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AIR METHODS ANNOUNCES PROFITABLE FIRST QUARTER ON RECORD REVENUES FOR THE PERIOD ENDED SEPT. 30, 1992

 DENVER, Nov. 17 ~PRNewswire~ -- Air Methods Corp. (AMEX: ARF.EC), the nation's largest exclusive provider of air medical transportation services, today reported record revenues of $5.3 million for its first quarter ended Sept. 30, 1992, approximately 16 percent greater than the prior period results of $4.6 million. The company also reported a profit of $35,000 (or 2 cents per share) for its fiscal 1993 first quarter.
 Comparisons to the 1992 prior fiscal period are not meaningful due to the company's cessation of operations as a development stage biotechnology research firm which took place in the prior 1992 first quarter period. However, comparable future results will be disclosed, contrasting the company's principal results of operations as an aeromedical provider on a year-to-date comparative basis.
 The company's record revenues were driven primarily by its addition of two new hospital aeromedical contracts during the fiscal 1993 first quarter: St. Luke's Hospital (Duluth, Minn.) and San Juan Regional Medical Center (Farmington, N.M.). The company's revenues also expanded due to the increasing aeromedical flight activity of its current hospital customers. The company currently serves 43 hospitals under 19 exclusive long-term aeromedical contracts, averaging three to seven years in length.
 As previously disclosed, the company recently supplemented its working capital through the securing of a $2 million line of credit provided by a third party. Air Methods also recently reported the lowering of the interest rate from 12.5 percent to 9.9 percent associated with $8.3 million of its long-term debt through 2001.
 As previously mentioned, in November 1991, Air Methods Corp., then a private company, was acquired by Cell Technology Inc., a publicly-traded biotechnology research company, which had ceased internal operations as a development stage biotechnology research firm at the time of the acquisition. Consequently, comparisons of the company's results of operations for the current quarter to the results of Cell Technology, for the comparable prior period are not meaningful.
 Therefore, the above comparative financial information contrasts the results of operations of the company's aeromedical business as a private company for fiscal 1992 with its results of operations as a public company for the current fiscal year. In conclusion, the following data is presented as a summary of the company's comparative results of operations for the quarter ended Sept. 30, 1992, contrasted with the results of operations of Air Methods Inc. with the results of operations for the quarter ended Sept. 30, 1991 for Cell Technology, reflecting its operations as a development stage biotechnology research company:
 AIR METHODS CORP.
 For the Quarter Ended
 Sept. 30,
 1992 1991
 Revenues: $5,317,000 ---
 Net income (loss) 35,000 (225,000)
 Income (loss) per share: $.02 $(.16)
 Average shares: 2,041,018 1,420,148
 -0- 11~17~92
 ~CONTACT: W. Terrance Schreier, Roy L. Morgan or William H. Critchfield all of Air Methods, 303-790-0587~
 (ARF)


CO: Air Methods Corp. ST: Colorado IN: AIR SU: ERN

MC -- DV005 -- 1658 11~17~92 08:01 EST
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Publication:PR Newswire
Date:Nov 17, 1992
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