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CorVel Announces Revenues and Earnings

1199 Days ago

IRVINE, Calif., Feb. 05, 2019 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended December 31, 2018. Revenues for the quarter ended December 31, 2018 were $146 million, an increase of 3.8% from revenues of $141 million in the same quarter of the prior year.

Earnings before taxes, for the quarter increased 34.5% from the December quarter of the prior year.  Earnings per share for the quarter ended December 31, 2018 were $0.54; an increase of 8.4% from the same quarter of the prior year.  The Federal tax change, passed in December of 2017, created a one-time tax rate reduction, the effects of which were reflected in the quarter ended December 31, 2017.

Revenues for the nine months ended December 31, 2018 were $445 million, an increase of 7.2% from revenues of $415 million in the same period of the prior year.  Earnings per share for the nine months ended December 31, 2018 were $1.83 and were $1.41 for the same period of the prior year.

The Company continues to invest in workflow and decision-making software tools which complement its full suite of services. During the quarter, the Company released a module within the EdgeSM workstation which leverages business analytics with integration of all claims data to present actionable prioritized insights. The release of this module offers complete program visibility, allowing clients to proactively manage their program and drive positive outcomes.

The Company also released its next generation of medical bill review software to each of its processing locations across the country. The enhanced platform harnesses emerging technologies which is essential for the Company to continue to set the standard for bill review results and savings. The Company’s bill review technology offers additional automation features, further improving the review process to provide greater efficiency and better outcomes for 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 and analytics within claims management services and additional automation within the Company’s bill review software. 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, 2018 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2018 and September 30, 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.

CorVel Corporation
2010 Main Street
Suite 600
Irvine, CA 92614

Contact: Melissa Storan
Phone: 949-851-1473

CorVel Corporation
Quarterly Results – Income Statement
Quarters and Nine Months Ended December 31, 2018 (unaudited) and December 31, 2017 (unaudited)

Quarter Ended   December   31, 2018     December   31, 2017  
Revenues   $ 146,082,000     $ 140,734,000  
Cost of revenues     116,728,000       115,165,000  
Gross profit     29,354,000       25,569,000  
General and administrative     15,803,000       15,496,000  
Income from operations     13,551,000       10,073,000  
Income tax provision     3,253,000       504,000  
Net income   $ 10,298,000     $ 9,569,000  
Earnings Per Share:                
Basic   $ 0.55     $ 0.51  
Diluted   $ 0.54     $ 0.50  
Weighted Shares                
Basic     18,758,000       18,849,000  
Diluted     18,984,000       19,121,000  

Nine Months Ended   December   31, 2018     December   31, 2017  
Revenues   $ 444,656,000     $ 414,777,000  
Cost of revenues     352,459,000       334,675,000  
Gross profit     92,197,000       80,102,000  
General and administrative     46,834,000       43,794,000  
Income from operations     45,363,000       36,308,000  
Income tax provision     10,498,000       9,571,000  
Net income   $ 34,865,000     $ 26,737,000  
Earnings Per Share:                
Basic   $ 1.85     $ 1.42  
Diluted   $ 1.83     $ 1.41  
Weighted Shares                
Basic     18,852,000       18,806,000  
Diluted     19,058,000       19,029,000  

CorVel Corporation
Quarterly Results – Condensed Balance Sheet
December 31, 2018 (unaudited) and March 31, 2018 (audited)

    December   31, 2018     March   31, 2018  
Cash   $ 96,483,000     $ 55,771,000  
Customer deposits     42,638,000       35,496,000  
Accounts receivable, net     62,430,000       64,940,000  
Prepaid taxes and expenses     8,471,000       7,110,000  
Property, net     62,868,000       69,356,000  
Goodwill and other assets     40,855,000       41,331,000  
Total   $ 313,745,000     $ 274,004,000  
Accounts and taxes payable   $ 15,263,000     $ 13,453,000  
Accrued liabilities     102,153,000       84,536,000  
Deferred tax liability     4,061,000       4,839,000  
Paid-in capital     152,526,000       143,708,000  
Treasury stock     (453,580,000 )     (430,989,000 )
Retained earnings     493,322,000       458,457,000  
Total   $ 313,745,000     $ 274,004,000  

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