This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs