Air Methods provides update on FY2013 Q4 results

Air Methods provides update on FY2013 Q4 results

29-Jan-2014 Source: Air Methods

Air Methods Corporation (Nasdaq:AIRM), the global leader in air medical transportation, provided an update on fourth quarter results and January 2014 flight volumes. Total community-based patient transports for the fourth quarter 2013 are estimated to be 12,881, a 3% decrease from the prior-year quarter. Patients transported for community bases in operation greater than one year decreased an estimated 789 transports, or 6%, while weather cancellations for these same bases increased by an estimated 84 transports compared with the prior-year quarter.

Preliminary net revenue per community-based transport for the fourth quarter 2013 was $11,686, as compared with $11,432 in the prior-year quarter, a 2% increase. The increase in net revenue per transport was affected by a decrease in privately insured patients from 36.0% to 34.5% of total patients transported, compared with the prior-year quarter.

Air Methods also announced that its fourth quarter will include $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.

As a result of these factors, the Company expects to report net income of approximately $0.31 to $0.33 per share for the fourth quarter of 2013, compared with net income of $0.55 per share in the prior-year quarter. The Company stated that these preliminary results are subject to final year-end closing and audit procedures and are therefore subject to change.

The Company also announced that its January community-based patient transports are expected to exceed 4,450 transports based on volume to-date, a 12% increase over the prior-year month. The majority of this improvement is attributed to fewer weather cancellations to-date.

Aaron Todd, CEO, stated, “Quarterly fluctuations in flight volumes and payer mix are not unusual for Air Methods, especially during the winter quarters. We are obviously pleased to see more moderate weather conditions to begin 2014. Weather was particularly severe during the first half of 2013, so we hope this trend will continue during the next several months as well.”

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 provides helicopter tours and charter flights 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.

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