Air Methods Corporation (Nasdaq:AIRM), the global leader in air
medical transportation, today reported financial results for the
quarter and year ended December 31, 2015.
|
Q4-2015 |
Q4-2014 |
YOY Change (%) |
12-Months Ending 12/31/15 |
12-Months Ending 12/31/14 |
YOY Change (%) |
Revenue |
$272.4million |
$249.2Million |
|
9.3 |
% |
$1,085.7million |
$1,004.8million |
|
8.1 |
% |
Diluted EPS fromContinuing Operations |
$ |
0.57 |
|
$ |
0.59 |
|
|
-3.4 |
% |
$ |
2.74 |
|
$ |
2.56 |
|
|
7.0 |
% |
Aaron Todd, CEO of Air Methods, stated, “We are
pleased with our fourth quarter results given the severe weather
experienced in the quarter and $4.6 million in costs that were
higher than normal. Same-base transports declined by 223 in the
quarter, while same-base weather cancellations increased by 852.
The impact to revenue of the same-base transport decline was
approximately $2.8 million. Adjusting for this and the
aforementioned costs, we estimate both revenue and earnings growth
would have exceeded 10% in the quarter. Demand for both our air
medical services and our tourism business remains strong, our
pipeline of potential hospital base conversions is full, and we
have a solid balance sheet that can be used either for additional
acquisitions and/or to repurchase shares as we did in December and
January.”
Fourth quarter 2015 results include a $1.8
million loss related to workers compensation claims from accidents
in 2015, $1.0 million in acquisition-related costs, $1.0 million in
severance, a $0.4 million loss related to the disposition of
assets, and $0.4 million in other non-operational costs. This
compares to a loss of $0.7 million from similar costs in the
prior-year quarter. All losses are pre-tax.
Basic and diluted earnings per share from
continuing operations for the twelve months ended December 31, 2015
were 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 was not decreased
for the valuation adjustment, earnings per share are required to be
calculated after decreasing net income for the change in valuation.
For the prior year twelve-month period, basic and diluted earnings
per share increased by $0.05 for the same type of adjustment.
Fourth Quarter Performance by
Segment
For the fourth quarter, Air Medical Services
(AMS) revenue increased by 7.6% to $236.0 million compared to
$219.4 million in the prior-year quarter, while its segment net
income decreased 2.2% to $49.9 million compared to $51.1 million
for the fourth quarter of 2014. Community-based patient
transports were 15,817 during the current-year quarter compared to
14,209 in the prior-year quarter, an 11.3% increase. Patients
transported for community bases in operation greater than one year
(Same-Base Transports) decreased 1.6%, or 223 transports, while
weather cancellations for these same bases increased by 852
transports compared to the prior-year period. Same-base requests
for community-based service increased 3.8%. Net revenue per patient
transport increased 2.2% from $12,238 to $12,508 in the
current-year quarter. AMS maintenance expense was 16.0% higher in
the current-year quarter compared to the prior-year quarter, while
total flight volume increased 3.2%. AMS fuel expense decreased $0.6
million compared to the prior-year quarter, while fuel expense per
flight hour decreased 19.6%.
Tourism revenues increased 9.8% to $28.9 million
in the current-year quarter compared to $26.3 million in the
prior-year quarter. Tourism segment net income was $0.3
million compared to a net loss of $0.4 million in the prior-year
quarter. Total passengers increased 10.2% to 104,751 during
the current-year quarter compared to 95,064 in the prior-year
quarter. Tourism maintenance expense increased $1.2 million or
19.9% in the current-year quarter compared to the prior-year
quarter, while total flight volume increased 8.0%. Tourism fuel
expense per flight hour decreased 23.8%.
United Rotorcraft’s external revenue increased
119.7% to $7.4 million compared to $3.4 million in the prior-year
quarter. Its segment external earnings improved from a loss of $2.7
million in the year-ago period to a loss of $0.1 million in the
current-year quarter.
