Insurer CorVel Reports Profits Up 16% in Quarter

CorVel Corp., an Irvine provider of managed-care services in the workers’ compensation, accident and health and auto insurance markets, said net income for the first fiscal quarter reached a record $2.9 million, or 35 cents a share, 16% higher than the $2.5 million, or 30 cents a share, recorded a year ago. Revenue for the quarter ended June 30 increased 15% to $45.7 million from $39.6 million.