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, August 1, 2017 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended June 30, 2017. Revenues for the quarter ended June 30, 2017 were $138 million, an increase of 7% from revenues of $128 million in the same quarter of the prior year. Earnings per share for the quarter ended June 30, 2017 were $0.46, an increa se of 22% from earnings per share of $0.38 in the same quarter of the prior year.

Revenue growth for the quarter was driven by an increase in the Company’s claims management services.  Network Solutions, including Pharmacy Benefit Management (PBM) programs, also had improved results driven by CorVel’s value-added performance for clients.  Payors face increasing pressure to help contain inflating medical costs which has increased interest in the Company’s medical review and provider management services.

The Company recently announced the release of an advanced claims management workstation for the insurance carrier marketplace. The Edge is the latest enhancement from the Company’s integrated risk management system www.caremc.com. This adjustor workstation collects critical claims processing information in real time for integration with legacy claims platforms at workers’ compensation insurers.

CareMC Edge

represents the next generation of on demand information processing solutions for risk management. The Company also released a new Return-to-Work module that helps claims professionals work together more easily and productively with clinical experts and employers to help injured employees return to the workplace sooner.

bout 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, 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-l

ooking statement for any reason.

Quarterly Results – Income Statement

Quarters Ended

(unaudited) and June 30, 2017 (unaudited)

Quarter Ended

June 30, 2016

June 30, 2017

128,459,000

137,612,000

Cost of revenues

102,877,000

108,829,000

Gross profit

25,582,000

28,783,000

General and administrative

13,461,000

14,629,000

Income from operations

12,121,000

14,154,000

Income tax provision

4,630,000

5,379,000

Net income

7,491,000

8,775,000

Earnings Per Share:

Diluted

Weighted Shares

19,572,000

18,811,000

19,754,000

19,000,000

Quarterly Results – Condensed Balance Sheet

March 31, 2016

(audited) a

March 31, 2017

28,611,000

35,009,000

Customer deposits

32,471,000

31,730,000

Accounts receivable, net

62,841,000

62,768,000

Prepaid taxes and expenses

4,944,000

4,906,000

Property, net

63,042,000

63,152,000

Goodwill and other assets

43,474,000

42,894,000

235,383,000

240,459,000

Accounts and taxes payable

16,583,000

20,679,000

Accrued liabilities

73,468,000

74,761,000

Deferred tax liability

6,686,000

6,358,000

Paid-in capital

135,686,000

138,113,000

Treasury stock

(419,802,000

(430,989,000

Retained earnings

422,762,000

431,537,000

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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