CorVel: Date

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

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, January 31, 2017 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and nine months ended December 31, 2016. Revenues for the quarter ended December 31, 2016 were $128.4 million, up 3.6% from $123.9 million in the same quarter of the prior year. Earnings per share for the quarter ended December 31, 2016 were $0.36, up 7 % from $0.34 for the same quarter of the prior year.

Revenues for the nine months ended December 31, 2016 were $385.1 million, up 2.6% from $375.3 million in the same period of the prior year. Earnings per share for the nine months ended December 31, 2016 were $1.09.

Results for the quarter were driven by improvements across most lines of business.  The Company has streamlined product lines through the consolidation of operational functions to maximize effectiveness for enhanced service delivery. However staffing and adjusting to the new laws for time management continued to result in recruiting expenses and legal fees.

The Company is continuing its strategy of long term investments in systems infrastructure and information technology.  Payors in the workers’ compensation market continue to show growing interest in CorVel’s pioneering Enterprise Comp service offering.  Beginning with the launch of Telehealth nearly two years ago as part of its Immediate Intervention model for injured workers, the Company continues to improve the delivery of care.  Pursuing innovations in technology the Company strives to enhance patient access and advocacy, avoiding the congestion and conflict inherent within traditional legacy systems.

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 and systems investment strategies, healthcare delivery 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 and September 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 Nine Months Ended December 31, 2015 and December 31, 2016

Quarter Ended

123,891,000

128,403,000

Cost of revenues

98,659,000

102,826,000

Gross profit

25,232,000

25,577,000

General and administrative

14,501,000

14,134,000

Income from operations

10,731,000

11,443,000

Income tax provision

4,040,000

4,394,000

Net income

6,691,000

7,049,000

Earnings Per Share:

Diluted

Weighted Shares

19,673,000

19,426,000

19,852,000

19,549,000

375,290,000

385,081,000

297,191,000

308,010,000

78,099,000

77,071,000

42,672,000

42,239,000

35,427,000

34,832,000

13,568,000

13,340,000

21,859,000

21,492,000

19,908,000

19,526,000

20,083,000

19,679,000

Quarterly Results — Condensed Balance Sheet

March 31, 2016 (audited) and December 31, 2016 (unaudited)

32,779,000

38,809,000

Customer deposits

25,649,000

30,629,000

Accounts receivable, net

59,747,000

59,181,000

Prepaid taxes and expenses

4,933,000

6,933,000

Property, net

53,268,000

58,199,000

Goodwill and other assets

43,893,000

43,974,000

220,269,000

237,725,000

Accounts and taxes payable

13,233,000

16,003,000

Accrued liabilities

67,182,000

71,475,000

Deferred tax liability

7,906,000

7,246,000

Paid-in capital

130,468,000

135,154,000

Treasury stock

(391,803,000

(406,928,000

Retained earnings

393,283,000

414,775,000

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

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