CorVel Announces Revenues and Earnings
3 November 2020
IRVINE, Calif., Nov. 03, 2020 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced its results for the quarter ended September 30, 2020. Earnings per share for the quarter ended September 30, 2020 were 65 cents. Revenues for the period were $136 million. Earnings per share for the six months ended September 30, 2020 were $1.11 and revenues for the six months ended September 30, 2020 were $266 million. While global economic uncertainty remains, CorVel’s business fundamentals are sound and performed well during the quarter. In conjunction with robust year-to-date sales of new business, adjustments made to operational parameters in response to the pandemic contributed to strong cash flows. The pandemic has accelerated adoption of new technology and driven the Company’s digital strategy forward. CorVel was the first third-party administrator (TPA) to introduce a patient advocacy model coupled with telehealth more than five years ago. Over these last six months, CorVel has seen an exponential increase in telehealth usage, with a corresponding improvement in results achieved. The broader healthcare market continues to be important to CorVel’s overall results and future plans. While the healthcare market has experienced consolidation and a move towards internalizing payment integrity functions, CERiS has forged several additional long-term partnerships covering one-third of the covered lives in the U.S. These strategic alliances improve healthcare payment operations through innovative technology and generate cost savings by identifying and reducing inappropriate spending. 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 telehealth services and the Company’s continued investment in these and other innovative technologies, and statements relating to the Company’s strategic alliances within the healthcare market. 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, including the risk that the impact of the COVID-19 pandemic on our business, results of operations and financial condition is greater than our initial assessment. 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, 2020 and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020. 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
CorVel Corporation
Quarterly Results – Income Statement
Quarters and Six Months Ended September 30, 2020 (unaudited) and September 30, 2019 (unaudited)Quarter Ended September 30, 2020 September 30, 2019 Revenues $ 136,028,000 $ 146,970,000 Cost of revenues 105,525,000 114,127,000 Gross profit 30,503,000 32,843,000 General and administrative 15,560,000 16,593,000 Income from operations 14,943,000 16,250,000 Income tax provision 3,078,000 3,379,000 Net income $ 11,865,000 $ 12,871,000 Earnings Per Share: Basic $ 0.66 $ 0.70 Diluted $ 0.65 $ 0.69 Weighted Shares Basic 17,937,000 18,452,000 Diluted 18,174,000 18,771,000 Six Months Ended September 30, 2020 September 30, 2019 Revenues $ 265,628,000 $ 297,109,000 Cost of revenues 208,616,000 231,132,000 Gross profit 57,012,000 65,977,000 General and administrative 31,145,000 32,345,000 Income from operations 25,867,000 33,632,000 Income tax provision 5,700,000 7,354,000 Net income $ 20,167,000 $ 26,278,000 Earnings Per Share: Basic $ 1.12 $ 1.42 Diluted $ 1.11 $ 1.40 Weighted Shares Basic 17,960,000 18,488,000 Diluted 18,144,000 18,779,000
Quarterly Results – Condensed Balance Sheet
September 30, 2020 (unaudited) and March 31, 2020 (audited) September 30, 2020 March 31, 2020 Cash $ 106,082,000 $ 83,223,000 Customer deposits 52,570,000 48,991,000 Accounts receivable, net 73,095,000 65,767,000 Prepaid taxes and expenses 10,561,000 11,010,000 Property, net 71,980,000 75,900,000 Goodwill and other assets 39,792,000 40,703,000 Right-of-use asset, net 87,500,000 90,666,000 Total $ 441,580,000 $ 416,260,000 Accounts and taxes payable $ 13,309,000 $ 16,363,000 Accrued liabilities 135,768,000 117,326,000 Deferred tax liability 7,205,000 7,764,000 Long-term operating lease liabilities 82,898,000 85,096,000 Paid-in capital 175,900,000 168,938,000 Treasury stock (546,204,000 ) (531,764,000 ) Retained earnings 572,704,000 552,537,000 Total $ 441,580,000 $ 416,260,000 Contact: Melissa Storan Phone: 949-851-1473 http://www.corvel.com 
CorVel Announces Revenues and Earnings
4 August 2020
