�s financial results for the three and nine months ended December 31, 2014 (furnished herewith but not filed pursuant to Item 2.02).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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� � � CORVEL CORPORATION,
� � �

a Delaware corporation

(Registrant)

Date:�February 3, 2015 � � By: �

/s/ Richard Schweppe

� � Name: � Richard Schweppe
� � Title: � Chief Financial Officer

EXHIBIT INDEX

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Exhibit
No.

 ��

Description

99.1 �� Press Release, dated February 3, 2015, announcing CorVel Corporation�s financial results for the three and nine months ended December 31, 2014 (furnished herewith but not filed pursuant to Item 2.02).

Exhibit 99.1

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Date:�February 3, 2015 � CorVel Corporation
� 2010 Main Street
� Suite�600
� Irvine, CA 92614
FOR�IMMEDIATE�RELEASE � Contact: Heather H. Burnham
� Phone: 949-851-1473
� http://www.corvel.com

CorVel Announces Revenues and Earnings

IRVINE, California, February�3, 2015 � CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and nine months ended December�31, 2014. Revenues for the quarter ended December�31, 2014 were $122�million and were $121 million in the same quarter of the prior year. Earnings per share for the quarter ended December�31, 2014 were $0.33 and were $0.41 for the same quarter of the prior year.

Revenues for the nine months ended December�31, 2014 were $370�million and were $359 million for the same nine month period of the prior year. Earnings per share for the nine months ended December�31, 2014 were $1.10, and were $1.22 in the same nine month period of the prior year.

The Company continues to see growth in its integrated claims management and managed care service offering, Enterprise Comp. Offering a single source solution on a unified, interactive platform meaningfully impacts a client�s program and increases efficiencies within the workers� compensation process. CorVel is continually in pursuit of innovative technology advancements to avoid the congestion inherent within legacy systems. By investing in the newest platforms, the Company can deliver long term solutions which will leverage future developments in computing technology.

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, 2014 and the Company�s Quarterly Report on Form 10-Q for the quarter ended June�30, 2014 and September�30, 2014. 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 (unaudited)

Quarters ended December�31, 2013 and December�31, 2014

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Quarter Ended �� December�31,�2013 � �� December�31,�2014 �

Revenues

 �� � 121,098,000 �� �� � 122,352,000 ��

Cost of revenues

 �� � 93,392,000 �� �� � 98,224,000 ��
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Gross profit

 �� � 27,706,000 �� �� � 24,128,000 ��
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General and administrative

 �� � 13,204,000 �� �� � 13,834,000 ��
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Income from operations

 �� � 14,502,000 �� �� � 10,294,000 ��
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Income tax expense

 �� � 5,727,000 �� �� � 3,462,000 ��
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Net income

 �� � 8,775,000 �� �� � 6,832,000 ��
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Earnings Per Share:

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Basic

 �� $ 0.42 �� �� $ 0.33 ��

Diluted

 �� $ 0.41 �� �� $ 0.33 ��

Weighted Shares

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Basic

 �� � 20,936,000 �� �� � 20,599,000 ��

Diluted

 �� � 21,256,000 �� �� � 20,786,000 ��
Nine months ended �� December�31,�2013 � �� December�31,�2014 �

Revenues

 �� � 358,570,000 �� �� � 370,430,000 ��

Cost of revenues

 �� � 276,626,000 �� �� � 293,135,000 ��
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Gross profit

 �� � 81,944,000 �� �� � 77,295,000 ��
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General and administrative

 �� � 38,270,000 �� �� � 40,789,000 ��
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Income from operations

 �� � 43,674,000 �� �� � 36,506,000 ��
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Income tax expense

 �� � 17,615,000 �� �� � 13,492,000 ��
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Net income

 �� � 26,059,000 �� �� � 23,014,000 ��
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Earnings Per Share:

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Basic

 �� $ 1.23 �� �� $ 1.11 ��

Diluted

 �� $ 1.22 �� �� $ 1.10 ��

Weighted Shares

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Basic

 �� � 21,157,000 �� �� � 20,784,000 ��

Diluted

 �� � 21,406,000 �� �� � 21,015,000 ��

CorVel Corporation

Quarterly Results - Condensed Balance Sheet (unaudited)

March�31, 2014 and December�31, 2014

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� �� March�31, 2014 � �� December�31,�2014 �

Cash

 �� � 34,866,000 �� �� � 31,029,000 ��

Customer deposits

 �� � 16,142,000 �� �� � 15,035,000 ��

Accounts receivable, net

 �� � 57,229,000 �� �� � 56,227,000 ��

Prepaid expenses and taxes

 �� � 5,862,000 �� �� � 5,552,000 ��

Deferred income taxes

 �� � 6,861,000 �� �� � 7,475,000 ��

Property, net

 �� � 51,253,000 �� �� � 52,917,000 ��

Goodwill and other assets

 �� � 42,268,000 �� �� � 43,106,000 ��
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Total

 �� � 214,481,000 �� �� � 211,341,000 ��
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Accounts and taxes payable

 �� � 18,465,000 �� �� � 13,173,000 ��

Accrued liabilities

 �� � 53,375,000 �� �� � 51,659,000 ��

Deferred tax liability

 �� � 16,119,000 �� �� � 16,119,000 ��

Paid in capital

 �� � 118,834,000 �� �� � 122,340,000 ��

Treasury stock

 �� � -328,480,000 �� �� � -351,132,000 ��

Retained earnings

 �� � 336,168,000 �� �� � 359,182,000 ��
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Total

 �� � 214,481,000 �� �� � 211,341,000 ��
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