CorVel Reports 16% Rise in Net Income

IRVINE — CorVel Corp., the Irvine provider of managed care services in the workers’ compensation, accident and health and auto insurance markets, reported that net income rose 16% for the fiscal year on a 12% gain in revenue.

The company posted net income of $8.5 million, or $1.82 a share, for the year ended March 31, up from $7.3 million, or $1.57 a share, for the previous year. Revenue increased to $121.7 million from $109.1 million.

Fourth-quarter net income was a record $2.2 million, or 49 cents a share, up 16% from the $1.9 million, or 41 cents a share, for the fourth quarter a year ago. Revenue rose 12% to $31.7 million from $28.3 million.