----

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| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------------|

| For the quarterly period ended |   | June 30, 2009 |
|--------------------------------|--------|---------------|

|  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|------------------------------------------------------------------------------------------|

| For the transition period from |   |   |   | to |   |   |
|--------------------------------|--------|--------|--------|----|--------|--------|

| Delaware                                                       | 84-0915893                              |
|----------------------------------------------------------------|-----------------------------------------|
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |

| 7301 South Peoria, Englewood, Colorado   | 80112      |
|------------------------------------------|------------|
| (Address of Principal Executive Offices) | (Zip Code) |

| Large accelerated Filer   ̈                                                        | Accelerated Filer  x              |
|--------------------------------------------------------------------------------------------------|---------------------------------------------|
| Non-accelerated Filer   ̈  (Do not check if a smaller reporting company) | Smaller reporting company   ̈ |

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TABLE OF CONTENTS

| PART I.    |   | FINANCIAL INFORMATION |   |
|------------|--------|-----------------------|--------|
|       |   |                  |   |   |   |
|       |   | Item 1.               |   | Consolidated Unaudited Financial Statements |   |
|       |   |                  |   |   |   |
|       |   |                  |   | Consolidated Balance Sheets – June 30, 2009 and December 31, 2008 | 1 |
|       |   |                  |   |   |   |
|       |   |                  |   | Consolidated Statements of Income for the three and six months ended June 30, 2009 and 2008 | 3 |
|       |   |                  |   |   |   |
|       |   |                  |   | Consolidated Statements of Cash Flows for the six months ended June 30, 2009 and 2008 | 4 |
|       |   |                  |   |   |   |
|       |   |                  |   | Notes to Unaudited Consolidated Financial Statements | 6 |
|       |   |                  |   |   |   |
|       |   | Item 2.               |   | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 10 |
|       |   |                  |   |   |   |
|       |   | Item 3.               |   | Quantitative and Qualitative Disclosures about Market Risk | 18 |
|       |   |                  |   |   |   |
|       |   | Item 4.               |   | Controls and Procedures | 18 |
|       |   |                  |   |   |   |
| PART II.   |   | OTHER INFORMATION     |   |
|       |   |                  |   |   |   |
|       |   | Item 1.               |   | Legal Proceedings | 19 |
|       |   |                  |   |   |   |
|       |   | Item 1A.              |   | Risk Factors | 19 |
|       |   |                  |   |   |   |
|       |   | Item 2.               |   | Unregistered Sales of Equity Securities and Use of Proceeds | 19 |
|       |   |                  |   |   |   |
|       |   | Item 3.               |   | Defaults upon Senior Securities | 19 |
|       |   |                  |   |   |   |
|       |   | Item 4.               |   | Submission of Matters to a Vote of Security Holders | 19 |
|       |   |                  |   |   |   |
|       |   | Item 5.               |   | Other Information | 19 |
|       |   |                  |   |   |   |
|       |   | Item 6.               |   | Exhibits | 19 |
|       |   |                  |   |   |   |
| SIGNATURES |   |                  | 20     |

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Table of Contents

Item 1. Consolidated 

Air Methods Corporation 

|                                                                                                                    |   | June 30, |    |   | December 31, |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|----------|---------|--------|--------------|--------|
|                                                                                                                    |   | 2009     |    |   | 2008         |   |
| Assets                                                                                                                  |   |     |    |   |         |   |
|                                                                                                                    |   |     |    |   |         |   |
| Current assets:                                                                                                         |   |     |    |   |         |   |
| Cash and cash equivalents                                                                                               |   | $        | 10,770  |   |         |   | 13,147 |   |
| Current installments of notes receivable                                                                                |   |     | 503     |   |         |   | 753 |   |
| Receivables:                                                                                                            |   |     |    |   |         |   |   |   |
| Trade, net                                                                                                              |   |     | 123,852 |   |         |   | 133,467 |   |
| Refundable income taxes                                                                                                 |   |     | --      |   |         |   | 2,239 |   |
| Other                                                                                                                   |   |     | 3,663   |   |         |   | 2,487 |   |
| Total receivables                                                                                                       |   |     | 127,515 |   |         |   | 138,193 |   |
|                                                                                                                    |   |     |    |   |         |   |   |   |
| Inventories                                                                                                             |   |     | 20,731  |   |         |   | 20,283 |   |
| Work-in-process on medical interiors and products contracts                                                             |   |     | 5,517   |   |         |   | 4,561 |   |
| Assets held for sale                                                                                                    |   |     | 6,819   |   |         |   | 20,712 |   |
| Costs and estimated earnings in excess of billings on uncompleted contracts                                             |   |     | 11,519  |   |         |   | 5,840 |   |
| Prepaid expenses and other                                                                                              |   |     | 6,271   |   |         |   | 4,259 |   |
|                                                                                                                    |   |     |    |   |         |   |   |   |
| Total current assets                                                                                                    |   |     | 189,645 |   |         |   | 207,748 |   |
|                                                                                                                    |   |     |    |   |         |   |   |   |
| Property and equipment:                                                                                                 |   |     |    |   |         |   |   |   |
| Land                                                                                                                    |   |     | 251     |   |         |   | 251 |   |
| Flight and ground support equipment                                                                                     |   |     | 218,633 |   |         |   | 206,189 |   |
| Furniture and office equipment                                                                                          |   |     | 28,292  |   |         |   | 27,196 |   |
|                                                                                                                    |   |     | 247,176 |   |         |   | 233,636 |   |
| Less accumulated depreciation and amortization                                                                          |   |     | (89,465 | )      |         |   | (87,469 | ) |
|                                                                                                                    |   |     |    |   |         |   |   |   |
| Net property and equipment                                                                                              |   |     | 157,711 |   |         |   | 146,167 |   |
|                                                                                                                    |   |     |    |   |         |   |   |   |
| Goodwill                                                                                                                |   |     | 20,291  |   |         |   | 20,291 |   |
| Notes receivable, less current installments                                                                             |   |     | 127     |   |         |   | 660 |   |
| Other assets, net of accumulated amortization of $2,219 and $2,411 at June 30, 2009 and December 31, 2008, respectively |   |     | 19,552  |   |         |   | 20,058 |   |
|                                                                                                                    |   |     |    |   |         |   |   |   |
| Total assets                                                                                                            |   | $        | 387,326 |   |         |   | 394,924 |   |

