Form 8-K CORVEL CORP For: Nov 03

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

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

 

 

CORVEL CORPORATION

(Exact Name of Registrant as Specified in Charter)

 

 

 

DELAWARE		000-19291		33-0282651
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)
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)

 

 

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:

 

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

 

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

 

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

 

¨	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 November 3, 2015, CorVel Corporation issued a press release announcing its financial results for the three and six months ended September 30, 2015. 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

 

Exhibit No.		Description of Exhibit
99.1		Press Release, dated November 3, 2015, announcing CorVel Corporation’s financial results for the three and six months ended September 30, 2015 (furnished herewith but not filed pursuant to Item 2.02).

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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.

 

				CORVEL CORPORATION,
				a Delaware corporation (Registrant)
Date: November 3, 2015		By:		/s/ Richard Schweppe
		Name:		Richard Schweppe
		Title:		Chief Financial Officer

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EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press Release, dated November 3, 2015, announcing CorVel Corporation’s financial results for the three and six months ended September 30, 2015 (furnished herewith but not filed pursuant to Item 2.02).

Exhibit 99.1

 

Date: November 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, November 3, 2015 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and six months ended September 30, 2015. Revenues for the quarter ended September 30, 2015 were $124.5 million and were $123.7 million in the same quarter of the prior year. Earnings per share for the quarter ended September 30, 2015 were $0.41 and were $0.37 for the same quarter of the prior year, an increase of 11%.

Revenues for the six months ended September 30, 2015 were $251.4 million and were $248.1 million in the same period of the prior year. Earnings per share for the six months ended September 30, 2015 were $0.75 and were $0.77 for the same period of the prior year.

During the quarter the Company announced the launch of telehealth services as part of its immediate intervention services model. The Company’s service offering will now include the ability to connect an injured worker with a doctor using a computer, tablet or phone. All data obtained through a telehealth visit is loaded into the Company’s claims management portal, making the information easily accessible for all constituents. Telehealth is another component of the CorVel eco-system that connects patients, healthcare professionals, claims professionals, employers and payors.

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

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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. 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.

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CorVel Corporation

Quarterly Results - Income Statement

Quarters Ended September 30, 2014 and 2015 (unaudited)

 

Quarter Ended		September 30, 2014				September 30, 2015
Revenues			123,714,000				124,460,000
Cost of revenues			98,247,000				97,776,000
Gross profit			25,467,000				26,684,000
General and administrative			12,749,000				13,209,000
Income from operations			12,718,000				13,475,000
Income tax expense			4,835,000				5,208,000
Net income			7,883,000				8,267,000
Earnings Per Share:
Basic		$	0.38			$	0.42
Diluted		$	0.37			$	0.41
Weighted Shares
Basic			20,819,000				19,902,000
Diluted			21,050,000				20,063,000

CorVel Corporation

Quarterly Results - Income Statement

Six Months Ended September 30, 2014 and 2015 (unaudited)

 

Six months ended		September 30, 2014				September 30, 2015
Revenues			248,078,000				251,399,000
Cost of revenues			194,911,000				198,532,000
Gross profit			53,167,000				52,867,000
General and administrative			26,954,000				28,171,000
Income from operations			26,213,000				24,696,000
Income tax expense			10,031,000				9,529,000
Net income			16,182,000				15,167,000
Earnings Per Share:
Basic		$	0.78			$	0.76
Diluted		$	0.77			$	0.75
Weighted Shares
Basic			20,877,000				20,026,000
Diluted			21,130,000				20,199,000

CorVel Corporation

Quarterly Results - Condensed Balance Sheet

March 31, 2015 (audited) and September 30, 2015 (unaudited)

 

		March 31, 2015				September 30, 2015
Cash			25,516,000				24,887,000
Customer deposits			17,319,000				24,722,000
Accounts receivable, net			57,537,000				59,225,000
Prepaid expenses and taxes			11,675,000				6,470,000
Deferred income taxes			7,181,000				7,580,000
Property, net			56,299,000				54,647,000
Goodwill and other assets			43,227,000				44,163,000
Total			218,754,000				221,694,000
Accounts and taxes payable			15,770,000				15,499,000
Accrued liabilities			58,318,000				61,853,000
Deferred tax liability			16,743,000				16,743,000
Paid in capital			123,443,000				126,727,000
Treasury stock			-360,278,000				-379,053,000
Retained earnings			364,758,000				379,925,000
Total			218,754,000				221,694,000

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