The following excerpt is from the company's SEC filing.
2010 Main Street
Irvine, CA 92614
FOR IMMEDIATE RELEASE
Contact: Heather H. Burnham
CorVel Announces Revenues and Earnings
IRVINE, California, November 1, 2016 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 Companys 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.
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 organizations 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 Companys current expectations, estimates and projections about the Company,
managements beliefs, and certain assumptions made by the Company, and events beyond the Companys control, all of which are subject to change. Such forward-looking statements include, but are not limited to, statements relating to the Companys 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 Companys 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 Companys filings with the Securities and Exchange Commission, including but not limited to Risk Factors in the Companys Annual Report on Form 10-K for the year ended March 31, 2016 and the Companys 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.
Quarterly Results Income Statement
Quarter and Six Months Ended September 30, 2015 and September 30, 2016
Cost of revenues
General and administrative
Income from operations
Income tax expense
Earnings Per Share:
Six months ended
Quarterly Results Condensed Balance Sheet
March 31, 2016 (audited) and September 30, 2016 (unaudited)
Accounts receivable, net
Prepaid expenses and taxes
Goodwill and other assets
Accounts and taxes payable
Deferred tax liability
Paid in capital
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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