Air Methods Provides 3rd Quarter Update

Fully-Diluted Earnings Per Share Expected to Range between $0.67 and $0.70

DENVER, Oct. 23 /PRNewswire-FirstCall/ -- Air Methods Corporation
(Nasdaq: AIRM), the largest air medical transportation company in the world,
provided an update on third quarter 2008 results.
Based on preliminary 2008 third quarter results, total community-based
patient transports were 10,690. Patients transported for community bases in
operation greater than one year (Same-Base Transports) decreased 1,552
transports or 16%, while weather cancellations for these same bases increased
by 422 transports compared with the prior-year quarter. Excluding impact of
higher weather cancellations, Same-Base Transports decreased 11%. These
Same-Base Transports and weather cancellations exclude bases acquired from CJ
Systems Aviation Group, Inc. (CJ) effective October 1, 2007. The decrease in
patient transports in excess of higher weather cancellations is attributed to
a third-quarter spike in fuel prices and its impact on traffic volume,
slowdown in economic activity, and lost flights due to redeployment of
numerous aircraft and crews to respond to Hurricanes Gustav and Ike. Gross
revenues generated from hurricane response during the third quarter exceeded
$6.8 million, compared with $1.0 million in the prior-year quarter. These
hurricane revenue amounts are before incremental costs and expenses, including
crew compensation, fuel, travel expenses, maintenance costs, and lost revenue
from redeployment of fleet.
Net revenue per community-based transport increased 8% to $7,090 for the
current-year quarter, compared with $6,560 in the prior-year quarter. Net
revenue per community-based transport increased 5% compared with $6,727 in the
second quarter of 2008. Net revenue per community-based transport excludes
revenue generated from hurricane response activities.
The Company also announced that fuel costs per community-based patient
transport were 56% higher than during the prior-year quarter. Based on
patients transported during the current-year quarter, this increase resulted
in approximately $1.7 million in increased fuel costs. Maintenance
expenditures increased approximately 18%, or $2.6 million, during the current
quarter as compared with the third quarter of 2007, after excluding aircraft
acquired in the CJ acquisition. The company also reported that the
current-year third quarter results include net gains on disposition of
aircraft of $1.1 million, or approximately $0.05 per share after income taxes.
Based on preliminary results, the Company estimates that its fully-diluted
earnings will be between $0.67 and $0.70 per share for the quarter ended
September 30, 2008. The Company noted that these preliminary results are
subject to final quarter-end closing and review procedures and are therefore
subject to change.
Aaron Todd, CEO, stated, "Although our community-based flight volumes were
weak during the quarter, we have experienced an 11% increase in projected
October flight volume month-to-date as compared with the September volume of
3,196 transports. Most of the recent significant decreases in fuel prices did
not benefit the third quarter, and will be more fully realized in the fourth
quarter of 2008. We also anticipate that lower fuel prices will increase road
travel, with related increase in demand for air medical transport. We are
pleased that recent price increases have continued to generate growth in net
revenue per transport, and will continue to assess the need for future
increases."
The Company will report financial results for the third quarter of fiscal
year 2008 after the close of the market on Thursday, November 6, 2008. The
Company has scheduled a conference call for Thursday, November 6, 2008 at
4:15 p.m. Eastern to discuss the results of the quarter.
Interested parties can access the call by dialing (877) 883-0656
(domestic) or (706) 643-8826 (international) or by accessing the web cast at
http://www.airmethods.com. A replay of the call will be available at
(800) 642-1687 (domestic) or (706) 645-9291 (international), access number
70416153, for 3 days following the call and the web cast can be accessed at
http://www.airmethods.com for 30 days.
Air Methods Corporation (http://www.airmethods.com) is a leader in
emergency air medical transportation and medical services. The Hospital Based
Services Division is the largest provider of air medical transport services
for hospitals. The Community Based Services Division is one of the largest
community-based providers of air medical services. The Products Division
specializes in the design and manufacture of aeromedical and aerospace
technology. The Company's fleet of owned, leased or maintained aircraft
features over 320 helicopters and fixed wing aircraft.
Forward Looking Statements: This news release includes certain
forward-looking statements, which are subject to various risks and
uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors, including but not limited to the
integration of CJ into our existing operations, the size, structure and growth
of the Company's air medical services and products markets; the collection
rates for patient transports; the continuation and/or renewal of air medical
service contracts; the acquisition of profitable Products Division contracts
and other flight service operations; the successful expansion of the
community-based operations; and other matters set forth in the Company's
public filings.
CONTACTS: Aaron D. Todd, Chief Executive Officer, (303) 792-7413.
Please contact Christine Clarke at (303) 792-7579 to be included on the
Company's fax and/or mailing list.
SOURCE Air Methods Corporation

Aaron D. Todd, Chief Executive Officer, +1-303-792-7413, or Christine Clarke,
+1-303-792-7579, both of Air Methods Corporation