Gordon Clemons – Chairman and Chief Executive Officer

Thank you for standing by. Welcome to the CorVel Corporation Earnings Release Conference Call. During the course of this conference call, CorVel Corporation may make projections and other forward-looking statements regarding future events or of the future financial performances of the Company. CorVel wishes to caution you that these statements are only predictions and that our 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 Form 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 will 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 December quarter. Our Enterprise Comp TPA continued its growth and the development of its services. In the quarter we made substantial investments in the specialty medical review services sold to the health market. This service is well received by major carriers and we are expanding to serve new customers. Revenues for the December quarter were a $121 million, 13% over the revenue for the December 2012 quarter. Earnings per share for the quarter ended December 31, 2013 were $0.41, up 56% from the same quarter of the prior year. Pretax margins increased to 12% from 9% the prior year. I'll speak to margins later in the discussion of our operations. First, I’d like to discuss the market in general for our services. The impact and implications of the Affordable Care Act continue to be somewhat in flux as the implementation continues. The Act places pressures on insurers to improve their management of health costs and in turn these major carriers are looking for new tools for managing healthcare costs. We don’t expect this period to be smooth as they would seem to be any number of developing ripples from the bill. As bills emerge the participants in the industry re-calibrate their plans. The Affordable Care Act implementation has implications for every aspect of any healthcare or healthcare insurance service. Both providers and payers are concerned regarding the funding relative to their cost of operations. The first impact on CorVel from the legislation has been an increase in the demand for our Network Solutions services, specifically our proprietary hospital bill review services, we see opportunities in each segment of the marketplace whether that is the private carrier market, Medicaid or Medicare. We expect also incur some extra cost in our own benefit plan…

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions) And I am showing – we have no questions, Mr. Clemons, do you have any further comments?

Yes. Thank you. I did want to correct one comment I made during the text, I referred to our pretax margins as 12.3%, I think in the quarter, they are actually 12.0%. So, I just wanted to make that one additional comment and otherwise to thank everyone for joining us today. We look forward to talking to you again after the March quarter. Thank you.

And this does conclude today’s conference, you may now disconnect.