Air Methods Corporation (Nasdaq:AIRM), the global leader in air
medical transportation, today reported financial results for the
quarter ended September 30, 2016.
Third Quarter 2016 Results:
- Revenue of $311.0 million was flat compared to $311.3 million
for the third quarter of 2015.
- Diluted earnings per share from continuing operations of $0.82,
compared to $1.16 for the third quarter of 2015, a decrease of
29.3%.
- EBITDA from continuing operations of $81.8 million, compared to
$105.2 million for the third quarter of 2015, a decrease of
22.2%.
- The company repurchased 1,694,500 shares in the third
quarter.
Aaron Todd, CEO of Air Methods, stated, “Patient
transports were below expectations in the quarter which impacted
earnings. The Company has worked to improve its base transport
utilization and to optimize its cost structure by closing and
consolidating bases and adding sales resources. These changes have
had the desired effect in October as preliminary same-base
transports increased approximately 1.2%. We will consider other
measures as appropriate.”
“Despite the challenging environment, there were
a number of encouraging results to highlight in the quarter. In the
Air Medical Services division, Tri-State’s performance improved
sequentially, and another hospital base converted to the community
base model. Additionally, the recovery in the Tourism division
continued with passenger volumes growing 2.6% and segment EBITDA
increasing 7.9%.”
Peter Csapo, CFO of Air Methods, added, “In the
third quarter, we made significant progress on one of our highest
priorities, achieving a sequential reduction in days sales
outstanding of 14 days, which led to record quarterly operating
cash flow of $81.0 million compared to $17.8 million in the prior
year quarter.”
Third Quarter Performance by
Segment
For the third quarter, Air Medical Services
(AMS) revenue increased 0.4% to $267.7 million compared to $266.8
million in the prior-year quarter. The acquisition of Tri-State
Care Flight (TSCF) added $14.0 million in revenues. Excluding TSCF,
revenues declined 4.9%. Key operating statistics include:
|
3Q16 |
3Q15 |
YOY Change (%) |
Transports |
|
18,478 |
|
|
17,330 |
|
|
6.6 |
% |
Transports + Weather Cancellations |
|
25,085 |
|
|
22,794 |
|
|
10.1 |
% |
Same-Base Transports (SBTs) |
|
15,352 |
|
|
16,764 |
|
|
(8.4 |
%) |
SBT
+ Weather Cancellations |
|
21,084 |
|
|
22,101 |
|
|
(4.6 |
%) |
Net Revenue per Transport |
$ |
12,421 |
|
$ |
12,839 |
|
|
(3.3 |
%) |
Flight center and aircraft operations expenses
increased 15.7% to $154.5 million in the current quarter compared
to $133.5 million in the prior year quarter. TSCF added $9.4
million in flight center and aircraft operations expenses.
Excluding TSCF, these expenses increased 8.6% despite revenues
declining 4.9% for the corresponding AMS operations. AMS segment
EBITDA decreased 22.5% to $83.9 million compared to $108.2 million
for the third quarter of 2015. On a stand-alone basis, TSCF
lost $0.2 million (pre-tax) in the quarter. This does not include
the positive contribution from transports retained at consolidated
bases. Including retained transports, the Company estimates TSCF
added $0.01 in diluted EPS in the quarter and $0.06 in diluted EPS
year-to-date.
Tourism revenues increased 7.1% to $38.8 million
in the current quarter compared to $36.2 million in the prior-year
quarter. Total passengers increased 2.6% to 137,595 during the
current quarter compared to 134,157 in the prior-year quarter.
Total revenue per passenger increased 4.4% to $282 in the current
quarter compared to $270 in the prior-year quarter. Tourism
operating expenses increased 9.7% to $24.7 million in the current
quarter compared to $22.5 million in the prior-year quarter.
Tourism segment EBITDA increased 7.9% to $9.8 million in the
current quarter compared to EBITDA of $9.1 million in the
prior-year quarter.
United Rotorcraft’s external revenue declined by
45.9% to $4.5 million in the current quarter compared to $8.4
million in the prior-year quarter. Its segment EBITDA declined to
just above breakeven from $2.1 million in the prior year
period.
Basic and diluted earnings per share from
continuing operations for the nine-month period ended September 30,
2016 and the three- and nine-month periods ended September 30, 2015
decreased by $0.02 for an adjustment to the value of equity put
options related to both of our redeemable non-controlling interests
in consolidated subsidiaries. While net income on the consolidated
statement of comprehensive income is not decreased for the
valuation adjustment, earnings per share are required to be
calculated after decreasing net income for the change in valuation.
