11-Dec-2012 Source: Air Methods
Air Methods Corporation (Nasdaq:AIRM), the global leader in air medical transportation, announced today that its board of directors has declared a special cash dividend of $7.00 per share (on a pre-split basis) on the Company’s common stock, payable on December 28, 2012 to stockholders of record at the close of business on December 20, 2012. The Company intends to fund the special cash dividend with available cash and additional borrowings under its senior credit facility. The Company anticipates amending its senior credit facility by adding a new term loan facility of up to $100 million prior to payment of the cash dividend.
Aaron Todd, the Company’s chief executive officer stated, “Given our strong free-cash flows, access to low interest rate financing, and uncertainty in the tax code for 2013 and beyond, the Company believes this shareholder friendly action is appropriate. Following this distribution, the Company will continue to enjoy strong financial flexibility, through operating cash flows and additional leverage capacity, for continued funding of potential acquisitions, buy-outs of leased aircraft, and future stock repurchases or cash dividends when deemed prudent by the board of directors. We remain very bullish on continued growth in our existing business.”
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 for hospitals and one of the largest community-based providers of air medical services. United Rotorcraft Division specializes in the design and manufacture of aeromedical and aerospace technology. Air Methods’ fleet of owned, leased or maintained aircraft features over 400 helicopters and fixed wing aircraft.