CorVel Announces Revenues and Earnings
08/02/2022 - 06:15 AM
FORT WORTH, Texas, Aug. 02, 2022 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended June 30, 2022. Earnings per share for the quarter were $0.94, compared to $0.92 in the same quarter of the prior year. Revenues for the quarter were $176 million , an increase from $153 million in the same quarter of the previous year.
During the quarter, developing and optimizing systems to enhance team member efficiency and effectiveness remained a focus. These investments result in increasingly automated and augmented workflows which increase and enhance the team’s throughput as well as the results achieved for CorVel’s partners.
About CorVel
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 our commercial health-focused operation, improved productivity resulting from automation and augmentation across enterprise business systems, and expansion within our ancillary network. 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, including the risk that the impact of the COVID-19 pandemic on our business, results of operations and financial condition is greater than our initial assessment.
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, 2022 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2021, September 30, 2021, and December 31, 2021. 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, 2022 (unaudited) and June 30, 2021 (unaudited)
Quarter Ended June 30, 2022 June 30, 2021 Revenues $ 176,307,000 $ 152,620,000 Cost of revenues 136,438,000 115,407,000 Gross profit 39,869,000 37,213,000 General and administrative 18,671,000 16,645,000 Income from operations 21,198,000 20,568,000 Income tax provision 4,507,000 3,725,000 Net income $ 16,691,000 $ 16,843,000 Earnings Per Share: Basic $ 0.95 $ 0.94 Diluted $ 0.94 $ 0.92 Weighted Shares Basic 17,506,000 17,897,000 Diluted 17,803,000 18,220,000
CorVel Corporation Quarterly Results – Condensed Balance Sheet June 30, 2022 (unaudited) and March 31, 2022
June 30, 2022 March 31, 2022 Cash $ 94,308,000 $ 97,504,000 Customer deposits 74,421,000 69,781,000 Accounts receivable, net 81,090,000 82,586,000 Prepaid taxes and expenses 10,816,000 15,123,000 Property, net 83,707,000 76,268,000 Goodwill and other assets 38,887,000 38,964,000 Right-of-use asset, net 32,448,000 35,020,000 Total $ 415,677,000 $ 415,246,000 Accounts and taxes payable $ 23,901,000 $ 14,431,000 Accrued liabilities 157,504,000 156,939,000 Deferred tax liability 1,345,000 1,689,000 Long-term lease liabilities 27,299,000 29,792,000 Paid-in capital 204,842,000 201,612,000 Treasury stock (681,208,000 ) (654,520,000 ) Retained earnings 681,994,000 665,303,000 Total $ 415,677,000 $ 415,246,000
Contact: Melissa Storan Phone: 949-851-1473 www.corvel.com
