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): August 3, 2010

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		(Zip Code)
Offices)

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 August 3, 2010, CorVel Corporation issued a press release announcing its financial results for the three months ended June 30, 2010. 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 August 3, 2010, announcing CorVel Corporation’s financial results for the three months ended June 30, 2010 (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: August 3, 2010	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 August 3, 2010, announcing CorVel Corporation’s financial results for the three months ended June 30, 2010 (furnished herewith but not filed pursuant to Item 2.02).

EX-99.1

Exhibit 99.1

NEWS RELEASE

Date: August 3, 2010	CorVel Corporation
	2010 Main Street
	Suite 600
	Irvine, CA 92614
FOR IMMEDIATE RELEASE	Contact: Heather H. Burnham
	Phone: 949-851-1473
	http://www.corvel.com

CorVel Announces Revenues and Earnings

IRVINE, California, August 3, 2010 — CorVel Corporation (NASDAQ: CRVL) reported earnings per share of $0.64 for the quarter ended June 30, 2010, a 30% increase compared to $0.49 in the same quarter of the prior fiscal year. The Company reported quarterly revenues of $91.5 million, a 13% increase compared to $81.3 million in the same quarter of the prior fiscal year.

Revenue growth compared to the same quarter the prior year was lead by a 31% increase in the Company’s Patient Management product line which includes traditional case management services and claims management. Claims management growth included additional new customers and the improved integration of CorVel service components. CorVel’s claims management program continues to gain momentum in the market place. The Company has increased its information technology resourcing in order to advance the pace of delivery of new features for clients. CorVel seeks to improve claims outcomes through such investments. These technology projects will incorporate artificial intelligence to improve the Company’s managed workflow environment.

Network Solutions revenue was flat compared to the same quarter last year. Growth in the Company’s pharmacy solutions and directed care networks offset a slight decline in medical bill review revenues.

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 directed care solutions. 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 but not limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2010. 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 Ended June 30, 2009 and 2010 (unaudited)

	Quarter Ended		Quarter Ended
	June 30, 2009		June 30, 2010
Revenues	$	81,312,000	$	91,503,000
Cost of revenues		60,170,000		67,700,000
Gross profit		21,142,000		23,803,000
General and administrative		10,450,000		11,486,000
Income from operations		10,692,000		12,317,000
Income tax expense		4,288,000		4,557,000
Net income	$	6,404,000	$	7,760,000
Earnings Per Share:
Basic	$	0.50	$	0.65
Diluted	$	0.49	$	0.64
Weighted Shares
Basic		12,925,000		11,957,000
Diluted		13,056,000		12,187,000

CorVel Corporation
Quarterly Results — Condensed Balance Sheet
March 31, 2010 and June 30, 2010 (unaudited)

	March 31, 2010			June 30, 2010
Cash	$	11,933,000		$	13,681,000
Accounts receivable, net		43,930,000			45,373,000
Prepaid expenses and taxes		6,419,000			3,960,000
Deferred income taxes		4,864,000			5,088,000
Property, net		30,026,000			33,958,000
Goodwill and other assets		43,196,000			42,840,000
Total	$	140,368,000		$	144,900,000
Accounts and taxes payable	$	14,495,000		$	16,934,000
Accrued liabilities		25,455,000			23,826,000
Deferred tax liability		4,690,000			4,691,000
Paid in capital		90,220,000			91,650,000
Treasury stock		(218,323,000	)		(223,792,000	)
Retained earnings		223,831,000			231,591,000
Total	$	140,368,000		$	144,900,000