8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 4, 2009

CORVEL CORPORATION

(Exact Name of Registrant as Specified in Charter)

DELAWARE	000-19291	33-0282651
(State or Other Jurisdiction	(Commission	(IRS Employer
of Incorporation)	File Number)	Identification No.)

2010 Main Street, Suite 600, Irvine, California	92614
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code (949) 851-1473

N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

     On June 4, 2009, CorVel Corporation issued a press release announcing its financial results for the three and twelve months ended March 31, 2009. A copy of the press release is furnished herewith as Exhibit No. 99.1.

     The information contained in this report and in the exhibit attached to this report is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements, Pro Forma Financial Information and Exhibits.

     (c) Exhibits

Exhibit No.	Description of Exhibit
99.1	Press Release, dated June 4, 2009, announcing CorVel Corporation’s financial results for the three and twelve months ended March 31, 2009 (furnished herewith but not filed pursuant to Item 2.02).

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CORVEL CORPORATION, a Delaware corporation (Registrant)
Date: June 4, 2009	By:	/s/ Daniel J. Starck
		Name:	Daniel J. Starck
		Title:	President and Chief Executive Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release, dated June 4, 2009, announcing CorVel Corporation’s financial results for the three and twelve months ended March 31, 2009 (furnished herewith but not filed pursuant to Item 2.02).

EX-99.1

Exhibit 99.1

NEWS RELEASE

Date: June 4, 2009	CorVel Corporation
	2010 Main Street
	Suite 600
	Irvine, CA 92614
FOR IMMEDIATE RELEASE	Contact: Heather Burnham
	Phone: 949-851-1473
	http://www.corvel.com

CorVel Announces Revenues and Earnings

IRVINE, California, June 4, 2009- 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 (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 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 receiveable, 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