Air Methods Q2 Revenues Increase 16%

Air Methods Corporation, a provider of emergency aeromedical transportation and medical services, has reported revenue of $90.7 million for the second quarter, compared with $78.5 million in the year-ago quarter.

For the six-month period, revenue increased 14% to $172.2 million, compared with $151.5 million in the prior-year six-month period.

For the quarter, net income increased 105% to $7.8 million, or $0.63 per diluted share, compared with prior-year quarter net income of $3.8 million, or $0.31 per diluted share. Net income for the six-month period was $11.5 million, or $0.93 per diluted share, compared with $6.4 million, or $0.52 per diluted share, for the prior-year six-month period.

The company also provided an update on July 2007 flight volume. Total community-based transports of 3,478 during July 2007 compared with 3,282 in the prior-year month. Same-base transports during the month of July decreased 176 transports, while weather cancellations for these same bases increased by 97. While more weather cancellations affected the monthly transports, overall transports were 146 higher than the previous month of June.

Aaron Todd, CEO, said: “Our second quarter results were in line with our expectations and reflect continued strength in reimbursement, lower maintenance expense, and relatively consistent flight volume. Days’ sales outstanding in receivables for community-based services decreased significantly during the quarter from 130 days as of June 30, 2006 to 106 days as of June 30, 2007, based on annualized trailing three-month revenue.”