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Press Release

CorVel Announces Revenues and Earnings

Posted on: 30 Jan 18

IRVINE, Calif., Jan. 30, 2018 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ:CRVL) announced the results for the quarter ended December 31, 2017.  Revenues for the quarter ended December 31, 2017 were $141 million, an increase of 10% from revenues of $128 million in the same quarter of the prior year.  Earnings per share for the quarter ended December 31, 2017 were $0.50, an increase of 39% from earnings per share of $0.36 in the same quarter of the prior year. 

Revenues for the nine months ended December 31, 2017 were $415 million, up 8% from $385 million in the same period of the prior year.  Earnings per share for the nine months ended December 31, 2017 were $1.41 and were $1.09 for the same period of the prior year.

Revenue growth for the quarter was driven by an increase in the Company’s claims management services.  The successful implementation and evolution of the Company’s adjuster interface, CareMC EdgeSM, has gained interest in the marketplace. The Company’s Network Solutions sold in the wholesale market increased revenues as well. The solutions, particularly in the CERiS segment, continue to expand services into the clinical and coding areas of line item hospital bill payment integrity.

The Company is launching a Managed Accounts Payable Automation service under its Symbeo business franchise. The Treasury and fulfillment service under Symbeo eliminates the manual functions associated with preparing invoices for payment. The Company remains committed to the strategy of using technology to differentiate the solutions delivered to customers, integrating previously siloed information to improve financial and healthcare outcomes.

About CorVel  

CorVel Corporation is a national provider of innovative workers’ compensation, liability, auto, and health solutions for employers, insurance companies, third party administrators 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, 2017 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2017 and September 30, 2017. 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 Nine Months Ended
December 31, 2016 (unaudited) and December 31, 2017 (unaudited)

Quarter Ended December 31, 2016  December 31, 2017 
Revenues  $128,403,000   $140,734,000 
Cost of revenues  102,826,000   115,165,000 
Gross profit  25,577,000   25,569,000 
General and administrative  14,134,000   15,496,000 
Income from operations  11,443,000   10,073,000 
Income tax provision  4,394,000   504,000 
Net income  $7,049,000   $9,569,000 
Earnings Per Share:        
Basic $0.36  $0.51 
Diluted $0.36  $0.50 
Weighted Shares        
Basic  19,426,000   18,849,000 
Diluted  19,549,000   19,121,000 

Nine Months Ended December 31, 2016  December 31, 2017 
Revenues  $385,081,000   $414,777,000 
Cost of revenues  308,010,000   334,675,000 
Gross profit  77,071,000   80,102,000 
General and administrative  42,239,000   43,794,000 
Income from operations  34,832,000   36,308,000 
Income tax provision  13,340,000   9,571,000 
Net income  $21,492,000   $26,737,000 
Earnings Per Share:        
Basic $1.10  $1.42 
Diluted $1.09  $1.41 
Weighted Shares        
Basic  19,526,000   18,806,000 
Diluted  19,679,000   19,029,000 

CorVel Corporation
Quarterly Results – Condensed Balance Sheet
March 31, 2017 (audited) and December 31, 2017 (unaudited)

  March 31, 2017  December 31, 2017 
Cash  $28,611,000   $53,593,000 
Customer deposits  32,471,000   41,900,000 
Accounts receivable, net  62,841,000   63,487,000 
Prepaid taxes and expenses  4,944,000   7,610,000 
Property, net  63,042,000   63,657,000 
Goodwill and other assets  43,474,000   41,748,000 
Total  $235,383,000   $271,995,000 
Accounts and taxes payable  $16,583,000   $16,907,000 
Accrued liabilities  73,468,000   92,968,000 
Deferred tax liability  6,686,000   1,940,000 
Paid-in capital  135,686,000   141,669,000 
Treasury stock  (419,802,000)  (430,988,000)
Retained earnings  422,762,000   449,499,000 
Total  $235,383,000   $271,995,000 


CONTACT: Contact: Stefani P. Wendel Phone: 949-851-1473 http://www.corvel.comGlobeNewswire

Last updated on: 30/01/2018

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