Air Methods Reports 3Q2009 Results and 4Q2...(patient transports increased slightly to...),Health

Date:11/5/2009

patient transports increased slightly to 10,752 in the current-year quarter from 10,690 in the prior-year quarter. Community-based patient transports for bases open greater than one year (Same-Base Transports) decreased 2% or 171 transports, as compared with the prior-year quarter. Weather cancellations for these same-base locations increased by 220 compared with the prior-year quarter.

The increase in segment net income is attributed to improved net revenue per community-based transport, combined with lower maintenance and fuel expenditures. Net revenue per community-based transport increased 7% to $7,509, compared with $7,047 in the prior-year quarter. Divisional maintenance expense decreased by $1.6 million over the prior-year quarter, reflecting an 18% decrease in cost per flight hour. In addition, fuel expense decreased by $2.1 million over the prior-year quarter, reflecting a 41% decrease per hour flown. The improvement in net revenue per community-based transport is attributed to recent price increases, while reduction in maintenance expenditures is attributed to fleet rejuvenation activities and converting several twin-engine helicopters to more efficient single-engine aircraft. Decrease in fuel expense reflects reduced cost per gallon.

Hospital-Based Services: Revenue from Hospital-Based Services increased by 6% to $51.6 million from $48.6 million, while segment net income increased to $5.3 million in the current-year quarter from $0.4 million during the prior-year third quarter. The increase in segment net income is primarily attributed to decreased maintenance expenses and improved pricing from renewed contracts. Maintenance expense for the quarter decreased by $4.3 million, reflecting a 21% decrease in cost per flight hour. This reduction in expense is attributed to the same factors discussed above within the Community-Based Services segment.

Products Division: Revenue, excluding revenue
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SOURCE Air Methods Corporation Copyright©2009 PR Newswire. All rights reserved

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