CorVel Corp. Profits Up 60%

CorVel Corp., a provider of medical cost-containment and managed-care services, posted a profit of $611,000, or 15 cents a share, for its second fiscal quarter, up 60% from earnings of $383,000, or 9 cents a share, for the same quarter last year. Revenue for the period ended Sept. 30 was up 30% to $14.8 million from $11.4 million. For the first half of its fiscal year, the company reported a profit of $1.1 million, up 56% from $717,000. Revenue was up 32% to $28.6 million from $21.6 million. During the latest quarter, the company changed its name from Fortis Corp. and had a gain of $3 million from the sale of its rights in the Fortis name. The gain was offset by a $3-million restructuring charge.