CorVel Announces Revenues and Earnings

IRVINE, Calif., Oct. 30, 2012 /PRNewswire/ -- CorVel Corporation (NASDAQ: CRVL) today announced the results for the quarter and six months ended September 30, 2012. Revenues for the quarter ended September 30, 2012 were a record $105 million.  Earnings per share for the quarter ended September 30, 2012 were $0.58. Earnings per share for the quarter ended September 30, 2011, were $0.68.

Revenues for the six months ended September 30, 2012 were a record $210 million.  Earnings per share for the six months ended September 30, 2012 were $1.16. Earnings per share for the six months ended September 30, 2011, were $1.37.

The Company ended the September quarter with over $20 million in cash.  During the past 12 months, the Company repurchased 403,000 shares of its common stock with cash flow available from operations.

The Company continues the expansion of investments in the Network Solutions service line which includes pharmacy management solutions.  Workers' compensation claims costs continue to increase and in particular pharmacy costs continue to inflate at rates well in excess of trends elsewhere in the economy.  CorVel is uniquely positioned in the marketplace to more effectively manage pharmacy costs due to the Company's integration with its bill review solution.  MedCheck®, the Company's medical bill review software, captures all prescription out of network transactions such as the rising occurrence of physician dispensing. These transactions are generally not managed via pharmacy benefit management (PBM) programs, which traditionally only track point of sale (POS) prescription purchases.  The company's ability to track and reduce the number of out of network transactions has demonstrated large savings for our clients.

About CorVel

CorVel Corporation is a national provider of industry-leading workers' compensation 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 to risk management so our clients can intervene early and often and be 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 and expansion of bill review and claims management services 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, 2012 and the Company's Quarterly Report on Form 10Q for the quarter ended June 30, 2012. 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 (unaudited)


Quarters ended September 30, 2011 and September 30, 2012







Quarter Ended

 September 30, 2011

 September 30, 2012

Revenues 

104,552,000

105,458,000

Cost of revenues

78,940,000

82,622,000

Gross profit

25,612,000

22,836,000




General and administrative

12,592,000

11,981,000

Income from operations

13,020,000

10,855,000




Income tax expense

5,139,000

4,225,000

Net income

7,881,000

6,630,000




Earnings Per Share:



Basic

$0.68

$0.59

Diluted

$0.68

$0.58




Weighted Shares



Basic

11,526,000

11,270,000

Diluted

11,672,000

11,376,000







Six months ended September 30

 September 30, 2011

 September 30, 2012

Revenues 

206,860,000

210,064,000

Cost of revenues

155,704,000

164,047,000

Gross profit

51,156,000

46,017,000




General and administrative

24,886,000

24,155,000

Income from operations

26,270,000

21,862,000




Income tax expense

10,191,000

8,636,000

Net income

16,079,000

13,226,000




Earnings Per Share:



Basic

$1.39

$1.17

Diluted

$1.37

$1.16




Weighted Shares



Basic

11,572,000

11,292,000

Diluted

11,729,000

11,401,000

 

CorVel Corporation



Quarterly Results - Condensed Balance Sheet (unaudited)

 March 31, 2012 and September 30, 2012









 March 31, 2012

 September 30, 2012

Cash

6,597,000

20,014,000

Customer deposits

5,816,000

7,311,000

Accounts receivable, net

49,334,000

48,747,000

Prepaid expenses and taxes

12,263,000

7,811,000

Deferred income taxes

7,237,000

7,389,000

Property, net

47,364,000

45,611,000

Goodwill and other assets

43,271,000

42,971,000

  Total

171,882,000

179,854,000




Accounts and taxes payable

12,773,000

11,400,000

Accrued liabilities

31,989,000

31,829,000

Deferred tax liability

16,738,000

16,738,000

Paid in capital

105,910,000

109,125,000

Treasury stock

-270,574,000

-277,510,000

Retained earnings 

275,046,000

288,272,000

 Total

171,882,000

179,854,000

 

SOURCE CorVel Corporation



RELATED LINKS
http://www.corvel.com

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.