Exhibit 99.1
Date: June 1, 2017 | | CorVel Corporation |
| | 2010 Main Street |
| | Suite 600 |
| | Irvine, CA 92614 |
| |
FOR IMMEDIATE RELEASE | | Contact: Heather Burnham |
| | Phone: 949-851-1473 |
| | http://www.corvel.com |
CorVel Announces Revenues and Earnings
IRVINE, California, June 1, 2017— CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and fiscal year ended March 31, 2017. Revenues for the quarter ended March 31, 2017 were $134 million, an increase 4% from revenues of $128 million in the same quarter of the prior year. Earnings per share for the quarter ended March 31, 2017 were $0.42, an increase of 23% from earnings per share of $0.34 in the same quarter of the prior year.
Revenues for the fiscal year ended March 31, 2017 were $519 million and were $504 million for fiscal year ended March 31, 2016. Earnings per share for the fiscal year ended March 31, 2017 were $1.51, an increase of 6% from earnings per share of $1.43 for fiscal year ended March 31, 2016.
The Company continues to invest in the development of its claims management platform, CareMC, for employers and carriers. During the quarter, advances were made in user interfaces, consolidating information to facilitate actions and edits on each claim, increasing efficiencies and productivity.
The Return-to-Work module consolidates claimant information to shorten disability periods. The Edge interface provides clients a single access point to streamline managed care processes, helping claims professionals quickly address their highest priority tasks. These new features demonstrate the benefits derived by integrating various components of the workers’ compensation service continuum in real time.
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, 2016 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2016, September 30, 2016 and December 31, 2016. 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 and Fiscal Year Ended March 31, 2016 and March 31, 2017
Quarter Ended | | March 31, 2016 | | | March 31, 2017 | |
Revenues | | | 128,294,000 | | | | 133,605,000 | |
Cost of revenues | | | 101,849,000 | | | | 105,884,000 | |
Gross profit | | | 26,445,000 | | | | 27,721,000 | |
General and administrative | | | 15,812,000 | | | | 15,004,000 | |
Income from operations | | | 10,633,000 | | | | 12,717,000 | |
Income tax provision | | | 3,966,000 | | | | 4,730,000 | |
Net income | | | 6,667,000 | | | | 7,987,000 | |
Earnings Per Share: | | | | | | | | |
Basic | | $ | 0.34 | | | $ | 0.42 | |
Diluted | | $ | 0.34 | | | $ | 0.42 | |
Weighted Shares | | | | | | | | |
Basic | | | 19,581,000 | | | | 19,094,000 | |
Diluted | | | 19,766,000 | | | | 19,243,000 | |
Fiscal Year Ended | | March 31, 2016 | | | March 31, 2017 | |
Revenues | | | 503,584,000 | | | | 518,686,000 | |
Cost of revenues | | | 399,040,000 | | | | 413,894,000 | |
Gross profit | | | 104,544,000 | | | | 104,792,000 | |
General and administrative | | | 58,484,000 | | | | 57,243,000 | |
Income from operations | | | 46,060,000 | | | | 47,549,000 | |
Income tax provision | | | 17,535,000 | | | | 18,070,000 | |
Net income | | | 28,525,000 | | | | 29,479,000 | |
Earnings Per Share: | | | | | | | | |
Basic | | $ | 1.44 | | | $ | 1.52 | |
Diluted | | $ | 1.43 | | | $ | 1.51 | |
Weighted Shares | | | | | | | | |
Basic | | | 19,826,000 | | | | 19,418,000 | |
Diluted | | | 20,004,000 | | | | 19,570,000 | |
CorVel Corporation
Quarterly Results – Condensed Balance Sheet
March 31, 2016 and March 31, 2017
| | March 31, 2016 | | | March 31, 2017 | |
Cash | | | 32,779,000 | | | | 28,611,000 | |
Customer deposits | | | 25,649,000 | | | | 32,471,000 | |
Accounts receivable, net | | | 59,747,000 | | | | 62,841,000 | |
Prepaid taxes and expenses | | | 4,933,000 | | | | 4,944,000 | |
Property, net | | | 53,268,000 | | | | 63,042,000 | |
Goodwill and other assets | | | 43,893,000 | | | | 43,474,000 | |
Total | | | 220,269,000 | | | | 235,383,000 | |
Accounts and taxes payable | | | 13,233,000 | | | | 16,583,000 | |
Accrued liabilities | | | 67,182,000 | | | | 73,468,000 | |
Deferred tax liability | | | 7,906,000 | | | | 6,686,000 | |
Paid-in capital | | | 130,468,000 | | | | 135,686,000 | |
Treasury stock | | | (391,803,000 | ) | | | (419,802,000 | ) |
Retained earnings | | | 393,283,000 | | | | 422,762,000 | |
Total | | | 220,269,000 | | | | 235,383,000 | |
