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Press Release

CorVel Announces Revenues and Earnings


Posted on: 01 Nov 16

IRVINE, Calif., Nov. 01, 2016 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ:CRVL) announced the results for the quarter and six months ended September 30, 2016. Revenues for the quarter ended September 30, 2016 were $128.2 million, up 3% from $124.5 million in the same quarter of the prior year. Earnings per share for the quarter ended September 30, 2016 were $0.35 and were $0.41 for the same quarter of the prior year.

Revenues for the six months ended September 30, 2016 were $256.7 million, up 2% from $251.4 million in the same period of the prior year. Earnings per share for the six months ended September 30, 2016 were $0.73 and were $0.75 for the same period of the prior year.

Revenue growth for the quarter was driven by a 13% increase in the Company’s claims management services. However staffing and adjusting to the new laws for time management resulted in recruiting expenses and legal fees. The Company is also experiencing extended sales cycles due to the economic uncertainty in the healthcare marketplace caused by the election and the evolving conditions under the Affordable Care Act.

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 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, 2016 and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 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 
Quarter and Six Months Ended September 30, 2015 and September 30, 2016 
  
 
Quarter Ended September 30, 2015 September 30, 2016 
Revenues  124,460,000  128,219,000  
Cost of revenues 97,776,000  102,307,000  
Gross profit 26,684,000  25,912,000  
    
General and administrative 13,209,000  14,644,000  
Income from operations 13,475,000  11,268,000  
    
Income tax expense 5,208,000  4,316,000  
Net income 8,267,000  6,952,000  
    
Earnings Per Share:   
Basic$0.42 $0.36  
Diluted$0.41 $0.35  
    
Weighted Shares 
Basic 19,902,000  19,581,000  
Diluted 20,063,000  19,733,000  
 
    
Six months ended September 30, 2015 September 30, 2016  
Revenues  251,399,000  256,678,000  
Cost of revenues 198,532,000  205,184,000  
Gross profit 52,867,000  51,494,000  
    
General and administrative 28,171,000  28,105,000  
Income from operations 24,696,000  23,389,000  
    
Income tax expense 9,529,000  8,946,000  
Net income 15,167,000  14,443,000  
    
Earnings Per Share:   
Basic$0.76 $0.74  
Diluted$0.75 $0.73  
    
Weighted Shares 
Basic 20,026,000  19,577,000  
Diluted 20,199,000  19,743,000  
    
    
 
CorVel Corporation 
Quarterly Results - Condensed Balance Sheet 
March 31, 2016 (audited) and September 30, 2016 (unaudited) 
    
    
  March 31, 2016 September 30, 2016 
Cash 32,779,000  40,862,000  
Customer deposits 25,649,000  31,189,000  
Accounts receivable, net 59,747,000  60,445,000  
Prepaid expenses and taxes 4,933,000  6,201,000  
Property, net 53,268,000  57,386,000  
Goodwill and other assets 43,893,000  44,155,000  
  Total 220,269,000  240,238,000  
    
Accounts and taxes payable 13,233,000  16,172,000  
Accrued liabilities 67,182,000  70,439,000  
Deferred tax liability 7,906,000  7,479,000  
Paid in capital 130,468,000  134,424,000  
Treasury stock -391,803,000  -396,002,000  
Retained earnings  393,283,000  407,726,000   
  Total 220,269,000  240,238,000  
    

 

GlobeNewswire
globenewswire.com

Last updated on: 01/11/2016

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