CorVel Announces Revenues and Earnings

                    CorVel Announces Revenues and Earnings

PR Newswire

IRVINE, Calif., Jan. 29, 2013

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 $107million, 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
$317million. Earnings per share for the nine months ended December31, 2012
were $1.69. Earnings per share for the nine months ended December31, 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
March31, 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

Website: http://www.corvel.com
Contact: Heather H. Burnham, +1-949-851-1473, http://www.corvel.com
 
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