Gordon Clemons - Chief Executive Officer

Thank you for standing by. Welcome to the CorVel Corporation Quarterly Earnings Release Conference Call. During the course of this conference call, CorVel Corporation may make projections or other forward-looking statements regarding future events or the future financial performances of the company. CorVel wishes to caution you that these statements are only predictions, and that actual events or results may differ materially. CorVel refers you to the documents the Company files from time to time with the Securities and Exchange Commission, specifically the Company's last Form 10-K and 10-Q filed for the most recent fiscal year and quarter. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements. At this time, all participants are in a listen-only mode. A question-and-answer session will be conducted later in the call with instructions being given at that time. As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Mr. Gordon Clemons. Sir, please go ahead.

Thank you for joining us to review CorVel's fiscal year 2015 and March quarter. Revenues for fiscal 2015 were 493 million; earnings per share were $1.37. The March quarter revenues were 122.2 million, 2% over the revenue for the March 2014 quarter. Earnings per share for the quarter ended March 31, 2015 were $0.27 in the same quarter of the prior year earnings per share were $0.39. These results were below our budget for the fiscal year although we knew we were going through transition period in our business we had some internal expense issues we could have better control. March quarter was quite similar in strength to December quarter although seasonal taxes and some adjustments to our accounts receivable reduced net income from the preceding quarter. The June quarter will benefit from the absence of the seasonal March quarter factors. Our strategic initiatives and service effectiveness are healthy so while we’re not happy with the short-term results we’ve had our strategies and the strength of our overall enterprise are well positioned. I’ll now discuss the internal and external aspects of the current environment. Cost control and process efficiency are issues within our control when we have softer periods in the market it has been CorVel’s strategy to maintain our investments and new services and new service capabilities we do those seek to more tightly manage other expenses during such periods. In this instance we were expecting more growth in the services carriers can employ in response to the Affordable Care Act than occurred and we acted too slowly reducing discretionary expenses. We're working on adjustments in each of those areas. The market environment includes several important factors, one key variable to which we have to respond is the ongoing implementation of the Affordable Care Act particularly in the health…

All right. Thank you very much. We appreciate everyone being on the call today and we look forward to talking to you again at the end of the June quarter which is only a couple of months away. Thank you.

Thank you. Ladies and gentlemen, this does conclude today’s teleconference. You may disconnect your lines at this time and thank you for your participation.