IRVINE, Calif. /PRNewswire/ — CorVel Corporation (NASDAQ: CRVL) today announced the results for the quarter and fiscal year ended March 31, 2011. Revenues for the quarter ended March 31, 2011 were a record $100 million, a 15% increase over the $88 million in revenue in the March 2010 quarter. Revenues for the fiscal year ended March 31, 2011 were $381 million, a 13% increase over the $338 million in revenue in fiscal 2010.
Earnings per share for the quarter ended March 31, 2011 were $0.22. The earnings per share for the March 2011 quarter were adversely impacted by $0.46 per share, after-tax, due to the $9 million settlement of a class action lawsuit in Louisiana which was disclosed in the Form 8-K filed with the Securities and Exchange Commission on April 1, 2011. The Company believes that earnings per share figures which exclude the impact of this litigation provides a more meaningful measure of its operating results for comparison to future periods and past periods. Earnings for the quarter ended March 31, 2010 were $0.54. Earnings per share for the fiscal year 2011 were $2.05. Earnings per share for fiscal 2010 were $2.06.
Gross profit for the quarter ended March 31, 2011 was $25.7 million, an 18% increase over the $21.8 million gross profit in the same quarter of the prior fiscal year. Gross profit for fiscal 2011 was $97 million, a 13% increase over the $86 million in gross profit in fiscal 2010.
The revenue growth for the current quarter was driven by a 14% increase in the Company’s Patient Management service line and 16% growth in its Network Solutions product line. The Patient Management service line includes traditional case management services and claims management. Claims management growth included new customers and the improved delivery of CorVel’s total suite of services. Network Solutions growth included improved volumes through the Company’s medical bill review services and continued growth in ancillary networks, including pharmacy and physical therapy.
Over the past year, the Company continued to invest in information technology, including the development of several mobile apps for smart phones and tablet devices, in order to advance the pace of delivery of new features for clients. Utilizing the advances in mobile computing, the Company’s goal is to continue to improve the workers’ compensation experience for all constituents through applications designed to reduce inherent time delays in the claims process and improve claims outcomes.
The full earnings release can be found here.