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Air Methods Reports 1Q2008 Results and 2Q2008 Update
Date:5/8/2008

Fully-Diluted Earnings Per-Share of $0.18 In Line with Previously Announced

Expectations

DENVER, May 8 /PRNewswire-FirstCall/ -- Air Methods Corporation (Nasdaq: AIRM), the largest air medical transportation company in the world, reported financial results for the first quarter ended March 31, 2008 and provided an update on April 2008 flight volumes. For the quarter, revenue increased 45.0% to $118.1 million from $81.5 million in the year-ago quarter. Net income for the first quarter of 2008 was $2.3 million or $0.18 per diluted share, compared with net income of $3.7 million or $0.30 per diluted share in the first quarter of 2007. Current quarter net income includes an after-tax gain of $0.8 million, or $0.06 per diluted share, generated from disposition of aircraft.

As previously announced, the decrease in net income was primarily attributed to decreases in community-based patient transports as a result of increased weather cancellations, and higher than anticipated maintenance and fuel expenditures. Community-based patient transports for bases in operation greater than one year (Same-Base Transports) decreased by 577 transports, while weather cancellations for these same bases increased by 636, as compared with the prior-year quarter. Same-Base Transports and weather cancellations exclude bases acquired from CJ Systems Aviation Group, Inc. (CJ) effective October 1, 2007. Aircraft maintenance expense during the quarter, excluding aircraft acquired in the CJ acquisition and those added after March 31, 2007, increased 35.7% or $4.0 million as compared with the prior-year quarter. Fuel expense per flight hour increased 44%, or approximately $1.1 million, as compared with the prior-year period. '/>"/>

SOURCE Air Methods Corporation
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