TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
IRVINE, Calif., Nov. 01, 2016 -- CorVel Corporation (NASDAQ:CRVL) announced the results for the quarter and six months ended September 30, 2016. Revenues for the quarter ended September 30, 2016 were $128.2 million, up 3% from $124.5 million in the same quarter of the prior year. Earnings per share for the quarter ended September 30, 2016 were $0.35 and were $0.41 for the same quarter of the prior year.
Revenues for the six months ended September 30, 2016 were $256.7 million, up 2% from $251.4 million in the same period of the prior year. Earnings per share for the six months ended September 30, 2016 were $0.73 and were $0.75 for the same period of the prior year.
Revenue growth for the quarter was driven by a 13% increase in the Company’s claims management services. However staffing and adjusting to the new laws for time management resulted in recruiting expenses and legal fees. The Company is also experiencing extended sales cycles due to the economic uncertainty in the healthcare marketplace caused by the election and the evolving conditions under the Affordable Care Act.
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 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 quarter ended June 30, 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 | ||||||||
| Quarter and Six Months Ended September 30, 2015 and September 30, 2016 | ||||||||
| Quarter Ended | September 30, 2015 | September 30, 2016 | ||||||
| Revenues | 124,460,000 | 128,219,000 | ||||||
| Cost of revenues | 97,776,000 | 102,307,000 | ||||||
| Gross profit | 26,684,000 | 25,912,000 | ||||||
| General and administrative | 13,209,000 | 14,644,000 | ||||||
| Income from operations | 13,475,000 | 11,268,000 | ||||||
| Income tax expense | 5,208,000 | 4,316,000 | ||||||
| Net income | 8,267,000 | 6,952,000 | ||||||
| Earnings Per Share: | ||||||||
| Basic | $ | 0.42 | $ | 0.36 | ||||
| Diluted | $ | 0.41 | $ | 0.35 | ||||
| Weighted Shares | ||||||||
| Basic | 19,902,000 | 19,581,000 | ||||||
| Diluted | 20,063,000 | 19,733,000 | ||||||
| Six months ended | September 30, 2015 | September 30, 2016 | ||||||
| Revenues | 251,399,000 | 256,678,000 | ||||||
| Cost of revenues | 198,532,000 | 205,184,000 | ||||||
| Gross profit | 52,867,000 | 51,494,000 | ||||||
| General and administrative | 28,171,000 | 28,105,000 | ||||||
| Income from operations | 24,696,000 | 23,389,000 | ||||||
| Income tax expense | 9,529,000 | 8,946,000 | ||||||
| Net income | 15,167,000 | 14,443,000 | ||||||
| Earnings Per Share: | ||||||||
| Basic | $ | 0.76 | $ | 0.74 | ||||
| Diluted | $ | 0.75 | $ | 0.73 | ||||
| Weighted Shares | ||||||||
| Basic | 20,026,000 | 19,577,000 | ||||||
| Diluted | 20,199,000 | 19,743,000 | ||||||
| CorVel Corporation | ||||||||
| Quarterly Results - Condensed Balance Sheet | ||||||||
| March 31, 2016 (audited) and September 30, 2016 (unaudited) | ||||||||
| March 31, 2016 | September 30, 2016 | |||||||
| Cash | 32,779,000 | 40,862,000 | ||||||
| Customer deposits | 25,649,000 | 31,189,000 | ||||||
| Accounts receivable, net | 59,747,000 | 60,445,000 | ||||||
| Prepaid expenses and taxes | 4,933,000 | 6,201,000 | ||||||
| Property, net | 53,268,000 | 57,386,000 | ||||||
| Goodwill and other assets | 43,893,000 | 44,155,000 | ||||||
| Total | 220,269,000 | 240,238,000 | ||||||
| Accounts and taxes payable | 13,233,000 | 16,172,000 | ||||||
| Accrued liabilities | 67,182,000 | 70,439,000 | ||||||
| Deferred tax liability | 7,906,000 | 7,479,000 | ||||||
| Paid in capital | 130,468,000 | 134,424,000 | ||||||
| Treasury stock | -391,803,000 | -396,002,000 | ||||||
| Retained earnings | 393,283,000 | 407,726,000 | ||||||
| Total | 220,269,000 | 240,238,000 | ||||||
Contact: Heather H. Burnham Phone: 949-851-1473 http://www.corvel.com
