CorVel Announces Second Quarter Revenues and Earnings
The Company reported quarterly revenues of $78 million, up from prior yearquarterly revenues of $74 million. For the six months ended September 30,2008, revenues were $156 million, representing a 6% increase from the $148million in revenues achieved in the same period of the prior year.
During the quarter the Company continued to expand its Enterprise Compworkers' compensation claims management solutions. Investments have been madein the expansion and strengthening of systems as well as in operationsstaffing. During the current quarter investments will be focused on theincorporation of artificial intelligence capabilities and workflow managementtools CorVel has in the past successfully introduced to its medical reviewservices.
In addition, CorVel's line of directed care networks continued to expand.These services include a growing line of diagnostic imaging, physical therapy,durable medical equipment, independent medical examinations and otherancillary services for workers' compensation claimants. The Company iscontinuing to add resources to the call centers, software and systemssupporting these services. The directed care networks provide preferredappointment scheduling assistance for claimants.
CorVel Corporation (http://www.corvel.com/) is a national provider ofleading-edge services and solutions in the field of disability management.CorVel specializes in applying information technology and e-commerceapplications to improve healthcare management in the workers' compensation,group health, auto and disability management insurance markets. The Companyprovides networks of preferred providers, claims administration, casemanagement, utilization management, and medical bill review to more than 2,000clients nationwide. Leveraging its commitment to flexibility and personalservice, CorVel delivers custom solutions for employers, insurers, third partyadministrators and government entities.
Safe Harbor Statement under the Private Securities Litigation Reform Actof 1995
All statements included in this press release, other than statements orcharacterizations of historical fact, are forward-looking statements. Theseforward-looking statements are based on the Company's current expectations,estimates and projections about the Company, management's beliefs, and certainassumptions made by the Company, and events beyond the Company's control, allof which are subject to change. Such forward-looking statements include, butare not limited to, statements relating to the Company's financial statementsand business. These forward-looking statements are not guarantees of futureresults and are subject to risks, uncertainties and assumptions that couldcause the Company's actual results to differ materially and adversely fromthose expressed in any forward-looking statement.
The risks and uncertainties referred to above include, but are not limitedto, factors described in this press release and the Company's filings with theSecurities and Exchange Commission, including "Risk Factors" in the Company'sAnnual Report on Form 10-K for the year ended March 31, 2008. Theforward-looking statements in this press release speak only as of the datethey are made. The Company undertakes no obligation to revise or updatepublicly any forward-looking statement for any reason.CorVel Corporation Quarterly Results - Income Statement (Unaudited) Quarter and Six Months Ended September 30, 2007 and 2008 Quarter Ended Quarter Ended Quarter ended September 30 September 30, 2007 September 30, 2008 Revenues 73,510,000 77,855,000 Cost of revenues 54,856,000 58,996,000 Gross profit 18,654,000 18,859,000 General and administrative 9,398,000 10,722,000 Income from operations 9,256,000 8,137,000 Income tax expense 3,624,000 3,173,000 Net income 5,632,000 4,964,000 Earnings Per Share: Basic $0.41 $0.36 Diluted $0.40 $0.36 Weighted Shares Basic 13,889,000 13,764,000 Diluted 14,062,000 13,960,000 Six months Six months Six months ended September September 30, 2007 September 30, 2008 Revenues 147,847,000 156,056,000 Cost of revenues 111,012,000 117,264,000 Gross profit 36,835,000 38,792,000 General and administrative 18,475,000 21,529,000 Income from operations 18,360,000 17,263,000 Income tax expense 7,167,000 6,732,000 Net income 11,193,000 10,531,000 Earnings Per Share: Basic $0.80 $0.76 Diluted $0.79 $0.75 Weighted Shares Basic 13,927,000 13,790,000 Diluted 14,111,000 14,003,000 CorVel Corporation Quarterly Results - Condensed Balance Sheet (Unaudited) March 31, 2008 and September 30, 2008 March 31, 2008 September 30, 2008 Cash 17,911,000 23,600,000 Accounts receivable, net 39,164,000 40,950,000 Prepaid expenses and taxes 5,242,000 5,648,000 Deferred income taxes 4,076,000 3,996,000 Property, net 30,569,000 30,209,000 Goodwill and other assets 43,613,000 45,163,000 Total 140,575,000 149,566,000 Accounts and taxes payable 20,475,000 18,797,000 Accrued liabilities 16,473,000 19,030,000 Deferred tax liability 7,249,000 7,245,000 Paid in capital 80,222,000 83,016,000 Treasury stock -162,302,000 -167,511,000 Retained earnings 178,458,000 188,989,000 Total 140,575,000 149,566,000
SOURCE CorVel Corporation
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