Navigation Links
CorVel Announces Expanded Share Buyback

IRVINE, Calif., Sept. 17 /PRNewswire-FirstCall/ -- CorVel Corporation (Nasdaq: CRVL), reported that the Company's Board of Directors has approved a 1,000,000 share expansion to its existing stock repurchase plan, increasing the total number of shares approved for repurchase to 13,150,000.

CorVel commenced its share repurchase program in the fall of 1996. Since its inception through June 30, 2008, the Company has spent $166 million to repurchase 11,787,614 shares, equal to 46% of the outstanding common stock had there been no repurchases. These purchases have been funded primarily from net earnings. CorVel had 13,758,451 shares of common stock, net of treasury shares, outstanding as of June 30, 2008.

"CorVel continues to pursue expansion through both internal growth and acquisition. However, during periods when cash balances exceed internal needs, the Company will consider the repurchase of outstanding common stock," said Gordon Clemons, CorVel's Chairman.

The shares in the expanded repurchase program will be purchased from time to time at prevailing market prices, through open market or unsolicited negotiated transactions, depending upon market conditions. There is no guarantee as to the exact number of shares that will be repurchased by CorVel, and the Company may discontinue purchases at any time that management determines additional purchases are not warranted. The purchased shares will be used for general purposes, including issuance under the Company's stock option and stock purchase plans.

The Company also announced that pursuant to Board of Directors approval, the Company entered into a pre-arranged stock trading plan on September 16, 2008 to repurchase shares of its common stock. The stock trading plan will be in accordance with guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934 and consistent with CorVel Corporation's policies regarding stock transactions. Rule 10b5-1 allows public companies to adopt written, pre-arranged stock trading plans when they do not have material, non-public information in their possession.

About CorVel

CorVel Corporation ( is a national provider of leading-edge services and solutions in the field of disability management. CorVel specializes in applying information technology and e-commerce applications to improve healthcare management in the workers' compensation, group health, and auto and disability management insurance markets. The Company provides claims administration, preferred providers networks, case management, utilization management, and medical bill review to more than 2,000 clients nationwide. Leveraging its commitment to flexibility and personal service, CorVel delivers custom solutions for employers, insurers, third party administrators and government entities.

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 financial statements and business. 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 "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended March 31, 2008. 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.

SOURCE CorVel Corporation
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. CorVel Announces Record Earnings
2. CorVel Announces Appearance at Bank of America Health Care Conference
3. CorVel to Present at UBS Global Healthcare Services Conference
4. CorVel Announces Record Earnings Per Share
5. CorVel Corporation Announces Resumption of Stock Repurchases
6. Lucas Group Announces Their Military Hiring Conferences Schedule for September
7. Integrative Nutrition Announces Partnership with SUNY
8. iMedica Announces Agreement with Misys
9. Rivulet Communications Announces New Technical Advisory Board and Initial Board Appointments
10. PA Governor Rendell Announces Nearly $750,000 Investment in Nurse Education
11. Cell Therapeutics, Inc. Announces Single Institutional Investor to Purchase Up to $18 Million of Senior Convertible Notes
Post Your Comments:
(Date:11/30/2015)... ... November 30, 2015 , ... ... companies, announced today that it has officially launched a sleek, mobile-ready and user-centric ... that his company’s new website clearly outlines the benefits that its SEO services ...
(Date:11/30/2015)... Garden City, NY (PRWEB) , ... December 01, ... ... (NAPW) honors Christina Colon as a 2015-2016 inductee into its ... for leadership in pharmacy. NAPW is the nation’s leading networking organization exclusively for ...
(Date:11/30/2015)... ... December 01, 2015 , ... Live Very Well is ... insurance plans on . The multi-carrier insurance exchange platform offers individual ... allowing consumers to compare, quote and match plans to meet their needs. ...
(Date:11/30/2015)... ... November 30, 2015 , ... Stress, anxiety, illness, infection or even a need ... tumors? , Heather Spader, MD, a new pediatric neurosurgeon at Joe DiMaggio Children’s Hospital ... point to tumors. , “Bad headaches that don’t go away, that don’t ...
(Date:11/30/2015)... ... ... MOSI recently added two state-of-the-art augmented reality (AR) experiences from INDE Broadcast ... collection of interactive exhibits within the Kids In Charge! building. In collaboration with the ... closer than ever to a range of animals as they drink, sleep and play ...
Breaking Medicine News(10 mins):
(Date:11/30/2015)...  QT Vascular Ltd., together with its subsidiaries (the ... TriReme Medical LLC and Quattro Vascular Pte. Ltd., collectively ... assembly and distribution of advanced therapeutic solutions for the ... announce that a three-judge panel of the ... Federal Circuit ("Federal Circuit") has unanimously granted the Group ...
(Date:11/30/2015)... ) has ... Market 2015-2019" report to their offering. ... of the "Orphan Drugs Market 2015-2019" ... and Markets ( ) has announced the ... report to their offering. ...
(Date:11/30/2015)... -- IBA Molecular North America, Inc. (IBAMNA), a U.S. leader ... as of January 1, 2016, it will do business ... rebrand the company reflects a refined vision for the ... relationship with Zevacor Molecular.  Both IBAMNA and Zevacor Molecular ... Peter Burke , Vice President Sales and ...
Breaking Medicine Technology: