Air Methods to Acquire Blue Hawaiian Helicopters
DENVER, Nov. 18, 2013 (GLOBE NEWSWIRE) -- Air Methods Corporation
(Nasdaq:AIRM), the global leader in air medical transportation, announced
today that it has entered into a definitive agreement to acquire Blue Hawaiian
Helicopters and its affiliates ("Blue Hawaiian"), a helicopter tour operator
based in Hawaii. Founded in 1985, Blue Hawaiian is one of the world's largest
aerial tour operators and is 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. Blue Hawaiian operates a fleet of 24 helicopters
consisting of Eurocopter AS350s and EC130s. Blue Hawaiian generated
consolidated revenue of approximately $47 million for the fiscal year ended
December 31, 2012.
Aaron Todd, Air Methods' Chief Executive Officer, stated, "the acquisition of
Blue Hawaiian, when combined with Sundance Helicopters, our aerial tour
operator acquired in December 2012, will position Air Methods Tours as the
leading aerial tour provider in two of the most coveted tourism venues in the
United States: the Las Vegas/Grand Canyon region and Hawaii."
Air Methods believes the acquisition of Blue Hawaiian will be accretive to
earnings per share at levels consistent with the acquisition of Sundance
Helicopters. The transaction is expected to close in the fourth quarter of
2013, subject to receipt of required local regulatory approvals and the
satisfaction of customary closing conditions.
Air Methods Corporation (www.airmethods.com) is the global leader in air
medical transportation. The Air Medical Services Division is the largest
provider of air medical transport services in the United States. The United
Rotorcraft Division specializes in the design and manufacture of aeromedical
and aerospace technology. The Tourism Division is comprised of Sundance
Helicopters, Inc., which provides helicopter tours and charter flights,
primarily focusing on Grand Canyon tours. Air Methods' fleet of owned, leased
or maintained aircraft features over 400 helicopters and fixed wing aircraft.
Forward Looking Statements: Forward-looking statements in this news release
are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Statements in this press release that are
"forward-looking statements", including statements regarding the anticipated
impact on the Company's earnings per share and the expected closing date, are
based on current expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors, including but not limited to, the
Company's ability to realize key aviation adjacencies associated with the
acquisition; expansion of the Company's tourism division, changes to general,
domestic and foreign economic conditions; the size, structure and growth of
the Company's air medical services and United Rotorcraft Division; the
collection rates for patient transports; the continuation and/or renewal of
air medical service contracts; the anticipated impact from the Company's
internal reorganization; extreme weather conditions across the U.S.;
development and changes in laws and regulations, including, without
limitation, the impact of the Patient Protection and Affordable Care Act;
increased regulation of the health care and aviation industry through
legislative action and revised rules and standards; and other matters set
forth in the Company's filings with the SEC. The Company is under no
obligation (and expressly disclaims any obligation) to update or alter its
forward-looking statements, whether as a result of new information, future
events or otherwise.
Please contact Christine Clarke at (303) 792-7579 to be included on the
Company's fax and/or mailing list.
CONTACT: Trent J. Carman, Chief Financial Officer, (303) 792-7591
Air Methods Corporation
Press spacebar to pause and continue. Press esc to stop.