|
|
|
|
|
|
|
|
|
|
|
|
|
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________
FORM 10-Q/A-1
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1995
----------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
--------------- ---------------
Commission file number 0-16079
-------------------
AIR METHODS CORPORATION
-----------------------------------------------------------------
(Exact name of Registrant as Specified in Its Charter)
Delaware 84-0915893
-----------------------------------------------------------------
(State or Other Jurisdiction of (I.R.S. Employer
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
--------------
N/A
-----------------------------------------------------------------
Former Name, Former Address and Former Fiscal Year, if Changed
Since Last Report.
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
----- -----
The number of shares of Common Stock, par value $.06,
outstanding as of May 11, 1995 was 8,072,976.
<PAGE>
TABLE OF CONTENTS
FORM 10-Q/A-1
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets - March 31, 1995 and
December 31, 1994 1
Consolidated Statements of Operations for the
three months ended March 31, 1995 and 1994 3
Consolidated Statements of Cash Flows for the
three months ended March 31, 1995 and 1994 4
Notes to Consolidated Financial Statements 5
SIGNATURES 6
<PAGE>
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AIR METHODS CORPORATION
AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
------------ ------------
(Restated)
Assets (unaudited) (unaudited)
------
<S> <C> <C>
Current Assets:
Cash and cash equivalents $ 1,896 696
Short-term investments -- --
Current installment of notes receivable 332 324
Receivables:
Trade 1,183 900
Insurance proceeds 65 49
Employees and other 174 65
------- -------
1,422 1,014
------- -------
Inventories 1,273 1,522
Work-in-progress on medical interiors 287 240
Assets held for sale 14 4,529
Prepaid expenses and other 933 1,511
------- -------
Total current assets 6,157 9,836
------- -------
Equipment and leasehold improvements:
Flight and ground support equipment 36,800 36,221
Furniture and office equipment 891 1,161
------- -------
37,691 37,382
------- -------
Less accumulated depreciation and amortization (5,276) (4,667)
------- -------
Net property and equipment 32,415 32,715
------- -------
Excess of cost over the fair value of net assets acquired,
net of accumulated amortization of $357 and $308 at March 31,
1995 and December 31, 1994, respectively 2,095 2,119
Notes receivable, less current installments 2,111 2,197
Patent application costs and other assets, net of
accumulated amortization of $444 and $424 at
March 31, 1995 and December 31, 1994, respectively 1,246 1,267
------- -------
$44,024 48,134
======= =======
(Continued)
See accompanying notes to consolidated financial statements.
</TABLE>
1<PAGE>
AIR METHODS CORPORATION
AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS, CONTINUED
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
------------ ------------
(Restated)
Liabilities and Stockholders' Equity (unaudited) (unaudited)
------------------------------------
<S> <C> <C>
Current Liabilities:
Notes payable $ 1,445 2,278
Current installments of long-term debt 1,075 4,870
Current installments of obligations under capital leases 725 722
Accounts payable 1,099 746
Accrued overhaul and parts replacement costs 1,058 804
Deferred revenue 519 10
Accrued restructuring expenses and
other accrued liabilities 1,991 2,298
-------- --------
Total current liabilities 7,912 11,728
-------- --------
Long-term debt, less current installments 7,287 7,569
Obligations under capital leases, less current installments 5,147 5,302
Accrued overhaul and parts replacement costs 4,401 4,559
Other liabilities 933 945
-------- --------
Total liabilities 25,680 30,103
-------- --------
Stockholders' equity:
Common stock, $.06 par value. Authorized 16,000,000 shares;
issued 8,098,582 and 8,051,765 shares at March 31, 1995
and December 31, 1994, respectively 484 481
Additional paid-in capital 49,630 49,572
Accumulated deficit (note 3) (31,770) (32,022)
-------- --------
Total stockholders' equity 18,344 18,031
-------- --------
$ 44,024 48,134
======== ========
See accompanying notes to consolidated financial statements.
</TABLE>
2<PAGE>
AIR METHODS CORPORATION
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
Three Months Ended March 31,
----------------------------
1995 1994
------------ ------------
(unaudited) (unaudited)
<S> <C> <C>
Revenue:
Flight revenue 6,596 $ 6,507
Sales of medical interiors and products 1,281 497
Gain (loss) on disposition of assets (15) 25
------- -------
7,862 7,029
------- -------
Operating expenses:
Flight centers 2,131 2,296
Aircraft operations 1,945 2,222
Aircraft rental 481 851
Medical interiors and parts 1,087 347
Depreciation and amortization 656 584
General and administrative 991 1,737
Restructuring and other non-recurring expenses -- 2,635
------- -------
7,291 10,672
------- -------
Operating income (loss) 571 (3,643)
Other income (expense):
Interest expense (439) (322)
Interest and dividend income 66 68
Other, net 55 (5)
------- -------
Net income (loss) 253 $(3,902)
======= =======
Income (loss) per common share $ .03 $ (.53)
======= =======
Weighted average number of
common shares outstanding 8,048,233 7,309,973
========= ==========
See accompanying notes to consolidated financial statements.