IRVINE, Calif., Aug. 04, 2020 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended June 30, 2020. Earnings per share for the quarter ended June 30, 2020 were 46 cents. Revenues for the period were $129.6 million. As much of CorVel’s business is tied to the volume of healthcare spending, the June quarter results reflect the reduction of elective surgeries and general physician care due to the pandemic. While business remains dynamic, transaction volumes increased incrementally each month. The quarter-ending cash balance was $94 million, an increase of $11 million from the end of the prior quarter. As the Company navigated COVID-19, delivering and expanding virtual care solutions experienced accelerated milestones in the June quarter. The Company’s ongoing investments in technology allowed CorVel to quickly respond to the market needs by scaling telehealth physician capabilities as well as expanding tele-rehab, mail-order prescriptions, and home delivery of durable medical equipment. During the quarter, the Company continued development of its integrated claims management platform, CareMC EdgeSM with the release of the Insights interface. The enhancement provides risk managers complete visibility into the details of their claims. CorVel’s use of machine learning technology is expanding as investments in emerging technologies increases. The work with artificial intelligence, machine learning, and natural language processing is expected to improve outcomes, quality and consistency. 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 telehealth and virtual care services and the Company’s continued investment in these and other innovative technologies, and statements relating to the Company’s stock repurchase program and the timing of entering into a Rule 10b5-1 stock trading plan. 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, including the risk that the impact of the COVID-19 pandemic on our business, results of operations and financial condition is greater than our initial assessment; and the amount and timing of any stock repurchases under the Company’s stock repurchase program, if any, and the Company’s ability to repurchase shares of its common stock and how those repurchased shares may be used. 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, 2020 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2019, September 30, 2019, and December 31, 2019. 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. Contact: Melissa Storan
CorVel Corporation
Quarterly Results – Income Statement
Quarters Ended June 30, 2020 (unaudited) and June 30, 2019 (unaudited)Quarter Ended June 30, 2020 June 30, 2019 Revenues $ 129,600,000 $ 150,139,000 Cost of revenues 103,091,000 117,005,000 Gross profit 26,509,000 33,134,000 General and administrative 15,585,000 15,752,000 Income from operations 10,924,000 17,382,000 Income tax provision 2,622,000 3,975,000 Net income $ 8,302,000 $ 13,407,000 Earnings Per Share: Basic $ 0.46 $ 0.72 Diluted $ 0.46 $ 0.71 Weighted Shares Basic 17,983,000 18,524,000 Diluted 18,114,000 18,787,000
CorVel Corporation
Quarterly Results – Condensed Balance Sheet
June 30, 2020 (unaudited) and March 31, 2020 (audited) June 30, 2020 March 31, 2020 Cash $ 94,111,000 $ 83,223,000 Customer deposits 52,689,000 48,991,000 Accounts receivable, net 67,469,000 65,767,000 Prepaid taxes and expenses 10,167,000 11,010,000 Property, net 74,360,000 75,900,000 Goodwill and other assets 39,963,000 40,703,000 Right-of-use asset, net 86,250,000 90,666,000 Total $ 425,009,000 $ 416,260,000 Accounts and taxes payable $ 16,618,000 $ 16,363,000 Accrued liabilities 121,917,000 117,326,000 Deferred tax liability 7,515,000 7,764,000 Long-term operating lease liabilities 80,867,000 85,096,000 Paid-in capital 171,415,000 168,938,000 Treasury stock (534,162,000 ) (531,764,000 ) Retained earnings 560,839,000 552,537,000 Total $ 425,009,000 $ 416,260,000
Phone: 949-851-1473
http://www.corvel.com
CorVel Announces Revenues and Earnings
27 May 2020
IRVINE, Calif., May 27, 2020 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and fiscal year ended March 31, 2020. Earnings per share for the quarter ended March 31, 2020 were $0.64; earnings per share were $0.63 in the same quarter of the prior year. Revenues for the quarter ended March 31, 2020 were $147 million, a decrease from revenues of $151 million in the same quarter of the prior year. Earnings per share for the fiscal year ended March 31, 2020 were $2.55, an increase of 3.7% from earnings per share of $2.46 for fiscal year ended March 31, 2019. Revenues for the fiscal year ended March 31, 2020 were $592 million, and were $596 million for the fiscal year ended March 31, 2019. The Company responded immediately to the COVID-19 pandemic, making required adjustments to reflect the reduced level of healthcare created by the lockdowns across the Country. CorVel has prioritized the physical wellbeing of its employees and uninterrupted service to customers through seamless