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Air Methods Reports 2Q2013 Results And 3Q2013 Update

Stocks in this article: AIRM

DENVER, Aug. 8, 2013 (GLOBE NEWSWIRE) -- Air Methods Corporation (Nasdaq:AIRM), the global leader in air medical transportation, reported financial results for the quarter ended June 30, 2013 and provided an update on July 2013 patient transports. For the quarter, revenue increased 2% from $222.5 million to $226.2 million from the prior year quarter. For the six-month period, revenue decreased 2% to $405.4 million, compared with $413.3 million in the prior-year six-month period. Financial results for the three and six months ended June 30, 2013 include operations associated with the Company's acquisition of Sundance Helicopters, Inc., a Grand Canyon tour operator (Sundance), which was acquired by the Company on December 31, 2012. Revenue generated from Sundance during the quarter and six months ended June 30, 2013 was $16.0 million and $26.4 million, respectively.

For the quarter, net income decreased 39% to $19.1 million, or $0.49 per diluted share, as compared with prior-year second quarter net income of $31.4 million, or $0.81 per diluted share. Net income for the six-month period decreased 69% to $13.5 million, or $0.34 per diluted share, compared to $43.9 million, or $1.13 per diluted share, for the prior-year six-month period. The current-year second quarter and six-month results include pre-tax hull & liability insurance retention expenses of $2.0 million ($0.03 per share after tax effect) associated with claims incurred during the second quarter of 2013.

Patient transports were 13,835 during the current-year quarter, compared with 15,134 in the prior-year quarter, a 9% decrease. Patients transported for community bases in operation greater than one year (Same-Base Transports) decreased by 12%, or 1,718 transports, while weather cancellations for these same bases increased by 883 transports compared with the prior-year quarter. Requests for community-based service decreased 7% for bases open greater than one year. Net revenue per patient transport increased 4% to $10,766, compared with $10,396 in the prior-year quarter.

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