Air Methods' Preliminary 1st Qtr. Results Exceed Ex... ( All Key Measures Are In-Line With or ...)

Air Methods' Preliminary 1st Qtr. Results Exceed Expectations

Date:4/23/2009

All Key Measures Are In-Line With or Exceed Expectations

DENVER, April 23 /PRNewswire-FirstCall/ -- Air Methods Corporation (Nasdaq: AIRM), the largest air medical transportation company in the world, reported that preliminary first quarter 2009 earnings exceed expectations. Expected earnings improvement is attributed to better-than-anticipated patient transports in March, improved reimbursement for community-based transports, and lower maintenance and fuel expense.

Total community-based patient transports were 9,432 during the current-year quarter. Patients transported for community bases in operation greater than one year (Same-Base Transports) decreased 418 transports or 4%, while weather cancellations for these same bases decreased by 758 transports compared with the prior-year quarter. During the month of March, Same-Base Transports increased by 6 transports or less than 1%, while weather cancellations for these same bases decreased by 94 transports compared with the prior-year month.

Preliminary net revenue per community-based transport for the first quarter of 2009 was in-line with management's expectations and reflects significant improvement over the prior-year first quarter result of $6,622 per transport, as well as an increase over the fourth quarter 2008 result of $7,156 per transport.

Preliminary maintenance expense reflects a $2.8 million reduction compared with the prior-year quarter. Maintenance cost per flight hour decreased $43 per hour, or 7% compared with the prior-year quarterly result of $610 per hour. Preliminary fuel expense decreased by $1.4 million compared with the prior-year quarter, while fuel costs per community-based patient transport decreased by $98 per transport, or 28% from $351 in the prior-year period.

The Company noted that these prelim
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