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 Burnham

Phone: 949-851-1473

http://www.corvel.com

CorVel Announces Revenues and Earnings

IRVINE, California, June 1, 2017— CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and fiscal year ended March 31, 2017. Revenues for the quarter ended March 31, 2017 were $134 million, an increase 4% from revenues of $128 million in the same quarter of the prior year. Earnings per share for the quarter ended March 31, 2017 were $0.42, an inc rease of 23% from earnings per share of $0.34 in the same quarter of the prior year.

Revenues for the fiscal year ended March 31, 2017 were $519 million and were $504 million for fiscal year ended March 31, 2016.   Earnings per share for the fiscal year ended March 31, 2017 were $1.51, an increase of 6% from earnings per share of $1.43 for fiscal year ended March 31, 2016.

The Company continues to invest in the development of its claims management platform, CareMC, for employers and carriers.  During the quarter, advances were made in user interfaces, consolidating information to facilitate actions and edits on each claim, increasing efficiencies and productivity.

The Return-to-Work module consolidates claimant information to shorten disability periods.  The Edge interface provides clients a single access point to streamline managed care processes, helping claims professionals quickly address their highest priority tasks.  These new features demonstrate the benefits derived by integrating various components of the workers’ compensation service continuum in real time.  

bout 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, 201

and the Company’s Quarterly Report on Form 10-Q for the quarter

ended June 30, 2016, September 30, 2016 and December 31, 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

Quarters and Fiscal Year Ended March 31, 2016 and March 31, 2017

Quarter Ended

March 31, 2016

March 31, 2017

128,294,000

133,605,000

Cost of revenues

101,849,000

105,884,000

Gross profit

26,445,000

27,721,000

General and administrative

15,812,000

15,004,000

Income from operations

10,633,000

12,717,000

Income tax provision

3,966,000

4,730,000

Net income

6,667,000

7,987,000

Earnings Per Share:

Diluted

Weighted Shares

19,581,000

19,094,000

19,766,000

19,243,000

503,584,000

518,686,000

399,040,000

413,894,000

104,544,000

104,792,000

58,484,000

57,243,000

46,060,000

47,549,000

17,535,000

18,070,000

28,525,000

29,479,000

19,826,000

19,418,000

20,004,000

19,570,000

Quarterly Results – Condensed Balance Sheet

32,779,000

28,611,000

Customer deposits

25,649,000

32,471,000

Accounts receivable, net

59,747,000

62,841,000

Prepaid taxes and expenses

4,933,000

4,944,000

Property, net

53,268,000

63,042,000

Goodwill and other assets

43,893,000

43,474,000

220,269,000

235,383,000

Accounts and taxes payable

13,233,000

16,583,000

Accrued liabilities

67,182,000

73,468,000

Deferred tax liability

7,906,000

6,686,000

Paid-in capital

130,468,000

135,686,000

Treasury stock

(391,803,000

(419,802,000

Retained earnings

393,283,000

422,762,000

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

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a Material Definitive - Sept. 5, 2017

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