Welcome!

News Feed Item

CorVel Announces Revenues and Earnings

IRVINE, Calif., Jan. 28, 2014 /PRNewswire/ -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended December 31, 2013. Revenues for the quarter ended December 31, 2013 were a record $121 million, a 13% increase over the $107 million in revenue in the quarter ended December 31, 2012. Earnings per share for the quarter ended December 31, 2013 were $0.41, a 56% increase over earnings per share of $0.26 for the same quarter of the prior year.

Revenues for the nine months ended December 31, 2013 were a record $359 million, a 13% increase over the $317 million in revenue in the nine months ended December 31, 2012. Earnings per share for the nine months ended December 31, 2013 were a record $1.22, a 44% increase over earnings per share of $0.84 for the same period of the prior year.

Revenue growth for the quarter was driven by a 12% increase in the Company's Patient Management service line and a 13% increase in its Network Solutions service line.  Patient Management services include traditional medical case management and claims administration services.  Revenue from claims administration services continues to grow at a rate in excess of 20%.  

The December quarter included expenses to expand CorVel's hospital line item bill review service it recently introduced to the health market.  The Company has a proprietary database of in-patient pricing information which provides unique reviews for hospital reimbursement.  CorVel is expanding the infrastructure to support this business including office space, recruiting and labor.

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, 2013 and the Company's Quarterly Report on Form 10Q for the quarters ended June 30, 2013 and September 30, 2013. 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, 2012 and December 31, 2013










Quarter Ended December 31

 December 31, 2012

 December 31, 2013

Revenues 

107,287,000

121,098,000

Cost of revenues

85,553,000

93,392,000

Gross profit

21,734,000

27,706,000




General and administrative

11,710,000

13,204,000

Income from operations

10,024,000

14,502,000




Income tax expense

4,100,000

5,727,000

Net income

5,924,000

8,775,000




Earnings Per Share:



Basic

$0.27

$0.42

Diluted

$0.26

$0.41




Weighted Shares



Basic

22,234,000

20,936,000

Diluted

22,426,000

21,256,000










Nine months ended December 31

 December 31, 2012

 December 31, 2013

Revenues 

317,351,000

358,570,000

Cost of revenues

249,600,000

276,626,000

Gross profit

67,751,000

81,944,000




General and administrative

35,866,000

38,270,000

Income from operations

31,885,000

43,674,000




Income tax expense

12,735,000

17,615,000

Net income

19,150,000

26,059,000




Earnings Per Share:



Basic

$0.85

$1.23

Diluted

$0.84

$1.22




Weighted Shares



Basic

22,466,000

21,157,000

Diluted

22,676,000

21,406,000
















CorVel Corporation



Quarterly Results - Condensed Balance Sheet (unaudited)

March 31, 2013 and December 31, 2013









 March 31, 2013

 December 31, 2013

Cash

19,822,000

32,746,000

Customer deposits

10,107,000

10,710,000

Accounts receivable, net

49,105,000

55,391,000

Prepaid expenses and taxes

7,418,000

5,146,000

Deferred income taxes

6,448,000

7,091,000

Property, net

46,584,000

49,671,000

Goodwill and other assets

42,898,000

42,136,000

  Total

182,382,000

202,891,000




Accounts and taxes payable

13,587,000

18,650,000

Accrued liabilities

39,168,000

47,019,000

Deferred tax liability

18,225,000

18,225,000

Paid in capital

110,927,000

116,438,000

Treasury stock

-301,301,000

-325,276,000

Retained earnings 

301,776,000

327,835,000

 Total

182,382,000

202,891,000

SOURCE CorVel Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
Organizations do not need a Big Data strategy; they need a business strategy that incorporates Big Data. Most organizations lack a road map for using Big Data to optimize key business processes, deliver a differentiated customer experience, or uncover new business opportunities. They do not understand what’s possible with respect to integrating Big Data into the business model.
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, will discuss some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he’ll go over some of the best practices for structured team migrat...
The session is centered around the tracing of systems on cloud using technologies like ebpf. The goal is to talk about what this technology is all about and what purpose it serves. In his session at 21st Cloud Expo, Shashank Jain, Development Architect at SAP, will touch upon concepts of observability in the cloud and also some of the challenges we have. Generally most cloud-based monitoring tools capture details at a very granular level. To troubleshoot problems this might not be good enough.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, will discuss how from store operations...
As people view cloud as a preferred option to build IT systems, the size of the cloud-based system is getting bigger and more complex. As the system gets bigger, more people need to collaborate from design to management. As more people collaborate to create a bigger system, the need for a systematic approach to automate the process is required. Just as in software, cloud now needs DevOps. In this session, the audience can see how people can solve this issue with a visual model. Visual models ha...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, will discuss how they bu...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
SYS-CON Events announced today that TidalScale, a leading provider of systems and services, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale has been involved in shaping the computing landscape. They've designed, developed and deployed some of the most important and successful systems and services in the history of the computing industry - internet, Ethernet, operating s...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., will introduce you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He will explore applications in several industries and discuss technologies that allow the deployment of advanced visualization solutions to the cloud.
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices – not doing so will be a path to eventual b...