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AIR METHODS REPORTS RECORD REVENUES FOR THE 8-MONTH AND FISCAL YEAR ENDED JUNE 30, 1992

 AIR METHODS REPORTS RECORD REVENUES FOR THE 8-MONTH AND
 FISCAL YEAR ENDED JUNE 30, 1992
 DENVER, Oct. 15 /PRNewswire/ -- Air Methods Corp. (AMEX: ARF.EC) today reported record revenues of $19.2 million for the fiscal year ended June 30, 1992, approximately 25 percent greater than the prior period results of $15.4 million for fiscal 1991. For the eight months of operations beginning November 1991 (the date on which Air Methods was merged with Cell Technology Inc., formerly a publicly-traded biotechnology research corporation), revenues totaled $12.8 million, up 22.5 percent over the comparable eight-month 1991 period of $10.4 million.
 The company also reported a loss of $2.9 million (or $1.64 per common share) for the 1992 fiscal year compared with a loss of $376,000 (or 93 cents per share) for the 1991 prior period. For the eight month period beginning November 1991, the company generated a net loss of $2.2 million (or $1.25 per share) compared with a $600,000 loss (or $1.48 per share) for the 1991 eight month prior period.
 The company's record revenues were driven primarily by its addition of four new hospital aeromedical contracts during fiscal 1992. The company's revenues continued to expand at an annualized growth rate of 25 percent, a higher growth rate than either of its larger competitors within the aeromedical industry. In addition, the company continued its 12-year history of a 100 percent contract renewal rate among its existing hospital customers. The company currently serves 41 hospitals under 18 long-term aeromedical contracts, each averaging three to seven years in length.
 The company's 1992 fiscal year operating losses reflect its start-up costs for the four new hospital aeromedical programs which it initiated during fiscal 1992. These incremental costs related primarily to the addition of four helicopters to the company's fleet. The 1992 losses were also impacted by the more frequent-than-anticipated replacement of life-limited parts and major aircraft overhauls due to an unexpectedly greater number of flight hours experienced by the company's existing fleet in 1992. In addition, the costs associated with the company's continued building of its proprietary medical intensive care interior completion business added to the 1992 operating losses. Finally, expenses resulting from the discontinuation of the biotechnology research efforts conducted by Cell Technology, various increases in general and administrative costs, and expenses relating to the acquisition of Air Methods by Cell Technology added to these operating losses for 1992.
 W. Terrance Schreier, chairman and chief executive officer, noted that an expense control program has been implemented by the company which will impact non-operating general and administrative areas of the company and could provide annual cost savings from anticipated future spending levels of approximately $2.0 million. He noted that the company has also discontinued planned future expansion in non-essential administrative and related areas.
 As previously disclosed, since June the company has endeavored to supplement its existing working capital through a private placement of equity securities; these efforts are continuing. In addition, the company has initiated negotiations with other parties which could, as a result, lead to an infusion of additional capital, in the form of either equity or long-term debt. Air Methods is also attempting to restructure its existing long-term debt consistent with these financing alternatives. The company believes it will be successful in its continued pursuit of supplemental equity or debt financing necessary to support the company's anticipated long-term growth.
 The length of time required for Air Methods to complete its reviously-announced private placement equity financing has also caused the company and American Air Ambulance Inc. ("AAA") to defer the AAA acquisition. The two companies are continuing to discuss different alternatives which could be pursued in order to complete the AAA acquisition, contingent in part upon appropriate financing being obtained by Air Methods.
 Air Methods is the largest exclusive provider of state-of-the-art emergency air medical transportation systems and services to hospitals throughout the United States. Air Methods now serves 41 hospitals in 11 states under 18 dedicated long-term operating agreements. The company utilizes only IFR-certified pilots and aircraft including 28 helicopters and five airplanes, to perform these services. In addition, Air Methods offers completely integrated airborne medical systems for administering intensive care to patients while flying to a Level I trauma center or a tertiary care facility, either from outlying hospitals or the scene of an accident.
 Finally, as previously disclosed, in November 1991, Air Methods, then a private company was acquired by Cell Technology, a publicly- traded company, which had then ceased operations as a development stage biotechnology research firm. The following data, therefore, is presented as a summary of the comparative results of operations for the year ended June 30, 1992 which, as noted below, includes only the results of the aeromedical operations from November 1991 through June 1992, compared to the results of operations for the year ended April 30, 1991 for Cell Technology, reflecting its operations as a development stage biotechnology research company.
 AIR METHODS CORP.
 For the Year Ended
 June 30,
 1992(a) 1991(b)
 Revenues $12,747,000 ---
 Net loss (2,599,000) (5,698,000)
 Average shares 1,829,456 1,413,775
 (a) Includes results of the company's aeromedical operations for
 the eight month period since the acquisition of Air Methods by
 Cell Technology, the predecessor to the company, in
 November 1991.
 (b) Includes results of operations for Cell Technology, the
 predecessor to the company, for the year ended April 30, 1991,
 reflecting the predecessor firm's operations as a development
 stage biotechnology research corporation.
 -0- 10/15/92
 /CONTACT: W. Terrance Schreier, William H. Critchfield or Roy L. Morgan all of Air Methods, 303-790-0587/
 (ARF) CO: Air Methods Corp. ST: Colorado IN: MTC AIR SU: ERN


BB -- DV004 -- 0381 10/15/92 11:37 EDT
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Date:Oct 15, 1992
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