and even better
Air Methods Reports 1Q2002 Net Income and Revenue; Pre-Tax Earnings Increase Over Four-Fold, Revenue Increases 32%
DENVER, May 7 /PRNewswire-FirstCall/ -- Air Methods Corporation (Nasdaq: AIRM - news) reported results for the first quarter ended March 31, 2002. Revenue increased 32% to $26.3 million from $20.0 million in the year ago period. After giving effect for income tax expense, net income increased over four-fold to $1,703,000, or $0.19 per basic and diluted share, compared to prior year pro forma net income of $325,000, or $0.04 per share. Prior year pro forma net income reflects earnings on a tax- affected basis. The Company began recording income tax expense against earnings in 2002. Pre-tax earnings increased to $2.8 million or $.32 per basic and $.31 per diluted share, as compared with $532,000 or $.06 per basic and diluted share in the year ago period. Earnings before interest, income taxes, depreciation and amortization expenses (EBITDA) increased 93% from $2.4 million to $4.6 million.
George Belsey, Chairman and CEO, stated, "As previously disclosed, our first quarter results were favorably impacted by significant increases in flight volume throughout our systems. These increases were attributed to improved utilization and flight volume from acquisition in Las Vegas completed on December 15, 2001, combined with growth from expansion in numerous markets during the prior year. Generally favorable weather conditions and strong marketing initiatives also contributed to strong growth in flight volume on a year-over-year basis. Divisional net income for both our community-based operations and our hospital-based operations reflected strong growth over the prior year period."
Compared to the year ago quarter, community-based operations revenue increased 55% to $14.8 million, while its divisional net income increased over six-fold to $2.2 million. Hospital-based operations revenue increased 17% to $10.1 million, while its divisional net income increased 91% to $1.2 million, as compared with the year ago quarter. These increases for both divisions were primarily attributed to increases in flight volume described above. In addition, maintenance expenses were less than anticipated, despite increased flight volume. External revenue from the Products Division reflected a 20% decrease to $1.5 million, with a similar percentage decrease in external net income to $350,000. This decrease is primarily attributed to timing of projects and 2001 first quarter results having been the strongest for the year.
"With these first quarter results, the Company is well ahead of pace for exceeding its beginning of the year objective to grow pre-tax earnings by over 15%. We are pleased that our previous investments in growth continue to generate strong returns," said Belsey.
The Company will discuss these results in a conference call scheduled for 4:30 p.m. Eastern Time May 7, 2002. Interested parties can access the call by dialing (800) 946-0719 or by accessing the web cast at vcall.com . A replay of the call will be available at (719) 457-0820, access number 427413, for 7 days following the call; and the web cast can be accessed at www.rcgonline.com for 30 days. |