Basic and diluted earnings per share in the quarter ended September
30, 2016 were not impacted by the adjustment.
Share Repurchase Program
During the third quarter, the Company
repurchased 1.7 million shares for $58.1 million bringing the total
number and dollar amount of shares repurchased since the program
was initiated to 3.1 million and $109.9 million, respectively. The
company presently has $90.1 million remaining on its authorized
program.
4Q16 Update
The Company also provided an update on
preliminary October 2016 air medical and tourism flight volume.
Air Medical |
Oct-16 |
|
Oct-15 |
|
YOY Change (%) |
Transports |
6,499 |
|
5,842 |
|
|
11.2 |
% |
Transports +
Weather Cancellations |
8,013 |
|
7,527 |
|
|
6.5 |
% |
Same-Base Transports (SBTs) |
5,402 |
|
5,340 |
|
|
1.2 |
% |
SBT + Weather Cancellations |
6,728 |
|
6,915 |
|
|
-2.7 |
% |
Tourism |
Oct-16 |
|
Oct-15 |
|
YOY Change (%) |
Passengers |
41,293 |
|
40,832 |
|
|
1.1 |
% |
2016 OutlookDue to the softness
in air medical volumes, the Company believes EBITDA in the mid-$300
million range in 2016 is no longer achievable.
Other
The company identified an immaterial accounting
error in its historical financial statements that had no impact on
the income statement in 2016 but did result in minor adjustments to
the balance sheet and income statement in prior periods. Additional
details will be available in the 10-Q.
Third Quarter 2016 Conference
Call
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 5511261, for 3 days following the call and the web cast can
be accessed at www.airmethods.com for 30 days. Concurrently, the
Company will post a financial supplement that contains final
operating statistics on its website, www.airmethods.com.
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 in the Las Vegas/Grand Canyon
region and Hawaii, respectively. Air Methods’ fleet of owned,
leased or maintained aircraft features approximately 500
helicopters and fixed wing aircraft.
Forward Looking Statements:
Forward-looking statements in this news release are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Statements in this press release that are
“forward-looking statements”, including statements we make with
regard to (i) expected financial results for fiscal year 2016; and
(ii) preliminary results of community-based transports, same-base
transports and weather cancellations and tourism passengers for
October 2016, are based on current expectations and assumptions
that are subject to risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number
of factors, including but not limited to, the Company’s completion
of its fourth quarter closing and review procedures, the size,
structure and growth of the Company's air medical services, United
Rotorcraft Division and Tourism Division; the collection rates for
patient transports; collection of future price increases for
patient transports; requests for air medical services; shifts in
payer mix resulting in a decrease of the number of privately
insured transports, execution of the integration plan for Tri-State
Care Flight; the continuation and/or renewal of air medical service
contracts; general trends in the health care industry; weather
conditions across the U.S.; development and changes in laws and
regulations, including, without limitation, increased regulation of
the health care and aviation industry through legislative action
and revised rules and standards; and other matters set forth in the
Company's filings with the SEC. The Company is under no obligation
(and expressly disclaims any obligation) to update or alter its
forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACTS: Peter P. Csapo, Chief
Financial Officer, (peter.csapo@airmethods.com). Please contact
Christina Brodsly at (christina.brodsly@airmethods.com) to be
included on the Company’s e-mail distribution list.
