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Air Methods Reports 2Q2009 Results and 3Q2009 Update
Date:8/6/2009

DENVER, Aug. 6 /PRNewswire-FirstCall/ -- Air Methods Corporation (Nasdaq: AIRM), the largest air medical transportation company in the world, reported financial results for the second quarter ended June 30, 2009 and provided an update on July 2009 flight volumes. For the quarter, revenue increased slightly from $128.0 million to $128.1 million in the current-year quarter. For the six-month period, revenue increased 3% to 252.8 million, compared with $246.1 million in the prior-year six-month period.

For the quarter, net income increased 79% to $8.7 million, or $0.70 per diluted share, as compared with prior-year quarter net income of $4.8 million, or $0.38 per diluted share. Net income for the six-month period increased 90% to $13.6 million, or $1.11 per diluted share, compared to $7.2 million, or $0.57 per diluted share, for the prior-year six-month period.

The increase in net income was primarily attributed to decreases in fuel and maintenance expenditures which improved margins in both services divisions, as well as to reductions in general and administrative costs. In addition, the current-year quarter benefited from improved contributions from revenue growth within the Products Division. Maintenance expense decreased by $3.0 million or 13%, while maintenance expense per flight hour decreased by 9% to $561 as compared with the prior-year quarter. Fuel expense decreased $2.7 million or 49% during the quarter, while fuel costs per patient transport decreased 42% to $241 compared with the prior-year quarter. Second quarter general and administrative costs decreased by $2.4 million, or 14%, due to non-recurrence of Federal Aviation Administration operating certificate consolidation costs incurred in the prior-year quarter and efficiencies achieved through reorganization and consolida
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