CHANGE MY LOCATION
Business and Finance
Business News
US to buy stake in banks, first since Depression- The government will buy an ownership stake in a broad array of American banks for the first time since the Great Depression, Treasury Secretary Henry Paulson said late Friday, announcing the historic step after stock markets jolted still lower around the world despite all efforts to slow the selling stampede.
Alaska panel finds Palin abused power in firing- Sarah Palin unlawfully abused her power as governor by trying to have her former brother-in-law fired as a state trooper, the chief investigator of an Alaska legislative panel concluded Friday. The politically charged inquiry imperiled her reputation as a reformer on John McCain's Republican ticket.
McCain booed after trying to calm anti-Obama crowd- The anger is getting raw at Republican rallies and John McCain is acting to tamp it down. McCain was booed by his own supporters Friday when, in an abrupt switch from raising questions about Barack Obama's character, he described the Democrat as a "decent person and a person that you do not have to be scared of as president of the United States."
Court makes Conn. 3rd state to allow gay marriage- A sharply divided Connecticut Supreme Court ruled Friday that gay couples have the right to get married, saying legislators did not go far enough when they approved same-sex civil unions that were identical to marriages in virtually every respect except the name.
Man dies after balloon crashes in flames in N.M.- A hot air balloon crashed into power lines and burst into flames Friday during Albuquerque's annual balloon fiesta, throwing both men on board to the ground and killing one of them. Witnesses said that many of the balloons were flying low right before the Wings of Wind balloon crashed in Bernalillo, just north of Albuquerque.
- O.J. Simpson's lawyers cited judicial errors and insufficient evidence Friday in seeking a new trial for the former football star, who was convicted of kidnapping and robbing two sports memorabilia dealers at gunpoint in a casino hotel room.
Jolie says Pitt changed her mind about pregnancy- Angelina Jolie, an advocate of adoption, credits partner Brad Pitt with her decision to have biological children. In an interview with W magazine, Jolie says: "One of the life-changing things that he did, one of many, is that I was absolutely never going to get pregnant. I never felt that it was the right thing to do."
- Who is running for president? In an upstate New York county, hundreds of voters have been sent absentee ballots in which they could vote for "Barack Osama."
Air Methods Reports 1Q2008 Results and 2Q2008 Update
DENVER
(Map)
-
As previously announced, the decrease in net income was primarily
attributed to decreases in community-based patient transports as a result of
increased weather cancellations, and higher than anticipated maintenance and
fuel expenditures. Community-based patient transports for bases in operation
greater than one year (Same-Base Transports) decreased by 577 transports,
while weather cancellations for these same bases increased by 636, as compared
with the prior-year quarter. Same-Base Transports and weather cancellations
exclude bases acquired from CJ Systems Aviation Group, Inc. (CJ) effective
Net revenue per community-based transport increased 2.8% from
For the first quarter, community-based revenue increased 29.8% to
The Company also provided an update on
The Company will discuss these results in a conference call scheduled
today at
Air Methods Corporation (http://www.airmethods.com) is a leader in emergency air medical transportation and medical services. The Hospital Based Services Division is the largest provider of air medical transport services for hospitals. The Community Based Services Division is the largest community-based provider of air medical services. The Products Division specializes in the design and manufacture of aeromedical and aerospace technology. The Company's fleet of owned, leased or maintained aircraft features over 330 helicopters and fixed wing aircraft.
Forward Looking Statements: This news release includes certain forward-looking statements, which are subject to various risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors, including but not limited to the integration of CJ into our existing operations, the size, structure and growth of the Company's air medical services and products markets; the collection rates for patient transports; the continuation and/or renewal of air medical service contracts; the acquisition of profitable Products Division contracts and other flight service operations; the successful expansion of the community-based operations; and other matters set forth in the Company's public filings.
CONTACTS: Aaron D. Todd, Chief Executive Officer, (303) 792-7413 or Joe
Dorame at Lytham Partners, LLC at (602) 889-9700. Please contact Christine
Clarke at (303) 792-7579 to be included on the Company's fax and/or mailing
list.
AIR METHODS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(Amounts in thousands)
March 31, 2008 December 31, 2007
ASSETS
Current assets:
Cash and cash equivalents $12,510 5,134
Trade receivables, net 127,530 135,633
Other current assets 63,392 74,090
Total current assets 203,432 214,857
Net property and equipment 110,473 114,746
Other assets, net 42,704 39,949
Total assets $356,609 369,552
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable related to assets held
for sale $12,549 24,203
Current portion of indebtedness 18,612 18,350
Accounts payable, accrued expenses
and other 57,104 59,546
Total current liabilities 88,265 102,099
Long-term indebtedness 74,829 76,751
Other non-current liabilities 48,108 48,682
Total liabilities 211,202 227,532
Total stockholders' equity 145,407 142,020
Total liabilities and stockholders'
equity $356,609 369,552
AIR METHODS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Amounts in thousands, except share and per share amounts)
Quarter Ended
March 31,
2008 2007
Revenue:
Flight operations $114,473 79,161
Product operations 3,626 2,297
Total revenue 118,099 81,458
Expenses:
Operating expenses 91,979 58,493
General and administrative 17,146 12,151
Depreciation and amortization 4,098 3,411
113,223 74,055
Operating income 4,876 7,403
Interest expense (1,567) (1,422)
Other, net 643 455
Income before income taxes 3,952 6,436
Income tax expense (1,622) (2,738)
Net income $2,330 3,698
Income per common share:
Basic $0.19 0.31
Diluted $0.18 0.30
Weighted average common shares
outstanding - basic 12,151,342 11,876,835
Weighted average common shares
outstanding - diluted 12,623,358 12,362,198
|
|
More Business_and_Finance Releases
(ERJ): Embraer's 2008 Deliveries Reach 145 Jets After Three Quarters
