Emergency Medical Services 4th-qtr profit up 59 pct on lower taxes, 2010 estimate tops views

EMS profit rises on tax benefit and EmCare revenue

GREENWOOD VILLAGE, Colo. — Emergency Medical Services Corp. said Thursday its fourth-quarter profit jumped 59 percent due to a tax benefit and greater revenue for its EmCare physician services business.

EMS reported net income of $33.3 million, or 75 cents per share. Excluding a $3.5 million benefit from reduced income tax expenses, the company earned about 67 cents per share. In the fourth quarter of 2008, RMS earned $20.9 million, or 48 cents per share.

According to Thomson Reuters, analysts expected a profit of 63 cents per share.

Revenue increased 10 percent to $654.3 million from $593.7 million. At the American Medical Response transportation business, revenue grew 2 percent to $331.1 million as the company received more revenue per transport. At EmCare, which provides outsourced facility-based physician services, revenue climbed 20 percent to $321.2 million. The company said it now has 74 more contracts net than it did on Sept. 30, 2008.

Analysts expected $660.5 million in total revenue.

EMS said its annual profit rose 36 percent to $115.2 million, or $2.64 per share, from $84.8 million, or $1.97 per share. Revenue grew 7 percent to $2.57 billion from $2.41 billion.

In 2010, the company said profit will be between $3 and $3.10 per share, topping the average analyst estimate of $2.95 per share.

Shares of Emergency Medical Services rose $2.04, or 3.9 percent, to $53.89 in afternoon trading.