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CorVel Announces Revenues and Earnings


News provided by

CorVel Corporation

Feb 01, 2011, 06:15 ET

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IRVINE, Calif., Feb. 1, 2011 /PRNewswire/ -- CorVel Corporation (Nasdaq: CRVL) today announced earnings per share of $0.56 for the quarter ended December 31, 2010, a 4% increase compared to $0.54 in the same quarter of the prior fiscal year.  Earnings per share for the nine months ended December 31, 2010 were $1.82, a 20% increase over the $1.52 earnings per share for the nine months ended December 31, 2009.  The Company reported quarterly revenues of $95.3 million, a 10% increase compared to $86.6 million in the same quarter of the prior fiscal year.  Revenues for the nine months ended December 31, 2010 were $280.2 million, a 12% increase over the $250.4 million for the nine months ended December 31, 2009.  

The revenue growth for the current quarter was led by a 12% growth in its Network Solutions product line and an 8% increase in the Company's Patient Management service line.  Network Solutions growth was driven by increased transaction volume in the Company's medical bill review product, as well as increasing growth in the Pharmacy Management and Directed Care product lines.  The Patient Management service line includes traditional Case Management services and Claims Management.  Claims Management benefited from the implementation of new clients and the Company's continual investment in workflow processing to increase efficiencies while helping clients to control medical and indemnity costs.  

About CorVel

CorVel Corporation is a national provider of leading-edge services and solutions in the field of disability management. CorVel specializes in applying information technology and e-commerce applications to improve outcomes in the workers' compensation, group health, auto and disability management insurance markets. The Company provides claims management solutions in addition to networks of preferred providers, case management, utilization management and medical bill review to more than 2,000 clients nationwide. Leveraging its commitment to flexibility and personal service, CorVel delivers custom solutions for employers, insurers, third party administrators and government entities.  

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, product investment strategies and expansion of pharmacy solutions and directed care product lines. 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, 2010 and the Company's Quarterly Report on Form 10-Q for the quarters ended June 30, 2010 and September 30, 2010. 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.

http://www.corvel.com

CorVel Corporation

Quarterly Results - Income Statement (Unaudited)

Three and Nine Months Ended December 31, 2009 and 2010





Three Months Ended

Three Months Ended


December 31, 2009

December 31, 2010

Revenues

$86,629,000

$95,282,000

Cost of revenues

64,823,000

71,461,000

Gross profit

21,806,000

23,821,000




General and administrative

10,713,000

12,425,000

Income from operations

11,093,000

11,396,000




Income tax expense

4,418,000

4,672,000

Net income

$6,675,000

$6,724,000




Earnings Per Share:



Basic

$0.55

$0.57

Diluted

$0.54

$0.56




Weighted Shares



Basic

12,237,000

11,749,000

Diluted

12,426,000

11,984,000











Nine Months Ended

Nine Months Ended


December 31, 2009

December 31, 2010

Revenues

$250,357,000

$280,177,000

Cost of revenues

186,602,000

209,314,000

Gross profit

63,755,000

70,863,000




General and administrative

31,369,000

38,082,000

Income from operations

32,386,000

32,781,000




Income tax expense

12,907,000

10,764,000

Net income

$19,479,000

$22,017,000




Earnings Per Share:



Basic

$1.54

$1.86

Diluted

$1.52

$1.82




Weighted Shares



Basic

12,640,000

11,855,000

Diluted

12,801,000

12,091,000

CorVel Corporation

Quarterly Results - Condensed Balance Sheet (Unaudited)

March 31, 2010 and December 31, 2010








March 31, 2010

December 31, 2010

Cash

$10,242,000

$15,769,000

Customer deposits

1,691,000

3,219,000

Accounts receivable, net

43,930,000

43,471,000

Prepaid expenses and taxes

6,419,000

4,109,000

Deferred income taxes

4,864,000

5,927,000

Property, net

30,026,000

36,720,000

Goodwill and other assets

43,196,000

43,738,000

 Total

$140,368,000

$152,953,000




Accounts and taxes payable

$14,495,000

$15,632,000

Accrued liabilities

25,455,000

30,724,000

Deferred tax liability

4,690,000

4,767,000

Paid in capital

90,220,000

97,085,000

Treasury stock

-218,323,000

-241,103,000

Retained earnings

223,831,000

245,848,000

 Total

$140,368,000

$152,953,000

SOURCE CorVel Corporation

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