transition to remote working, which in turn has impacted overall financial results. “These times are unprecedented, and as a company, we were forced to make difficult but necessary decisions at the onset of the pandemic, including an 8% reduction in force that began in the March quarter and continued through the June quarter in order to protect the company while maintaining operations and supporting our customers,” said Michael Combs, CorVel’s President and CEO. “CorVel is a lean, fiscally conservative organization with solid business fundamentals and a strong balance sheet. Our team, systems, and distributed environment position us well to meet the needs of our customers during this unusual time. We enter this period from a position of strength. CorVel has thrived over the last 30 years, regardless of external challenges. I would like to thank all of the CorVel team members for their significant efforts to maintain operations, support our customers and communities with adaptability and resilience over the last several months,” continued Combs. The Company is leveraging its expertise in technology and telehealth into expanded virtual services, with the goal of minimizing the spread of COVID-19 and of quickly identifying and safely treating all workers’ compensation cases. The Company’s Virtual Care platform, which includes telehealth, ancillary benefit, case management and pharmacy services is now fully integrated with our 24/7 nurse triage services. In an industry where immediate access to care and a team approach to patient management are of the utmost importance, this integration significantly reduces traditional delays in care, avoids duplicative efforts and allows for efficient coordination of treatment of the injured worker. The Virtual Care platform automates the integration of all medical notes, reports and documents in real time for the claims professional, customers and healthcare professionals. Through the Company’s directed care network injured workers can be promptly scheduled for virtual or onsite physical therapy, radiology services, and durable medical equipment. CorVel’s pharmacy services are coordinated with care management and can be delivered directly to patients at home. The Company's Virtual Care process provides industry leading connectivity from the onset of an injury through to return to work, allowing medical and claims professionals to achieve improved outcomes by focusing on the injured worker’s needs. 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 telehealth and virtual care services and the Company’s continued investment in these and other innovative technologies. 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, including the risk that the impact of the COVID-19 pandemic on our business, results of operations and financial condition is greater than our initial assessment. 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, 2019 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2019, September 30, 2019, and December 31, 2019. 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 CorVel Corporation Contact: Melissa Storan
Quarterly and Fiscal Results – Income Statement
Quarters and Fiscal Year Ended March 31, 2020 and March 31, 2019Quarter Ended March 31, 2020 March 31, 2019 Revenues $ 147,024,000 $ 151,084,000 Cost of revenues 116,333,000 118,472,000 Gross profit 30,691,000 32,612,000 General and administrative 15,865,000 16,462,000 Income from operations 14,826,000 16,150,000 Income tax provision 3,079,000 4,312,000 Net income $ 11,747,000 $ 11,838,000 Earnings Per Share: Basic $ 0.65 $ 0.64 Diluted $ 0.64 $ 0.63 Weighted Shares Basic 18,074,000 18,622,000 Diluted 18,325,000 18,855,000 Fiscal Year Ended March 31, 2020 March 31, 2019 Revenues $ 592,225,000 $ 595,740,000 Cost of revenues 466,304,000 470,931,000 Gross profit 125,921,000 124,809,000 General and administrative 65,210,000 63,296,000 Income from operations 60,711,000 61,513,000 Income tax provision 13,334,000 14,810,000 Net income $ 47,377,000 $ 46,703,000 Earnings Per Share: Basic $ 2.59 $ 2.48 Diluted $ 2.55 $ 2.46 Weighted Shares Basic 18,326,000 18,794,000 Diluted 18,602,000 19,008,000
Quarterly Results – Condensed Balance Sheet
March 31, 2020 and March 31, 2019 March 31, 2020 March 31, 2019 Cash $ 83,223,000 $ 91,713,000 Customer deposits 48,991,000 45,268,000 Accounts receivable, net 65,767,000 71,336,000 Prepaid taxes and expenses 11,010,000 7,176,000 Property, net 75,900,000 61,980,000 Goodwill and other assets 40,703,000 40,545,000 Right-of-use asset, net 90,666,000 — Total $ 416,260,000 $ 318,018,000 Accounts and taxes payable $ 16,363,000 $ 11,478,000 Accrued liabilities 117,326,000 105,441,000 Deferred tax liability 7,764,000 6,294,000 Long-term operating lease liabilities 85,096,000 — Paid-in capital 168,937,000 155,801,000 Treasury stock (531,763,000 ) (466,156,000 ) Retained earnings 552,537,000 505,160,000 Total $ 416,260,000 $ 318,018,000
