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): August 2, 2016

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 August 2, 2016, CorVel Corporation issued a press release announcing its financial results for the three months ended June 30, 2016. 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 August 2, 2016, announcing CorVel Corporation’s financial results for the three months ended June 30, 2016 (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: August 2, 2016	By:	/s/ Richard Schweppe
	Name:	Richard Schweppe
	Title:	Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release, dated August 2, 2016, announcing CorVel Corporation’s financial results for the three months ended June 30, 2016 (furnished herewith but not filed pursuant to Item 2.02).

EX-99.1

Exhibit 99.1

Date: August 2, 2016	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, August 2, 2016 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended June 30, 2016. Revenues for the quarter ended June 30, 2016 were $128.5 million and were $126.9 million in the same quarter of the prior year. Earnings per share for the quarter ended June 30, 2016 were $0.38 and were $0.34 for the same quarter of the prior year.

During the quarter the Company continued to see significant activity in its facility claim review service for the health market as payors face increasing pressure to help contain inflating medical costs as a result of the Affordable Care Act. The Company has a proprietary database of pricing information which provides unique reviews for facility reimbursement. With extensive experience in the workers’ compensation and private health markets, the Company has expanded sales activity into the Medicare market.

The Company continues its strategy of long term investments in its proprietary preferred provider network (PPO) and the surrounding infrastructure that supports its Network Solutions product line. Further enhancements were made to the provider look-up interface to better assist constituents’ access to care as well as to the Company’s robust provider portal that assists provider practices with their reimbursement processing. CorVel’s proprietary PPO allows the Company’s clients more control over their managed care program, which can be an advantage in a highly competitive marketplace.

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, preferred provider network 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, 2016 and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, September 30, 2015 and December 31, 2015. 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 Ended June 30, 2015 (unaudited) and June 30, 2016 (unaudited)

Quarter Ended	June 30, 2015		June 30, 2016
Revenues		126,939,000		128,459,000
Cost of revenues		100,756,000		102,877,000
Gross profit		26,183,000		25,582,000
General and administrative		14,962,000		13,461,000
Income from operations		11,221,000		12,121,000
Income tax expense		4,321,000		4,630,000
Net income		6,900,000		7,491,000
Earnings Per Share:
Basic	$	0.34	$	0.38
Diluted	$	0.34	$	0.38
Weighted Shares
Basic		20,149,000		19,572,000
Diluted		20,335,000		19,754,000

CorVel Corporation

Quarterly Results—Condensed Balance Sheet

March 31, 2016 (audited) and June 30, 2016 (unaudited)

	March 31, 2016			June 30, 2016
Cash		32,779,000			36,234,000
Customer deposits		25,649,000			24,510,000
Accounts receivable, net		59,747,000			60,702,000
Prepaid expenses and taxes		4,933,000			6,515,000
Property, net		53,268,000			55,755,000
Goodwill and other assets		43,893,000			43,728,000
Total		220,269,000			227,444,000
Accounts and taxes payable		13,233,000			18,016,000
Accrued liabilities		67,182,000			61,162,000
Deferred tax liability		7,906,000			7,712,000
Paid in capital		130,468,000			133,230,000
Treasury stock		(391,803,000	)		(393,450,000	)
Retained earnings		393,283,000			400,774,000
Total		220,269,000			227,444,000