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 DENVER, Oct. 1 /PRNewswire/ -- Air Methods Corp. (NASDAQ-NMS: AIRM), the nation's largest exclusive provider of air medical transportation systems and services, today reported its historic achievement of record revenues and growth for the fourth quarter and 12 months ended June 30, 1993. Air Methods also reported its fourth consecutive quarter of operating profitability as the company's fiscal year ended in line with analysts' forecasts.
 Record revenues for the three months ended June 30, 1993 were approximately $7.3 million, up 40.5 percent compared with $5.2 million for the prior 1992 three month period. For the year ended June 30, 1993, record revenues of $25.3 million were achieved, an increase of 31.8 percent, compared with $19.2 million for the previous year. The company also reported its fourth consecutive quarter of profitable results, generating operating income of $133,000 for the three months ended June 30, 1993. This compares favorably to the 1992 prior period quarterly operating loss of $837,000.
 For the year ended June 30, 1993, Air Methods generated operating income of $542,000. As previously announced, the company incurred a one- time charge in its third quarter of $272,000 regarding its terminated potential acquisition of American Air Ambulance Inc. This non-recurring item contributed to the company's net loss for the fiscal year 1993 of $261,000, as compared to the company's substantially greater 1992 net loss of $2,468,000.
 The company's record revenues in fiscal 1993 were driven primarily by the addition of three new hospital aeromedical contracts during the period: St. Luke's Hospital, Duluth, Minn.; San Juan Regional Medical Center, Farmington, N.M.; and Stanford University Hospital, Stanford, Calif. The company's 1993 revenues also increased due to its completion of the proof of principle contract involving the UH-60Q "Blackhawk," a military helicopter conversion project for the U.S. Army, as well as specialty medical interiors for HDM Flugservice, GMBH of Germany.
 "These operating results reported today are generally consistent with various analysts' reports. Results for fiscal year 1994 are expected to be on line with the projections contained in recent analysts' estimates, including those recently issued by Rodman & Renshaw Inc. of Chicago, Illinois and Sands Brothers and Company Ltd. of New York," noted W. Terrance Schreier, the company's chairman and chief executive officer.
 As previously noted, Air Methods-Colorado, then a private company, was acquired by Cell Technology Inc., a publicly-traded biotechnology research company, in November 1991, which had ceased internal operations as a development stage biotechnology research firm at that time. Consequently, comparisons of the company's results of operations for the year ended June 30, 1993 with the company's results for the comparable prior 1992 period are not meaningful, since the prior 1992 period included only seven months of actual aeromedical operations. Therefore, in order to facilitate comparisons, the following results of operations for the year ended June 30, 1992 combine the results of operations for Air Methods-Colorado for the four months ended Oct. 31, 1991 with the results of operations for the company for the eight months ended June 30, 1992. The results for the three months ended June 30, 1993 and the results of the 1992 prior three month period may be meaningfully compared.
 (Dollars in Thousands)
 Three Months Ended Fiscal Year Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues $7,318 $5,209 $25,340 $19,193
 Operating income (loss) 133 (837) 542 (2,633)
 Net (loss) (72) (220) (261) (2,468)
 Net (loss) per share (.02) (.10) (.08) (1.35)
 Weighted average shares 4,762,422 2,105,123 3,543,111 1,829,426
 Air Methods is the largest exclusive provider of state-of-the-art emergency air medical transportation systems and services to hospitals throughout the United States. Air Methods now serves 54 hospitals in 14 states under 21 dedicated long-term operating agreements. The company utilizes only Instrument Flight Rule (IFR)-certified pilots and aircraft including 30 helicopters and 12

airplanes, to perform these services. In addition, Air Methods offers completely integrated airborne medical systems for administering intensive care to patients while flying to a trauma center or a tertiary care facility, either from an outlying hospital or the scene of an accident.
 -0- 10/1/93
 /CONTACT: W. Terrance Schreier or William H. Critchfield of Air Methods, 303-792-7400/

CO: Air Methods Corp. ST: Colorado IN: ARO HEA SU: ERN

MC -- DV005 -- 7799 10/01/93 12:29 EDT
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Publication:PR Newswire
Date:Oct 1, 1993

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