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CorVel Announces Revenues and Earnings

IRVINE, Calif. Feb. 1, 2011 $0.56 December 31, 2010 $0.54 December 31, 2010 $1.82 $1.52 December 31, 2009 $95.3 million $86.6 million December 31, 2010 $280.2 million $250.4 million December 31, 2009

The revenue growth for the current quarter was led by a 12% growth in its Network Solutions product line and an 8% increase in the Company’s Patient Management service line.  Network Solutions growth was driven by increased transaction volume in the Company’s medical bill review product, as well as increasing growth in the Pharmacy Management and Directed Care product lines.  The Patient Management service line includes traditional Case Management services and Claims Management.  Claims Management benefited from the implementation of new clients and the Company’s continual investment in workflow processing to increase efficiencies while helping clients to control medical and indemnity costs.  

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 outcomes in the workers’ compensation, group health, auto and disability management insurance markets. The Company provides claims management solutions in addition to networks of preferred providers, 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, product investment strategies and expansion of pharmacy solutions and directed care product lines. 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.

June 30, 2010 September 30, 2010

http://www.corvel.com

CorVel Corporation

Quarterly Results – Income Statement (Unaudited)

Three and Nine Months Ended December 31, 2009 and 2010

Three Months Ended

Three Months Ended

December 31, 2009

December 31, 2010

Revenues

$86,629,000

$95,282,000

Cost of revenues

64,823,000

71,461,000

Gross profit

21,806,000

23,821,000

General and administrative

10,713,000

12,425,000

Income from operations

11,093,000

11,396,000

Income tax expense

4,418,000

4,672,000

Net income

$6,675,000

$6,724,000

Earnings Per Share:

Basic

$0.55

$0.57

Diluted

$0.54

$0.56

Weighted Shares

Basic

12,237,000

11,749,000

Diluted

12,426,000

11,984,000

Nine Months Ended

Nine Months Ended

December 31, 2009

December 31, 2010

Revenues

$250,357,000

$280,177,000

Cost of revenues

186,602,000

209,314,000

Gross profit

63,755,000

70,863,000

General and administrative

31,369,000

38,082,000

Income from operations

32,386,000

32,781,000

Income tax expense

12,907,000

10,764,000

Net income

$19,479,000

$22,017,000

Earnings Per Share:

Basic

$1.54

$1.86

Diluted

$1.52

$1.82

Weighted Shares

Basic

12,640,000

11,855,000

Diluted

12,801,000

12,091,000

CorVel Corporation

Quarterly Results – Condensed Balance Sheet (Unaudited)

March 31, 2010 and December 31, 2010

March 31, 2010

December 31, 2010

Cash

$10,242,000

$15,769,000

Customer deposits

1,691,000

3,219,000

Accounts receivable, net

43,930,000

43,471,000

Prepaid expenses and taxes

6,419,000

4,109,000

Deferred income taxes

4,864,000

5,927,000

Property, net

30,026,000

36,720,000

Goodwill and other assets

43,196,000

43,738,000

 Total

$140,368,000

$152,953,000

Accounts and taxes payable

$14,495,000

$15,632,000

Accrued liabilities

25,455,000

30,724,000

Deferred tax liability

4,690,000

4,767,000

Paid in capital

90,220,000

97,085,000

Treasury stock

-218,323,000

-241,103,000

Retained earnings

223,831,000

245,848,000

 Total

$140,368,000

$152,953,000

SOURCE CorVel Corporation

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