This Day On The Street
Continue to site
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

Air Methods Reports 1Q2014 Results And 2Q2014 Update

DENVER, May 8, 2014 (GLOBE NEWSWIRE) -- Air Methods Corporation (Nasdaq:AIRM), the global leader in air medical transportation, reported financial results for the quarter ended March 31, 2014 and provided an update on April 2014 flight volume. For the quarter, revenue increased 24% to $223.1 million from $179.2 million in the prior-year quarter. Net income for the first quarter of 2014 was $10.8 million, or $0.28 per diluted share, compared with a net loss of $5.7 million, or $0.15 per diluted share, in the first quarter of 2013.

On December 13, 2013, via a newly formed subsidiary Blue Hawaiian Holdings, LLC, the Company acquired 100% of the membership interests of Helicopter Consultants of Maui, LLC (doing business as Blue Hawaiian Helicopters) and certain of its affiliates (collectively, Blue Hawaiian).

Community-based patient transports were 12,941 during the current-year quarter, compared with 11,845 in the prior-year quarter, an 9% increase. Patients transported for community bases in operation greater than one year (Same-Base Transports) increased by 7%, or 780 transports, while weather cancellations for these same bases decreased by 443 transports compared with the prior-year quarter. Requests for community-based service increased 4% for bases open greater than one year. Net revenue per community-based transport increased 20% from $9,098 to $10,928 in the current-year quarter due to the benefit of price increases and reduced seasonal variability in payer mix.

Maintenance expense, excluding tourism operations, decreased $4.4 million, or 16%, compared with the prior-year quarter, while flight volume decreased 5%. Decrease in maintenance expense is attributed to typical quarterly fluctuations associated with scheduled and unscheduled maintenance events. Excluding tourism operations, fuel expense remained relatively unchanged compared with the prior-year quarter, while fuel expense per flight hour decreased by 6%.

For the first quarter, Air Medical Services revenue increased by 16% to $191.0 million compared with $164.4 million in the prior-year quarter, while its segment net income increased from $0.9 million to $27.1 million. Tourism revenue increased from $10.4 million to $24.3 million, while Tourism segment net income increased from $0.1 million to $1.9 million. United Rotorcraft Division's external revenue increased 77% to $7.8 million compared with $4.4 million in the prior-year quarter, while its external segment net loss improved from $1.0 million to break-even in the current-year quarter. 

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs