CorVel in Irvine Posts 70% Increase in 2nd-Quarter Profit to $1.04 Million

CorVel Corp., the Irvine provider of medical cost containment and managed care services, reported a 70% gain in second-quarter profit from the year-earlier period, to $1.04 million, or 24 cents a share, from $611,000, or 15 cents a share.

Revenue for the quarter ended Sept. 30 was up 31%, to $19.4 million from $14.8 million. For the first half, profit rose 82%, to nearly $2 million from $1.1 million. Revenue increased 34%, to $38.2 million from $28.6 million.