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): November 4, 2008

CORVEL CORPORATION

(Exact Name of Registrant as Specified in Charter)

DELAWARE
(State or Other Jurisdiction
of Incorporation) 000-19291
(Commission
File Number) 33-0282651
(IRS Employer
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 November 4, 2008, CorVel Corporation issued a press release announcing its financial results for the three and six months ended September 30, 2008. 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 November 4, 2008, announcing CorVel Corporation’s financial results for the three and six months ended September 30, 2008 (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: November 4, 2008	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 November 4, 2008, announcing CorVel Corporation’s financial results for the three and six months ended September 30, 2008 (furnished herewith but not filed pursuant to Item 2.02).

EX-99.1

Exhibit 99.1

NEWS RELEASE

Date: November 4, 2008	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 Second Quarter Revenues and Earnings

IRVINE, California, November 4, 2008- CorVel Corporation (NASDAQ: CRVL) reported earnings per share of $0.36 for the quarter ended September 30, 2008, compared to $0.40 in the same quarter of the prior year. For the six months ended September 30, 2008 earnings were $0.75 per share compared to the same period in the prior year of $0.79 per share.

The Company reported quarterly revenues of $78 million, up from prior year quarterly revenues of $74 million. For the six months ended September 30, 2008, revenues were $156 million, representing a 6% increase from the $148 million in revenues achieved in the same period of the prior year.

During the quarter the Company continued to expand its Enterprise Comp workers’ compensation claims management solutions. Investments have been made in the expansion and strengthening of systems as well as in operations staffing. During the current quarter investments will be focused on the incorporation of artificial intelligence capabilities and workflow management tools CorVel has in the past successfully introduced to its medical review services.

In addition, CorVel’s line of directed care networks continued to expand. These services include a growing line of diagnostic imaging, physical therapy, durable medical equipment, independent medical examinations and other ancillary services for workers’ compensation claimants. The Company is continuing to add resources to the call centers, software and systems supporting these services. The directed care networks provide preferred appointment scheduling assistance for claimants.

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 financial statements and business. 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 (Unaudited)
Quarter and Six Months Ended September 30, 2007 and 2008

	Quarter Ended		Quarter Ended
Quarter ended September 30	September 30, 2007		September 30, 2008
Revenues		73,510,000		77,855,000
Cost of revenues		54,856,000		58,996,000
Gross profit		18,654,000		18,859,000
General and administrative		9,398,000		10,722,000
Income from operations		9,256,000		8,137,000
Income tax expense		3,624,000		3,173,000
Net income		5,632,000		4,964,000
Earnings Per Share:
Basic	$	0.41	$	0.36
Diluted	$	0.40	$	0.36
Weighted Shares
Basic		13,889,000		13,764,000
Diluted		14,062,000		13,960,000

	Six months		Six months
Six months ended September 30	September 30, 2007		September 30, 2008
Revenues		147,847,000		156,056,000
Cost of revenues		111,012,000		117,264,000
Gross profit		36,835,000		38,792,000
General and administrative		18,475,000		21,529,000
Income from operations		18,360,000		17,263,000
Income tax expense		7,167,000		6,732,000
Net income		11,193,000		10,531,000
Earnings Per Share:
Basic	$	0.80	$	0.76
Diluted	$	0.79	$	0.75
Weighted Shares
Basic		13,927,000		13,790,000
Diluted		14,111,000		14,003,000

CorVel Corporation
Quarterly Results — Condensed Balance Sheet (Unaudited)
March 31, 2008 and September 30, 2008

	March 31, 2008		September 30, 2008
Cash		17,911,000		23,600,000
Accounts receiveable, net		39,164,000		40,950,000
Prepaid expenses and taxes		5,242,000		5,648,000
Deferred income taxes		4,076,000		3,996,000
Property, net		30,569,000		30,209,000
Goodwill and other assets		43,613,000		45,163,000
Total		140,575,000		149,566,000
Accounts and taxes payable		20,475,000		18,797,000
Accrued liabilities		16,473,000		19,030,000
Deferred tax liability		7,249,000		7,245,000
Paid in capital		80,222,000		83,016,000
Treasury stock		-162,302,000		-167,511,000
Retained earnings		178,458,000		188,989,000
Total		140,575,000		149,566,000