CorVel Announces Revenues and Earnings

IRVINE, Calif., Oct. 29, 2013

Revenues for the six months ended September 30, 2013 were a record $237 million, a 13% increase over the $210 million in revenue in the six months ended September 30, 2012. Earnings per share for the six months ended September 30, 2013 were a record $0.80, a 39% increase over earnings per share of $0.58 for the same period of the prior year.

Revenue growth for the quarter was driven by a 12% increase in the Company's Patient Management service line and a 15% increase in its Network Solutions service line.  Patient Management services include traditional medical case management and claims administration services.  Revenue from claims management services continues to grow at a rate in excess of 20%.  

Included in Network Solutions revenue is the Company's proprietary hospital line item bill review service which is experiencing increased demand as health insurers respond to the Affordable Care Act.  CorVel's proprietary database of hospital chargemaster pricing information provides unique reviews of hospital reimbursement for both workers' compensation and health markets.  During the quarter the Company made investments to expand the operating capacity for this service.

During the quarter, the Company continued its stock repurchase plan by repurchasing 372,000 shares of stock at an average price of $33.42.  On an inception to date basis, the Company has repurchased approximately 32 million shares for $321 million. 

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.

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, including product investment strategies, bill review and claims management services. 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.