Attached files
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| 8-K - FORM 8-K - CORVEL CORP | a59934e8vk.htm |
Exhibit 99.1
NEWS RELEASE
Date: August 2, 2011
|
CorVel Corporation | |
| 2010 Main Street | ||
| Suite 600 | ||
| Irvine, CA 92614 | ||
FOR IMMEDIATE RELEASE
|
Contact: Heather H. Burnham | |
| Phone: 949-851-1473 | ||
| http://www.corvel.com |
CorVel Announces Revenues and Earnings
IRVINE, California, August 2, 2011 — CorVel Corporation (NASDAQ: CRVL) today announced the results
for the quarter ended June 30, 2011. Revenues for the quarter ended June 30, 2011 were a record
$102 million, a 12% increase over the $92 million in revenue in the June 2010 quarter. Net income
for the quarter was a record $8.2 million. Earnings per share for the quarter ended June 30, 2011
were a record $0.70, a 9% increase over the $.64 in the June 2010 quarter.
The revenue growth for the current quarter was driven by a balanced 12% increase in the Company’s
Patient Management service line and 12% growth in its Network Solutions product line. The Patient
Management service line includes traditional case management services and claims management. Claims
management growth included a strong sales momentum and the delivery of value added services
designed to reduce costs. Network Solutions growth included continued growth in ancillary
networks, including pharmacy and physical therapy.
Commenting on the announcement, Daniel Starck, CEO and President of CorVel Corporation said “We are
very pleased with our results. Seven straight quarters of double digit percentage growth as we
celebrate our 20th year on the NASDAQ is exciting and reflects the continued execution of our
strategy — delivering value to our clients.”
The Company continues to invest in information technology, including the development of mobile
applications. The Company’s goal is to improve the workers’ compensation experience for all
constituents through applications designed to reduce time delays in the claims process, and in
doing so, reduce the cost of risk. CorVel’s strategy is to provide real time functionality for
providers, payors, employers and claims professionals. Mobile computing can properly identify
patients to providers and coordinate the confirmation of insurance coverage and reimbursement.
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 the problem of disability management so our clients can intervene early and often and are
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, product investment strategies and expansion of
case management, claims administration, and bill review product lines. 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, 2011. 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 June 30, 2010 and 2011
Quarterly Results — Income Statement – Unaudited
Quarters Ended June 30, 2010 and 2011
| Quarter Ended | Quarter Ended | |||||||
| June 30, 2010 | June 30, 2011 | |||||||
Revenues |
91,503,000 | 102,307,000 | ||||||
Cost of revenues |
67,700,000 | 76,764,000 | ||||||
Gross profit |
23,803,000 | 25,543,000 | ||||||
General and administrative |
11,486,000 | 12,294,000 | ||||||
Income from operations |
12,317,000 | 13,249,000 | ||||||
Income tax expense |
4,557,000 | 5,051,000 | ||||||
Net income |
7,760,000 | 8,198,000 | ||||||
Earnings Per Share: |
||||||||
Basic |
$ | 0.65 | $ | 0.71 | ||||
Diluted |
$ | 0.64 | $ | 0.70 | ||||
Weighted Shares |
||||||||
Basic |
11,957,000 | 11,617,000 | ||||||
Diluted |
12,187,000 | 11,787,000 | ||||||
CorVel Corporation
Quarterly Results — Condensed Balance Sheet – Unaudited
March 31, 2011 and June 30, 2011
Quarterly Results — Condensed Balance Sheet – Unaudited
March 31, 2011 and June 30, 2011
| March 31, 2011 | June 30, 2011 | |||||||
Cash |
12,269,000 | 17,577,000 | ||||||
Customer deposit |
5,279,000 | 4,348,000 | ||||||
Accounts receivable, net |
48,964,000 | 48,813,000 | ||||||
Prepaid expenses and taxes |
6,417,000 | 6,659,000 | ||||||
Deferred income taxes |
9,298,000 | 9,485,000 | ||||||
Property, net |
38,500,000 | 42,148,000 | ||||||
Goodwill and other assets |
43,498,000 | 43,420,000 | ||||||
Total |
164,225,000 | 172,450,000 | ||||||
Accounts and taxes payable |
14,590,000 | 19,393,000 | ||||||
Accrued liabilities |
40,248,000 | 37,722,000 | ||||||
Deferred tax liability |
9,748,000 | 9,748,000 | ||||||
Paid in capital |
100,076,000 | 101,499,000 | ||||||
Treasury stock |
-248,931,000 | -252,604,000 | ||||||
Retained earnings |
248,494,000 | 256,692,000 | ||||||
Total |
164,225,000 | 172,450,000 | ||||||