– FINANCIAL STATEMENTS ATTACHED –
|
|
|
AIR METHODS CORPORATION AND
SUBSIDIARIES |
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
(Amounts in thousands) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
|
December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash
equivalents |
$ |
7,417 |
|
|
5,808 |
|
|
Trade receivables,
net |
|
385,747 |
|
|
360,542 |
|
|
Other current
assets |
|
107,976 |
|
|
91,251 |
|
|
|
|
|
|
|
|
|
|
Total current
assets |
|
501,140 |
|
|
457,601 |
|
|
|
|
|
|
|
|
|
|
Net property and
equipment |
|
872,792 |
|
|
799,656 |
|
|
Other assets, net |
|
428,989 |
|
|
278,693 |
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,802,921 |
|
|
1,535,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Notes payable related
to aircraft pending long-term financing |
$ |
7,229 |
|
|
2,955 |
|
|
Current portion of
indebtedness |
|
72,963 |
|
|
58,304 |
|
|
Accounts payable,
accrued expenses and other |
|
102,119 |
|
|
87,211 |
|
|
|
|
|
|
|
|
|
|
Total current
liabilities |
|
182,311 |
|
|
148,470 |
|
|
|
|
|
|
|
|
|
|
Long-term
indebtedness |
|
855,464 |
|
|
635,615 |
|
|
Other non-current
liabilities |
|
214,179 |
|
|
179,129 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
1,251,954 |
|
|
963,214 |
|
|
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests |
|
- |
|
|
8,550 |
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity |
|
550,967 |
|
|
564,186 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
1,802,921 |
|
|
1,535,950 |
|
|
AIR METHODS CORPORATION AND
SUBSIDIARIES |
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|
(Amounts in thousands, except share and per share
amounts) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
|
2015 |
|
|
|
|
2016 |
|
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Patient transport
revenue, net |
$ |
|
229,906 |
|
|
|
|
222,842 |
|
|
|
|
643,048 |
|
|
|
|
561,670 |
|
|
Air medical services
contract revenue |
|
|
34,563 |
|
|
|
|
40,329 |
|
|
|
|
102,382 |
|
|
|
|
119,743 |
|
|
Tourism revenue |
|
|
38,781 |
|
|
|
|
36,212 |
|
|
|
|
98,242 |
|
|
|
|
98,877 |
|
|
Product operations |
|
|
4,536 |
|
|
|
|
8,379 |
|
|
|
|
18,899 |
|
|
|
|
16,966 |
|
|
Dispatch and billing
service revenue |
|
|
3,226 |
|
|
|
|
3,580 |
|
|
|
|
10,411 |
|
|
|
|
10,739 |
|
|
Total revenue |
|
|
311,012 |
|
|
|
|
311,342 |
|
|
|
|
872,982 |
|
|
|
|
807,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
189,094 |
|
|
|
|
168,830 |
|
|
|
|
532,859 |
|
|
|
|
485,663 |
|
|
General and
administrative |
|
|
41,079 |
|
|
|
|
39,351 |
|
|
|
|
120,463 |
|
|
|
|
108,698 |
|
|
Depreciation and
amortization |
|
|
23,587 |
|
|
|
|
20,884 |
|
|
|
|
69,652 |
|
|
|
|
62,082 |
|
|
|
|
|
253,760 |
|
|
|
|
229,065 |
|
|
|
|
722,974 |
|
|
|
|
656,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
57,252 |
|
|
|
|
82,277 |
|
|
|
|
150,008 |
|
|
|
|
151,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(8,146 |
) |
|
|
|
(4,893 |
) |
|
|
|
(23,854 |
) |
|
|
|
(15,041 |
) |
|
Other, net |
|
|
585 |
|
|
|
|
(266 |
) |
|
|
|
1,359 |
|
|
|
|
1,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations before income taxes |
|
|
49,691 |
|
|
|
|
77,118 |
|
|
|
|
127,513 |
|
|
|
|
137,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
(19,077 |
) |
|
|
|
(30,235 |
) |
|
|
|
(49,494 |
) |
|
|
|
(53,843 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations |
|
|
30,614 |
|
|
|
|
46,883 |
|
|
|
|
78,019 |
|
|
|
|
83,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on discontinued
operations, net of income taxes |
|
|
- |
|
|
|
|
(29 |
) |
|
|
|
- |
|
|
|
|
(378 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
30,614 |
|
|
|
|
46,854 |
|
|
|
|
78,019 |
|
|
|
|
83,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income attributable to
redeemable non-controlling interests |
|
|
- |
|
|
|
|
202 |
|
|
|
|
(30 |
) |
|
|
|
684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Air Methods Corporation and subsidiaries |
