Englewood, Colo.-based Air Methods (AIRM) is expanding its operations in ... Hawaii.
On Monday, the helicopter med-evac company announced that it has signed a definitive agreement to buy helicopter tour operator Blue Hawaiian Helicopters and its fleet of 24 Eurocopter AS350 and EC130 helicopters for an undisclosed sum.
Blue Hawaiian is described as "the premier helicopter tour company in the State of Hawaii, offering a diverse portfolio of twelve scheduled tours on five of Hawaii's six tourist islands." It generated $47 million in revenues in 2012, an amount equal to 5.4% of Air Methods' trailing revenues.
In a statement, Air Methods noted that it expects the acquisition to be accretive to earnings per share after it closes later this quarter. Moreover, the company says Blue Hawaiian should be about as profitable for Air Methods as was its previous acquisition, Sundance Helicopters -- which last quarter posted a profit margin of nearly 24% on its revenues, significantly above Air Methods' own operating profit margin of 16.4%.
In spite of this good news, investors left Air Methods stock unchanged in Monday trading. It opened at $52.14 per share -- and it closed there, too.
