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Air Methods Announces Year 2010 Financial Results And Provides First Quarter 2011 Update

Stocks in this article: AIRM

DENVER, March 10, 2011 (GLOBE NEWSWIRE) -- Air Methods Corporation (Nasdaq:AIRM), the largest air medical transportation company in the world, reported revenue and net income for the year and fourth quarter ended December 31, 2010.

For the year, revenue increased 9% to $562.0 million compared to $514.3 million in the prior year. Net income increased 52% to $44.1 million, or $3.50 per diluted share, in the current year from $29.0 million, or $2.33 per diluted share, in the prior year. For the fourth quarter, revenue increased 24% to $150.4 million as compared with $121.3 million during the prior-year period. Net income increased over four and a half times to $12.6 million, or $0.99 per diluted share, compared to net income of $2.7 million, or $0.22 per diluted share, in the prior-year period.

During the fourth quarter of 2010, total patients transported within community-based operations were 10,071, as compared with 9,015 during the prior-year quarter, a 12% increase. Patients transported for community bases in operation greater than one year (Same-Base Transports) increased by 630 transports, or 7%, while weather cancellations for these same bases decreased by 1,165 transports compared with the prior-year period. Revenue per community-based transport increased 23% from $7,472 in the prior-year quarter to $9,175 in the current-year quarter. Consolidated maintenance expense per flight hour increased by 18% to $727 per hour during the current-year quarter, compared with $618 per flight hour in the prior-year quarter. Fuel expense per community-based transport decreased by 6% to $288 per transport in the current-year quarter compared with $306 per transport in the prior-year quarter.

Community-Based Services divisional revenue and segment net income increased by 37% to $93.6 million and over four times to $22.0 million in the current-year quarter, respectively. Hospital-Based Services divisional revenue increased by 2% to $49.1 million, while segment net income decreased by 23% to $3.0 million, compared with the prior-year quarter. Excluding internal revenue, the Products Division increased revenue by 59% to $7.7 million, while external segment net income increased over three and a half times to $2.2 million, compared with the prior-year period.  

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