$ |
|
30,614 |
|
|
|
|
46,652 |
|
|
|
|
78,049 |
|
|
|
|
82,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
|
0.82 |
|
|
|
|
1.17 |
|
|
|
|
2.03 |
|
|
|
|
2.10 |
|
|
Discontinued operations |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(0.01 |
) |
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
|
0.82 |
|
|
|
|
1.16 |
|
|
|
|
2.02 |
|
|
|
|
2.09 |
|
|
Discontinued operations |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding - basic |
|
|
37,354,787 |
|
|
|
|
39,293,453 |
|
|
|
|
38,181,918 |
|
|
|
|
39,276,062 |
|
|
Weighted average common
shares outstanding - diluted |
|
|
37,413,828 |
|
|
|
|
39,420,354 |
|
|
|
|
38,260,743 |
|
|
|
|
39,408,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AIR METHODS CORPORATION AND
SUBSIDIARIES |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
(Amounts in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
September 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from operating activities: |
|
|
|
|
|
|
|
Net income |
$ |
|
78,019 |
|
|
|
|
83,560 |
|
|
|
Loss from discontinued
operations, net of income taxes |
|
|
|
|
|
378 |
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
69,652 |
|
|
|
|
62,082 |
|
|
|
|
Deferred income tax expense |
|
|
37,878 |
|
|
|
|
4,376 |
|
|
|
|
Stock-based compensation |
|
|
5,129 |
|
|
|
|
5,733 |
|
|
|
|
Amortization of debt issuance
costs |
|
|
929 |
|
|
|
|
697 |
|
|
|
|
Loss on disposition of assets |
|
|
564 |
|
|
|
|
2,876 |
|
|
|
|
Unrealized loss on derivative
instrument |
|
|
(531 |
) |
|
|
|
369 |
|
|
|
|
Loss from equity method
investee |
|
|
395 |
|
|
|
|
1,193 |
|
|
|
|
Changes in assets and liabilities,
net of effects of acquisitions |
|
|
(18,732 |
) |
|
|
|
(35,053 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by continuing
operating activities |
|
|
173,303 |
|
|
|
|
126,211 |
|
|
|
|
Net cash used by discontinued
operating activities |
|
|
- |
|
|
|
|
(100 |
) |
|
|
|
Net cash provided by operating
activities |
|
|
173,303 |
|
|
|
|
126,111 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from investing activities: |
|
|
|
|
|
|
|
Acquisition of
subsidiaries |
|
|
(225,519 |
) |
|
|
|
- |
|
|
|
Acquisition of property
and equipment |
|
|
(74,025 |
) |
|
|
|
(95,494 |
) |
|
|
Payments for hospital
contract conversions |
|
|
- |
|
|
|
|
(43,481 |
) |
|
|
Buy-out of previously
leased aircraft |
|
|
(13,123 |
) |
|
|
|
(9,519 |
) |
|
|
Proceeds from
disposition of equipment |
|
|
6,209 |
|
|
|
|
3,642 |
|
|
|
Decrease (increase) in
other assets |
|
|
(3,194 |
) |
|
|
|
(11,597 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used by continuing
investing activities |
|
|
(309,652 |
) |
|
|
|
(156,449 |
) |
|
|
|
Net cash provided (used) by
discontinued investing activities |
|
|
- |
|
|
|
|
25 |
|
|
|
|
Net cash used by investing
activities |
|
|
(309,652 |
) |
|
|
|
(156,424 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows
from financing activities: |
|
|
|
|
|
|
|
Proceeds from issuance
of common stock, net |
|
|
803 |
|
|
|
|
409 |
|
|
|
Purchases of common
stock |
|
|
(96,424 |
) |
|
|
|
- |
|
|
|
Net borrowings
(payments) under line of credit |
|
|
15,000 |
|
|
|
|
- |
|
|
|
Payments for financing
costs |
|
|
(73 |
) |
|
|
|
(4,472 |
) |
|
|
Proceeds from long-term
debt |
|
|
276,000 |
|
|
|
|
105,525 |
|
|
|
Payment of long-term
debt and capital lease obligations |
|
|
(57,348 |
) |
|
|
|
(69,351 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided (used) by
continuing financing activities |
|
|
137,958 |
|
|
|
|
32,111 |
|
|
|
|
Net cash provided (used) by
discontinued financing activities |
|
|
- |
|
|
|
|
- |
|
|
|
|
Net cash provided (used) by
financing activities |
|
|
137,958 |
|
|
|
|
32,111 |
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash and cash equivalents |
|
|
1,609 |
|
|
|
|
1,798 |
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents at beginning of period |
|
|
5,808 |
|
|
|
|
