-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Cz9dzs9BlRevFGgLXYhLrwz4rqEXu6QCtI55Qx/i0EDZ6nAeRWxzfwR6MIaiJUeq p/DFr9MMT3M0jnoQqY8R8g== 0001140361-07-004636.txt : 20070301 0001140361-07-004636.hdr.sgml : 20070301 20070301101017 ACCESSION NUMBER: 0001140361-07-004636 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070301 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20070301 DATE AS OF CHANGE: 20070301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIR METHODS CORP CENTRAL INDEX KEY: 0000816159 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, NONSCHEDULED [4522] IRS NUMBER: 840915893 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16079 FILM NUMBER: 07660807 BUSINESS ADDRESS: STREET 1: 7301 S PEORIA STREET 2: P O BOX 4114 CITY: ENGLEWOOD STATE: CO ZIP: 80112 BUSINESS PHONE: 3037927400 MAIL ADDRESS: STREET 1: 7301 S PEORIA CITY: ENGLEWOOD STATE: CO ZIP: 80112 FORMER COMPANY: FORMER CONFORMED NAME: CELL TECHNOLOGY INC /DE/ DATE OF NAME CHANGE: 19911128 8-K 1 form8k.txt AIR METHODS 8-K 3-1-2007 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) March 1, 2007 ------------- AIR METHODS CORPORATION ----------------------- (Exact name of Registrant as Specified in Its Charter) Commission file number 0-16079 --------- Delaware 84-0915893 -------- ---------- (State or Other Jurisdiction (I.R.S. Employer of Incorporation or Organization) Identification Number) 7301 South Peoria, Englewood, Colorado 80112 -------------------------------------- ----- (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code (303) 792-7400 -------------- Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) SECTION 2 ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On March 1, 2007, Air Methods Corporation (the "Company") announced a change in its method of presenting flight revenue and provision for uncompensated care and provided an update on anticipated financial results for the quarter and year ended December 31, 2006. A copy of the press release is furnished as Exhibit 99.1 to this Current Report. The information contained in this report, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall information be deemed incorporated by reference in any registration statement, proxy statement, or other report filed under the Securities Act of 1933 or the Securities Exchange Act of 1934, unless the Company specifically incorporates that information into those documents by reference. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. AIR METHODS CORPORATION March 1, 2007 By \s\ Trent J. Carman -------------------------------------- On behalf of the Company, and as Chief Financial Officer EX-99.1 2 ex99_1.txt EXHIBIT 99.1 EXHIBIT 99.1 AIR METHODS [LOGO OMITTED] - -------------------------------------------------------------------------------- The #1 Airborne Healthcare Company AIR METHODS CORPORATION PROVIDES UPDATE ON 2006 4TH QUARTER AND YEAR-END EVENTS DENVER, CO, March 1, 2007 -- Air Methods Corporation (NasdaqGS: AIRM) announced today that its independent auditors have accepted the Company's request to change its method of accounting for revenue and estimated uncompensated care (previously referred to as bad debt expense) to a more preferred method. Effective December 31, 2006, the Company will now present revenue and estimated uncompensated care on a net basis within the consolidated statement of operations. Previously, the Company recorded revenue at full established rates and recorded a provision for estimated amounts not expected to be realized as an operating expense. Prior periods will be reclassified to reflect the new accounting presentation in the 2006 financial statements. The change will have no impact on cash flows from operations, operating income, net income, or earnings per share as reported in the current and prior years. The Company also announced that with the significant increase in taxable earnings generated in 2006, it now estimates that its effective federal income tax rate in current and future periods will increase from 34% to the highest level of 35%. The change in estimate increased federal income taxes above the new 35% federal income tax rate by approximately $771,000 or $0.06 per fully-diluted share for the fourth quarter and $496,000 or $0.04 per fully-diluted share for the year. This excess was primarily attributed to applying the new 35% federal income tax rate to the Company's current and deferred net tax liabilities. The Company also announced that its December 2006 aviation accident will impact net income (net of income taxes) by approximately $561,000 or $0.05 per share for the fourth quarter and year ended 2006. This amount includes the uninsured portion of the aircraft book value, self-insured workers compensation benefits, and estimated missed flights due to out-of-service time. The Company does not anticipate any further material financial impacts from the accident for future periods. The Company anticipates announcing 2006 year end results on March 8th, pending final completion of year-end auditing procedures. Air Methods Corporation (www.airmethods.com) is a leader in emergency ------------------ aeromedical transportation and medical services. The Air Medical Services Division is the largest provider of air medical transport services for hospitals. The LifeNet Division is one of the largest community-based providers 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 200 helicopters and fixed wing aircraft. AIRM NASDAQ LIMITED [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- 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 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. -----END PRIVACY-ENHANCED MESSAGE-----