Air Methods Reports Year 2013 Results And 1Q2014 Update

DENVER, Feb. 27, 2014 (GLOBE NEWSWIRE) -- Air Methods Corporation (Nasdaq:AIRM), the global leader in air medical transportation, reported financial results for the year and fourth quarter ended December 31, 2013.

For the year, revenue increased 4% to $881.6 million compared to $850.8 million in the prior year. Net income decreased 33% to $62.3 million, or $1.54 per diluted share, in the current year from $93.2 million, or $2.39 per diluted share, in the prior year. Earnings before interest, depreciation and amortization, and income tax expenses (EBITDA) decreased 21% to $202.3 million compared to $257.4 million in the prior year. (See the table at the end of this release for a reconciliation of EBITDA, a non-GAAP measure, to net income, a GAAP measure.)

For the fourth quarter, revenue increased 3% to $223.8 million as compared with $216.2 million during the prior-year period. Net income decreased 38% to $13.3 million, or $0.29 per diluted share, compared to net income of $21.4 million, or $0.55 per diluted share, in the prior-year period. EBITDA decreased 22% to $47.1 million compared to $60.0 million in the prior-year quarter.

The 2013 fourth quarter includes $2.4 million in pre-tax charges associated with severance for certain terminated employees, reserves for pending legal matters, impairment/disposition losses on aircraft and certain intangible assets, and transaction costs associated with acquisition activities.

Basic and diluted earnings per share for the quarter and year ended December 31, 2013 were reduced by $0.05 for the impact of an equity put option related to one of our redeemable non-controlling interests in one of our consolidated subsidiaries. The equity put option allows the non-controlling interest party to sell its ownership interest in a joint venture to the Company at a future date for a minimum pre-established amount. While net income on the consolidated statement of comprehensive income was not reduced by the amount of this equity put option, earnings per share are required to be calculated after reducing net income by the amount of the equity put option.

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