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): February 3, 2015

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 February 3, 2015, CorVel Corporation issued a press release announcing its financial results for the three and nine months ended December 31, 2014. 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 February 3, 2015, announcing CorVel Corporation’s financial results for the three and nine months ended December 31, 2014 (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: February 3, 2015	By:	/s/ Richard Schweppe
	Name:	Richard Schweppe
	Title:	Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release, dated February 3, 2015, announcing CorVel Corporation’s financial results for the three and nine months ended December 31, 2014 (furnished herewith but not filed pursuant to Item 2.02).

EX-99.1

Exhibit 99.1

Date: February 3, 2015	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, February 3, 2015 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and nine months ended December 31, 2014. Revenues for the quarter ended December 31, 2014 were $122 million and were $121 million in the same quarter of the prior year. Earnings per share for the quarter ended December 31, 2014 were $0.33 and were $0.41 for the same quarter of the prior year.

Revenues for the nine months ended December 31, 2014 were $370 million and were $359 million for the same nine month period of the prior year. Earnings per share for the nine months ended December 31, 2014 were $1.10, and were $1.22 in the same nine month period of the prior year.

The Company continues to see growth in its integrated claims management and managed care service offering, Enterprise Comp. Offering a single source solution on a unified, interactive platform meaningfully impacts a client’s program and increases efficiencies within the workers’ compensation process. CorVel is continually in pursuit of innovative technology advancements to avoid the congestion inherent within legacy systems. By investing in the newest platforms, the Company can deliver long term solutions which will leverage future developments in computing technology.

About CorVel

CorVel Corporation is a national provider of innovative workers’ compensation, auto, liability and health 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 throughout the risk management process so our clients can intervene early and often while being 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 product investment strategies, bill review and 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, 2014 and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 and September 30, 2014. 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 December 31, 2013 and December 31, 2014

Quarter Ended	December 31, 2013		December 31, 2014
Revenues		121,098,000		122,352,000
Cost of revenues		93,392,000		98,224,000
Gross profit		27,706,000		24,128,000
General and administrative		13,204,000		13,834,000
Income from operations		14,502,000		10,294,000
Income tax expense		5,727,000		3,462,000
Net income		8,775,000		6,832,000
Earnings Per Share:
Basic	$	0.42	$	0.33
Diluted	$	0.41	$	0.33
Weighted Shares
Basic		20,936,000		20,599,000
Diluted		21,256,000		20,786,000
Nine months ended	December 31, 2013		December 31, 2014
Revenues		358,570,000		370,430,000
Cost of revenues		276,626,000		293,135,000
Gross profit		81,944,000		77,295,000
General and administrative		38,270,000		40,789,000
Income from operations		43,674,000		36,506,000
Income tax expense		17,615,000		13,492,000
Net income		26,059,000		23,014,000
Earnings Per Share:
Basic	$	1.23	$	1.11
Diluted	$	1.22	$	1.10
Weighted Shares
Basic		21,157,000		20,784,000
Diluted		21,406,000		21,015,000

CorVel Corporation

Quarterly Results - Condensed Balance Sheet (unaudited)

March 31, 2014 and December 31, 2014

	March 31, 2014		December 31, 2014
Cash		34,866,000		31,029,000
Customer deposits		16,142,000		15,035,000
Accounts receivable, net		57,229,000		56,227,000
Prepaid expenses and taxes		5,862,000		5,552,000
Deferred income taxes		6,861,000		7,475,000
Property, net		51,253,000		52,917,000
Goodwill and other assets		42,268,000		43,106,000
Total		214,481,000		211,341,000
Accounts and taxes payable		18,465,000		13,173,000
Accrued liabilities		53,375,000		51,659,000
Deferred tax liability		16,119,000		16,119,000
Paid in capital		118,834,000		122,340,000
Treasury stock		-328,480,000		-351,132,000
Retained earnings		336,168,000		359,182,000
Total		214,481,000		211,341,000