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CORVEL ANNOUNCES RECORD QUARTERLY RESULTS

 IRVINE, Calif., Oct. 18 /PRNewswire/ -- CorVel Corp. (NASDAQ-NMS: CRVL), reported record revenues of $19.4 million for its second fiscal quarter ended Sept. 30, up 31 percent from $14.8 million in the same quarter of the prior year. Net income for the quarter was a record $1,048,000, or $.24 per share, an increase of 72 percent from the net income of $611,000, or $.15 per share, in the same quarter of the prior year. The company attributes the growth to strong customer interest in CorVel's continuum of managed care services.
 Revenue for the six-month period ending Sept. 30 was $38.2 million, up 33.6 percent from $28.6 million in the prior year. Net income was $1,966,000, up 76 percent from $1,118,000 for the same period in the prior year.
 During the quarter the company continued the expansion of its CorCare preferred provider organization (PPO) and related support services. CorCare PPOs are now operational in 20 states. Advocacy patient management services, introduced a year ago, continued to add customers. MedCheck cost containment systems are being expanded to include PC-based intelligent interfaces and relational database reporting capabilities.
 "The national discussion of health care reform has brought attention to managed care services like those provided by CorVel," said Gordon Clemons, CorVel's president. "The prospect of impending change has caused insurers and employers to consider expanding their use of such programs." The company plans to increase its investment in healthcare networks and the patient support services required of the next generation of healthcare management. Regardless of the final form of health care reform, CorVel expects the marketplace will increasingly demand full service health plans.
 During the quarter the company's margins continued to expand as its newer, value-added services increased as a percent of total sales. CorVel's investment in the systems involved in new services has supported the development of a full continuum of managed care activities. Whereas in the past the company's revenue came largely from case management consulting services, the current line of integrated patient management services can provide assistance for patients from soon after injury, through treatment and recovery, all the way to "return to work."
 CorVel Corp. is an independent nationwide provider of medical cost containment and managed care services designed to address the rapidly escalating costs of workers compensation. The company operates from over 105 offices providing service in 42 states.
 CORVEL CORP.
 Quarterly Income Statement
 Three and Six Months Ended Sept. 30, 1993
 Three Months Ended Sept. 30, Sept. 30,
 Sept. 30, 1993 1993 1992
 Revenue $19,372,000 $14,767,000
 Costs and expenses 17,654,000 13,765,000
 Income before income
 taxes 1,718,000 1,002,000
 Income tax expense 670,000 391,000
 Net income $1,048,000 $611,000
 Earnings per common
 and common equivalent
 share $.24 $.15
 Weighted average common
 and common equivalent
 shares 4,367,000 4,075,000
 Six Months Ended Sept. 30, Sept. 30,
 Sept. 30, 1993 1993 1992
 Revenue $38,229,000 $28,621,000
 Costs and expenses 35,006,000 26,781,000
 Income before income
 taxes 3,223,000 1,840,000
 Income tax expense 1,257,000 722,000
 Net income $1,966,000 $1,118,000
 Earnings per common
 and common equivalent
 share $.46 $.27
 Weighted average common
 and common equivalent
 shares 4,284,000 4,093,000
 -0- 10/18/93
 /CONTACT: Gordon Clemons, 714-851-1473/
 (CRVL)


CO: CorVel Corp. ST: California IN: HEA SU: ERN

JB-MF -- LA025 -- 3442 10/18/93 13:49 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
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