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Air Methods Reports 3Q2008 Results and 4Q2008 Update
Date:11/6/2008

ernal projects, was unchanged at $0.7 million.

The Company also provided an update on October 2008 flight volume. Total community-based transports during October 2008 were 3,495 compared with 3,796 during October 2007. Patient transports for community bases in operation greater than one year, including CJ bases added October 1, 2007, decreased 163 transports or 5%, while weather cancellations for these same bases decreased by 297 transports.

Aaron Todd, Chief Executive Officer, stated, "We are pleased with the strength of our earnings considering the weaker flight volume and higher maintenance and fuel expenses incurred during the quarter. We are also pleased that October volume was favorably impacted by more moderate weather cancellation levels. Recent significant decreases in fuel prices and expected lower weather cancellations compared to the severe weather in previous winter and spring periods should help to offset any continued softness in overall demand for air medical services. In addition, continued improvement in net revenue per transport supports our current plans for continued price increases to keep pace with inflation in cost per transport. Air Methods continues to enjoy strong positive cash flow having generated over $44.3 million in cash from operations during the first nine months of 2008. We have used this excess cash to reduce debt levels, increase the size of our unencumbered fleet, and engage in stock repurchase activities. While the current economic environment creates certain operational uncertainties, we continue to have a positive outlook for our future periods given recent trends in reduced fuel costs, moderating weather, improved reimbursement, and strong cash flows."

The Company will discuss these results in a conference call scheduled today at 4:15 p.m. Eastern. Interested parties can access the call by dialing (877) 883-0656 (domestic) or (706) 643-8826 (international) or by accessing the web cast at

SOURCE Air Methods Corporation
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