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Air Methods Reports 1Q2013 Results And 2Q2013 Update

Stocks in this article: AIRM

DENVER, May 9, 2013 (GLOBE NEWSWIRE) -- Air Methods Corporation (Nasdaq:AIRM), the global leader in air medical transportation, reported financial results for the quarter ended March 31, 2013 and provided an update on April 2013 flight volume. For the quarter, revenue decreased 6% to $179.2 million from $190.8 million in the prior-year quarter. Net loss for the first quarter of 2013 was $5.7 million, or $0.15 per share, compared with net income of $12.5 million, or $0.32 per diluted share, in the first quarter of 2012. The current-year quarter includes the results of operations for Sundance Helicopters, Inc., a Grand Canyon tour operator (Sundance), which was acquired by the Company on December 31, 2012. Revenue and pre-tax income generated from Sundance during the first quarter of 2013 was $10.4 million and $0.1 million, respectively.  

Community-based patient transports were 11,845 during the current-year quarter, compared with 12,673 in the prior-year quarter, a 7% decrease. Patients transported for community bases in operation greater than one year (Same-Base Transports) decreased by 9%, or 1,081 transports, while weather cancellations for these same bases increased by 427 transports compared with the prior-year quarter. Requests for community-based service decreased 6% for bases open greater than one year. Net revenue per community-based transport decreased 10% from $10,072 to $9,098 in the current-year quarter due to deterioration in payer mix, partially offset by price increases.    

Maintenance expense, excluding Sundance, increased $0.5 million, or 2%, compared with the prior-year quarter, while flight hours decreased 5%. Increase in maintenance expense per flight hour is attributed to typical quarterly fluctuations associated with scheduled and unscheduled maintenance events. Excluding Sundance, fuel expense increased by $0.4 million, or 6%, compared with the prior-year quarter, while fuel expense per flight hour increased by 19%.

For the first quarter, Air Medical Services revenue decreased by 10% to $164.4 million compared with $183.6 million in the prior-year quarter. United Rotorcraft Division's external revenue decreased 39% to $4.4 million compared with $7.2 million in the prior-year quarter, while its external segment net income decreased from $2.1 million to an external segment net loss of $1.0 million in the current-year quarter. United Rotorcraft incurred $0.5 million during the current-year quarter for warranty-related expenses.   

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