Exhibit 99.1
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| Date: November 3, 2015 | | | | 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, November 3, 2015 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and six months ended September 30, 2015. Revenues for the quarter ended September 30, 2015 were $124.5 million and were $123.7 million in the same quarter of the prior year. Earnings per share for the quarter ended September 30, 2015 were $0.41 and were $0.37 for the same quarter of the prior year, an increase of 11%.
Revenues for the six months ended September 30, 2015 were $251.4 million and were $248.1 million in the same period of the prior year. Earnings per share for the six months ended September 30, 2015 were $0.75 and were $0.77 for the same period of the prior year.
During the quarter the Company announced the launch of telehealth services as part of its immediate intervention services model. The Company’s service offering will now include the ability to connect an injured worker with a doctor using a computer, tablet or phone. All data obtained through a telehealth visit is loaded into the Company’s claims management portal, making the information easily accessible for all constituents. Telehealth is another component of the CorVel eco-system that connects patients, healthcare professionals, claims professionals, employers and payors.
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 quarter ended June 30, 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 Ended September 30, 2014 and 2015 (unaudited)
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| Quarter Ended | | September 30, 2014 | | | September 30, 2015 | |
Revenues | | | 123,714,000 | | | | 124,460,000 | |
Cost of revenues | | | 98,247,000 | | | | 97,776,000 | |
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Gross profit | | | 25,467,000 | | | | 26,684,000 | |
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General and administrative | | | 12,749,000 | | | | 13,209,000 | |
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Income from operations | | | 12,718,000 | | | | 13,475,000 | |
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Income tax expense | | | 4,835,000 | | | | 5,208,000 | |
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Net income | | | 7,883,000 | | | | 8,267,000 | |
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Earnings Per Share: | | | | | | | | |
Basic | | $ | 0.38 | | | $ | 0.42 | |
Diluted | | $ | 0.37 | | | $ | 0.41 | |
Weighted Shares | | | | | | | | |
Basic | | | 20,819,000 | | | | 19,902,000 | |
Diluted | | | 21,050,000 | | | | 20,063,000 | |
CorVel Corporation
Quarterly Results - Income Statement
Six Months Ended September 30, 2014 and 2015 (unaudited)
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| Six months ended | | September 30, 2014 | | | September 30, 2015 | |
Revenues | | | 248,078,000 | | | | 251,399,000 | |
Cost of revenues | | | 194,911,000 | | | | 198,532,000 | |
| | | | | | | | |
Gross profit | | | 53,167,000 | | | | 52,867,000 | |
| | | | | | | | |
General and administrative | | | 26,954,000 | | | | 28,171,000 | |
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Income from operations | | | 26,213,000 | | | | 24,696,000 | |
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Income tax expense | | | 10,031,000 | | | | 9,529,000 | |
| | | | | | | | |
Net income | | | 16,182,000 | | | | 15,167,000 | |
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Earnings Per Share: | | | | | | | | |
Basic | | $ | 0.78 | | | $ | 0.76 | |
Diluted | | $ | 0.77 | | | $ | 0.75 | |
Weighted Shares | | | | | | | | |
Basic | | | 20,877,000 | | | | 20,026,000 | |
Diluted | | | 21,130,000 | | | | 20,199,000 | |
CorVel Corporation
Quarterly Results - Condensed Balance Sheet
March 31, 2015 (audited) and September 30, 2015 (unaudited)
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| | | March 31, 2015 | | | September 30, 2015 | |
Cash | | | 25,516,000 | | | | 24,887,000 | |
Customer deposits | | | 17,319,000 | | | | 24,722,000 | |
Accounts receivable, net | | | 57,537,000 | | | | 59,225,000 | |
Prepaid expenses and taxes | | | 11,675,000 | | | | 6,470,000 | |
Deferred income taxes | | | 7,181,000 | | | | 7,580,000 | |
Property, net | | | 56,299,000 | | | | 54,647,000 | |
Goodwill and other assets | | | 43,227,000 | | | | 44,163,000 | |
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Total | | | 218,754,000 | | | | 221,694,000 | |
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Accounts and taxes payable | | | 15,770,000 | | | | 15,499,000 | |
Accrued liabilities | | | 58,318,000 | | | | 61,853,000 | |
Deferred tax liability | | | 16,743,000 | | | | 16,743,000 | |
Paid in capital | | | 123,443,000 | | | | 126,727,000 | |
Treasury stock | | | -360,278,000 | | | | -379,053,000 | |
Retained earnings | | | 364,758,000 | | | | 379,925,000 | |
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Total | | | 218,754,000 | | | | 221,694,000 | |
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