Welcome to the CorVel Corporation 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 the 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 10-K and 10-Q files 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. Dan Starck and Mr. Gordon Clemons. Gentlemen, please go ahead.

Joining us this morning to review and discuss the results of CorVel's March 2010 quarter and the results of the fiscal year 2010, I am joined by our Chairman, Gordon Clemons. Since the March quarter concludes our fiscal year there will be a fairly balanced discussion today between the March quarter results as well as the fiscal year results. And after the overview we will open the call to questions. Now to the quarter results and the fiscal year result. Revenue for the March quarter was $87.6 million, an increase of 14% from the March 2009 quarter, and earnings per share were $0.54 for the quarter, an increase of $0.63 – an increase of 63% from the $0.33 reported in the March 2009 quarter. For the fiscal year revenue grew to $338 million, a 9% increase over the prior fiscal year, and earnings per share increased to $2.06, a 46% increase over fiscal 2009. The March quarter results reflect the continued strengthening of our traditional managed care business in both network solutions and case management. They also reflect the continued expansion of our Enterprise Comp business, our integrated approach to managing workers compensation claims. The fiscal year results provide a broader view of CorVel’s strategic transition and reflect the coming to fruition, if you will, of a number of products and strategies that have been at work for the past four or five years. CorVel posted strong results back in fiscal 2007 and fiscal 2008 as we made gains in our traditional business, and began our strategic repositioning process through a series of acquisitions and internal investments. In fiscal 2009, we experienced an earnings decline as our growth slowed during some of the heavy investment periods of our strategic transition. However, in the face of the worst economic environment since…

Thank you Dan. I would like to discuss the company's technology investment from three perspectives today. First is they relate to the company's business strategy, as Dan discussed. The second in the context of the financial results just reported and lastly some detail by major initiative. Our strategy even in these difficult markets has been to expand and to continue to invest strongly in our business. Technology has been a fundamental component of our business throughout the years as our business has become more complex, so to as the complexity of the development technology becomes also more complex. During recent years the company has broadened its role in the insurance industry as Dan just discussed. Information processing has continued to be a key strength in this expansion. Both the IT hardware and the business software applications have had to be strengthened and expanded to support the expanded service now being sold. From a technology strategy standpoint, we continue to believe in the constant improvement of our use of available technology. Although new cycles in technological advancement can be over hyped, it does appear that the industry is in the midst of a robust new phase of advancement. CorVel’s strategic use of technology has benefited by the advances being made in hardware, storage, communications and even mobile computing. I would like to compliment the management team for their ability to maintain strong financial results while simultaneously increasing the pace of investment in technology, and in addition working through the difficult integration of our technology into the new businesses in which we are now involved. As always, while technology is key it is the people who make this stuff work. The key to our success in leveraging technology has been our ability to invest in a meaningful pace and to do so…

Thank you Gordon. I just like to add a few more comments prior to opening the call to questions. We have continued to repurchase our stock this quarter, and we have done this for a couple of reasons. First, we believe there has been a good value. Second, as we look for strategic acquisitions we size them for a strategic fit and geographic fit. We have been unable to find any that fit that criteria in the past quarter, and thus buying stock has been a good use of our cash. Moving to some of the balance sheet items, quarter ending cash balance was 11.9 million and our DSO was 46 days. We did repurchase 168,000 shares in the quarter and spent 5.6 million. We spent 218 million inceptions to date and have repurchased 13.8 million shares. Hard [ph] shares at the end of the quarter were 12, 27,000 and diluted EPS shares were 12, 285,000. In closing, the March quarter is the fourth consecutive quarter of improved performance, and the close to a successful fiscal year from both an operating and financial perspective. Our revenue growth and operating performance have significantly improved over the course of the past year, despite a difficult overall economy. We are very proud of the diligent work that the CorVel team has done, and I now like to open the call for questions.

(Operator instructions) And our first question will come from the line of Daniel O’Brien [ph].

Hi, good morning. It is Dan Baldini [ph].

Hi Dan.

Dan, you and your team have done a really wonderful job. Congratulations.

Thank you.

Say I just have one question, I noticed that Sedgwick CMS recently was sold, and I'm curious to know whether you think that will have any sort of impact on the competitive environment?

I think it is a little too early to tell Dan. I think they have been sold a couple of times, I guess, in the last couple of years and moving back to a state taken by United Health Care and Fidelity National about three or four years ago, and now being moved over, I think is to the Trident Funds. They have been a very strong competitor of ours over the past few years in the TPA space, and quite frankly, we believe that they will continue with where they have been headed as far as similar things they have done. But from an overall landscape it is a little difficult to access this early in the process. Gordon, I think that maybe if you want to add some perspective on that as well. Dan I appreciate the comments and the compliments.

Yes, I would just second what Dan said, I think they are an exceptional organization, and have been a strong competitor. I don't see that changing, and consolidating a little bit, but I don't think this changes that.

Okay, well thanks very much.

You are welcome.

Thank you.

(Operator instructions) And there are no further questions. Mr. Starck and Mr. Clemons, do you have any further comments.

I just like to close the call by thanking the folks who have joined the call. We are very proud of our investor base and we look forward to talking to everybody over the next few months and years as we move forward here. Thank you.

Ladies and gentlemen, this does conclude our conference call for today. Thank you for your participation and you may all disconnect.