CorVel Corporation (Nasdaq: CRVL) reported earnings per share of $0.50 for the quarter ended September 30, 2009, a 39% increase compared to $0.36 in the same quarter of the prior year. The Company reported quarterly revenues of $82 million, a 6% increase compared to $78 million in the same quarter of the prior year. Earnings per share for the six months ended September 30, 2009 were $0.99, a 32% increase compared to $0.75 for the same period of the prior fiscal year. The Company reported revenues of $164 million for the six months ended September 30, 2009, a 5% increase compared to $156 million for the same period of the prior fiscal year.
The Company's results are reflective of improved growth in the Enterprise Comp product line, CorVel's integrated claims management solution for workers' compensation claims. The Company continues to invest in software development across product lines with focus on the advancement of artificial intelligence capabilities and workflow management tools into the management of workers' compensation claims and all associated medical and indemnity costs. The second quarter's results also benefited from growth within the Network Solutions which are reflective of improved savings for clients.
During the second quarter, the Company's Board of Directors authorized the expansion of the share repurchase program by one million shares. During the September quarter the Company repurchased 581,000 shares for $17 million. At September 30, 2009 the Company had 12,405,000 shares outstanding.