IRVINE, Calif., Nov. 03, 2015 (GLOBE NEWSWIRE) — CorVel Corporation (NASDAQ:CRVL) announced the results for the quarter and six months ended September 30, 2015. Revenues for the quarter ended September 30, 2015 were $124.5 million and were $123.7 million in the same quarter of the prior year. Earnings per share for the quarter ended September 30, 2015 were $0.41 and were $0.37 for the same quarter of the prior year, an increase of 11%.

Revenues for the six months ended September 30, 2015 were $251.4 million and were $248.1 million in the same period of the prior year. Earnings per share for the six months ended September 30, 2015 were $0.75 and were $0.77 for the same period of the prior year.

During the quarter the Company announced the launch of telehealth services as part of its immediate intervention services model. The Company’s service offering will now include the ability to connect an injured worker with a doctor using a computer, tablet or phone. All data obtained through a telehealth visit is loaded into the Company’s claims management portal, making the information easily accessible for all constituents. Telehealth is another component of the CorVel eco-system that connects patients, healthcare professionals, claims professionals, employers and payors.

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. 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.

CorVel Corporation        
Quarterly Results – Income Statement  
Quarters Ended September 30, 2014 and 2015 (unaudited)  
 
       
Quarter Ended  September 30, 2014  September 30, 2015    
Revenues    123,714,000     124,460,000    
Cost of revenues   98,247,000     97,776,000    
Gross profit   25,467,000     26,684,000    
       
General and administrative   12,749,000     13,209,000    
Income from operations   12,718,000     13,475,000    
       
Income tax expense   4,835,000     5,208,000    
Net income   7,883,000     8,267,000    
       
Earnings Per Share:      
Basic $ 0.38   $ 0.42    
Diluted $ 0.37   $ 0.41    
       
Weighted Shares  
Basic   20,819,000     19,902,000    
Diluted   21,050,000     20,063,000    
       
       
CorVel Corporation  
Quarterly Results – Income Statement  
Six Months Ended September 30, 2014 and 2015 (unaudited)  
 
       
Six months ended  September 30, 2014  September 30, 2015    
Revenues    248,078,000     251,399,000    
Cost of revenues   194,911,000     198,532,000    
Gross profit   53,167,000     52,867,000    
       
General and administrative   26,954,000     28,171,000    
Income from operations   26,213,000     24,696,000    
       
Income tax expense   10,031,000     9,529,000    
Net income   16,182,000     15,167,000    
       
Earnings Per Share:      
Basic $ 0.78   $ 0.76    
Diluted $ 0.77   $ 0.75    
       
Weighted Shares  
Basic   20,877,000     20,026,000    
Diluted   21,130,000     20,199,000    
       
       
       
       
       
 
CorVel Corporation  
Quarterly Results – Condensed Balance Sheet  
March 31, 2015 (audited) and September 30, 2015 (unaudited)  
       
       
   March 31, 2015  September 30, 2015  
Cash   25,516,000     24,887,000    
Customer deposits   17,319,000     24,722,000    
Accounts receivable, net   57,537,000     59,225,000    
Prepaid expenses and taxes   11,675,000     6,470,000    
Deferred income taxes   7,181,000     7,580,000    
Property, net   56,299,000     54,647,000    
Goodwill and other assets   43,227,000     44,163,000    
  Total   218,754,000     221,694,000    
       
Accounts and taxes payable   15,770,000     15,499,000    
Accrued liabilities   58,318,000     61,853,000    
Deferred tax liability   16,743,000     16,743,000    
Paid in capital   123,443,000     126,727,000    
Treasury stock   -360,278,000     -379,053,000    
Retained earnings    364,758,000     379,925,000      
 Total   218,754,000     221,694,000    
       

 

CONTACT: Heather H. Burnham
Phone: 949-851-1473
http://www.corvel.com