13,165 |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents at end of period |
$ |
|
7,417 |
|
|
|
|
14,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
AIR METHODS CORPORATION AND
SUBSIDIARIES |
|
RECONCILIATION OF NET INCOME TO EBITDA |
|
(Amounts in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
Net income attributable
to Air Methods Corporation and subsidiaries |
$ |
30,614 |
|
|
|
46,652 |
|
|
$ |
78,049 |
|
|
|
82,876 |
|
|
Loss on discontinued
operations, net of income taxes |
|
- |
|
|
|
(29 |
) |
|
|
- |
|
|
|
(378 |
) |
|
Net income from
continuing operations attributable to Air Methods Corporation and
subsidiaries |
|
30,614 |
|
|
|
46,681 |
|
|
|
78,049 |
|
|
|
83,254 |
|
|
|
|
|
|
|
|
|
|
|
Interest expense * |
|
8,146 |
|
|
|
4,857 |
|
|
|
23,854 |
|
|
|
14,920 |
|
|
Income tax expense
* |
|
19,077 |
|
|
|
30,235 |
|
|
|
49,494 |
|
|
|
53,843 |
|
|
Depreciation and
amortization * |
|
23,587 |
|
|
|
20,783 |
|
|
|
69,652 |
|
|
|
61,800 |
|
|
Loss on disposition of
assets, net * |
|
386 |
|
|
|
2,607 |
|
|
|
564 |
|
|
|
2,876 |
|
|
|
|
|
|
|
|
|
|
|
EBITDA from continuing
operations |
$ |
81,810 |
|
|
|
105,163 |
|
|
$ |
221,613 |
|
|
|
216,693 |
|
|
|
|
|
|
|
* Excludes
amounts attributable to redeemable non-controlling
interests |
AIR METHODS CORPORATION AND
SUBSIDIARIES |
|
RECONCILIATION OF AIR MEDICAL SERVICES DIVISION NET
INCOME TO EBITDA |
|
(Amounts in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
Net income attributable
to Air Methods Corporation and subsidiaries |
$ |
57,333 |
|
|
|
85,909 |
|
|
$ |
159,771 |
|
|
|
164,507 |
|
|
Loss on discontinued
operations, net of income taxes |
|
- |
|
|
|
(29 |
) |
|
|
- |
|
|
|
(378 |
) |
|
Net income from
continuing operations attributable to Air Methods Corporation and
subsidiaries |
|
57,333 |
|
|
|
85,938 |
|
|
|
159,771 |
|
|
|
164,885 |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
6,488 |
|
|
|
3,747 |
|
|
|
19,090 |
|
|
|
11,169 |
|
|
Income tax expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Depreciation and
amortization |
|
19,808 |
|
|
|
17,412 |
|
|
|
58,373 |
|
|
|
52,026 |
|
|
Loss (gain) on
disposition of assets, net |
|
252 |
|
|
|
1,085 |
|
|
|
(106 |
) |
|
|
1,360 |
|
|
|
|
|
|
|
|
|
|
|
EBITDA from continuing
operations |
$ |
83,881 |
|
|
|
108,182 |
|
|
$ |
237,128 |
|
|
|
229,440 |
|
|
|
|
|
|
|
AIR METHODS CORPORATION AND
SUBSIDIARIES |
|
RECONCILIATION OF TOURISM DIVISION NET INCOME TO
EBITDA |
|
(Amounts in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
Net income from
continuing operations attributable to Air Methods Corporation and
subsidiaries |
$ |
6,255 |
|
|
4,900 |
|
$ |
8,739 |
|
|
9,645 |
|
|
|
|
|
|
|
|
|
|
Interest expense * |
|
1,070 |
|
|
747 |
|
|
3,185 |
|
|
2,318 |
|
Income tax expense
* |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Depreciation and
amortization * |
|
2,317 |
|
|
1,901 |
|
|
6,898 |
|
|
5,509 |
|
Loss on disposition of
assets, net * |
|
141 |
|
|
1,522 |
|
|
684 |
|
|
1,516 |
|
|
|
|
|
|
|
|
|
|
EBITDA from continuing
operations |
$ |
9,783 |
|
|
9,070 |
|
$ |
19,506 |
|
|
18,988 |
|
|
|
|
|
|
* Excludes
amounts attributable to redeemable non-controlling interests |
AIR METHODS CORPORATION AND
SUBSIDIARIES |
|
RECONCILIATION OF UNITED ROTORCRAFT DIVISION NET
INCOME TO EBITDA |
|
(Amounts in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
Net income (loss) from
continuing operations attributable to Air Methods Corporation and
subsidiaries |
$ |
(824 |
) |
|
1,182 |
|
$ |
281 |
|
|
2,095 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Income tax expense |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Depreciation and
amortization |
|
853 |
|
|
873 |
|
|
2,598 |
|
|
2,529 |
|
Loss on disposition of
assets, net |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
EBITDA from continuing
operations |
$ |
29 |
|
|
2,055 |
|
$ |
2,879 |
|
|
4,624 |
|
|
|
|
|
|
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