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 1, 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 November 1, 2016, CorVel Corporation issued a press release announcing its financial results for the three and six months ended September 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 November 1, 2016, announcing CorVel Corporation’s financial results for the three and six months ended September 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: November 1, 2016	By:	/s/ Richard Schweppe
	Name:	Richard Schweppe
	Title:	Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release, dated November 1, 2016, announcing CorVel Corporation’s financial results for the three and six months ended September 30, 2016 (furnished herewith but not filed pursuant to Item 2.02).

EX-99.1

Exhibit 99.1

Date: November 1, 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, November 1, 2016 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and six months ended September 30, 2016. Revenues for the quarter ended September 30, 2016 were $128.2 million, up 3% from $124.5 million in the same quarter of the prior year. Earnings per share for the quarter ended September 30, 2016 were $0.35 and were $0.41 for the same quarter of the prior year.

Revenues for the six months ended September 30, 2016 were $256.7 million, up 2% from $251.4 million in the same period of the prior year. Earnings per share for the six months ended September 30, 2016 were $0.73 and were $0.75 for the same period of the prior year.

Revenue growth for the quarter was driven by a 13% increase in the Company’s claims management services. However staffing and adjusting to the new laws for time management resulted in recruiting expenses and legal fees. The Company is also experiencing extended sales cycles due to the economic uncertainty in the healthcare marketplace caused by the election and the evolving conditions under the Affordable Care Act.

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 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, 2016. 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

Quarter and Six Months Ended September 30, 2015 and September 30, 2016

Quarter Ended	September 30, 2015		September 30, 2016
Revenues		124,460,000		128,219,000
Cost of revenues		97,776,000		102,307,000
Gross profit		26,684,000		25,912,000
General and administrative		13,209,000		14,644,000
Income from operations		13,475,000		11,268,000
Income tax expense		5,208,000		4,316,000
Net income		8,267,000		6,952,000
Earnings Per Share:
Basic	$	0.42	$	0.36
Diluted	$	0.41	$	0.35
Weighted Shares
Basic		19,902,000		19,581,000
Diluted		20,063,000		19,733,000

Six months ended	September 30, 2015		September 30, 2016
Revenues		251,399,000		256,678,000
Cost of revenues		198,532,000		205,184,000
Gross profit		52,867,000		51,494,000
General and administrative		28,171,000		28,105,000
Income from operations		24,696,000		23,389,000
Income tax expense		9,529,000		8,946,000
Net income		15,167,000		14,443,000
Earnings Per Share:
Basic	$	0.76	$	0.74
Diluted	$	0.75	$	0.73
Weighted Shares
Basic		20,026,000		19,577,000
Diluted		20,199,000		19,743,000

CorVel Corporation

Quarterly Results — Condensed Balance Sheet

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

	March 31, 2016		September 30, 2016
Cash		32,779,000		40,862,000
Customer deposits		25,649,000		31,189,000
Accounts receivable, net		59,747,000		60,445,000
Prepaid expenses and taxes		4,933,000		6,201,000
Property, net		53,268,000		57,386,000
Goodwill and other assets		43,893,000		44,155,000
Total		220,269,000		240,238,000
Accounts and taxes payable		13,233,000		16,172,000
Accrued liabilities		67,182,000		70,439,000
Deferred tax liability		7,906,000		7,479,000
Paid in capital		130,468,000		134,424,000
Treasury stock		-391,803,000		-396,002,000
Retained earnings		393,283,000		407,726,000
Total		220,269,000		240,238,000