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 30, 2012

CORVEL CORPORATION

(Exact Name of Registrant as Specified in Charter)

DELAWARE	000-19291	33-0282651
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(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:

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

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

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

¨ 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 May 30, 2012, CorVel Corporation issued a press release announcing its financial results for the three months and fiscal year ended March 31, 2012. 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.

(d) Exhibits

Exhibit No.	Description of Exhibit
99.1	Press Release, dated May 30, 2012, announcing CorVel Corporation’s financial results for the three months and fiscal year ended March 31, 2012 (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 30, 2012	By:	/s/ V. Gordon Clemons
		Name: V. Gordon Clemons
		Title: Chairman of the Board, Chief Executive Officer and President

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release, dated May 30, 2012, announcing CorVel Corporation’s financial results for the three months and fiscal year ended March 31, 2012 (furnished herewith but not filed pursuant to Item 2.02).

EX-99.1

Exhibit 99.1

NEWS RELEASE

Date: May 30, 2012	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 30, 2012 — CorVel Corporation (NASDAQ: CRVL) today announced the results for the quarter and fiscal year ended March 31, 2012. Revenues for the quarter ended March 31, 2012 were $104 million, a 4% increase over the $100 million in revenue in the March 2011 quarter. Revenues for the fiscal year ended March 31, 2012 were $413 million, an 8% increase over the $381 million in revenue in fiscal 2011.

Earnings per share for the quarter ended March 31, 2012 were $0.44. 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 per share for the fiscal year 2012 were $2.28. Earnings per share for fiscal 2011 were $2.05.

Both revenues and earnings per share were fiscal year records for the Company. Revenue growth for the quarter was driven by a 10% increase in the Company’s Patient Management service line which offset a 1% decrease in its Network Solutions service line. The Patient Management service line includes traditional case management services and claims management services. Claims management growth included new customers, including several marquee accounts, as well as revenue from liability claims services, a natural product line extension in the casualty market. Business opportunities continue to increase due to the Company’s growing reputation in the marketplace, expanded relationships within the broker and carrier communities and the improved delivery of CorVel’s total suite of services.

The Company continued to invest in information technology, including the development of its claims management platform and mobile apps for smart phones and tablet devices. Utilizing the advances in data mining and mobile computing, the Company’s goal is to improve the workers’ compensation experience for all constituents. Mobile computing enables early claims intervention 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, including

claims management services. 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, 2011 and the Company’s Quarterly Report on Form 10Q for quarters ended June 30, 2011, September 30, 2011, and December 31, 2011. 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, 2011 and March 31, 2012

	March 31, 2011		March 31, 2012
Quarter Ended
Revenues		100,491,000		104,427,000
Cost of revenues		74,784,000		82,967,000
Gross profit		25,707,000		21,460,000
General and administrative		12,085,000		13,187,000
Charge for Louisiana litigation settlement		9,000,000
Income from operations		4,622,000		8,273,000
Income tax expense		1,976,000		3,200,000
Net income		2,646,000		5,073,000
Earnings Per Share:
Basic	$	0.23	$	0.45
Diluted	$	0.22	$	0.44
Weighted Shares
Basic		11,639,000		11,342,000
Diluted		11,843,000		11,478,000
	Fiscal Year March 31, 2011		Fiscal Year March 31, 2012
Fiscal Year Ended
Revenues		380,668,000		412,668,000
Cost of revenues		284,098,000		318,826,000
Gross profit		96,570,000		93,842,000
General and administrative		50,167,000		50,405,000
Charge for Louisiana litigation settlement		9,000,000
Income from operations		37,403,000		43,437,000
Income tax expense		12,740,000		16,885,000
Net income		24,663,000		26,552,000
Earnings Per Share:
Basic	$	2.09	$	2.31
Diluted	$	2.05	$	2.28
Weighted Shares
Basic		11,801,000		11,476,000
Diluted		12,029,000		11,627,000

CorVel Corporation

Quarterly Results—Condensed Balance Sheet

March 31, 2011 and March 31, 2012

	March 31, 2011		March 31, 2012
Cash		12,269,000		6,597,000
Customer deposits		5,279,000		5,816,000
Accounts receivable, net		48,964,000		49,334,000
Prepaid expenses and taxes		6,417,000		12,263,000
Deferred income taxes		9,298,000		7,237,000
Property, net		38,500,000		47,364,000
Goodwill and other assets		43,498,000		43,271,000
Total		164,225,000		171,882,000
Accounts and taxes payable		14,591,000		12,773,000
Accrued liabilities		40,248,000		31,989,000
Deferred tax liability		9,748,000		16,738,000
Paid in capital		100,076,000		105,910,000
Treasury stock		-248,931,000		-270,574,000
Retained earnings		248,494,000		275,046,000
Total		164,225,000		171,882,000