Air Methods (AIRM) 8-K Air Methods Reports 2Q2011 Results and 3Q2011 Update

Exhibit 99.1

The #1 Airborne Healthcare Company

     Air Methods Reports 2Q2011 Results and 3Q2011 Update

      Second Quarter Fully-Diluted EPS of $0.79 In-Line with Previously Announced Expectation

DENVER, CO., August 4, 2011 -- Air Methods Corporation (Nasdaq: AIRM), the largest air medical transportation company in the world, reported financial results for the second quarter ended June 30, 2011 and provided an update on July 2011 community-based patient transports.  For the quarter, revenue increased 8% from $139.2 million to $150.2 million in the current-year quarter.  For the six-month period, revenue increased 9% to $282.1 million, compared with $257.7 million in the prior-year six-month period.

For the quarter, net income decreased 21% to $10.1 million, or $0.79 per diluted share, as compared with prior-year second quarter net income of $12.8 million, or $1.02 per diluted share.  Net income for the six-month period increased 25% to $16.1 million, or $1.26 per diluted share, compared to $12.9 million, or $1.03 per diluted share, for the prior-year six-month period.  As previously disclosed, the current-year second quarter results include a pre-tax, non-cash loss of approximately $0.8 million, compared with a loss of $0.1 million in the prior-year quarter, associated with the mark to market of a fuel derivative.  In addition, the current-year quarter includes $0.3 million in transaction costs associated with the recently completed acquisition of OF Air Holdings and its subsidiaries (together, Omniflight).  The current-year quarter also includes a pre-tax loss on disposition of assets of $0.3 million, compared with a pre-tax gain of $0.1 million in the prior-year quarter.  The remaining decrease in quarterly earnings, as compared with the prior-year period, was attributed to lower than anticipated community-based patient transports attributed to higher weather cancellations, and to higher maintenance expenditures.

For the second quarter, community-based revenue increased 9% to $94.1 million compared to $86.6 million in the prior year, while segment net income decreased 4% to $19.7 million from $20.4 million.  Total community-based patient transports decreased by 2% to 10,309, as compared with 10,507 in the prior-year quarter.  Community-based patient transports for bases open greater than one year (Same-Base Transports) decreased 6%, or 659 patient transports, as compared with the prior-year quarter.  Weather cancellations for these same base locations increased by 343 compared with the prior-year quarter.  Net revenue per community-based transport was $9,008 for the current-year quarter, compared with $8,181 in the prior-year quarter, a 10% increase.  Hospital-based revenue decreased by 1% to $48.6 million compared to $49.1 million in the prior-year period, while segment net income decreased 61% to $2.0 million from $5.1 million.  External revenue within the Products Division increased $4.0 million, or 112%, compared with the prior-year quarter, while external segment net income increased by 154% to $1.2 million in the current-year quarter. Consolidated maintenance expense increased by $5.5 million or 30%, as compared with the prior-year quarter, despite a 1% decrease in flight volume.  This increase was partially attributed to a $1.2 million increase in aircraft blade replacement costs and lower than average maintenance expenditures experienced in the prior-year quarter.

The Company also provided a preliminary update on July 2011 flight volume.  Total community-based transports were 3,856 during July 2011 compared with 3,646 in July 2010, a 6% increase.  Same-Base Transports during the month of July decreased by 14 transports as compared with July 2010, while weather cancellations decreased by 209 as compared with the prior-year month for these same bases.

Aaron Todd, CEO, stated, “We are pleased to have experienced a return to more moderate weather during the month of July.  We are also encouraged that we have been able to achieve healthy growth in net revenue per community-based transport, despite some minor deterioration in payer mix over the past year.  We look forward to the anticipated benefit associated with our recently completed acquisition of Omniflight over future periods.  We have engaged our plan of integration and expect to fully execute this plan over the next six months.  Our financial projections associated with the acquisition continue to be in-line with previously-disclosed expectations.”

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 www.airmethods.com. A replay of the call will be available at (855) 859-2056 (domestic) or (404) 537-3406 (international), access number 86788278, for 3 days following the call and the web cast can be accessed at www.airmethods.com for 30 days.

Air Methods Corporation (www.airmethods.com) is a leader in emergency air medical transportation and medical services. The Hospital Based Services Division is the largest provider of air medical transport services for hospitals. The Community Based Services Division is one of the largest community-based providers of air medical services. The Products Division specializes in the design and manufacture of aeromedical and aerospace technology. The Company's fleet of owned, leased or maintained aircraft features over 300 helicopters and fixed wing aircraft.

Forward Looking Statements: This news release includes certain forward-looking statements, which are subject to various risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors, including but not limited to the size, structure and growth of the Company's air medical services and products markets; the collection rates for patient transports; the continuation and/or renewal of air medical service contracts; the acquisition of profitable Products Division contracts and other flight service operations; the successful expansion of the community-based operations; the ability of the Company to successfully integrate Omniflight, the timing of the Omniflight integration and the financial benefits associated with the acquisition of Omniflight; and other matters set forth in the Company's public filings.

CONTACTS:  Aaron D. Todd, Chief Executive Officer, (303) 792-7413. Please contact Christine Clarke at (303) 792-7579 to be included on the Company’s fax and/or mailing list.

– FINANCIAL STATEMENTS ATTACHED –

AIR METHODS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

(unaudited)

	June 30, 2011		December 31, 2010
ASSETS
Current assets:
Cash and cash equivalents	$	43,197		60,710
Trade receivables, net		142,011		132,329
Other current assets		62,919		45,034
Total current assets		248,127		238,073
Net property and equipment		212,274		200,875
Other assets, net		36,467		35,731
Total assets	$	496,868		474,679
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable related to assets held for sale	$	11,837		-
Current portion of indebtedness		34,431		15,835
Accounts payable, accrued expenses and other		57,398		58,217
Total current liabilities		103,666		74,052
Long-term indebtedness		53,493		81,305
Other non-current liabilities		73,827		73,566
Total liabilities		230,986		228,923
Total stockholders' equity		265,882		245,756
Total liabilities and stockholders' equity	$	496,868		474,679

AIR METHODS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands, except share and per share amounts)

(unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Revenue:
Flight operations	$	140,892			134,326			265,413			247,605
Product operations		7,541			3,558			13,342			7,463
Other		1,729			1,290			3,312			2,616
Total revenue		150,162			139,174			282,067			257,684
Expenses:
Operating expenses		106,216			93,472			202,443			188,892
Loss (gain) on disposition of assets, net		335			(81	)		(26	)		(110	)
General and administrative		18,700			17,021			37,007			32,956
Depreciation and amortization		7,058			6,138			13,767			11,733
		132,309			116,550			253,191			233,471
Operating income		17,853			22,624			28,876			24,213
Interest expense		(1,291	)		(1,626	)		(2,619	)		(3,087	)
Other, net		73			50			253			88
Income before income taxes		16,635			21,048			26,510			21,214
Income tax expense		(6,552	)		(8,288	)		(10,441	)		(8,351	)
Net income	$	10,083			12,760			16,069			12,863
Income per common share:
Basic	$	0.80			1.02			1.27			1.03
Diluted	$	0.79			1.02			1.26			1.03
Weighted average common shares outstanding - basic		12,658,641			12,465,266			12,633,222			12,462,444
Weighted average common shares outstanding - diluted		12,812,765			12,548,482			12,788,094			12,541,528