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): May 26, 2011

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))

TABLE OF CONTENTS

EX-99.1

Item 2.02 Results of Operations and Financial Condition.

     On May 26, 2011, CorVel Corporation issued a press release announcing its financial results for the quarter and fiscal year ended March 31, 2011. 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 May 26, 2011, announcing CorVel Corporation’s financial results for the quarter and fiscal year ended March 31, 2011 (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: May 26, 2011	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 May 26, 2011, announcing CorVel Corporation’s financial results for the quarter and fiscal year ended March 31, 2011 (furnished herewith but not filed pursuant to Item 2.02).

EX-99.1

Exhibit 99.1

NEWS RELEASE

Date: May 26, 2011	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, May 26, 2011 — CorVel Corporation (NASDAQ: CRVL) today announced the results for the quarter and fiscal year ended March 31, 2011. Revenues for the quarter ended March 31, 2011 were a record $100 million, a 15% increase over the $88 million in revenue in the March 2010 quarter. Revenues for the fiscal year ended March 31, 2011 were $381 million, a 13% increase over the $338 million in revenue in fiscal 2010.

Earnings per share for the quarter ended March 31, 2011 were $0.22. The earnings per share for the March 2011 quarter were adversely impacted by $0.46 per share, after-tax, due to the $9 million settlement of a class action lawsuit in Louisiana which was disclosed in the Form 8-K filed with the Securities and Exchange Commission on April 1, 2011. The Company believes that earnings per share figures which exclude the impact of this litigation provides a more meaningful measure of its operating results for comparison to future periods and past periods. Earnings for the quarter ended March 31, 2010 were $0.54. Earnings per share for the fiscal year 2011 were $2.05. Earnings per share for fiscal 2010 were $2.06.

Gross profit for the quarter ended March 31, 2011 was $25.7 million, an 18% increase over the $21.8 million gross profit in the same quarter of the prior fiscal year. Gross profit for fiscal 2011 was $97 million, a 13% increase over the $86 million in gross profit in fiscal 2010.

The revenue growth for the current quarter was driven by a 14% increase in the Company’s Patient Management service line and 16% growth in its Network Solutions product line. The Patient Management service line includes traditional case management services and claims management. Claims management growth included new customers and the improved delivery of CorVel’s total suite of services. Network Solutions growth included improved volumes through the Company’s medical bill review services and continued growth in ancillary networks, including pharmacy and physical therapy.

Over the past year, the Company continued to invest in information technology, including the development of several mobile apps for smart phones and tablet devices, in order to advance the pace of delivery of new features for clients. Utilizing the advances in mobile computing, the Company’s goal is to continue to improve the workers’ compensation experience for all constituents through applications designed to reduce inherent time delays in the claims process and improve claims outcomes.

About CorVel

CorVel Corporation is a national provider of industry-leading workers’ compensation 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 to the problem of disability management so our clients can intervene early and often and are 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, 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.

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 and the Company’s Quarterly Report on Form 10Q for the quarters ended June 30, 2010, September 30, 2010 and December 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 and Fiscal Year Ended March 31, 2010 and March 31, 2011

Quarter Ended	March 31, 2010		March 31, 2011
Revenues		87,611,000		100,491,000
Cost of revenues		65,827,000		74,784,000
Gross profit		21,784,000		25,707,000
General and administrative		10,688,000		12,085,000
Charge for Louisiana litigation settlement				9,000,000
Income from operations		11,096,000		4,622,000
Income tax expense		4,479,000		1,976,000
Net income		6,617,000		2,646,000
Earnings Per Share:
Basic	$	0.55	$	0.23
Diluted	$	0.54	$	0.22
Weighted Shares
Basic		12,078,000		11,639,000
Diluted		12,285,000		11,843,000

	Fiscal Year		Fiscal Year
Fiscal Year Ended	March 31, 2010		March 31, 2011
Revenues		337,968,000		380,668,000
Cost of revenues		252,429,000		284,098,000
Gross profit		85,539,000		96,570,000
General and administrative		42,056,000		50,167,000
Charge for Louisiana litigation settlement				9,000,000
Income from operations		43,483,000		37,403,000
Income tax expense		17,387,000		12,740,000
Net income		26,096,000		24,663,000
Earnings Per Share:
Basic	$	2.09	$	2.09
Diluted	$	2.06	$	2.05
Weighted Shares
Basic		12,499,000		11,801,000
Diluted		12,672,000		12,029,000

CorVel Corporation
Quarterly Results — Condensed Balance Sheet
March 31, 2010 and March 31, 2011

	March 31, 2010		March 31, 2011
Cash		10,242,000		12,269,000
Customer deposits		1,691,000		5,279,000
Accounts receivable, net		43,930,000		48,964,000
Prepaid expenses and taxes		6,419,000		6,526,000
Deferred income taxes		4,864,000		9,298,000
Property, net		30,026,000		38,500,000
Goodwill and other assets		43,196,000		43,389,000
Total		140,368,000		164,225,000
Accounts and taxes payable		14,495,000		14,591,000
Accrued liabilities		25,455,000		40,247,000
Deferred tax liability		4,690,000		9,748,000
Paid in capital		90,220,000		100,076,000
Treasury stock		-218,323,000		-248,931,000
Retained earnings		223,831,000		248,494,000
Total		140,368,000		164,225,000