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): July 31, 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 July 31, 2012, CorVel Corporation issued a press release announcing its financial results for the three months ended June 30, 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 July 31, 2012, announcing CorVel Corporation’s financial results for the three months ended June 30, 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: July 31, 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 July31, 2012, announcing CorVel Corporation’s financial results for the three months ended June 30, 2012 (furnished herewith but not filed pursuant to Item 2.02).

EX-99.1

Exhibit 99.1

NEWS RELEASE

Date: July 31, 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, July 31, 2012 — CorVel Corporation (NASDAQ: CRVL) today announced the results for the quarter June 30, 2012. Revenues for the quarter ended June 30, 2012 were a record $105 million, a 2% increase over the $102 million in revenue in the June 2011 quarter. Earnings per share for the quarter ended June 30, 2012 were $0.58. Earnings per share for the quarter ended June 30, 2011, were $0.70.

Revenue growth for the quarter over the prior year was driven by a 9% increase in the Company’s Patient Management service line which offset a 4% 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 as well as revenue from liability claims services, a natural product line extension in the casualty market.

During the quarter the Company continued to sign new claims management business, including several marquee accounts, which will be implemented over the next several months. 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 continues the expansion of investments in the Network Solutions service line. Work also continues on the development of mobile applications, including an application specifically designed for nurse case managers. Utilizing the advances in mobile computing, the Company’s goal is to improve the workers’ compensation experience for all constituents. The case manager app allows field case managers to easily communicate in real time with physicians, adjusters and employers, update case files and access critical data while they are out in the field with patients thereby reducing inherent delays in the claims process.

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 risk management so our clients can intervene early and often and be 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, 2012. 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)

Quarters ended June 30, 2011 and June 30, 2012

Quarter Ended	June 30, 2011		June 30, 2012
Revenues		102,307,000		104,606,000
Cost of revenues		76,764,000		81,425,000
Gross profit		25,543,000		23,181,000
General and administrative		12,294,000		12,174,000
Income from operations		13,249,000		11,007,000
Income tax expense		5,051,000		4,411,000
Net income		8,198,000		6,596,000
Earnings Per Share:
Basic	$	0.71	$	0.58
Diluted	$	0.70	$	0.58
Weighted Shares
Basic		11,617,000		11,313,000
Diluted		11,787,000		11,426,000

CorVel Corporation

Quarterly Results - Condensed Balance Sheet (unaudited)

March 31, 2012 and June 30, 2012

	March 31, 2012		June 30, 2012
Cash		6,597,000		14,568,000
Customer deposits		5,816,000		6,802,000
Accounts receivable, net		49,334,000		46,332,000
Prepaid expenses and taxes		12,263,000		9,019,000
Deferred income taxes		7,237,000		7,357,000
Property, net		47,364,000		46,531,000
Goodwill and other assets		43,271,000		43,005,000
Total		171,882,000		173,614,000
Accounts and taxes payable		12,773,000		11,049,000
Accrued liabilities		31,989,000		30,642,000
Deferred tax liability		16,738,000		16,738,000
Paid in capital		105,910,000		107,789,000
Treasury stock		-270,574,000		-274,246,000
Retained earnings		275,046,000		281,642,000
Total		171,882,000		173,614,000