GlobeNewswire Inc | May 27, 2021 06:15AM EDT

May 27, 2021

IRVINE, Calif., May 27, 2021 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and fiscal year ended March 31, 2021. Earnings per share for the quarter were $0.81, compared to $0.64 in the same quarter of the prior year. Revenues for the quarter were $146 million, a decrease from $147 million in the same quarter of the previous year.

Earnings per share for the fiscal years ended March 31, 2021 and March 31, 2020 were $2.55. Revenues for the fiscal year ended March 31, 2021 were $553 million, compared to $592 million for the fiscal year ended March 31, 2020.

CERiS, which focuses primarily on the health market, had significant growth during the quarter. Their comprehensive prospective claim review service expanded with new and existing client partners for both itemized bills and DRG validation. The dual reviews validate coding and identify invalid charges within prompt payment requirements, resulting in industry-leading results to health plans and TPAs.

Technology has and will continue to be a key differentiator for CorVel. The company remains committed to utilizing emerging technology to improve business processes and reduce repetitive human interaction. Artificial intelligence is a primary driver of innovation, and we are expanding our investment in machine learning to guide actions and decisions towards optimal outcomes.

This year, CorVel celebrates its 30th anniversary on NASDAQ. Since its foundation, the company has endeavored to make a substantial difference in the lives of team members, business partners, and the industry at large. In addition, CorVel strives to be a workplace that encourages learning, growth, and advancement, and was pleased to have been awarded certification as a Great Place to Work.

About CorVel

CorVel Corp.applies technology including artificial intelligence, machine learning and natural language processing to enhance the managing of episodes of care and the related health care costs.We partner with employers, third-party administrators, insurance companies and government agencies in managing workers compensation and health, auto and liability services. Our diverse suite of solutions combines our integrated technologies with a human touch. CorVel's customized services, delivered locally, are backedby a national teamtosupport clientsas well as their customers and patients.

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 Companys current expectations, estimates and projections about the Company, managements beliefs, and certain assumptions made by the Company, and events beyond the Companys control, all of which are subject to change. Such forward-looking statements include, but are not limited to, statements relating to the Companys health market prospective claim review services and the Companys continued investment in machine learning, artificial intelligence and other innovative technologies, and statements relating to the Companys strategic alliances within the healthcare market. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause the Companys 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 Companys filings with the Securities and Exchange Commission, including but not limited to Risk Factors in the Companys Annual Report on Form 10-K for the year ended March 31, 2020 and the Companys Quarterly Report on Form 10-Q for the quarters ended June 30, 2020, September 30, 2020, and December 31, 2020. 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 CorporationQuarterly and Fiscal Results Income StatementQuarters and Fiscal Year Ended March 31, 2021 and March 31, 2020

Quarter Ended March31, 2021 March31, 2020 Revenues $ 145,510,000 $ 147,024,000 Cost of revenues 109,791,000 116,333,000 Gross profit 35,719,000 30,691,000 General and administrative 16,366,000 15,865,000 Income from operations 19,353,000 14,826,000 Income tax provision 4,544,000 3,079,000 Net income $ 14,809,000 $ 11,747,000 Earnings Per Share: Basic $ 0.83 $ 0.65 Diluted $ 0.81 $ 0.64 Weighted Shares Basic 17,902,000 18,074,000 Diluted 18,196,000 18,325,000

Fiscal Year Ended March31, 2021 March31, 2020 Revenues $ 552,644,000 $ 592,225,000 Cost of revenues 429,020,000 466,304,000 Gross profit 123,624,000 125,921,000 General and administrative 64,449,000 65,210,000 Income from operations 59,175,000 60,711,000 Income tax provision 12,819,000 13,334,000 Net income $ 46,356,000 $ 47,377,000 Earnings Per Share: Basic $ 2.59 $ 2.59 Diluted $ 2.55 $ 2.55 Weighted Shares Basic 17,930,000 18,326,000 Diluted 18,166,000 18,602,000

CorVel CorporationQuarterly Results Condensed Balance SheetMarch 31, 2021 and March 31, 2020

March31, 2021 March31, 2020 Cash $ 139,716,000 $ 83,223,000 Customer deposits 56,497,000 48,991,000 Accounts receivable, net 64,722,000 65,767,000 Prepaid taxes and expenses 8,006,000 11,010,000 Property, net 70,619,000 75,900,000 Goodwill and other assets 39,876,000 40,703,000 Right-of-use asset, net 45,324,000 90,666,000 Total $ 424,760,000 $ 416,260,000 Accounts and taxes payable $ 13,574,000 $ 16,363,000 Accrued liabilities 148,886,000 117,326,000 Deferred tax liability ? 7,764,000 Long-term lease liabilities 41,898,000 85,096,000 Paid-in capital 185,944,000 168,938,000 Treasury stock (564,435,000 ) (531,764,000 )Retained earnings 598,893,000 552,537,000 Total $ 424,760,000 $ 416,260,000

CorVel Corporation1920 Main StreetSuite900Irvine, CA 92614

Contact: Melissa StoranPhone: 949-851-1473www.corvel.com