Tri-State Care Flight
As previously announced, the company completed
the acquisition of Tri-State Care Flight (“Tri-State”) on January
19th. Tri-State generated net revenue of approximately $81.0
million for the fiscal year ended Dec. 31, 2015. The transaction is
expected to be immediately accretive to Air Methods’ earnings per
share by more than $0.20 in the first year and more than $0.30 in
the second year.
Share Repurchase Program
In the fourth quarter 2015 and the first quarter
2016, the company has repurchased 640,010 shares for $25.9 million,
leaving $174.1 million remaining on the authorized repurchase
program.
1Q16 Update
The Company also provided an update on
preliminary January and February 2016 flight volume. Total
community-based transports increased 14.6% to 5,216 during January
2016 compared to 4,550 in January 2015. January 2016
same-base transports were virtually flat on a weather-adjusted
basis. Flight volume in February is on pace to increase
approximately 27.0%.
Before considering the impact of Tri-State,
preliminary net revenue per patient transport in January 2016
decreased 15.0% to $10,841 from $12,754 in January 2015. In the
first quarter of 2015, net revenue per patient transport ranged
from $10,055 to $12,754 and averaged $11,651.
Fourth Quarter 2015 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 40033031, 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 the demand for the Company’s air medical services and
tourism, the Tri-State acquisition being immediately accretive to
the Company’s earnings per share, the Company’s January and
February 2016 operational and financial results, including those
related to (i) total community-based patient transports, (ii)
same-base transports, (iii) weather cancellations, and (iv)
net revenue per patient transport, and statements regarding
hospital-based conversions, future acquisitions, and share
repurchases, 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 final quarter-end 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; the continuation and/or renewal of air medical
service contracts; weather conditions across the U.S.; development
and changes in laws and regulations, including, without limitation,
the impact of the Patient Protection and Affordable Care Act;
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.
Important Additional Information and Where
to Find It
Air Methods intends to file a proxy statement with
the SEC in connection with the solicitation of proxies for the 2016
Annual Meeting (the “2016 Proxy Statement”). AIR METHODS
STOCKHOLDERS ARE URGED TO READ THE 2016 PROXY STATEMENT (INCLUDING
ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE
PROXY CARD AND ANY OTHER RELEVANT DOCUMENTS THAT AIR METHODS WILL
FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION.
The participants in the solicitation of proxies
from Air Methods’ stockholders in connection with the 2016 Annual
Meeting may include the directors and director nominees of Air
Methods: George W. Belsey, Ralph J. Bernstein, Mark D. Carleton,
John J. Connolly, Jeffrey A. Dorsey, Claire M. Gulmi, C. David
Kikumoto, Carl H. McNair, Jr., Morad Tahbaz, Aaron D. Todd and
Jessica Garfola Wright. In addition, the following persons
may be participating in such solicitation: Michael D. Allen
(President, Domestic Air Medical Services), Trent J. Carman (Chief
Financial Officer), David M. Doerr (EVP, Business Development) and
Crystal L. Gordon (General Counsel, Secretary, and Senior Vice
President).
As of the date of this press release, the
participants may be deemed to beneficially own (within the meaning
of Rule 13d-3 under the Securities Exchange Act of 1934, as
amended) the number of shares of common stock, par value $0.06 per
share, of Air Methods following their name: George W. Belsey:
77,092, Ralph J. Bernstein: 2,752,565, Mark D. Carleton: 30,343,
John J. Connolly: 22,023, Jeffrey A. Dorsey: 22,023, Claire M.
Gulmi: 4,506, C. David Kikumoto: 87,437, Carl H. McNair, Jr.:
181,210, Morad Tahbaz: 56,172, Aaron D. Todd: 94,677, Jessica
Garfola Wright: 0, Michael D. Allen: 35,808, Trent J. Carman:
79,360, David M. Doerr: 30,457, and Crystal L. Gordon: 17,434.
Shareholders will be able to obtain, free of
charge, copies of the 2016 Proxy Statement and any other documents
filed by Air Methods with the SEC in connection with the 2016
Annual Meeting at the SEC’s website (www.sec.gov), at Air Methods’
website (www.airmethods.com) or by writing to Air Methods’
Corporate Secretary at Air Methods, 7211 South Peoria Street,
Englewood, Colorado 80112, or by calling Air Methods’ Corporate
Secretary at (303) 792-7400.
