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 it over to Mr. Gordon Clemons.

Thank you for joining us to review CorVel's December quarter. Joining me today will be Michael Combs, CorVel's Chief Information Officer. Revenues for the December quarter were $128 million, 3.6% over the revenue for the December 2015 quarter. Revenues were impacted by the weather and holiday calendar, but so were the prior years’ result. Product development continued on several key initiatives for the coming year. Earnings per share for the quarter ended December 31, 2016 were $0.36, up 7% from the same quarter of the prior year. We're beginning to see some traction on the operations management initiatives begun a year ago. Our Enterprise Comp, TPA, continued its growth and the development of its services results in our CERiS medical review services for the group health. Medicare and Medicaid markets had a strengthening quarter. The results for the quarter continued the recent demonstration of the improvements in most segments of our business. We are working through the expenses associated with the labor law environment in some areas of the country. Expenses in this area have been up considerably and we're hoping the environment improves over the next few years. We're also upgrading a number of the larger offices and incurring some expenses in that effort. The company is moving to an open office style of work area, which at times obsoletes some of our prior office improvement. Turning now to our markets. The country and most business markets have come through an unusual election year. The election results promised the possibility of a stronger labor market, which is typically positive for our business. Our activity normally lags the economy though. It is fair to say the mood in business has been void and I believe that that will lead to some improvement in the backdrop for business in general. To…

Thank you, Gordon. It has been my privilege to be a member of the product development team at CorVel for the past 25 plus years that we have had as many on the team with us for more than 10, 15 and even 20 years reflects both the satisfaction that we find applying leading edge technology to provide unique business solutions and CorVel’s strong culture. It is a common refrain that the essential components of an effective IT organization are people, process and technology. While there is certainly truth to this assertion without heart, passion and vision long-term results are unlikely. I am extremely proud of the team we have in place and the values that drive the consistent result achieved. At our recent annual customer partnership meeting, we shared prototypes for strategic initiatives that are underway. The first will bring actionable managed care information to the adjuster in a simple interface. It also sets the foundation for a next phase of development where we will apply artificial intelligence to prioritize next steps in the claims management process and recommend those to the adjuster. The second effort brings information from the treating physicians to the plan for return to work in a more usable format for the adjuster. These are applications, which leverage CorVel’s integrated solutions in healthcare claims management and provide more useful reporting formats of our results to the carriers and other administrators for whom we work. The prototypes were exceptionally well received. There will be more details provided on these as they reach the implementation stage over the next several quarters. A primary focus of our work in product development is to leverage CorVel’s integrated service continuum by providing the technology solutions that can best reduce lag time in a typical episode of care and to address…

I’d now like to discuss our operations and product line result. I've commented in prior quarters regarding two ongoing initiatives. First improving our use of production metrics to help us better manage our operation and secondly continuing the evolution of our organization structure to reflect the changes created by our investments in technology. We've made progress in improving our use of metrics in the business and that has helped us better manage our services. The use of technology to facilitate the hubbing of some of our operations is an effort that will extend over quite a few years. We have increased our use of call centers and expect that trend to continue. We continue to maintain about 80 offices, which gives us widespread sales and account service coverage. We have a number of productivity projects active for the coming year. Now to the specific results by product segment. Patient management includes third party administration that is TPA services and traditional case management. Revenue for the quarter was $71.4 million. Gross profit in the quarter declined 6% from the prior year. Within this segment, TPA service volumes were up double digits year-over-year although gross profits were flat. Case management volumes sold in the insurance market were down as were gross profit. TPA sales continue to be active. The service model we employ is unique in the industry highlighted by its integration of the many service components. The results achieved have been very well received, steadily improving our reputation within the brokerage and employer community, studies of these results have isolated a couple of key components of the total service, which are particularly effective at improving results and we have projects underway to leverage those aspects of our service. I'm referring here the projects to which Michael Combs referred. As he noted,…

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