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CorVel Announces Revenues and Earnings

IRVINE, Calif., Jan. 28, 2014 /PRNewswire/ -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended December 31, 2013. Revenues for the quarter ended December 31, 2013 were a record $121 million, a 13% increase over the $107 million in revenue in the quarter ended December 31, 2012. Earnings per share for the quarter ended December 31, 2013 were $0.41, a 56% increase over earnings per share of $0.26 for the same quarter of the prior year.

Revenues for the nine months ended December 31, 2013 were a record $359 million, a 13% increase over the $317 million in revenue in the nine months ended December 31, 2012. Earnings per share for the nine months ended December 31, 2013 were a record $1.22, a 44% increase over earnings per share of $0.84 for the same period of the prior year.

Revenue growth for the quarter was driven by a 12% increase in the Company's Patient Management service line and a 13% increase in its Network Solutions service line.  Patient Management services include traditional medical case management and claims administration services.  Revenue from claims administration services continues to grow at a rate in excess of 20%.  

The December quarter included expenses to expand CorVel's hospital line item bill review service it recently introduced to the health market.  The Company has a proprietary database of in-patient pricing information which provides unique reviews for hospital reimbursement.  CorVel is expanding the infrastructure to support this business including office space, recruiting and labor.

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, 2013 and the Company's Quarterly Report on Form 10Q for the quarters ended June 30, 2013 and September 30, 2013. 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 December 31, 2012 and December 31, 2013










Quarter Ended December 31

 December 31, 2012

 December 31, 2013

Revenues 

107,287,000

121,098,000

Cost of revenues

85,553,000

93,392,000

Gross profit

21,734,000

27,706,000




General and administrative

11,710,000

13,204,000

Income from operations

10,024,000

14,502,000




Income tax expense

4,100,000

5,727,000

Net income

5,924,000

8,775,000




Earnings Per Share:



Basic

$0.27

$0.42

Diluted

$0.26

$0.41




Weighted Shares



Basic

22,234,000

20,936,000

Diluted

22,426,000

21,256,000










Nine months ended December 31

 December 31, 2012

 December 31, 2013

Revenues 

317,351,000

358,570,000

Cost of revenues

249,600,000

276,626,000

Gross profit

67,751,000

81,944,000




General and administrative

35,866,000

38,270,000

Income from operations

31,885,000

43,674,000




Income tax expense

12,735,000

17,615,000

Net income

19,150,000

26,059,000




Earnings Per Share:



Basic

$0.85

$1.23

Diluted

$0.84

$1.22




Weighted Shares



Basic

22,466,000

21,157,000

Diluted

22,676,000

21,406,000
















CorVel Corporation



Quarterly Results - Condensed Balance Sheet (unaudited)

March 31, 2013 and December 31, 2013









 March 31, 2013

 December 31, 2013

Cash

19,822,000

32,746,000

Customer deposits

10,107,000

10,710,000

Accounts receivable, net

49,105,000

55,391,000

Prepaid expenses and taxes

7,418,000

5,146,000

Deferred income taxes

6,448,000

7,091,000

Property, net

46,584,000

49,671,000

Goodwill and other assets

42,898,000

42,136,000

  Total

182,382,000

202,891,000




Accounts and taxes payable

13,587,000

18,650,000

Accrued liabilities

39,168,000

47,019,000

Deferred tax liability

18,225,000

18,225,000

Paid in capital

110,927,000

116,438,000

Treasury stock

-301,301,000

-325,276,000

Retained earnings 

301,776,000

327,835,000

 Total

182,382,000

202,891,000

SOURCE CorVel Corporation

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