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Table of Contents

|                                                                                                                                                     |   | June 30, |    |   | December 31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|---------|--------|--------------|--------|
|                                                                                                                                                     |   | 2009     |    |   | 2008         |   |
| Liabilities and Stockholders' Equity                                                                                                                     |   |     |    |   |         |   |
|                                                                                                                                                     |   |     |    |   |         |   |
| Current liabilities:                                                                                                                                     |   |     |    |   |         |   |
| Notes payable                                                                                                                                            |   | $        | 4,291   |   |         |   | 19,520 |   |
| Current installments of long-term debt                                                                                                                   |   |     | 15,471  |   |         |   | 14,156 |   |
| Current installments of obligations under capital leases                                                                                                 |   |     | 1,231   |   |         |   | 1,482 |   |
| Accounts payable                                                                                                                                         |   |     | 11,432  |   |         |   | 13,892 |   |
| Deferred revenue                                                                                                                                         |   |     | 6,280   |   |         |   | 6,710 |   |
| Billings in excess of costs and estimated earnings on uncompleted contracts                                                                              |   |     | 785     |   |         |   | 990 |   |
| Accrued wages and compensated absences                                                                                                                   |   |     | 11,546  |   |         |   | 10,422 |   |
| Due to third party payers                                                                                                                                |   |     | 3,912   |   |         |   | 3,559 |   |
| Deferred income taxes                                                                                                                                    |   |     | 9,602   |   |         |   | 9,340 |   |
| Other accrued liabilities                                                                                                                                |   |     | 12,400  |   |         |   | 11,715 |   |
|                                                                                                                                                     |   |     |    |   |         |   |   |   |
| Total current liabilities                                                                                                                                |   |     | 76,950  |   |         |   | 91,786 |   |
|                                                                                                                                                     |   |     |    |   |         |   |   |   |
| Long-term debt, less current installments                                                                                                                |   |     | 73,638  |   |         |   | 83,784 |   |
| Obligations under capital leases, less current installments                                                                                              |   |     | 1,888   |   |         |   | 2,074 |   |
| Deferred income taxes                                                                                                                                    |   |     | 27,995  |   |         |   | 29,158 |   |
| Other liabilities                                                                                                                                        |   |     | 28,773  |   |         |   | 27,658 |   |
|                                                                                                                                                     |   |     |    |   |         |   |   |   |
| Total liabilities                                                                                                                                        |   |     | 209,244 |   |         |   | 234,460 |   |
|                                                                                                                                                     |   |     |    |   |         |   |   |   |
| Stockholders' equity (notes 2 and 3):                                                                                                                    |   |     |    |   |         |   |   |   |
| Preferred stock, $1 par value.  Authorized 5,000,000 shares, none issued                                                                       |   |     | --      |   |         |   | -- |   |
| Common stock, $.06 par value. Authorized 16,000,000 shares; issued 12,542,079 and 12,284,679 shares at June 30, 2009 and December 31, 2008, respectively |   |     | 753     |   |         |   | 737 |   |
| Additional paid-in capital                                                                                                                               |   |     | 84,679  |   |         |   | 80,717 |   |
| Treasury stock at cost, 227,917 shares at June 30, 2009 and December 31, 2008                                                                            |   |     | (4,853  | )      |         |   | (4,853 | ) |
| Retained earnings                                                                                                                                        |   |     | 97,503  |   |         |   | 83,863 |   |
|                                                                                                                                                     |   |     |    |   |         |   |   |   |
| Total stockholders' equity                                                                                                                               |   |     | 178,082 |   |         |   | 160,464 |   |
|                                                                                                                                                     |   |     |    |   |         |   |   |   |
| Total liabilities and stockholders’ equity                                                                                                         |   | $        | 387,326 |   |         |   | 394,924 |   |

