Air Methods says 4Q profit slid 23 percent

Air Methods Corp., which provides emergency medical air transportation, said Tuesday its profit fell 23 percent in the fourth quarter as it moved fewer patients.

The company reported net income of $3.7 million, or 30 cents per share. In the fourth quarter of 2007, Air Methods earned $4.8 million, or 38 cents per share. Revenue fell 3 percent, to $118.9 million from $122.6 million, as flight service revenue slipped.

Air Methods also said a change in Colorado tax rates boosted its profit by $1.5 million, or 12 cents per share.

On average, analysts expected a profit of 27 cents per share and $120.5 million in revenue.

The company said it transported 9,496 patients within community-based operations in the fourth quarter. That was a decrease of 12 percent from a year earlier, when it transported 10,738 patients.

Air Methods said those transports fell 15 percent in January and February. But it said revenue per transport grew in January, as fuel costs and maintenance expenses were down and prices were up.

In aftermarket trading, the stock rose 40 cents, or 2.5 percent, to $16.49 after gaining $2.24, or 16 percent, in the regular session to close at $16.09.