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CorVel Announces Revenues and Earnings

IRVINE, Calif., June 4 /PRNewswire-FirstCall/ -- CorVel Corporation (Nasdaq: CRVL) reported earnings per share of $0.33 for the quarter ended March 31, 2009, compared to $0.44 in the same quarter of the prior year. For the fiscal year ended March 31, 2009 earnings were $1.42 per share compared to the prior fiscal year of $1.67 per share.

The Company reported quarterly revenues of $77 million, comparable to the prior year's March quarterly revenue of $77 million. For the fiscal year ended March 31, 2009, revenues were $310 million, representing a 2.7% increase from the $302 million in revenues achieved in the prior fiscal year.

During the March quarter and throughout fiscal 2009, the Company has continued to expand its workers' compensation claims management solutions. During the March quarter, CorVel completed the acquisition of a third party administrator (TPA) in New York, the Company's third acquisition in its TPA expansion effort. Software development efforts have been focused on the incorporation of artificial intelligence capabilities and workflow management tools in to the claims management systems in order to enable CorVel's unique process.

Also in the March quarter, the company continued its Medicare Agent Services initiative. Recent legislation has expanded the definition of the administrative requirements designed to protect the Medicare system from medical expenses considered the primary obligation of private sector plans, including insured and self-insured workers' compensation, liability and no fault plans. These new regulations include a provision that requires claims with the potential to be covered under the Centers for Medicare/Medicaid Services (CMS) regulations to be communicated to the Coordination of Benefits Contractor either directly by parties at risk or by their "Agent". The Act emphasizes positive enforcement of protection and recovery measures for CMS with respect to all classes of casualty claims.

CorVel is currently assisting clients to comply with new CMS reporting legislation. As an assigned Agent, CorVel will provide services for Responsible Reporting Entities (RRE) such as insurers, third party administrators and employers. As an experienced information processing provider, CorVel will electronically submit files to the CMS in compliance with timelines and reporting requirements. Such activities reflect the growing volume of electronic activity in healthcare records processing and leverage the Company's longstanding investment in related information processing facilities and software.

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 results of operations and the benefits of its growth and investment strategies. 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.

    CorVel Corporation
    Quarterly Results - Income Statement
    Quarters and Fiscal Years Ended March 31, 2008 and 2009

                                            Quarter Ended     Quarter Ended
                                            March 31, 2008    March 31, 2009
                                           ---------------   ---------------
    Revenues                                  77,368,000        77,058,000
    Cost of revenues                          56,538,000        59,770,000
                                              ----------        ----------
    Gross profit                              20,830,000        17,288,000
                                              ----------        ----------

    General and administrative                10,661,000        10,308,000
                                              ----------        ----------
    Income from operations                    10,169,000         6,980,000
                                              ----------         ---------

    Income tax expense                         3,965,000         2,738,000
                                               ---------         ---------
    Net income                                 6,204,000         4,242,000
                                               =========         =========

    Earnings Per Share:
    Basic                                          $0.45             $0.33
    Diluted                                        $0.44             $0.33

    Weighted Shares
    Basic                                     13,758,000        12,935,000
    Diluted                                   13,958,000        13,037,000

                                          Fiscal Year Ended Fiscal Year Ended
                                            March 31, 2008    March 31, 2009
                                           ---------------   ---------------
    Revenues                                 301,894,000       310,076,000
    Cost of revenues                         223,829,000       236,334,000
                                             -----------       -----------
    Gross profit                              78,065,000        73,742,000
                                              ----------        ----------

    General and administrative                39,720,000        42,133,000
                                              ----------        ----------
    Income from operations                    38,345,000        31,609,000
                                              ----------        ----------

    Income tax expense                        14,961,000        12,332,000
                                              ----------        ----------
    Net income                                23,384,000        19,277,000
                                              ==========        ==========

    Earnings Per Share:
    Basic                                          $1.69             $1.43
    Diluted                                        $1.67             $1.42

    Weighted Shares
    Basic                                     13,856,000        13,458,000
    Diluted                                   14,036,000        13,620,000

    CorVel Corporation
    Quarterly Results - Condensed Balance Sheet
    March 31, 2008 and March 31, 2009

                                            March 31, 2008    March 31, 2009
                                           ---------------   ---------------
    Cash                                      17,911,000        14,681,000
    Accounts receivable, net                  39,164,000        41,249,000
    Prepaid expenses and taxes                 5,242,000         4,841,000
    Deferred income taxes                      4,076,000         4,531,000
    Property, net                             30,569,000        29,790,000
    Goodwill and other assets                 43,613,000        46,117,000
                                              ----------        ----------
      Total                                  140,575,000       141,209,000
                                             ===========       ===========

    Accounts and taxes payable                20,475,000        19,015,000
    Accrued liabilities                       16,473,000        18,653,000
    Deferred tax liability                     7,249,000         7,244,000
    Paid in capital                           80,222,000        84,324,000
    Treasury stock                          -162,302,000      -185,762,000
    Retained earnings                        178,458,000       197,735,000
                                             -----------       -----------
      Total                                  140,575,000       141,209,000
                                             ===========       ===========

SOURCE CorVel Corporation
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