</TABLE>
3<PAGE>
AIR METHODS CORPORATION
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
Three Months Ended March 31,
----------------------------
1995 1994
------------ ------------
(unaudited) (unaudited)
<S> <C> <C>
Cash flow from operating activities:
Net income (loss) 253 $ (3,902)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense 656 584
Vesting of common stock and options issued for services and in connection
with employee stock compensation agreements, net of forfeitures 60 (295)
Gain on retirement and sale of equipment 15 (206)
Loss (Gain) on extinguishment of debt -- 181
Provision for restructuring and non-recurring expenses 2,332
Changes in assets and liabilities:
Decrease (Increase) in prepaid and other current assets 970 (1,090)
Decrease (Increase) in receivables (370) 302
Decrease (Increase) in parts inventories 143 (190)
Decrease in work-in-process on medical interiors 23 109
Increase in accounts payable, accrued expenses
and accrued restructuring expenses 46 1,144
Increase in deferred revenue and other liabilities 497 164
Increase in accrued overhaul and parts replacement costs 96 267
-------- --------
Net cash flow provided (used) by operating activities 2,389 (600)
-------- --------
Cash flows from investing activities:
Acquisition of equipment and leasehold improvements (322) (1,751)
Proceeds from retirement and sale of equipment 4,109 351
Net decrease (increase) in patent development costs and other assets 85 (143)
-------- --------
Net cash provided (used) by investing activities 3,872 (1,543)
-------- --------
Cash flows from financing activities:
Issuance of common stock and warrants for cash -- 6,058
Net payments under short-term notes payable (833) (1,827)
Payments for syndication and solicitation costs -- (152)
Proceeds from issuance of debt -- 600
Payments of long-term debt (4,076) (288)
Payments of capital lease obligations (152) (1,253)
-------- --------
Net cash provided (used) by financing activities (5,061) 3,138
-------- --------
Increase in cash and cash equivalents 1,200 995
Cash and cash equivalents at beginning of period 696 2,154
-------- --------
Cash and cash equivalents at end of period 1,896 $ 3,149
======== ========
See accompanying notes to consolidated financial statements.
</TABLE>
4<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(1) BASIS OF PRESENTATION
In the opinion of management, the accompanying unaudited
consolidated financial statements contain all adjustments
(consisting of only normal recurring accruals) necessary to
present fairly the consolidated financial statements for the
respective periods. Interim results are not necessarily
indicative of results for a full year. The consolidated
financial statements should be read in conjunction with the
Company's audited consolidated financial statements and
notes thereto for the fiscal year ended June 30, 1994.
(2) GAIN (LOSS) PER SHARE
Per-share information is based on the weighted-average
number of shares of common stock outstanding during each of
the periods. Shares issuable upon the exercise of warrants
and stock options are not included in the calculations,
since their inclusion would be anti-dilutive.
(3) STOCKHOLDERS' EQUITY
Changes in the stockholders' equity for the three months
ended March 31, 1995 consisted of the following (amounts in
thousands except share amounts):
Three Months Ended
March 31, 1995
------------------
Shares Amount
--------- --------
Balance at January 1, 1995 8,051,765 $18,031
Issuance of common shares for
options exercised and services rendered 46,817 63
Amortization of deferred compensation expense -- (3)
Net loss -- 253
Balance at March 31, 1995 8,098,582 $18,344
========= =======
As of March 31, 1995 the Company's total accumulated deficit was
$31,770,000. Of that amount, $20,467,000 relates to Cell
Technology, a predecessor company, which was involved in the
research and development of a biological response modifier.
(4) CHANGE IN FISCAL YEAR END
On March 29, 1995, the Company announced that it would
change its fiscal year end from June 30 to December 31.
Comparative periods on this quarterly statement have been
modified to be consistent with the Company's new fiscal
year.
5<PAGE>
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
Date: August 8, 1995 By Aaron D. Todd
---------------------------------
On behalf of the Company, and as
Principal Financial and Accounting
Officer
6
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE COMPANY'S INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE
QUARTER ENDING MARCH 31, 1995, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 1896
<SECURITIES> 0
<RECEIVABLES> 1767
<ALLOWANCES> (13)
<INVENTORY> 1560
<CURRENT-ASSETS> 6157
<PP&E> 37691
<DEPRECIATION> (5276)
<TOTAL-ASSETS> 44024
<CURRENT-LIABILITIES> 7912
<BONDS> 0
<COMMON> 484
0
0
<OTHER-SE> 49630
<TOTAL-LIABILITY-AND-EQUITY> 44024
<SALES> 1281
<TOTAL-REVENUES> 7862
<CGS> 1087
<TOTAL-COSTS> 7291
<OTHER-EXPENSES> (55)<F1>
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 373<F2>
<INCOME-PRETAX> 253
<INCOME-TAX> 0
<INCOME-CONTINUING> 253
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 253
<EPS-PRIMARY> .03
<EPS-DILUTED> 0
<FN>
<F1> Net non-operating income
<F2> Net of interest income of 66
</FN>
</TABLE>
|
|