Air Methods Projects 1st Quarter Diluted EPS from Continuing Operations of $0.51-$0.53
21 April 2016 - 10:00PM
Air Methods Corporation (Nasdaq:AIRM) today announced preliminary
financial and operating results for its first quarter ended March
31, 2016. Results are subject to final quarter-end closing and
review procedures and are subject to change.
The Company anticipates revenues for the first
quarter of 2016 will be approximately $270 million compared to
revenues of $238 million in the prior year period. Net income from
continuing operations is expected to be approximately $0.51-$0.53
per diluted share for the first quarter of 2016 compared to net
income from continuing operations of $0.32 per diluted share in the
prior-year period.
Total patient transports by community bases
increased 22.6% to 16,980 from 13,852 in the first quarter of 2015.
Patients transported by community bases in operation greater than
one year increased 414 transports or 3.1%. Weather cancellations
for these same bases decreased by an estimated 454 transports
compared with the prior-year period.
Preliminary net revenue per transport declined
0.2% to $11,623 as compared with $11,651 in the prior-year quarter.
Excluding the impact of Tri-State Care Flight (TSCF), preliminary
net revenue per transport declined 1.3% to $11,505. Net revenue per
transport excluding the impact of TSCF did not increase with gross
price increases due to a decrease in privately insured patients as
a percentage of transports and a decrease in collections as a
percentage of gross charges from private insurers.
Excluding the impact of TSCF, Days Sales
Outstanding (DSO) for the Company’s patient transport revenue
increased to 150 days at the end of the first quarter of 2016
compared to 129 at the end of the first quarter of 2015. On a per
transport basis (lagged 90 days), cash receipts excluding TSCF
increased 8.7% in the first quarter of 2016 compared to the prior
year period.
Aaron Todd, CEO of Air Methods, commented, “The
Company’s strategic initiatives paid dividends in the first quarter
of 2016 with earnings per share expected to grow approximately 60%
year-over-year. We remain focused on executing on these strategies
to further enhance shareholder value going forward.”
The Company will report financial results for
the first quarter ended March 31, 2016 after the close of the
market on Thursday, May 5, 2016. The Company has scheduled a
conference call for Thursday, May 5, 2016 at 4:30 p.m. Eastern to
discuss these results. Interested parties can access the call
by dialing (855) 601-0049 (domestic) or (720) 398-0100
(international) or by accessing the web cast at www.airmethods.com.
A replay of the call will be available at (855) 859-2056
(domestic) or (404) 537-3406 (international), access number
95530739, for 3 days following the call and the web cast can be
accessed at www.airmethods.com for 30 days.
Air Methods Corporation (www.airmethods.com) is
the global leader in air medical transportation. The Air Medical
Services Division is the largest provider of air medical transport
services in the United States. The United Rotorcraft Division
specializes in the design and manufacture of aeromedical and
aerospace technology. The Tourism Division is comprised of Sundance
Helicopters, Inc. and Blue Hawaiian Helicopters, which provide
helicopter tours and charter flights in the Las Vegas/Grand Canyon
region and Hawaii, respectively. Air Methods’ fleet of owned,
leased or maintained aircraft features approximately 500
helicopters and fixed wing aircraft.
Forward Looking Statements:
Forward-looking statements in this news release are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Statements in this press release that are
“forward-looking statements”, including statements we make with
regard to the Company’s preliminary first quarter 2016 operational
and financial results, including those related to (i) total
community-based patient transports, (ii) same-base transports,
(iii) weather cancellations, (iv) net revenue per patient
transport, (v) days sales outstanding, and (vi) net income per
share, and statements regarding anticipated year-over-year growth
in net income per share and the Company’s execution of its
strategic initiatives are based on current expectations and
assumptions that are subject to risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors, including but not limited to, the
Company’s completion of its final quarter-end closing and review
procedures, the size, structure and growth of the Company's air
medical services, United Rotorcraft Division and Tourism Division;
the collection rates for patient transports; shifts in payer mix
resulting in a decrease of the number of privately insured
transports, the continuation and/or renewal of air medical service
contracts; weather conditions across the U.S.; development and
changes in laws and regulations, including, without limitation,
increased regulation of the health care and aviation industry
through legislative action and revised rules and standards; and
other matters set forth in the Company's filings with the SEC. The
Company is under no obligation (and expressly disclaims any
obligation) to update or alter its forward-looking statements,
whether as a result of new information, future events or
otherwise.
CONTACTS: Trent J. Carman,
Chief Financial Officer, (303) 792-7591. Please contact Christina
Brodsly at (303) 256-4122 to be included on the Company’s e-mail
distribution list.
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