Corvel Announces Revenues And Earnings

The following excerpt is from the company's SEC filing.

IRVINE, California, June 2, 2016 — 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 was $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 Ma rch 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 quarter 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.

Quarterly Results — Income Statement

Quarters and Fiscal Year Ended March 31, 2015 and March 31, 2016

Quarter Ended (unaudited)

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:

Diluted

Weighted Shares

20,325,000

19,581,000

20,515,000

19,766,000

March 31, 2015

March 31, 2016

492,625,000

503,584,000

392,656,000

399,040,000

99,969,000

104,544,000

54,405,000

58,484,000

45,564,000

46,060,000

16,974,000

17,535,000

28,590,000

28,525,000

20,669,000

19,826,000

20,890,000

20,004,000

Quarterly Results — Condensed Balance Sheet

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

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

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

a Material Definitive - Sept. 5, 2017

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