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CorVel Announces Revenues and Earnings

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IRVINE, Calif., May 31, 2018 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ:CRVL) announced the results for the quarter and fiscal year ended March 31, 2018. Revenues for the quarter ended March 31, 2018 were $144 million, an increase of 7.5% from revenues of $134 million in the same quarter of the prior year. Earnings per share for the quarter ended March 31, 2018 were $0.47, an increase of 12% from earnings per share of $0.42 in the same quarter of the prior year.

Revenues for the fiscal year ended March 31, 2018 were $558 million, up 7.5% from $519 million for fiscal year ended March 31, 2017. Earnings per share for the fiscal year ended March 31, 2018 were $1.87, an increase of 24% from earnings per share of $1.51 for fiscal year ended March 31, 2017.

The Company continues to invest in its claims management platform, specifically the CareMC Edge module, which gathers information from across the claims management continuum and presents prioritized actionable insights to claims professionals in a single interface. By consolidating all episode of care data in real time and subsequently running the information through a rules engine, the Edge can improve the support given to patients.

During the last quarter, advances in the Edge included improvements to the medical review module, new prescription functionality and the initial phase of the case management component. The application uses smart processing to prompt the best next steps to facilitate adjuster action and ultimately reduce the total cost of disability claims.

Efforts toward re-imagining the component processes for CorVel's disability management model also continued – including new patient intake processes, a new workflow tool and a new Return-to-Work process. 

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, 2018 and the Company's Quarterly Report on Form 10-Q for the quarters ended June 30, 2017, September 30, 2017 and December 31, 2017. 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, 2018 and March 31, 2017
             
Quarter Ended (unaudited)   March 31, 2018   March 31, 2017
Revenues     143,573,000       133,605,000  
Cost of revenues     116,424,000       105,884,000  
Gross profit     27,149,000       27,721,000  
General and administrative     15,554,000       15,004,000  
Income from operations     11,595,000       12,717,000  
Income tax provision     2,637,000       4,730,000  
Net income     8,958,000       7,987,000  
Earnings Per Share:            
Basic   $ 0.47     $ 0.42  
Diluted   $ 0.47     $ 0.42  
Weighted Shares            
Basic     18,881,000       19,094,000  
Diluted     19,081,000       19,243,000  
             
Fiscal Year Ended   March 31, 2018   March 31, 2017
Revenues     558,350,000       518,686,000  
Cost of revenues     451,097,000       413,894,000  
Gross profit     107,253,000       104,792,000  
General and administrative     59,350,000       57,243,000  
Income from operations     47,903,000       47,549,000  
Income tax provision     12,208,000       18,070,000  
Net income     35,695,000       29,479,000  
Earnings Per Share:            
Basic   $ 1.9     $ 1.52  
Diluted   $ 1.87     $ 1.51  
Weighted Shares            
Basic     18,825,000       19,418,000  
Diluted     19,042,000       19,570,000  
             
             
CorVel Corporation
Quarterly Results – Condensed Balance Sheet
March 31, 2018 and March 31, 2017
             
    March 31, 2018   March 31, 2017
Cash     55,771,000       28,611,000  
Customer deposits     35,496,000       32,471,000  
Accounts receivable, net     64,940,000       62,841,000  
Prepaid taxes and expenses     7,110,000       4,944,000  
Property, net     69,356,000       63,042,000  
Goodwill and other assets     41,331,000       43,474,000  
Total     274,004,000       235,383,000  
Accounts and taxes payable     13,453,000       16,583,000  
Accrued liabilities     84,536,000       73,468,000  
Deferred tax liability     4,839,000       6,686,000  
Paid-in capital     143,708,000       135,686,000  
Treasury stock     (430,989,000 )     (419,802,000 )
Retained earnings     458,457,000       422,762,000  
Total     274,004,000       235,383,000  
             


Contact: Stefani P. Wendel
Phone: 949-851-1473
http://www.corvel.com

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