crvl-ex991

IRVINE, California, May 31, 2018— CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and fiscal year ended March 31, 2018. Revenues for the quarter ended March 31, 2018 were $144 million, an increase 7.5% from revenues of $134 million in the same quarter of the prior year. Earnings per share for the quarter ended March 31, 2018 were $0.47, an increase of 12% from earnings per share of $0.42 in the same quarter of the prior year.

Revenues for the fiscal year ended March 31, 2018 were $558 million, up 7.5% from $519 million for fiscal year ended March 31, 2017. Earnings per share for the fiscal year ended March 31, 2018 were $1.87, an increase of 24% from earnings per share of $1.51 for fiscal year ended March 31, 2017.

The Company continues to invest in its claims management platform, specifically the Care^MC Edge module, which gathers information from across the claims management continuum and presents prioritized actionable insights to claims professionals in a single interface. By consolidating all episode of care data in real time and subsequently running the information through a rules engine, the Edge can improve the support given to patients.

During the last quarter, advances in the Edge included improvements to the medical review module, new prescription functionality and the initial phase of the case management component. The application uses smart processing to prompt the best next steps to facilitate adjuster action and ultimately reduce the total cost of disability claims.

Efforts toward re-imagining the component processes for CorVel’s disability management model also continued – including new patient intake processes, a new workflow tool and a new Return-to-Work process.

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, 2018 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2017, September 30, 2017 and December 31, 2017. 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, 2018 and March 31, 2017

Quarter Ended	March 31, 2018		March 31, 2017
Revenues		143,573,000		133,605,000
Cost of revenues		116,424,000		105,884,000
Gross profit		27,149,000		27,721,000
General and administrative		15,554,000		15,004,000
Income from operations		11,595,000		12,717,000
Income tax provision		2,637,000		4,730,000
Net income		8,958,000		7,987,000
Earnings Per Share:
Basic	$	0.47	$	0.42
Diluted	$	0.47	$	0.42
Weighted Shares
Basic		18,881,000		19,094,000
Diluted		19,081,000		19,243,000

Fiscal Year Ended	March 31, 2018		March 31, 2017
Revenues		558,350,000		518,686,000
Cost of revenues		451,097,000		413,894,000
Gross profit		107,253,000		104,792,000
General and administrative		59,350,000		57,243,000
Income from operations		47,903,000		47,549,000
Income tax provision		12,208,000		18,070,000
Net income		35,695,000		29,479,000
Earnings Per Share:
Basic	$	1.90	$	1.52
Diluted	$	1.87	$	1.51
Weighted Shares
Basic		18,825,000		19,418,000
Diluted		19,042,000		19,570,000

CorVel Corporation
Quarterly Results – Condensed Balance Sheet
March 31, 2018 and March 31, 2017

	March 31, 2018			March 31, 2017
Cash		55,771,000			28,611,000
Customer deposits		35,496,000			32,471,000
Accounts receivable, net		64,940,000			62,841,000
Prepaid taxes and expenses		7,110,000			4,944,000
Property, net		69,356,000			63,042,000
Goodwill and other assets		41,331,000			43,474,000
Total		274,004,000			235,383,000
Accounts and taxes payable		13,453,000			16,583,000
Accrued liabilities		84,536,000			73,468,000
Deferred tax liability		4,839,000			6,686,000
Paid-in capital		143,708,000			135,686,000
Treasury stock		(430,989,000	)		(419,802,000	)
Retained earnings		458,457,000			422,762,000
Total		274,004,000			235,383,000

Date: May 31, 2018		CorVel Corporation
		2010 Main Street
		Suite 600
		Irvine, CA 92614

FOR IMMEDIATE RELEASE		Contact: Stefani P. Wendel
		Phone: 949-851-1473
		http://www.corvel.com