Air Methods Reports 3Q2009 Results and 4Q2...( DENVER Nov. 5 /- Air Methods Corporat...),Health

DENVER, Nov. 5 /PRNewswire-FirstCall/ -- Air Methods Corporation (Nasdaq: AIRM) reported results for the quarter ended September 30, 2009. Revenue increased 3% to $137.6 million from $133.8 million in the year-ago quarter. For the nine-month period, revenue increased 3% to $390.4 million, up from $379.9 million in the prior-year nine-month period. The prior-year quarter and nine-month period included $7.3 million in revenue generated from hurricane response activities, as compared with no revenue from such activities during the current-year periods. Excluding revenue generated from hurricane response activities in the prior-year periods, revenue increased 9% and 5% for the quarter and nine-month period ended September 30, 2009, respectively.

For the quarter, net income increased 51% to $12.6 million, or $1.01 per diluted share, as compared with prior-year quarter net income of $8.4 million, or $0.67 per diluted share. Net income for the nine-month period increased 69% to $26.2 million, or $2.12 per diluted share, compared to $15.5 million, or $1.23 per diluted share, for the prior-year period. The current-year and prior-year quarters included pre-tax net gains on disposition of assets of $0.2 million and $1.1 million, respectively.

Third Quarter Highlights

Community-Based Services: Revenue from Community-Based Services decreased 3% to $80.2 million from $82.6 million, while segment net income increased 4% to $18.3 million during the third quarter, as compared with segment net income of $17.5 million in the prior-year quarter. The decrease in revenue is entirely attributed to the absence of hurricane response revenue in the current-year quarter. Excluding the hurricane response revenue generated in the prior-year quarter, Community-Based Services revenue increased 7%. Total community-based
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