Thank you for standing by. Welcome to the CorVel Corporation Quarterly Earnings Release Webcast. During the course of this webcast, 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 the actual events or results may differ materially. CorVel refers you to the documents that 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. I would now like to turn the call over to your host, Mr. Gordon Clemons.

Thank you for joining us to review CorVel's September quarter. Revenues for the September quarter were $128.2 million, up 3% compared to revenue for the September 2015 quarter. Earnings per share for the quarter ended September 30, 2016 were $0.35, down from $0.41, in the same quarter of 2015. The results for the quarter began to demonstrate the underlying growth in our business. We have though had expenses hit us in the quarter which we expect to moderate as we go forward. As many investors would know, resolving issues in any business typically takes a bit longer than management often expects. Those of us who love competing and building franchises have to be optimists and to think we can overcome challenges. The expenses with which we've been dealing for several quarters continued to be an issue in the quarter, the impact of these expenses reduced earnings per share by $0.06 in the quarter. I'd like to discuss the expenses before going on to discuss our market trends. As of other companies, we've been working to adjust to the new labor laws as regards, time, management for employees. We've had legal expenses as a result. Companies ourselves included will react to these regulation changes and make the necessary adjustments. In addition, we've had some lessons to learn in our expansion into the TPA market. Specifically, we've learned that there is a narrow segment of the market where we should not provide service. Our history has been one of believing we could make almost anything work, but we've learned that there are good reasons why we should avoid some segments of the market. As we have in the past, we will learn from these missteps and move on. Turning now to the state of the markets we serve, the healthcare and insurance…

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