IRVINE, Calif., Aug. 2 /PRNewswire-FirstCall/ --
CorVel Corporation (Nasdaq: CRVL), reported that the Company's Board of
Directors has approved a 1,000,000 share expansion to its existing stock
repurchase plan, increasing the total number of shares approved for repurchase
to 6,100,000.
CorVel commenced its share repurchase program in the fall of 1996. Since
that time, the Company has spent $73 million to repurchase 4,940,000 shares,
equal to 31% of the outstanding common stock. These purchases have been
funded primarily from net earnings. CorVel had approximately
10,815,000 shares of common stock outstanding as of June 30, 2002.
"The buyback program is a part of our overall plan to maintain an
efficient capital structure. We will continue to seek internal expansion
opportunities as our highest priority, but have been returning capital to our
investors, when we do not have internal needs," said Gordon Clemons, CorVel's
Chairman.
The shares in the expanded repurchase program will be purchased from time
to time at prevailing market prices, through open market or unsolicited
negotiated transactions, depending upon market conditions. There is no
guarantee as to the exact number of shares that will be repurchased by CorVel,
and the Company may discontinue purchases at any time that management
determines additional purchases are not warranted. The purchased shares will
be used for general purposes, including issuance under the Company's stock
option and stock purchase plans.
CorVel Corporation is an independent, nationwide provider of managed care
services in the workers' compensation, group health, and auto insurance
markets. The Company provides services to employers, government entities,
insurance companies and third party administrators. In addition to the
Company's networks of preferred providers, its offices deliver case
management, utilization management independent medical evaluations, bill
review and disability management programs. CorVel serves over 1,500 clients
through its 185 offices and 3,200 employees in 49 states.
This press release contains forward-looking statements that are subject to
risks and uncertainties, including the risk that the historical financial
performance of the Company may not be indicative of future financial
performance and the risk that the recent performance of the Company's Common
Stock may not be indicative of its future performance, as well as other risks
detailed from time to time in the Company's SEC reports, including the report
on Form 10-K for the year ended March 31, 2002, and the Company's most recent
form 10-Q.
SOURCE CorVel Corporation
Web site: http://www.corvel.com
Company News On-Call: http://www.prnewswire.com/comp/289350.html
http://www.prnewswire.com/comp/152526.html
http://www.prnewswire.com/comp/148134.html
http://www.prnewswire.com/comp/158669.html
CONTACT: Gordon Clemons of CorVel Corporation, +1-949-851-1473
