Irvine, Calif., November 19, 2007 - (Nasdaq: CRVL) CorVel Corporation today announced its decision to resume repurchasing shares of its common stock under the stock repurchase program previously approved by the Company's Board of Directors. In June 2006, the Board had approved a 1,500,000 share expansion to this repurchase program. Through September 30, 2007, the Company has repurchased 862,323 shares, with a remaining 637,677 shares that may be repurchased from time to time in the future under the expanded authorization.
The Board's approval of the share repurchase program reflects its confidence in the continued growth of CorVel's business and an ongoing commitment to increase shareholder value. With over $9 million in cash, the Company has maintained a strong balance sheet and feels confident that this program will allow CorVel to further pursue strategic opportunities for growth.
The stock repurchase authorization does not have an expiration date and the Company believes that the pace of repurchase activity will depend on a variety of factors, such as levels of cash generation from operations, cash requirements for any future acquisition opportunities and other factors. CorVel may repurchase shares from time to time and the stock repurchase program may be modified or discontinued at any time.
About CorVel
CorVel Corporation (http://www.corvel.com/) is a national provider of leading-edge services and solutions in the field of managed healthcare. CorVel specializes in applying information technology and e-commerce applications to improve healthcare management in the workers' compensation, group health, auto and disability management insurance markets. The Company provides networks of preferred providers, case management, utilization management, independent medical evaluations and medical bill review to customers nationwide. Leveraging its commitment to flexibility and personal service, CorVel delivers custom solutions for employers, insurers, third party administrators and government entities.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company's current expectations, estimates and projections about its industry, management's beliefs, and certain assumptions made by the Company, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding the pace of stock repurchases, the Company's business, strategic opportunities, and possible modification or discontinuation of the stock repurchase program. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially and adversely from those expressed in any forward-looking statement.
The risks and uncertainties referred to above include, but are not limited to, the risk that the historical financial performance of the Company may not be indicative of future financial performance, the risk that the recent performance of the Company's Common Stock may not be indicative of its future performance, the risk that there may not be sufficient cash available from operations for repurchasing stock or that such cash may instead be required for future acquisition opportunities, 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, 2007, and the Company's most recent form 10-Q. The forward-looking statements in this release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
