Air Methods Corporation (Nasdaq: AIRM), the global leader in air medical transportation, reported financial results for the quarter ended March 31, 2015 and provided an update on preliminary April 2015 flight volume.   For the quarter, revenue increased 8% to $238.3 million from $221.1 million in the prior-year quarter.  Net income from continuing operations for the first quarter of 2015 was $12.9 million, or $0.32 per diluted share, compared with $11.6 million, or $0.29 per diluted share, in the first quarter of 2014.  The first quarter 2015 results include $2.6 million in pre-tax expenses (reducing EPS by $0.04) to remediate certification documentation issues associated with previous night-vision technology installations on certain aircraft.  No further costs are anticipated related to this remediation effort in future quarters.

Community-based patient transports were 13,852 during the current-year quarter, compared with 12,941 in the prior-year quarter, a 7% increase.  Patients transported for community bases in operation greater than one year (Same-Base Transports) decreased by less than 1%, or 63 transports, while weather cancellations for these same bases increased by 1,005 transports compared with the prior-year quarter.  Requests for community-based service increased 7% for bases open greater than one year.  Net revenue per community-based transport increased 7% from $10,928 to $11,651 in the current-year quarter due to the benefit of price increases, net of deterioration in payer mix.

Maintenance expense, excluding tourism operations, increased $7.5 million, or 34%, compared with the prior-year quarter, even though total flight volume increased only 1%.  In addition to remediation costs referenced above, increase in maintenance expense per flight hour was attributed to typical quarterly fluctuations associated with scheduled and unscheduled maintenance events.  Excluding tourism operations, fuel expense decreased $1.2 million compared with the prior-year quarter, while fuel expense per flight hour decreased by 26%.

For the first quarter, Air Medical Services revenue increased by 9% to $205.9 million compared with $188.9 million in the prior-year quarter, while its segment net income from continuing operations increased 14% from $27.9 million to $31.9 million.  Tourism revenue increased 16% from $24.3 million to $28.2 million, while Tourism segment net income decreased from $1.9 million to $0.8 million.  United Rotorcraft Division’s external revenue decreased to $4.1 million compared with $7.8 million in the prior-year quarter, while its external segment net loss was $0.3 million for the first quarter of 2015 compared to break-even for the prior-year quarter.

The Company also provided an update on preliminary April 2015 flight volume.  Total community-based transports increased 11% to 5,070 during April 2015, compared with 4,572 in April 2014.  April 2015 Same-Base Transports increased by 18 transports as compared with April 2014.  Weather cancellations during April 2015 for these same bases increased by 526 compared with the prior-year month.

Aaron Todd, CEO, stated, “We are pleased to have realized double-digit growth in earnings during the first quarter despite significant increase in weather cancellations and higher than anticipated maintenance expenditures.  The steadiness in Same-Base Transports, even with an increase in weather cancellations during the quarter, reveals underlying strength in demand for our services.  This strength in demand continued into April despite higher weather cancellations, as well.”

The Company will discuss these results in a conference call scheduled today at 4:30 p.m. Eastern.  Interested parties can access the call by dialing (855) 601-0049 (domestic) or (720) 398-0100 (international) or by accessing the web cast at www.airmethods.com.  A replay of the call will be available at (855) 859-2056 (domestic) or (404) 537-3406 (international), access number 32877339, for 3 days following the call and the web cast can be accessed at www.airmethods.com for 30 days.

Air Methods Corporation (www.airmethods.com) is the global leader in air medical transportation.  The Air Medical Services Division is the largest provider of air medical transport services in the United States.  The United Rotorcraft Division specializes in the design and manufacture of aeromedical and aerospace technology.  The Tourism Division is comprised of Sundance Helicopters, Inc. and Blue Hawaiian Helicopters, which provide helicopter tours and charter flights, primarily focusing in the Las Vegas/Grand Canyon region and Hawaii respectively.  Air Methods’ fleet of owned, leased or maintained aircraft features over 400 helicopters and fixed wing aircraft.