Friday, August 1, 2008
Rotorcraft Report: Air Methods Weighs Stock Buyback
COMMERCIAL | EMS
With strong revenue projections and a depressed stock price, Air Methods may soon be looking to buy back some of its stock.
CEO Aaron Todd told a June investors and financial analysts’ meeting in New York that the Englewood, Colo.-based air ambulance giant would "give strong consideration" to buying back some of its more than 12.2 million shares. Air Methods’ stock, which trades under the AIRM symbol on the NASDAQ, has been as high as $59.50 a share in the last year. At press time, it was trading at about $28 a share. While fuel prices have risen from about $15 million a year to $20 million, he said Air Methods’ "long-term trend line is extremely favorable." The company’s net revenue per patient transport has risen from about $4,000 in 2004 to about $6,600. Air Methods expects to transport more than 100,000 patients this year.