Air Methods' Preliminary 1st Qtr. Results Exceed Expectations
April 23 2009 - 7:00AM
PR Newswire (US)
All Key Measures Are In-Line With or Exceed Expectations DENVER,
April 23 /PRNewswire-FirstCall/ -- Air Methods Corporation
(NASDAQ:AIRM), the largest air medical transportation company in
the world, reported that preliminary first quarter 2009 earnings
exceed expectations. Expected earnings improvement is attributed to
better-than-anticipated patient transports in March, improved
reimbursement for community-based transports, and lower maintenance
and fuel expense. Total community-based patient transports were
9,432 during the current-year quarter. Patients transported for
community bases in operation greater than one year (Same-Base
Transports) decreased 418 transports or 4%, while weather
cancellations for these same bases decreased by 758 transports
compared with the prior-year quarter. During the month of March,
Same-Base Transports increased by 6 transports or less than 1%,
while weather cancellations for these same bases decreased by 94
transports compared with the prior-year month. Preliminary net
revenue per community-based transport for the first quarter of 2009
was in-line with management's expectations and reflects significant
improvement over the prior-year first quarter result of $6,622 per
transport, as well as an increase over the fourth quarter 2008
result of $7,156 per transport. Preliminary maintenance expense
reflects a $2.8 million reduction compared with the prior-year
quarter. Maintenance cost per flight hour decreased $43 per hour,
or 7% compared with the prior-year quarterly result of $610 per
hour. Preliminary fuel expense decreased by $1.4 million compared
with the prior-year quarter, while fuel costs per community-based
patient transport decreased by $98 per transport, or 28% from $351
in the prior-year period. The Company noted that these preliminary
results are subject to final quarter-end closing and review
procedures and are therefore subject to change. Aaron Todd, CEO,
stated, "We are pleased to see a return to earnings growth for the
first quarter of 2009. We are especially encouraged by the return
to historical levels of demand for service during the month of
March. Efforts to reduce maintenance costs through fleet
rejuvenation and utilization of more efficient single-engine
aircraft are now generating returns on these investments. The
quarter has also benefited from greatly improved financial
performance within our Products Division as a result of increased
backlog and due to improved operating performance within our
hospital-based operations." The Company will report financial
results for the first quarter ended March 31, 2009 after the close
of the market on Thursday, May 7, 2009. The Company has scheduled a
conference call for Thursday, May 7, 2009 at 4:15 p.m. Eastern to
discuss these results. Interested parties can access the call by
dialing (877) 883-0656 (domestic) or (706) 643-8826 (international)
or by accessing the web cast at http://www.airmethods.com/. A
replay of the call will be available at (800) 642-1687 (domestic)
or (706) 645-9291 (international), access number 96724635 for 3
days following the call and the web cast can be accessed at
http://www.airmethods.com/ for 30 days. Air Methods Corporation
(http://www.airmethods.com/) is a leader in emergency air medical
transportation and medical services. The Hospital Based Services
Division is the largest provider of air medical transport services
for hospitals. The Community Based Services Division is the largest
community-based provider of air medical services. The Products
Division specializes in the design and manufacture of aeromedical
and aerospace technology. The Company's fleet of owned, leased or
maintained aircraft features over 300 helicopters and fixed wing
aircraft. Forward Looking Statements: This news release includes
certain forward-looking statements, which are subject to various
risks and uncertainties. Actual results could differ materially
from those currently anticipated due to a number of factors,
including but not limited to the size, structure and growth of the
Company's air medical services and products markets; the collection
rates for patient transports; the continuation and/or renewal of
air medical service contracts; the acquisition of profitable
Products Division contracts and other flight service operations;
the successful expansion of the community-based operations; and
other matters set forth in the Company's public filings. CONTACTS:
Aaron D. Todd, Chief Executive Officer, (303) 792-7413. Please
contact Christine Clarke at (303) 792-7579 to be included on the
Company's fax and/or mailing list. DATASOURCE: Air Methods
Corporation CONTACT: Aaron D. Todd, Chief Executive Officer,
+1-303-792-7413, or Christine Clarke, +1-303-792-7579, both of Air
Methods Corporation Web Site: http://www.airmethods.com/
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