Please contact Christina Brodsly at (303)
256-4122 to be included on the Company’s e-mail distribution
list.
AIR METHODS CORPORATION AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(Amounts in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
5,808 |
|
$ |
13,165 |
|
Trade receivables,
net |
|
376,300 |
|
|
293,985 |
|
Other current
assets |
|
91,251 |
|
|
92,691 |
|
|
|
|
|
|
|
|
Total current
assets |
|
473,359 |
|
|
399,841 |
|
|
|
|
|
|
|
|
Net property and
equipment |
|
799,656 |
|
|
721,981 |
|
Other assets, net |
|
284,266 |
|
|
239,483 |
|
|
|
|
|
|
|
|
Total assets |
$ |
1,557,281 |
|
$ |
1,361,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Notes payable related
to aircraft pending long-term financing |
$ |
2,955 |
|
$ |
11,442 |
|
Current portion of
indebtedness |
|
59,498 |
|
|
69,781 |
|
Accounts payable,
accrued expenses and other |
|
87,211 |
|
|
77,617 |
|
|
|
|
|
|
|
|
Total current
liabilities |
|
149,664 |
|
|
158,840 |
|
|
|
|
|
|
|
|
Long-term
indebtedness |
|
639,994 |
|
|
563,373 |
|
Other non-current
liabilities |
|
185,198 |
|
|
160,202 |
|
|
|
|
|
|
|
|
Total liabilities |
|
974,856 |
|
|
882,415 |
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests |
|
8,550 |
|
|
6,981 |
|
|
|
|
|
|
|
|
Total stockholders'
equity |
|
573,875 |
|
|
471,909 |
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
1,557,281 |
|
$ |
1,361,305 |
|
|
|
|
|
|
|
|
AIR METHODS CORPORATION AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME |
|
(Amounts in thousands, except share and per share
amounts) |
|
(unaudited) |
|
|
|
|
Quarter Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
|
|
2014 |
|
|
|
|
2015 |
|
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Patient transport
revenue, net |
$ |
|
198,207 |
|
|
|
|
174,343 |
|
|
|
|
765,125 |
|
|
|
|
676,213 |
|
|
Air medical services
contract revenue |
|
|
34,158 |
|
|
|
|
41,915 |
|
|
|
|
153,901 |
|
|
|
|
176,744 |
|
|
Tourism revenue |
|
|
28,918 |
|
|
|
|
26,327 |
|
|
|
|
127,795 |
|
|
|
|
116,036 |
|
|
Product operations |
|
|
7,513 |
|
|
|
|
3,383 |
|
|
|
|
24,479 |
|
|
|
|
24,844 |
|
|
Dispatch and billing
service revenue |
|
|
3,647 |
|
|
|
|
3,182 |
|
|
|
|
14,386 |
|
|
|
|
10,936 |
|
|
Total revenue |
|
|
272,443 |
|
|
|
|
249,150 |
|
|
|
|
1,085,686 |
|
|
|
|
1,004,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
170,422 |
|
|
|
|
151,098 |
|
|
|
|
656,085 |
|
|
|
|
603,251 |
|
|
General and
administrative |
|
|
37,693 |
|
|
|
|
34,743 |
|
|
|
|
146,391 |
|
|
|
|
137,477 |
|
|
Depreciation and
amortization |
|
|
21,272 |
|
|
|
|
20,100 |
|
|
|
|
83,354 |
|
|
|
|
80,567 |
|
|
|
|
|
229,387 |
|
|
|
|
205,941 |
|
|
|
|
885,830 |
|
|
|
|
821,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
43,056 |
|
|
|
|
43,209 |
|
|
|
|
199,856 |
|
|
|
|
183,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(6,954 |
) |
|
|
|
(5,311 |
) |
|
|
|
(21,995 |
) |
|
|
|
(21,750 |
) |
|
Other, net |
|
|
786 |
|
|
|
|
522 |
|
|
|
|
2,056 |
|
|
|
|
1,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations before income taxes |
|
|
36,888 |
|
|
|
|
38,420 |
|
|
|
|
179,917 |
|
|
|
