CORVEL CORPORATION 
By 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
