CorVel Profit Spikes in Quarter, Company Eyes Acquisitions

CorVel Corp. on Tuesday reported net income of $11.8 million for the quarter ending June 30, a 34% increase from $8.78 million in the prior-year quarter. Revenues were up 9.3% in the quarter, to $150 million, for the workers’ compensation cost containment company. CorVel Chief Executive Officer Gordon Clemons said the federal tax rate reduction helped boost the company’s results. “The lower rate is improving the already strong cash flows in our business. In turn, this better positions CorVel to consider options for redeploying the resulting cash flow,” Clemons sa...