Phone: 949-851-1473
http://www.corvel.com
CorVel Announces Revenues and Earnings
4 February 2020
IRVINE, Calif., Feb. 04, 2020 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended December 31, 2019. Revenues for the quarter ended December 31, 2019 were $148 million, an increase of 1.4% from revenues of $146 million in the same quarter of the prior year. Earnings per share for the quarter ended December 31, 2019 were $0.50, a decrease of 7.4% from earnings per share of $0.54 in the same quarter of the prior year. Revenues for the nine months ended December 31, 2018 and December 31, 2019 were $445 million. Earnings per share for the nine months ended December 31, 2019 were $1.91, an increase of 4.4% from earnings per share of $1.83 for the same period of the prior year. The Company’s continued investments in the ongoing digital transformation in healthcare leverages two of their most valuable assets, the vast volumes of data they manage and their proprietary systems. Through strategic interface enhancements and advanced algorithms, the Company is changing the role data plays within their systems. Their data-centric approach transitions data from being merely an output of business processes, to an active and dynamic participant through the application of advanced business intelligence. During the quarter, the Company’s enhancements to its integrated claims management platform, CareMC EdgeSM, continued to change the way data is captured and used. With the Company’s data-centric approach, information is used dynamically to generate recommendations for action, predict outcomes and facilitate additional data-driven and knowledge-enabled capabilities. 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, business intelligence, analytics and added functionality within 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, including the risk that the impact of the security incident on our business, results of operations and financial condition is greater than our initial assessment. 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, 2019 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2019 and September 30, 2019. 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 Nine Months Ended December 31, 2019 (unaudited) and December 31, 2018 (unaudited) Quarter Ended December 31, 2019 December 31, 2018 Revenues $ 148,092,000 $ 146,082,000 Cost of revenues 118,839,000 116,728,000 Gross profit 29,253,000 29,354,000 General and administrative 17,000,000 15,803,000 Income from operations 12,253,000 13,551,000 Income tax provision 2,901,000 3,253,000 Net income $ 9,352,000 $ 10,298,000 Earnings Per Share: Basic $ 0.51 $ 0.55 Diluted $ 0.50 $ 0.54 Weighted Shares Basic 18,253,000 18,758,000 Diluted 18,526,000 18,984,000 Nine Months Ended December 31, 2019 December 31, 2018 Revenues $ 445,200,000 $ 444,656,000 Cost of revenues 350,024,000 352,459,000 Gross profit 95,176,000 92,197,000 General and administrative 49,290,000 46,834,000 Income from operations 45,886,000 45,363,000 Income tax provision 10,256,000 10,498,000 Net income $ 35,630,000 $ 34,865,000 Earnings Per Share: Basic $ 1.94 $ 1.85 Diluted $ 1.91 $ 1.83 Weighted Shares Basic 18,410,000 18,852,000 Diluted 18,695,000 19,058,000 CorVel Corporation
Quarterly Results – Condensed Balance Sheet
December 31, 2019 (unaudited) and March 31, 2019 (audited) December 31, 2019 March 31, 2019 Cash $ 89,628,000 $ 91,713,000 Customer deposits 45,952,000 45,268,000 Accounts receivable, net 66,187,000 71,336,000 Prepaid taxes and expenses 8,785,000 7,176,000 Property, net 76,955,000 61,980,000 Right-of-use, net 93,541,000 — Goodwill and other assets 41,032,000 40,545,000 Total $ 422,080,000 $ 318,018,000 Accounts and taxes payable $ 20,659,000 $ 11,478,000 Accrued liabilities 115,066,000 105,441,000 Deferred tax liability 5,403,000 6,294,000 Long-term operating lease liabilities 87,587,000 — Paid-in capital 166,243,000 155,801,000 Treasury stock (513,668,000 ) (466,156,000 ) Retained earnings 540,790,000 505,160,000 Total $ 422,080,000 $ 318,018,000
Contact: Melissa Storan
Phone: 949-851-1473
http://www.corvel.com
CorVel Announces Revenues and Earnings
5 November 2019