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Table of Contents

Air Methods 

|                                                                 |   | Three Months EndedJune 30, |       |   | Six Months EndedJune 30, |   |
|----------------------------------------------------------------------|--------|----------------------------|------------|--------|--------------------------|--------|
|                                                                 |   | 2009                       |       |   | 2008                     |   |   | 2009 |   |   | 2008 |   |
|                                                                 |   |                       |       |   |                     |   |   |   |   |   |   |   |
| Revenue:                                                             |   |                       |       |   |                     |   |   |   |   |   |   |   |
| Flight revenue, net                                                  |   | $                          | 122,180    |   |                     |   | 124,746 |   |   |   | 239,194 |   |   |   | 239,219 |   |
| Medical interiors and products revenue                               |   |                       | 5,920      |   |                     |   | 3,213 |   |   |   | 13,569 |   |   |   | 6,839 |   |
|                                                                 |   |                       | 128,100    |   |                     |   | 127,959 |   |   |   | 252,763 |   |   |   | 246,058 |   |
| Operating expenses:                                                  |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Flight centers                                                       |   |                       | 52,750     |   |                     |   | 52,980 |   |   |   | 104,989 |   |   |   | 105,120 |   |
| Aircraft operations                                                  |   |                       | 25,088     |   |                     |   | 30,454 |   |   |   | 48,673 |   |   |   | 57,520 |   |
| Aircraft rental                                                      |   |                       | 12,689     |   |                     |   | 11,721 |   |   |   | 24,916 |   |   |   | 22,800 |   |
| Cost of medical interiors and products sold                          |   |                       | 4,173      |   |                     |   | 2,341 |   |   |   | 10,329 |   |   |   | 5,343 |   |
| Depreciation and amortization                                        |   |                       | 4,629      |   |                     |   | 4,202 |   |   |   | 9,218 |   |   |   | 8,300 |   |
| Gain on disposition of assets, net                                   |   |                       | (604       | )      |                     |   | (130 | ) |   |   | (533 | ) |   |   | (1,438 | ) |
| General and administrative                                           |   |                       | 15,167     |   |                     |   | 17,578 |   |   |   | 32,410 |   |   |   | 34,724 |   |
|                                                                 |   |                       | 113,892    |   |                     |   | 119,146 |   |   |   | 230,002 |   |   |   | 232,369 |   |
|                                                                 |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                                     |   |                       | 14,208     |   |                     |   | 8,813 |   |   |   | 22,761 |   |   |   | 13,689 |   |
|                                                                 |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense):                                              |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                                     |   |                       | (1,123     | )      |                     |   | (1,106 | ) |   |   | (2,358 | ) |   |   | (2,673 | ) |
| Other, net                                                           |   |                       | 941        |   |                     |   | 609 |   |   |   | 1,763 |   |   |   | 1,252 |   |
|                                                                 |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Income before income taxes                                           |   |                       | 14,026     |   |                     |   | 8,316 |   |   |   | 22,166 |   |   |   | 12,268 |   |
|                                                                 |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Income tax expense                                                   |   |                       | (5,374     | )      |                     |   | (3,482 | ) |   |   | (8,526 | ) |   |   | (5,104 | ) |
|                                                                 |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                           |   | $                          | 8,652      |   |                     |   | 4,834 |   |   |   | 13,640 |   |   |   | 7,164 |   |
|                                                                 |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Basic income per common share (note 3)                               |   | $                          | .71        |   |                     |   | .40 |   |   |   | 1.12 |   |   |   | .59 |   |
|                                                                 |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Diluted income per common share (note 3)                             |   | $                          | .70        |   |                     |   | .38 |   |   |   | 1.11 |   |   |   | .57 |   |
|                                                                 |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of common shares outstanding – basic   |   |                       | 12,226,948 |   |                     |   | 12,181,790 |   |   |   | 12,158,010 |   |   |   | 12,166,566 |   |
|                                                                 |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of common shares outstanding – diluted |   |                       | 12,403,400 |   |                     |   | 12,608,043 |   |   |   | 12,342,126 |   |   |   | 12,617,804 |   |

