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Air Methods Reports 1Q2008 Results and 2Q2008 Update
Date:5/8/2008

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Net revenue per community-based transport increased 2.8% from $6,443 in the prior-year quarter to $6,622 in the current-year quarter. The current-year quarterly revenue per transport was slightly lower than anticipated due to inherent fluctuations in payer mix and differences between actual collections and previous estimates. Total community-based patient transports were 10,570 in the current year quarter, compared to 8,284 in the first quarter of 2007.

For the first quarter, community-based revenue increased 29.8% to $69.3 million compared to $53.4 million in the prior year, while segment net income decreased 26.6% to $5.8 million from $7.9 million. Hospital-based flight revenue increased 72.4% from $26.2 million to $45.2 million in the current-year period, while segment net income remained unchanged at $1.8 million for both current and prior periods. The increase in revenue is primarily attributed to the acquisition of CJ, which occurred on October 1, 2007. The decrease in segment net income for both divisions as a percentage of revenue is primarily attributed to the matters discussed above.

The Company also provided an update on April 2008 flight volume. Total community-based transports were 3,722 during April 2008 compared with 3,071 in April 2007. Same-Base Transports during the month of April decreased by 254 transports or 8.6% as compared with April 2007. The decrease in transports was almost entirely attributed to an increase of 230 in weather cancellations for bases in operation greater than one year and excluding bases acquired from CJ.

Aaron Todd, CEO, stated, "As we had previously announced, the factors that affected our first quarter results are inherent within our operations. Weather and maintenance fluctuations can vary widely from quarter-to-quarter and are not necessarily predictive of future quarters. The variation in our community-based transport revenue is consistent with variations in recent quarters and is not attribut
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SOURCE Air Methods Corporation
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