IRVINE, Calif., Nov. 05, 2019 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended September 30, 2019. Earnings per share for the quarter ended September 30, 2019 were $0.69, an increase of 2.4% from earnings per share of $0.67 in the same quarter of the prior year. Revenues for the quarter ended September 30, 2019 were $147 million, a decrease of 0.8% from revenues of $148 million in the same quarter of the prior year. Earnings per share for the six months ended September 30, 2019 were $1.40, an increase of 8.5% from earnings per share of $1.29 for the same period of the prior year. Revenues for the six months ended September 30, 2019 were $297 million, a decrease of 0.5% from revenues of $299 million for the same period of the prior year. During the quarter, the Company made advancements in the functionality of its integrated claims management platform, CareMC EdgeSM, with the release of the Claims Oversight interface. This industry-leading feature provides stakeholders of a claim with a clear picture of the development of a claim throughout its lifecycle – in one comprehensive console. With the Claims Oversight interface, users are able to manage all claims activities, including medical data, next steps, financials and return to work. The goal is to modernize traditional claim reviews with real-time insight to empower claims professionals to take informed action and allow customers to review up-to-date information at any time, not just at pre-appointed quarterly or annual meetings. The Company also delivered an Activities Management interface during the quarter that facilitates the capture of essential patient claim information, which has historically been buried within narrative notes. This codification of critical information is consumed by the Company’s proprietary rules-based business intelligence engine, which generates and publishes real-time insights and actionable alerts to Case Management and Claims professionals and enables enhanced reporting for the Company’s Carrier and Employer clients. 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, business intelligence, analytics and added functionality within claims and case 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, including the risk that the impact of the security incident on our business, results of operations and financial condition is greater than our initial assessment. 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, 2019 and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019. 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 CorVel Corporation Contact: Melissa Storan
Quarterly Results – Income Statement
Quarters and Six Months Ended September 30, 2019 (unaudited) and September 30, 2018 (unaudited)Quarter Ended September 30, 2019 September 30, 2018 Revenues $ 146,970,000 $ 148,176,000 Cost of revenues 114,127,000 116,686,000 Gross profit 32,843,000 31,490,000 General and administrative 16,593,000 15,094,000 Income from operations 16,250,000 16,396,000 Income tax provision 3,379,000 3,607,000 Net income $ 12,871,000 $ 12,789,000 Earnings Per Share: Basic $ 0.70 $ 0.68 Diluted $ 0.69 $ 0.67 Weighted Shares Basic 18,452,000 18,877,000 Diluted 18,771,000 19,089,000 Six Months Ended September 30, 2019 September 30, 2018 Revenues $ 297,109,000 $ 298,574,000 Cost of revenues 231,132,000 235,731,000 Gross profit 65,977,000 62,843,000 General and administrative 32,345,000 31,031,000 Income from operations 33,632,000 31,812,000 Income tax provision 7,354,000 7,245,000 Net income $ 26,278,000 $ 24,567,000 Earnings Per Share: Basic $ 1.42 $ 1.30 Diluted $ 1.40 $ 1.29 Weighted Shares Basic 18,488,000 18,899,000 Diluted 18,779,000 19,095,000
Quarterly Results – Condensed Balance Sheet
September 30, 2019 (unaudited) and March 31, 2019 (audited) September 30, 2019 March 31, 2019 Cash $ 97,920,000 $ 91,713,000 Customer deposits 42,122,000 45,268,000 Accounts receivable, net 71,421,000 71,336,000 Prepaid taxes and expenses 7,623,000 7,176,000 Property, net 72,294,000 61,980,000 Right-of-use, net 94,379,000 — Goodwill and other assets 41,010,000 40,545,000 Total $ 426,769,000 $ 318,018,000 Accounts and taxes payable $ 19,657,000 $ 11,478,000 Accrued liabilities 113,284,000 105,441,000 Deferred tax liability 5,688,000 6,294,000 Long-term operating lease liabilities 87,324,000 — Paid-in capital 163,850,000 155,801,000 Treasury stock (494,472,000 ) (466,156,000 ) Retained earnings 531,438,000 505,160,000 Total $ 426,769,000 $ 318,018,000
Phone: 949-851-1473
http://www.corvel.com
CorVel Announces Revenues and Earnings
30 July 2019
