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CORVEL ANNOUNCES RECORD RESULTS

 IRVINE, Calif., May 10 /PRNewswire/ -- CorVel Corp. (NASDAQ-NMS: CRVL), reported record revenues of $61.8 million for its fiscal year ended March 31, 1993, representing an increase of 32 percent over the $46.9 million of revenues achieved in fiscal 1992. CorVel reported earnings of $0.61 per share for fiscal 1993 vs. earnings of $0.43 per share in the prior year.
 For the quarter ended March 31, 1993, revenues were $17.4 million, up 33 percent from $13.0 million in the same quarter of the prior year. Net income for the quarter was a record $755,000, or $.18 per share, an increase of 64 percent from the net income of $461,000, or $.11 per share, in the same quarter of the prior year.
 During the quarter the company expanded its sales to national payers. The company's service continuum now establishes CorVel as a leading, national managed care provider. "Our ability to deliver `on-site' services and to tightly link information from such diverse locations with national payer systems is vital to serving the complex needs of major health care programs," said Gordon Clemons, CorVel president.
 The launch of Advocacy patient management software and related computer systems continued throughout the quarter. "Our investment in value-added services and the supporting branch network has allowed us to continue our growth while the weak economy has dragged others down." said Clemons. "Our systems capabilities are a meaningful point of differentiation in the marketplace.
 "The current national health care reform discussion is bringing increased emphasis on managed care solutions in workers' compensation." said Clemons. "Our investments in a national service network, and in sophisticated systems to leverage our professional staff, have proven timely. The heightened interest in managing health care costs favors companies prepared to provide managed care solutions on both a regional and national scale," he added.
 CorVel is one of only a few companies providing health care management services not only in workers compensation, but also in the auto liability and group health markets. The company currently works in concert with a number of major payers and technology partners to provide care management programs in compliance with government regulations. As the new reform initiates become more clear CorVel expects to capitalize upon such alliances to assist insurers, HMOs, TPA and employers to conform their programs to any new regulations.
 Revenues for both the company's patient management (Advocacy) and cost containment (MedCheck) services were strong in the quarter. Advocacy is designed to integrate the separate activities involved in patient management with the reimbursement review services of the company's MedCheck systems to create an "HMO-like" managed-care program for workers' compensation.
 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 100 offices providing service in 42 states.
 CORVEL CORP.
 Quarterly Income Statement
 Three and 12 Months Ended March 31, 1993
 Three Months Ended March 31, 1993 March 31, March 31,
 1993 1992
 Revenue $17,382,000 $13,046,000
 Costs and expenses 16,145,000 12,290,000
 Income before income taxes 1,237,000 756,000
 Income tax expense 482,000 295,000
 Net income $755,000 $461,000
 Earnings per common and common
 equivalent share $.18 $.11
 Weighted average common and common
 equivalent shares 4,209,000 4,120,000
 12 Months Ended March 31, 1993 March 31, March 31,
 1993 1992
 Revenue $61,846,000 $46,886,000
 Costs and expenses 57,687,000 44,240,000
 Income from operations 4,159,000 2,646,000
 Other:
 Net gain from sale of name 3,300,000 ---
 Managed care reconfiguration
 charge (3,300,000) ---
 Income before income taxes 4,159,000 2,646,000
 Income tax expense 1,625,000 1,045,000
 Net income $2,534,000 $1,601,000
 Earnings per common and common
 equivalent share $.61 $.43
 Weighted average common and
 common equivalent shares 4,128,000 3,751,000
 The net gain of $3.3 million was generated from the sale of the company's former name, "FORTIS." The managed care charge of $3.3 million was to provide for a reconfiguration of its managed care services and related computer hardware and software.
 -0- 5/10/93
 /CONTACT: Gordon Clemons, president of CorVel, 714-851-1473/
 (CRVL)


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

MS-JB -- LA022 -- 6507 05/10/93 12:38 EDT
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Publication:PR Newswire
Date:May 10, 1993
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