Irvine, CA -(PRNewswire)- CorVel Corporation (NASDAQ: CRVL) today announced the results for the quarter and fiscal year ended March 31, 2012. Revenues for the quarter ended March 31, 2012 were $104 million, a 4% increase over the $100 million in revenue in the March 2011 quarter. Revenues for the fiscal year ended March 31, 2012 were $413 million, an 8% increase over the $381 million in revenue in fiscal 2011.
Earnings per share for the quarter ended March 31, 2012 were $0.44. 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 per share for the fiscal year 2012 were $2.28. Earnings per share for fiscal 2011 were $2.05.
Both revenues and earnings per share were fiscal year records for the Company. Revenue growth for the quarter was driven by a 10% increase in the Company’s Patient Management service line which offset a 1% decrease in its Network Solutions service line. The Patient Management service line includes traditional case management services and claims management services. Claims management growth included new customers, including several marquee accounts, as well as revenue from liability claims services, a natural product line extension in the casualty market. Business opportunities continue to increase due to the Company’s growing reputation in the marketplace, expanded relationships within the broker and carrier communities and the improved delivery of CorVel’s total suite of services.
The Company continued to invest in information technology, including the development of its claims management platform and mobile apps for smart phones and tablet devices. Utilizing the advances in data mining and mobile computing, the Company’s goal is to improve the workers’ compensation experience for all constituents. Mobile computing enables early claims intervention to reduce inherent time delays in the claims process and improve claims outcomes.
The complete earnings release is available here: Corvel Revenues and Earnings