IRVINE, Calif., July 30, 2019 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended June 30, 2019. Earnings per share for the quarter ended June 30, 2019 were $0.71, an increase of 15% from earnings per share of $0.62 in the same quarter of the prior year. Revenues for the quarter ended June 30, 2019 were $150.1 million, a decrease of 0.2% from revenues of $150.4 million in the same quarter of the prior year. The Company continues the development of its prospective claims management platform, CareMC EdgeSM, with new functionality deployed each quarter. The goal of the platform is to increase communication and collaboration among all stakeholders of a claim. During the quarter, enhancements were completed to facilitate robust routing and communication between Adjusters and the Pharmacy Benefit Management team, which allows for enhanced pharmacy eligibility and prescription prior authorizations to improve clinical outcomes. Integration of our bill review platform and CareMC EdgeSM, also progressed with a new comprehensive dashboard delivered to enhance inventory management and quality control. Product development for the quarter also included improvements to the Company's integrated claim intake model. During the quarter, telehealth integration was completed to simplify the interfaces utilized by our intake team when commencing initial care. Our investments in integration provides injured workers with a higher quality of care at the onset of the claim, while simultaneously reducing the total cost of the program for employers. After the end of the quarter, the Company discovered a security incident which impacted online systems and forced the Company to take those affected systems offline for a period of time. The Company discovered the threat in the early stages of the security incident which allowed for immediate initiation of their incident response plan and aided in the containment and eradication of the threat. Systems were largely offline for the week of July 22nd and at the time of this release the Company’s systems are incrementally coming back online. The Company rapidly addressed all associated issues, and ensured the trust and confidence of their customers was maintained through consistent communications about remediation efforts. While we anticipate that any such costs and delays would likely be incurred during our September quarter and would primarily impact the short and intermediate term, there can be no assurance of the ultimate impact of this attack on our business, results of the operations or financial condition. However, we do not believe, at this time, that this incident will have a long-term material adverse impact on our business, results of operations or financial condition. “Our mettle has been tested, and I am happy to report that the CorVel team has risen to the occasion,” said Michael Combs, CorVel's President and Chief Executive Officer. 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, business intelligence, analytics and customer onboarding within 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, including the risk that the impact of the security incident on our business, results of operations and financial condition is greater than our initial assessment. 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, 2019 and the Company’s Quarterly Reports on Form 10-Q for the quarters ended June 30, 2018, September 30, 2018 and December 31, 2018. 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. Contact: Melissa Storan CorVel Corporation Quarterly Results – Income Statement Quarters Ended June 30, 2019 (unaudited) and June 30, 2018 (unaudited) Quarter Ended June 30, 2019 June 30, 2018 Revenues $ 150,139,000 $ 150,398,000 Cost of revenues 117,005,000 119,045,000 Gross profit 33,134,000 31,353,000 General and administrative 15,752,000 15,937,000 Income from operations 17,382,000 15,416,000 Income tax provision 3,975,000 3,638,000 Net income $ 13,407,000 $ 11,778,000 Earnings Per Share: Basic $ 0.72 $ 0.62 Diluted $ 0.71 $ 0.62 Weighted Shares Basic 18,524,000 18,922,000 Diluted 18,787,000 19,102,000 CorVel Corporation Quarterly Results – Condensed Balance Sheet June 30, 2019 (unaudited) and March 31, 2019 (audited) June 30, 2019 March 31, 2019 Cash $ 104,425,000 $ 91,713,000 Customer deposits 43,667,000 45,268,000 Accounts receivable, net 66,842,000 71,336,000 Prepaid taxes and expenses 6,675,000 7,176,000 Property, net 68,208,000 61,980,000 Right-of-use, net 96,708,000 — Goodwill and other assets 41,339,000 40,545,000 Total $ 427,864,000 $ 318,018,000 Accounts and taxes payable $ 23,134,000 $ 11,478,000 Accrued liabilities 107,601,000 105,441,000 Deferred tax liability 5,988,000 6,294,000 Long-term operating lease liabilities 87,324,000 — Paid-in capital 160,525,000 155,801,000 Treasury stock (475,275,000 ) (466,156,000 ) Retained earnings 518,567,000 505,160,000 Total $ 427,864,000 $ 318,018,000
Phone: 949-851-1473
http://www.corvel.com