IRVINE, Calif., June 15 /PRNewswire-FirstCall/ -- CorVel Corporation (Nasdaq: CRVL) announced today that pursuant to Board of Directors approval, the Company entered into a pre-arranged stock trading plan on June 12, 2009, to repurchase shares of its common stock through a brokerage agreement.
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. The Company may purchase up to 250,000 shares of its common stock on the open market from time to time over a period of two months ending in late-August at prevailing prices, subject to market conditions and other factors.
These shares are included in the 13,150,000 shares previously authorized by the Company's Board of Directors to be repurchased. During the fiscal year ended March 31, 2009, the Company repurchased 995,000 shares of its common stock and has repurchased 12,683,000 shares since the inception of the repurchase plan through March 31, 2009. At March 31, 2009, the Company had 12,917,000 shares outstanding, net of shares repurchased.
CorVel Corporation (http://www.corvel.com/) 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 stock repurchase program and the entry into a Rule 10b5-1 plan. 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, 2009. 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|
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