IRVINE, Calif., March 14 /PRNewswire-FirstCall/ -- CorVel Corporation , a leading provider of healthcare management services, announced today that effective March 18, 2005, it has adopted a pre-arranged stock trading plan to repurchase shares of its common stock during the next two months through a brokerage agreement.
The stock trading plan was adopted in accordance with guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934 and consistent with CorVel Corporation’s policies regarding stock transactions. Rule 10b5-1 allows public companies to adopt written, pre-arranged stock trading plans when they do not have material, non-public information.
The Company may purchase up to 200,000 shares of its common stock over a period of approximately two months. The transactions under this plan are scheduled to commence no earlier than March 18, 2005.
The Company continues to believe that general market conditions will later be seen to have stabilized in the current quarter. There are many market variables involved and individual states and customer groups may vary. The Company has continued to close smaller offices and to reduce total national employment.
The legislative environment has been relatively unchanged from last quarter. There is interest throughout the Country in the most recent legislation in California; however, this new legislation is still in the early stages of implementation. To date, CorVel has received more than 40 MPN approvals from the Division of Workers’ Compensation (DWC) for both insurance carriers and self insured employers. Assuring medical professionals of more timely reimbursement is an initiative in some states.
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 more than 2,000 clients through its over 3,200 associates and 145 offices in 49 states. Leveraging its commitment to flexibility and personal service, CorVel delivers custom solutions for employers, insurers, third party administrators and government entities.
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, 2004, and the Company’s most recent form 10-Q.
CorVel Corporation
CONTACT: Heather Burnham of CorVel Corporation, +1-949-851-1473
Web site: http://www.corvel.com/