CorVel Announces Revenues and Earnings
IRVINE, Calif., June 02, 2016 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ:CRVL) announced the results for the quarter and fiscal year ended March 31, 2016. Revenues for the quarter ended March 31, 2016 were $128 million, an increase of $6 million or 5% from revenues of $122 million in the same quarter of the prior year. Earnings per share for the quarter ended March 31, 2016 were $0.34, an increase of 26% from the same quarter of the prior year.
Revenues for the fiscal year ended March 31, 2016 were $504 million and were $493 million for the same period of the prior year. Earnings per share for the fiscal year ended March 31, 2016 were $1.43 and were $1.37 in fiscal year ended March 31, 2015.
The Company continues to develop their My Care app for claimants. Currently in its third year of development, the app for injured workers helps put employees in control of their episode of care. Features of the app support the Company’s pharmacy management services, including a mobile pharmacy card that helps expedite prescription processing. Additional functionality includes concierge services such as appointment scheduling and payment status notifications. CorVel’s long term investments in systems development integrate the activities of payors, claimants, providers, and managed care activities in web-based, smart processing tools.
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, bill review 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, 2015 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2015, September 30, 2015 and December 31, 2015. 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 Fiscal Year Ended March 31, 2015 and March 31, 2016 | ||||
| Quarter Ended (unaudited) | March 31, 2015 | March 31, 2016 | ||
| Revenues | 122,195,000 | 128,294,000 | ||
| Cost of revenues | 99,521,000 | 101,849,000 | ||
| Gross profit | 22,674,000 | 26,445,000 | ||
| General and administrative | 13,616,000 | 15,812,000 | ||
| Income from operations | 9,058,000 | 10,633,000 | ||
| Income tax expense | 3,482,000 | 3,966,000 | ||
| Net income | 5,576,000 | 6,667,000 | ||
| Earnings Per Share: | ||||
| Basic | $ | 0.27 | $ | 0.34 |
| Diluted | $ | 0.27 | $ | 0.34 |
| Weighted Shares | ||||
| Basic | 20,325,000 | 19,581,000 | ||
| Diluted | 20,515,000 | 19,766,000 | ||
| Fiscal Year | Fiscal Year | |||
| Fiscal Year Ended | March 31, 2015 | March 31, 2016 | ||
| Revenues | 492,625,000 | 503,584,000 | ||
| Cost of revenues | 392,656,000 | 399,040,000 | ||
| Gross profit | 99,969,000 | 104,544,000 | ||
| General and administrative | 54,405,000 | 58,484,000 | ||
| Income from operations | 45,564,000 | 46,060,000 | ||
| Income tax expense | 16,974,000 | 17,535,000 | ||
| Net income | 28,590,000 | 28,525,000 | ||
| Earnings Per Share: | ||||
| Basic | $ | 1.38 | $ | 1.44 |
| Diluted | $ | 1.37 | $ | 1.43 |
| Weighted Shares | ||||
| Basic | 20,669,000 | 19,826,000 | ||
| Diluted | 20,890,000 | 20,004,000 | ||
| CorVel Corporation | ||||||||||||
| Quarterly Results - Condensed Balance Sheet | ||||||||||||
| March 31, 2015 and March 31, 2016 | ||||||||||||
| March 31, 2015 | March 31, 2016 | |||||||||||
| Cash | 25,516,000 | 32,779,000 | ||||||||||
| Customer deposits | 17,319,000 | 25,649,000 | ||||||||||
| Accounts receivable, net | 57,537,000 | 59,747,000 | ||||||||||
| Prepaid expenses and taxes | 11,675,000 | 4,933,000 | ||||||||||
| Property, net | 56,299,000 | 53,268,000 | ||||||||||
| Goodwill and other assets | 43,227,000 | 43,893,000 | ||||||||||
| Total | 211,573,000 | 220,269,000 | ||||||||||
| Accounts and taxes payable | 15,770,000 | 13,233,000 | ||||||||||
| Accrued liabilities | 58,318,000 | 67,182,000 | ||||||||||
| Deferred tax liability | 9,562,000 | 7,906,000 | ||||||||||
| Paid in capital | 123,443,000 | 130,468,000 | ||||||||||
| Treasury stock | -360,278,000 | -391,803,000 | ||||||||||
| Retained earnings | 364,758,000 | 393,283,000 | ||||||||||
| Total | 211,573,000 | 220,269,000 | ||||||||||
Contact: Heather H. Burnham Phone: 949-851-1473 http://www.corvel.com
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