CorVel Announces Revenues and Earnings

IRVINE, Calif., Jan. 29, 2013 /PRNewswire/ -- CorVel Corporation (NASDAQ: CRVL) today announced the results for the quarter and nine months ended December 31, 2012.  Revenues for the quarter ended December 31, 2012 were a record $107 million, a 6% increase over revenues for the quarter ended December 31, 2011 of $101 million.  Earnings per share for the quarter ended December 31, 2012 were $0.53, an increase of 13% over the $0.47 earnings per share for the quarter ended December 31, 2011.

Revenue growth for the quarter over the prior year was driven by a 13% increase in the Company's Patient Management service line which offset a 1% decrease in its Network Solutions service line. The Patient Management service line includes traditional case management services and claims management services. Claims management growth included new customers as well as revenue from liability claims services.

Revenues for the nine months ended December 31, 2012 were a record $317 million.  Earnings per share for the nine months ended December 31, 2012 were $1.69. Earnings per share for the nine months ended December 31, 2011, were $1.84.

CorVel's full service workers' compensation solution, Enterprise Comp, continues to gain momentum with both brokers and employers.  The Company continues to expand investments in the further integration of various components of claims administration.  Liability management services now complement the Company's offerings in workers' compensation.  Healthcare inflation has raised interest in the Company's claims management and cost containment services, including CorVel's Pharmacy Benefit Management (PBM) program.

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 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, 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 December 31, 2011 and December 31, 2012










Quarter Ended December 31

 December 31, 2011

 December 31, 2012

Revenues 

101,381,000

107,287,000

Cost of revenues

80,155,000

85,553,000

Gross profit

21,226,000

21,734,000




General and administrative

12,332,000

11,710,000

Income from operations

8,894,000

10,024,000




Income tax expense

3,494,000

4,100,000

Net income

5,400,000

5,924,000




Earnings Per Share:



Basic

$0.47

$0.53

Diluted

$0.47

$0.53




Weighted Shares



Basic

11,421,000

11,117,000

Diluted

11,574,000

11,213,000










Nine months ended December 31

 December 31, 2011

 December 31, 2012

Revenues 

308,241,000

317,351,000

Cost of revenues

235,859,000

249,600,000

Gross profit

72,382,000

67,751,000




General and administrative

37,218,000

35,865,000

Income from operations

35,164,000

31,886,000




Income tax expense

13,685,000

12,736,000

Net income

21,479,000

19,150,000




Earnings Per Share:



Basic

$1.86

$1.70

Diluted

$1.84

$1.69




Weighted Shares



Basic

11,521,000

11,233,000

Diluted

11,677,000

11,338,000

 

CorVel Corporation

Quarterly Results - Condensed Balance Sheet (unaudited)

 March 31, 2012 and December 31, 2012








 March 31, 2012

 December 31, 2012

Cash

6,597,000

20,769,000

Customer deposits

5,816,000

8,169,000

Accounts receivable, net

49,334,000

43,377,000

Prepaid expenses and taxes

12,263,000

7,815,000

Deferred income taxes

7,237,000

7,493,000

Property, net

47,364,000

44,675,000

Goodwill and other assets

43,271,000

42,689,000

  Total

171,882,000

174,987,000




Accounts and taxes payable

12,773,000

13,785,000

Accrued liabilities

31,989,000

34,495,000

Deferred tax liability

16,738,000

16,738,000

Paid in capital

105,910,000

110,023,000

Treasury stock

-270,574,000

-294,250,000

Retained earnings 

275,046,000

294,196,000

 Total

171,882,000

174,987,000

 

SOURCE CorVel Corporation

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