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Air Methods Reports Year 2012 Results And 1Q2013 Update

Stocks in this article: AIRM

DENVER, Feb. 28, 2013 (GLOBE NEWSWIRE) -- Air Methods Corporation (Nasdaq:AIRM), the global leader in air medical transportation, reported financial results for the year and fourth quarter ended December 31, 2012.

For the year, revenue increased 29% to $850.8 million compared to $660.5 million in the prior year. Net income doubled to $93.2 million, or $2.39 per diluted share, in the current year from $46.6 million, or $1.21 per diluted share, in the prior year. Earnings before interest, depreciation and amortization, and income tax expenses (EBITDA) increased 51% to $257.4 million compared to $170.9 million in the prior year. (See the table at the end of this release for a reconciliation of EBITDA, a non-GAAP measure, to GAAP.)

For the fourth quarter, revenue increased 12% to $216.2 million as compared with $193.3 million during the prior-year period. Net income increased 73% to $21.4 million, or $0.55 per diluted share, compared to net income of $12.4 million, or $0.32 per diluted share, in the prior-year period. EBITDA increased 26% to $60.0 million compared to $47.8 million in the prior-year quarter.

On August 1, 2011, the Company acquired 100% of the outstanding common stock of OF Air Holdings Corporation and its subsidiaries, including Omniflight Helicopters, Inc. (together, Omniflight). The results of operations for the year ended December 31, 2011 included the consolidated operations of Omniflight since the date of the acquisition. Pre-tax earnings were reduced by approximately $2.3 million and $0.5 million for the year and fourth quarter, respectively, for transaction costs and employee severance expenses related to the acquisition of Omniflight. Pre-tax earnings for both prior-year periods were further reduced by $2.2 million for retrospective compensation paid to pilots associated with the negotiation of a new collective bargaining agreement.

Fourth Quarter Highlights

Net patient transport revenue increased 18% to $152.9 million from $129.8 million. Net revenue per patient transport increased 16% to $11,448 from $9,883 in the prior-year quarter. Total patient transports from community-based locations increased 2% to 13,334 from 13,128. Patient transports from community-based locations open greater than one year (Same-Base Transports) increased 34 transports, as compared with the prior-year quarter. Weather cancellations for these same-base locations increased by 479 transports compared with the prior-year quarter. Air medical services contract revenue increased by 5% to $56.1 million from $53.3 million. 

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