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News Breaks | | | | November 22, 2011 | | 17:19 EDT |  | AIRM | Air Methods to restate financial results
Air Methods announced that the company will restate its financial results after receiving a response from the U.S. SEC. The SEC responded to the company's previous request for guidance concerning the appropriate GAAP interpretation of the maximum amount that the company could be required to pay as described in ASC 840-10-25-14, in the event of a non-performance-related default. As a result of the restatement, most of the company's aircraft leases previously classified as operating leases will now be classified as capital leases in the company's consolidated financial statements. The periods covered by the restatement are the year ended December 31, 2010 and the quarters ended March 31; June 30, and September 30. The company expects to file the restated financial statements before the end of December or as soon as practicable thereafter. Based on the company's preliminary calculations, the company expects the earnings per share for fiscal year 2010 and the nine-month period ended September 30 to decrease from $3.50 to approximately $3.37 and $2.70 to approximately $2.66, respectively. Earnings before interest, taxes, depreciation and amortization for fiscal year 2010 and the nine-month period ended September 30 is expected to increase by $48M and $36M, respectively, while capital lease obligations as of September 30 are expected to increase by approximately $263M. KPMG LLP, the company's independent registered public accounting firm, and management are still in the process of reviewing these adjustments and therefore these amounts are subject to change. | |
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| June 6, 2013 | | 09:30 EDT |  | AIRM | Air Methods initiated with a Buy at Sidoti
Target $46. | |
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