OREANDA-NEWS. CorVel Corporation (NASDAQ:CRVL) announced the results for the quarter ended June 30, 2016. Revenues for the quarter ended June 30, 2016 were $128.5 million and were $126.9 million in the same quarter of the prior year. Earnings per share for the quarter ended June 30, 2016 were $0.38 and were $0.34 for the same quarter of the prior year.

During the quarter the Company continued to see significant activity in its facility claim review service for the health market as payors face increasing pressure to help contain inflating medical costs as a result of the Affordable Care Act. The Company has a proprietary database of pricing information which provides unique reviews for facility reimbursement. With extensive experience in the workers’ compensation and private health markets, the Company has expanded sales activity into the Medicare market.

The Company continues its strategy of long term investments in its proprietary preferred provider network (PPO) and the surrounding infrastructure that supports its Network Solutions product line. Further enhancements were made to the provider look-up interface to better assist constituents’ access to care as well as to the Company’s robust provider portal that assists provider practices with their reimbursement processing. CorVel’s proprietary PPO allows the company’s clients more control over their managed care program, which can be an advantage in a highly competitive marketplace.

About CorVel

CorVel Corporation is a national provider of innovative workers’ compensation, auto, liability and health solutions for employers, third party administrators, insurance companies, and government agencies seeking to control costs and promote positive outcomes. We apply technology, intelligence, and a human touch throughout the risk management process so our clients can intervene early and often while being connected to the critical intelligence they need to proactively manage risk. With a robust technology platform at its core, our connected solution is delivered by a national team of associates who are committed to helping clients design and administer programs that meet their organization’s performance goals.

 

CorVel Corporation 
Quarterly Results - Income Statement
Quarters Ended June 30, 2015 (unaudited) and June 30, 2106 (unaudited)
 
       
Quarter Ended  June 30, 2015  June 30, 2016    
Revenues    126,939,000     128,459,000    
Cost of revenues   100,756,000     102,877,000    
Gross profit   26,183,000     25,582,000    
       
General and administrative   14,962,000     13,461,000    
Income from operations   11,221,000     12,121,000    
       
Income tax expense   4,321,000     4,630,000    
Net income   6,900,000     7,491,000    
       
Earnings Per Share:      
Basic $ 0.34   $ 0.38    
Diluted $ 0.34   $ 0.38    
       
Weighted Shares  
Basic   20,149,000     19,572,000    
Diluted   20,335,000     19,754,000    
       
       
 
CorVel Corporation 
Quarterly Results - Condensed Balance Sheet
March 31, 2016 (audited) and June 30, 2016 (unaudited)
       
       
   March 31, 2016  June 30, 2016  
Cash   32,779,000     36,234,000    
Customer deposits   25,649,000     24,510,000    
Accounts receivable, net   59,747,000     60,702,000    
Prepaid expenses and taxes   4,933,000     6,515,000    
Property, net   53,268,000     55,755,000    
Goodwill and other assets   43,893,000     43,728,000    
Total   220,269,000     227,444,000    
       
Accounts and taxes payable   13,233,000     18,016,000    
Accrued liabilities   67,182,000     61,162,000    
Deferred tax liability   7,906,000     7,712,000    
Paid in capital   130,468,000     133,230,000    
Treasury stock   -391,803,000     -393,450,000    
Retained earnings    393,283,000     400,774,000      
Total   220,269,000     227,444,000