CorVel Announces Increases Stock Repurchase Plan from $34M to $35M Shares

CorVel Corporation

, reported that the Company's Board of Directors has approved a 1,000,000 share expansion to its existing stock repurchase plan, increasing the total number of shares approved for repurchase over the life of such plan to 35,000,000 shares from the previous limit of 34,000,000 shares.  Based upon the Company's closing price on November 11, this increase in the number of shares authorized to be repurchased over time would cost approximately $35 million.  As of September 30, 2015, the Company had $25 million in cash on the balance sheet and no debt. CorVel commenced its share repurchase program in the fall of 1996. Since its inception through September 30, 2015, the Company has spent $379 million to repurchase 33,552,190 shares, equal to 63% of the outstanding common stock had there been no repurchases.  The Company spent $18.8 million to repurchase 559,702 shares during the six months ended September 30, 2015, for an average price of $33.55 per share.   These purchases have been funded primarily from the net earnings of the Company. CorVel had 19,787,279 shares of common stock, net of treasury shares, outstanding as of September 30, 2015.