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Air Methods Reports 3Q2013 Results And 4Q2013 Update

Stocks in this article: AIRM

DENVER, Nov. 7, 2013 (GLOBE NEWSWIRE) -- Air Methods Corporation (Nasdaq:AIRM) reported results for the quarter ended September 30, 2013. Revenue increased 14% to $252.4 million from $221.3 million in the year-ago quarter. For the nine-month period, revenue increased 4% to $657.8 million, up from $634.6 million in the prior-year nine-month period. For the quarter, net income increased 28% to $35.6 million, or $0.91 per diluted share, as compared with 2012 third quarter net income of $27.8 million, or $0.71 per diluted share. Net income for the nine-month period decreased 32% to $49.1 million, or $1.25 per diluted share, compared to $71.7 million, or $1.84 per diluted share, for the prior-year period. Financial results for the three and nine months ended September 30, 2013 include operations associated with the Company's acquisition of Sundance Helicopters, Inc., a Grand Canyon tour operator (Sundance), on December 31, 2012. Revenue generated by Sundance during the quarter and nine months ended September 30, 2013 was $16.0 million and $42.4 million, respectively.

The current year after-tax quarterly earnings were increased by $0.7 million associated with the cumulative effect of changes in expected blended state income tax rates, compared with a $0.7 million reduction in after-tax earnings in the prior-year quarter for similar changes. Prior year after-tax quarterly earnings were further reduced by $0.6 million associated with a net loss on disposition of assets.  

Third Quarter Highlights

Community-based patient transports were 14,570 during the current-year quarter, compared with 14,829 in the prior-year quarter, a 2% decrease. Patients transported for community bases in operation greater than one year (Same-Base Transports) decreased by 6%, or 854 transports, while weather cancellations for these same bases increased by 436 transports compared with the prior-year quarter. Requests for community-based service decreased 3% for bases open greater than one year. Net revenue per patient transport increased 18% to $12,141, compared with $10,316 in the prior-year quarter. 

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