Air Methods Reports 3Q2007 Results and 4Q2...(n and segment net income increased 10% t...),Health

Date:11/8/2007

n, and segment net income increased 10% to $20.5 million during the third quarter, as compared with segment net income of $18.6 million in the prior-year quarter. The increase in segment net income was partly attributed to decreases in maintenance expense as compared with the prior-year quarter. Maintenance expense decreased 3% or $183,000, even though flight volume increased by 14%. This decrease was attributed to fewer maintenance events related to older models of aircraft than during the 2006 period. Community-based transports completed during the third quarter were 10,466 as compared with 9,187 in the prior-year quarter, a 14% increase. Community- based transports for bases in operation greater than one year (Same-Base Transports) increased slightly by 16 transports, while weather cancellations for bases in operation greater than one year decreased by 253 transports or 11%. The increase in transports did not correspond to the decrease in weather cancellations primarily due to shifting of transports to newly-opened bases in adjacent locations. Net reimbursement per transport of $6,519 in the current- year quarter compares with $6,716 and $6,330 in the prior-year quarter and the second quarter of 2007, respectively.

Hospital-Based Services: Revenue from hospital-based services increased by 6% to $29.4 million, while segment net income increased to $2.0 million in the current-year quarter from a loss of $0.1 million during the prior-year third quarter. The increase in revenue is primarily attributed to annual price increases and a 6.2% increase in flight volume. The net increase in segment earnings is primarily attributed to a decrease in maintenance expense. Maintenance expense for the quarter decreased by $1.1 million, or 12%, despite the increase in flight volume, attributed to the same factors mentioned above.

Products Division: Revenue, including revenue generated from internal projects, increased 12% to $7.8 million, while segment net income incre
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SOURCE Air Methods Corporation Copyright©2007 PR Newswire. All rights reserved

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