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Air Methods Reports 1Q2013 Results And 2Q2013 Update

– FINANCIAL STATEMENTS ATTACHED –

 
AIR METHODS CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands)
     
     
     
  March 31, 2013 December 31, 2011
     
     
ASSETS    
     
Current assets:    
Cash and cash equivalents  $ 11,379  3,818
Trade receivables, net  209,430  232,929
Other current assets  81,589  70,058
     
Total current assets  302,398  306,805
     
Net property and equipment  603,797  597,238
Other assets, net  211,414  214,820
     
Total assets  $ 1,117,609  1,118,863
     
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
     
Current liabilities:    
Notes payable related to aircraft pending long-term financing  $ --   3,570
Current portion of indebtedness  57,778  63,139
Accounts payable, accrued expenses and other  66,736  76,743
     
Total current liabilities  124,514  143,452
     
Long-term indebtedness  605,892  581,019
Other non-current liabilities  91,028  94,782
     
Total liabilities  821,434  819,253
     
Total stockholders' equity  296,175  299,610
     
Total liabilities and stockholders' equity  $ 1,117,609  1,118,863
 
AIR METHODS CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except share and per share amounts)
     
     
  Quarter Ended
  March 31,
     
  2013 2012
     
Revenue:    
Flight operations  $ 162,290  182,144
Product operations  4,434  7,232
Tourism operations  10,391  -- 
Other  2,114  1,438
Total revenue  179,229  190,814
     
Expenses:    
Operating expenses  135,442  120,022
General and administrative  28,523  24,875
Depreciation and amortization  20,122  20,879
   184,087  165,776
     
Operating income  (4,858)  25,038
     
Interest expense  (4,802)  (5,593)
Other, net  287  930
     
Income before income taxes  (9,373)  20,375
     
Income tax expense  3,684  (7,901)
     
Net income  $ (5,689)  12,474
     
Income per common share:    
 Basic  $ (0.15) 0.33
 Diluted  $ (0.15) 0.32
     
Weighted average common shares outstanding - basic 38,831,102 38,380,920
Weighted average common shares outstanding - diluted 38,831,102 38,747,448
CONTACT: Trent J. Carman, Chief Financial Officer, (303) 792-7591

Air Methods Corporation

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