Air Methods Sees Q2 EPS of $2.30-2.40
Air Methods Corporation (Nasdaq: AIRM) reported that preliminary 2012 second quarter earnings significantly exceed expectations. Preliminary fully-diluted earnings per share are expected to range between $2.30 and $2.40 for the quarter ended June 30, 2012. Prior-year second quarter fully-diluted earnings per share were $0.77. Preliminary earnings improvement above original expectations is attributed to growth in same-base transports, improved reimbursement for community-based transports, and lower maintenance expense per flight hour.
Total community-based patient transports were 15,134 during the current-year quarter, compared with 10,309 in the prior-year quarter, a 47% increase. This growth primarily reflects additional transports associated with the Company's acquisition of OF Air Holdings and its subsidiaries (together, Omniflight) effective August 1, 2011, as well as from new community-based expansions. Patients transported for community bases in operation greater than one year (Same-Base Transports) increased 290 transports or 3%, while weather cancellations for these same bases decreased by 1,070 transports compared with the prior-year quarter.
Preliminary net revenue per community-based transport for the second quarter of 2012 increased 18% to $10,619 compared with the prior-year second quarter result of $9,008 per transport. Net revenue per community-based transport for the second quarter of 2012 increased 3% compared with the first quarter of 2012.
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