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CorVel Announces Record Earnings

IRVINE, Calif., June 10 /PRNewswire-FirstCall/ -- CorVel Corporation (Nasdaq: CRVL) reported record earnings per share of $0.44 for the quarter ended March 31, 2008, up from $0.37 in the same quarter of the prior year. For the fiscal year ended March 31, 2008 earnings were $1.67 per share compared to fiscal 2007 earnings of $1.30 per share. Results in the quarter reflected continued strong medical review results.

The Company reported quarterly revenues of $77 million, up from prior year quarterly revenues of $71 million. For the fiscal year ended March 31, 2008, revenues were $302 million, representing a 10% increase from the $275 million in revenues achieved in fiscal 2007. The Company's introduction of full service workers compensation solutions contributed significantly to the improvement in annual sales and profit results.

CorVel's launch of full service claims solutions, branded Enterprise Comp(R), has reached a phase where national services are available throughout the Company's nationwide branch office network. In addition, the Company has added claims management for auto and general liability claims. Recent efforts have been focused upon continued claims management additions to the Company's CareMC web portal. Enterprise Comp's ability to integrate managed care and claims management services is expected to deliver unique savings results for employers.

Investments in the Company's systems and software infrastructure have been increased to support the national expansion of Enterprise Comp. During the coming year the Company expects to continue expanding the use of the artificial intelligence tools which have contributed successfully to the Company's medical review services.

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, auto and disability management insurance markets. The Company provides networks of preferred providers, claims administration, 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, 2007. 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 Years Ended March 31, 2007 and 2008

Quarter Ended Quarter Ended

March 31, 2007 March 31, 2008

Revenues 70,910,000 77,368,000

Cost of revenues 53,330,000 56,538,000

Gross profit 17,580,000 20,830,000

General and administrative 8,911,000 10,661,000

Income from operations 8,669,000 10,169,000

Income tax expense 3,381,000 3,965,000

Net income 5,288,000 6,204,000

Earnings Per Share:

Basic $0.38 $0.45

Diluted $0.37 $0.44

Weighted Shares

Basic 14,009,000 13,758,000

Diluted 14,305,000 13,958,000

Fiscal Year Ended Fiscal Year Ended

March 31, 2007 March 31, 2008

Revenues 274,581,000 301,894,000

Cost of revenues 208,746,000 223,829,000

Gross profit 65,835,000 78,065,000

General and administrative 35,383,000 39,720,000

Income from operations 30,452,000 38,345,000

Income tax expense 11,876,000 14,961,000

Net income 18,576,000 23,384,000

Earnings Per Share:

Basic $1.32 $1.69

Diluted $1.30 $1.67

Weighted Shares

Basic 14,070,000 13,856,000

Diluted 14,268,000 14,036,000

CorVel Corporation

Quarterly Results - Condensed Balance Sheet

March 31, 2007 and March 31, 2008

March 31, 2007 March 31, 2008

Cash 15,020,000 17,911,000

Accounts receivable, net 41,027,000 39,164,000

Prepaid expenses and taxes 3,090,000 5,242,000

Deferred income taxes 5,150,000 6,753,000

Property, net 24,864,000 30,569,000

Goodwill and other assets 24,617,000 39,708,000

Total 113,768,000 139,347,000

Accounts and taxes payable 13,418,000 20,476,000

Accrued liabilities 15,851,000 16,473,000

Deferred tax liability 5,302,000 6,020,000

Paid in capital 75,557,000 80,222,000

Treasury stock -154,091,000 -162,302,000

Retained earnings 157,731,000 178,458,000

Total 113,768,000 139,347,000

SOURCE CorVel Corporation
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