|
162,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
(14,370 |
) |
|
|
|
(14,792 |
) |
|
|
|
(70,234 |
) |
|
|
|
(63,460 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations |
|
|
22,518 |
|
|
|
|
23,628 |
|
|
|
|
109,683 |
|
|
|
|
99,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on discontinued
operations, net of income taxes |
|
|
(20 |
) |
|
|
|
(1,974 |
) |
|
|
|
(398 |
) |
|
|
|
(3,908 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
22,498 |
|
|
|
|
21,654 |
|
|
|
|
109,285 |
|
|
|
|
95,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
attributable to redeemable non-controlling interests |
|
|
(44 |
) |
|
|
|
179 |
|
|
|
|
640 |
|
|
|
|
599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Air Methods Corporation and subsidiaries |
$ |
|
22,542 |
|
|
|
|
21,475 |
|
|
|
|
108,645 |
|
|
|
|
94,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per common
share: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
|
0.57 |
|
|
|
|
0.60 |
|
|
|
|
2.75 |
|
|
|
|
2.57 |
|
|
Discontinued operations |
|
|
- |
|
|
|
|
(0.05 |
) |
|
|
|
(0.01 |
) |
|
|
|
(0.10 |
) |
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
|
0.57 |
|
|
|
|
0.59 |
|
|
|
|
2.74 |
|
|
|
|
2.56 |
|
|
Discontinued operations |
|
|
- |
|
|
|
|
(0.05 |
) |
|
|
|
(0.01 |
) |
|
|
|
(0.10 |
) |
|
|
|
Weighted average common
shares outstanding: |
|
Basic |
|
|
39,262,268 |
|
|
|
|
39,211,958 |
|
|
|
|
39,272,585 |
|
|
|
|
39,163,080 |
|
|
Diluted |
|
|
39,418,254 |
|
|
|
|
39,367,533 |
|
|
|
|
39,420,963 |
|
|
|
|
39,348,291 |
|
|
|
AIR METHODS CORPORATION AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
(Amounts in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from operating activities: |
|
|
|
|
|
|
|
Net income |
$ |
|
109,285 |
|
|
|
|
95,470 |
|
|
|
Loss from discontinued
oeprations, net of income taxes |
|
|
398 |
|
|
|
|
3,908 |
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
83,354 |
|
|
|
|
80,567 |
|
|
|
|
Deferred income tax expense |
|
|
29,266 |
|
|
|
|
45,051 |
|
|
|
|
Stock-based compensation |
|
|
7,458 |
|
|
|
|
4,134 |
|
|
|
|
Tax benefit from exercise of stock
options |
|
|
(312 |
) |
|
|
|
(1,951 |
) |
|
|
|
Loss on disposition of assets |
|
|
3,291 |
|
|
|
|
455 |
|
|
|
|
Unrealized loss on derivative
instrument |
|
|
369 |
|
|
|
|
70 |
|
|
|
|
Loss from equity method
investee |
|
|
1,082 |
|
|
|
|
624 |
|
|
|
|
Changes in assets and liabilities,
net of effects of acquisitions |
|
|
(63,101 |
) |
|
|
|
(51,027 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by continuing
operating activities |
|
|
171,090 |
|
|
|
|
177,301 |
|
|
|
|
Net cash used by discontinued
operating activities |
|
|
(92 |
) |
|
|
|
(1,672 |
) |
|
|
|
Net cash provided by operating
activities |
|
|
170,998 |
|
|
|
|
175,629 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from investing activities: |
|
|
|
|
|
|
|
Acquisition of
subsidiaries |
|
|
- |
|
|
|
|
(3,182 |
) |
|
|
Acquisition of property
and equipment |
|
|
(148,999 |
) |
|
|
|
(119,753 |
) |
|
|
Acquisition of hospital
programs |
|
|
(64,654 |
) |
|
|
|
- |
|
|
|
Buy-out of previously
