CorVel (CRVL) 8-K CorVel Announces Revenues and Earnings

Exhibit 99.1

Date: October 28, 2014	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, October 28, 2014 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and six months ended September 30, 2014. Revenues for the quarter ended September 30, 2014 were $124 million, a 4% increase over the $119 million in revenue in the quarter ended September 30, 2013. Earnings per share for the quarter ended September 30, 2014 were $0.37 and were $0.41 for the same quarter of the prior year.

Revenues for the six months ended September 30, 2014 were $248 million, a 4% increase over the $237 million in revenue in the six months ended September 30, 2013. Earnings per share for the six months ended September 30, 2014 were $0.77 and were $0.80 for the same period of the prior year.

During the quarter, the Company released new applications for claimants and for healthcare professionals, each of which extended CorVel’s integrated workers’ compensation solution to an additional constituency in an episode of care. CorVel’s integrated service model is increasingly creating an ecosystem in which all stakeholders are connected in real time, streamlining additional aspects of the claims management process. Improving administrative efficiencies impacts the cost of healthcare and the ease with which patients can access service.

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, 2014 and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014. 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 September 30, 2013 and September 30, 2014

Quarter Ended	September 30, 2013		September 30, 2014
Revenues		119,359,000		123,714,000
Cost of revenues		92,039,000		98,247,000
Gross profit		27,320,000		25,467,000
General and administrative		12,224,000		12,749,000
Income from operations		15,096,000		12,718,000
Income tax expense		6,421,000		4,835,000
Net income		8,675,000		7,883,000
Earnings Per Share:
Basic	$	0.41	$	0.38
Diluted	$	0.41	$	0.37
Weighted Shares
Basic		21,138,000		20,819,000
Diluted		21,377,000		21,050,000
Six months ended	September 30, 2013		September 30, 2014
Revenues		237,472,000		248,078,000
Cost of revenues		183,234,000		194,911,000
Gross profit		54,238,000		53,167,000
General and administrative		25,066,000		26,954,000
Income from operations		29,172,000		26,213,000
Income tax expense		11,888,000		10,031,000
Net income		17,284,000		16,182,000
Earnings Per Share:
Basic	$	0.81	$	0.78
Diluted	$	0.80	$	0.77
Weighted Shares
Basic		21,267,000		20,877,000
Diluted		21,481,000		21,130,000

CorVel Corporation

Quarterly Results - Condensed Balance Sheet (unaudited)

March 31, 2014 and September 30, 2014

	March 31, 2014		September 30, 2014
Cash		34,866,000		28,162,000
Customer deposits		16,142,000		16,453,000
Accounts receivable, net		57,229,000		60,300,000
Prepaid expenses and taxes		5,862,000		6,883,000
Deferred income taxes		6,861,000		7,311,000
Property, net		51,253,000		52,625,000
Goodwill and other assets		42,268,000		42,679,000
Total		214,481,000		214,413,000
Accounts and taxes payable		18,465,000		14,188,000
Accrued liabilities		53,375,000		51,909,000
Deferred tax liability		16,119,000		16,119,000
Paid in capital		118,834,000		121,485,000
Treasury stock		-328,480,000		-341,638,000
Retained earnings		336,168,000		352,350,000
Total		214,481,000		214,413,000