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CorVel Announces Expansion to Share Buyback Program
Date:8/25/2009

IRVINE, Calif., Aug. 25 /PRNewswire-FirstCall/ -- CorVel Corporation (the "Company") (Nasdaq: CRVL) announced that the Company's Board of Directors has approved a 1,000,000 share expansion to its existing stock repurchase program, increasing the total number of shares approved for repurchase over the life of the program to 14,150,000 shares.

CorVel commenced its stock repurchase program in the fall of 1996. From the program's inception through June 30, 2009, the Company has spent $186 million to repurchase 12,712,419 shares, equal to approximately 50% of the outstanding common stock had there been no repurchases. These repurchases have been funded primarily from net earnings. CorVel had 12,920,776 shares of common stock, net of treasury shares, outstanding as of June 30, 2009.

The shares authorized to be repurchased under the expanded repurchase program may be purchased from time to time at prevailing market prices, through open market, block trade 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 repurchases at any time that management determines additional repurchases are not warranted. The repurchased shares may be used for general purposes, including issuance under the Company's stock option and employee stock purchase plans, although historically repurchased shares have remained in treasury.

The Company also announced that pursuant to Board of Directors approval, the Company entered into a pre-arranged stock trading plan on August 24, 2009 to repurchase shares of its common stock through November 18, 2009. The stock trading plan will be in accordance with guidelines specified under Rule 10b5-1 of
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SOURCE CorVel Corporation
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