leased aircraft |
|
|
(17,747 |
) |
|
|
|
(28,751 |
) |
|
|
Proceeds from
disposition of equipment |
|
|
9,664 |
|
|
|
|
19,001 |
|
|
|
Decrease (increase) in
other assets |
|
|
(5,471 |
) |
|
|
|
1,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used by continuing
investing activities |
|
|
(227,207 |
) |
|
|
|
(131,369 |
) |
|
|
|
Net cash provided (used) by
discontinued investing activities |
|
|
25 |
|
|
|
|
97 |
|
|
|
|
Net cash used by investing
activities |
|
|
(227,182 |
) |
|
|
|
(131,272 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows
from financing activities: |
|
|
|
|
|
|
|
Proceeds from issuance
of common stock, net |
|
|
610 |
|
|
|
|
1,422 |
|
|
|
Tax benefit from
exercise of stock options |
|
|
312 |
|
|
|
|
1,951 |
|
|
|
Payments for purchases
of common stock |
|
|
(13,457 |
) |
|
|
|
- |
|
|
|
Net borrowings
(payments) under line of credit |
|
|
- |
|
|
|
|
(12,000 |
) |
|
|
Payments for financing
costs |
|
|
(4,622 |
) |
|
|
|
(126 |
) |
|
|
Proceeds from long-term
debt |
|
|
151,701 |
|
|
|
|
89,911 |
|
|
|
Payment of long-term
debt, notes payable, and capital lease obligations |
|
|
(85,717 |
) |
|
|
|
(122,310 |
) |
|
|
Proceeds from
non-controlling interests |
|
|
- |
|
|
|
|
98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided (used) by
continuing financing activities |
|
|
48,827 |
|
|
|
|
(41,054 |
) |
|
|
|
Net cash provided (used) by
discontinued financing activities |
|
|
- |
|
|
|
|
- |
|
|
|
|
Net cash provided (used) by
financing activities |
|
|
48,827 |
|
|
|
|
(41,054 |
) |
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash and cash equivalents |
|
|
(7,357 |
) |
|
|
|
3,303 |
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents at beginning of period |
|
|
13,165 |
|
|
|
|
9,862 |
|
|
|
|
|
|
|
|
Cash and
cash equivalents at end of period |
$ |
|
5,808 |
|
|
|
13,165 |
|
|
|
|
|
AIR METHODS CORPORATION AND
SUBSIDIARIES |
|
RECONCILIATION OF NET INCOME TO EBITDA |
|
(Amounts in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
Net income attributable
to Air Methods Corporation and subsidiaries |
$ |
22,542 |
|
|
|
21,475 |
|
|
|
108,645 |
|
|
|
94,871 |
|
|
Loss on discontinued
operations, net of income taxes |
|
(20 |
) |
|
|
(1,974 |
) |
|
|
(398 |
) |
|
|
(3,908 |
) |
|
Net income from
continuing operations attributable to Air Methods Corporation and
subsidiaries |
|
22,562 |
|
|
|
23,449 |
|
|
|
109,043 |
|
|
|
98,779 |
|
|
|
|
|
|
|
Interest expense * |
|
6,954 |
|
|
|
5,272 |
|
|
|
21,874 |
|
|
|
21,604 |
|
|
Income tax expense
* |
|
14,370 |
|
|
|
14,792 |
|
|
|
70,234 |
|
|
|
63,460 |
|
|
Depreciation and
amortization * |
|
21,272 |
|
|
|
20,013 |
|
|
|
83,072 |
|
|
|
80,225 |
|
|
Loss (gain) on
disposition of assets, net * |
|
415 |
|
|
|
(572 |
) |
|
|
3,292 |
|
|
|
456 |
|
|
|
|
|
|
|
EBITDA from continuing
operations |
$ |
65,573 |
|
|
|
62,954 |
|
|
|
287,515 |
|
|
|
264,524 |
|
|
|
|
|
|
* Excludes
amounts attributable to redeemable non-controlling interests |
|
|
CONTACTS: Trent J. Carman, Chief Financial Officer, (303) 792-7591.
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