Attached files

file filename
8-K - 8-K - CORVEL CORPcrvl-8k_20170601.htm

Exhibit 99.1

Date: June 1, 2017

 

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, June 1, 2017— CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and fiscal year ended March 31, 2017. Revenues for the quarter ended March 31, 2017 were $134 million, an increase 4% from revenues of $128 million in the same quarter of the prior year. Earnings per share for the quarter ended March 31, 2017 were $0.42, an increase of 23% from earnings per share of $0.34 in the same quarter of the prior year.

Revenues for the fiscal year ended March 31, 2017 were $519 million and were $504 million for fiscal year ended March 31, 2016.   Earnings per share for the fiscal year ended March 31, 2017 were $1.51, an increase of 6% from earnings per share of $1.43 for fiscal year ended March 31, 2016.

The Company continues to invest in the development of its claims management platform, CareMC, for employers and carriers.  During the quarter, advances were made in user interfaces, consolidating information to facilitate actions and edits on each claim, increasing efficiencies and productivity.

The Return-to-Work module consolidates claimant information to shorten disability periods.  The Edge interface provides clients a single access point to streamline managed care processes, helping claims professionals quickly address their highest priority tasks.  These new features demonstrate the benefits derived by integrating various components of the workers’ compensation service continuum in real time.  

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, 2016 and the Company’s Quarterly Report on Form 10-Q for the quarters 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-looking statement for any reason.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


CorVel Corporation
Quarterly Results – Income Statement

Quarters and Fiscal Year Ended March 31, 2016 and March 31, 2017

Quarter Ended

 

March 31, 2016

 

 

March 31, 2017

 

Revenues

 

 

128,294,000

 

 

 

133,605,000

 

Cost of revenues

 

 

101,849,000

 

 

 

105,884,000

 

Gross profit

 

 

26,445,000

 

 

 

27,721,000

 

General and administrative

 

 

15,812,000

 

 

 

15,004,000

 

Income from operations

 

 

10,633,000

 

 

 

12,717,000

 

Income tax provision

 

 

3,966,000

 

 

 

4,730,000

 

Net income

 

 

6,667,000

 

 

 

7,987,000

 

Earnings Per Share:

 

 

 

 

 

 

 

 

Basic

 

$

0.34

 

 

$

0.42

 

Diluted

 

$

0.34

 

 

$

0.42

 

Weighted Shares

 

 

 

 

 

 

 

 

Basic

 

 

19,581,000

 

 

 

19,094,000

 

Diluted

 

 

19,766,000

 

 

 

19,243,000

 

 

 

Fiscal Year Ended

 

March 31, 2016

 

 

March 31, 2017

 

Revenues

 

 

503,584,000

 

 

 

518,686,000

 

Cost of revenues

 

 

399,040,000

 

 

 

413,894,000

 

Gross profit

 

 

104,544,000

 

 

 

104,792,000

 

General and administrative

 

 

58,484,000

 

 

 

57,243,000

 

Income from operations

 

 

46,060,000

 

 

 

47,549,000

 

Income tax provision

 

 

17,535,000

 

 

 

18,070,000

 

Net income

 

 

28,525,000

 

 

 

29,479,000

 

Earnings Per Share:

 

 

 

 

 

 

 

 

Basic

 

$

1.44

 

 

$

1.52

 

Diluted

 

$

1.43

 

 

$

1.51

 

Weighted Shares

 

 

 

 

 

 

 

 

Basic

 

 

19,826,000

 

 

 

19,418,000

 

Diluted

 

 

20,004,000

 

 

 

19,570,000

 

 

 

 

 

 

 

 

 

 


CorVel Corporation
Quarterly Results – Condensed Balance Sheet

March 31, 2016 and March 31, 2017

 

 

March 31, 2016

 

 

March 31, 2017

 

Cash

 

 

32,779,000

 

 

 

28,611,000

 

Customer deposits

 

 

25,649,000

 

 

 

32,471,000

 

Accounts receivable, net

 

 

59,747,000

 

 

 

62,841,000

 

Prepaid taxes and expenses

 

 

4,933,000

 

 

 

4,944,000

 

Property, net

 

 

53,268,000

 

 

 

63,042,000

 

Goodwill and other assets

 

 

43,893,000

 

 

 

43,474,000

 

Total

 

 

220,269,000

 

 

 

235,383,000

 

Accounts and taxes payable

 

 

13,233,000

 

 

 

16,583,000

 

Accrued liabilities

 

 

67,182,000

 

 

 

73,468,000

 

Deferred tax liability

 

 

7,906,000

 

 

 

6,686,000

 

Paid-in capital

 

 

130,468,000

 

 

 

135,686,000

 

Treasury stock

 

 

(391,803,000

)

 

 

(419,802,000

)

Retained earnings

 

 

393,283,000

 

 

 

422,762,000

 

Total

 

 

220,269,000

 

 

 

235,383,000