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CorVel Announces Record Earnings Per Share

IRVINE, Calif., Feb. 5 /PRNewswire-FirstCall/ -- CorVel Corporation (Nasdaq: CRVL) reported record earnings per share of $0.43 for the quarter ended December 31, 2007, up 61% from the $0.27 earnings per share reported for the quarter ended December 2006. The December 2007 quarter revenues were $76.7 million, up 15% from $66.6 million in the December quarter of 2006. Revenues and earnings for the December 2007 quarter reflected the Company's improving results in all product lines, as well as the current Enterprise Comp expansion.

The Enterprise Comp line of full service solutions in workers compensation continued to be well received in the market. This business group has been expanding its management team, integrating systems and continuing the five year effort CorVel has made to develop unique workflow tools for the management of workers compensation claims. Integration of these tools with CorVel's previously existing managed care software and services contributed to results improvements in the quarter.

December 2007 quarter results benefited from continuing improvements in medical bill review and preferred provider services (PPO) savings achieved for customers. The Company's specialty medical review businesses are expanding its services to the Accident & Health market. CorCare, CorVel's national workers compensation PPO, is expanding the access of its services by insurers, TPA's and other managed care vendors. Expansions to the breadth and depth of the CorCare PPO, further improved patient access.

The pace of business expansion, coupled with investments in the Company's systems infrastructure, has caused increases in expenses. During the December 2007 quarter the Company's data center moved most of its operations into a professionally managed, more secure "co-location" facility remote from the prior data center. These efforts continue CorVel's long-standing strategy of investment in the systems and communications technologies important to the Company's long term strategies. Although this has raised expenses in current quarters, the transition went smoothly and we believe accomplished the goal of increasing the security of customer service.

About CorVel

CorVel Corporation ( is a national provider of leading-edge services and solutions in the field of managed healthcare. 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, case management, utilization management, independent medical evaluations 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. Forward-looking statements can often be identified by words such as "believes," "continue," "expects," similar expressions, and variations or negatives of these words and include, but are not limited to, statements relating to the Company's financial statements, financial results, business expansion and benefits of acquisitions. 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 (unaudited)

Quarter ended December 31, 2006 and 2007

Quarter Ended Quarter Ended

December 31, December 31,

2006 2007

Revenues 66,580,000 76,678,000

Cost of revenues 51,048,000 56,279,000

Gross profit 15,532,000 20,399,000

General and administrative 9,263,000 10,584,000

Income from operations 6,269,000 9,815,000

Income tax expense 2,444,000 3,829,000

Net income 3,825,000 5,986,000

Earnings Per Share:

Basic $0.27 $0.43

Diluted $0.27 $0.43

Weighted Shares

Basic 14,026,000 13,813,000

Diluted 14,368,000 13,964,000

9 months ended 9 months ended

December 31, December 31,

2006 2007

Revenues 203,671,000 224,526,000

Cost of revenues 155,416,000 167,291,000

Gross profit 48,255,000 57,235,000

General and administrative 26,472,000 29,059,000

Income from operations 21,783,000 28,176,000

Income tax expense 8,495,000 10,996,000

Net income 13,288,000 17,180,000

Earnings Per Share:

Basic $0.94 $1.24

Diluted $0.93 $1.22

Weighted Shares

Basic 14,091,000 13,889,000

Diluted 14,255,000 14,062,000

CorVel Corporation

Quarterly Results -- Condensed Balance Sheet

March 31, 2007 (audited) and December 31, 2007 (unaudited)

March 31, December 31,

2007 2007

Cash 15,020,000 11,320,000

Accounts receivable, net 41,027,000 40,452,000

Prepaid expenses and taxes 3,090,000 3,508,000

Deferred income taxes 5,150,000 5,139,000

Property, net 24,864,000 30,844,000

Goodwill and other assets 24,617,000 39,118,000

Total 113,768,000 130,381,000

Accounts and taxes payable 13,418,000 14,243,000

Accrued liabilities 15,851,000 18,447,000

Deferred tax liability 5,302,000 6,113,000

Paid in capital 75,557,000 78,883,000

Treasury stock -154,091,000 -162,216,000

Retained earnings 157,731,000 174,911,000

Total 113,768,000 130,381,000

SOURCE CorVel Corporation
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