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Air Methods Reports 3Q2008 Results and 4Q2008 Update
Date:11/6/2008

Fully-Diluted Earnings Per-Share of $0.67 In Line with Previously Announced

Expectations

DENVER, Nov. 6 /PRNewswire-FirstCall/ -- Air Methods Corporation (Nasdaq: AIRM) reported results for the quarter ended September 30, 2008. Revenue increased 32% to $133.8 million from $101.5 million in the year-ago quarter. For the nine-month period, revenue increased 39% to $379.9 million, up from $273.7 million in the prior-year nine-month period.

For the quarter, net income decreased 25% to $8.4 million, or $0.67 per diluted share, as compared with prior-year quarter net income of $11.2 million, or $0.89 per diluted share. Net income for the nine-month period was $15.5 million, or $1.23 per diluted share, compared to $22.7 million, or $1.82 per diluted share, for the prior-year period. The current-year and prior-year quarters included a $1.1 million and $1.2 million pre-tax net gain on disposition of assets, respectively, while the prior-year quarter included a $0.8 million pre-tax loss on early extinguishment of debt.

The third quarter 2007 financial results do not reflect any operations of FSS Airholdings, Inc., the parent company of CJ Systems Aviation Group, Inc. (CJ), since the acquisition was not completed until October 1, 2007.

Third Quarter Highlights

Community-Based Services: Revenue from community-based services increased 19% to $82.6 million from $69.3 million, and segment net income decreased 15% to $17.5 million during the third quarter, as compared with segment net income of $20.5 million in the prior-year quarter. As previously reported, the decrease in segment net income was primarily attributed to decreases in patients transported for community bases in operation grea
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SOURCE Air Methods Corporation
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