Date: 04 Dec 2003
Time: 14:57
Air Methods Corporation has reported revenue and net income for the third quarter and nine months ending 30 September 2003.
For the quarter, revenue increased 132% to US $67.0 million, compared to US $28.9 million in the prior year period. Net income increased 182% to US $2.7 million compared to prior year net income of US $1.0 million.
For the nine months overall, revenue increased 113% to US $176.7 million compared to US $83.0 million for the prior year period. Net income decreased by 14% to US $ 3.5 million compared to prior year net income of US $4.1 million. This decrease, says the company, was largely due to an increase in missed transports due to weather in the first half of 2003.
Results include the operations of Rocky Mountain Holdings, LLC (RMH) since its acquisition in October 2002.
“These strong financial results reflect a return to more moderate weather patterns during our third quarter, combined with improved operational efficiencies as the company grows closer to completing its integration plans for RMH,” explained Aaron Todd (chief executive officer). “For the quarter, the company realised growth in both revenue and segment net income, within its community-based and hospital-based operations. The benefits of last year’s acquisition of RMH are evident as our quarterly results reflect all-time highs in both revenue and net income.”