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Table of Contents

Air Methods Corporation 

|                                                                                      |   | Six Months Ended June 30, |    |
|-------------------------------------------------------------------------------------------|--------|---------------------------|---------|
|                                                                                      |   | 2009                      |    |   | 2008 |   |
|                                                                                      |   |                      |    |   |   |   |
| Cash flows from operating activities:                                                     |   |                      |    |   |   |   |
| Net income                                                                                |   | $                         | 13,640  |   |   |   | 7,164 |   |
| Adjustments to reconcile net income to net cash provided by operating activities:         |   |                      |    |   |   |   |   |   |
| Depreciation and amortization expense                                                     |   |                      | 9,218   |   |   |   | 8,300 |   |
| Deferred income tax expense (benefit)                                                     |   |                      | (901    | ) |   |   | 4,461 |   |
| Stock-based compensation                                                                  |   |                      | 636     |   |   |   | 1,040 |   |
| Tax benefit from exercise of stock options                                                |   |                      | (856    | ) |   |   | -- |   |
| Gain on disposition of assets, net                                                        |   |                      | (533    | ) |   |   | (1,438 | ) |
| Unrealized loss on derivative instrument                                                  |   |                      | 157     |   |   |   | -- |   |
| Changes in assets and liabilities:                                                        |   |                      |    |   |   |   |   |   |
| Increase in prepaid expenses and other current assets                                     |   |                      | (2,067  | ) |   |   | (194 | ) |
| Decrease in receivables                                                                   |   |                      | 10,678  |   |   |   | 12,152 |   |
| Increase in inventories                                                                   |   |                      | (448    | ) |   |   | (2,250 | ) |
| Increase in work-in-process on medical interiors and costs in excess of billings          |   |                      | (6,635  | ) |   |   | (3,332 | ) |
| Increase (decrease) in accounts payable, other accrued liabilities, and other liabilities |   |                      | 1,853   |   |   |   | (2,215 | ) |
| Decrease in deferred revenue and billings in excess of costs                              |   |                      | (635    | ) |   |   | (182 | ) |
| Net cash provided by operating activities                                                 |   |                      | 24,107  |   |   |   | 23,506 |   |
|                                                                                      |   |                      |    |   |   |   |   |   |
| Cash flows from investing activities:                                                     |   |                      |    |   |   |   |   |   |
| Acquisition of property and equipment                                                     |   |                      | (14,389 | ) |   |   | (22,856 | ) |
| Proceeds from disposition and sale of equipment and assets held for sale                  |   |                      | 4,658   |   |   |   | 6,303 |   |
| Decrease (increase) in notes receivable and other assets                                  |   |                      | 763     |   |   |   | (1,286 | ) |
| Net cash used in investing activities                                                     |   |                      | (8,968  | ) |   |   | (17,839 | ) |

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Table of Contents

|                                             |   | Six Months Ended June 30, |    |
|--------------------------------------------------|--------|---------------------------|---------|
|                                             |   | 2009                      |    |   | 2008 |   |
|                                             |   |                      |    |   |   |   |
| Cash flows from financing activities:            |   |                      |    |   |   |   |
| Proceeds from issuance of common stock, net      |   | $                         | 2,486   |   |   |   | 639 |   |
| Tax benefit from exercise of stock options       |   |                      | 856     |   |   |   | -- |   |
| Net borrowings (payments) under line of credit   |   |                      | (19,258 | ) |   |   | 5,531 |   |
| Proceeds from issuance of long-term debt         |   |                      | 16,869  |   |   |   | -- |   |
| Payments for debt issue costs                    |   |                      | (482    | ) |   |   | (71 | ) |
| Payments of long-term debt and notes payable     |   |                      | (17,162 | ) |   |   | (6,785 | ) |
| Payments of capital lease obligations            |   |                      | (825    | ) |   |   | (541 | ) |
| Net cash used in financing activities            |   |                      | (17,516 | ) |   |   | (1,227 | ) |
|                                             |   |                      |    |   |   |   |   |   |
| Increase (decrease) in cash and cash equivalents |   |                      | (2,377  | ) |   |   | 4,440 |   |
|                                             |   |                      |    |   |   |   |   |   |
| Cash and cash equivalents at beginning of period |   |                      | 13,147  |   |   |   | 5,134 |   |
|                                             |   |                      |    |   |   |   |   |   |
| Cash and cash equivalents at end of period       |   | $                         | 10,770  |   |   |   | 9,574 |   |
|                                             |   |                      |    |   |   |   |   |   |
| Interest paid in cash during the period          |   | $                         | 2,285   |   |   |   | 2,327 |   |
| Income taxes paid in cash during the period      |   | $                         | 6,629   |   |   |   | 276 |   |

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Table of Contents

Air Methods Corporation 

| (1) | Basis of Presentation |
|-----|-----------------------|

| (2) | Stockholders’ Equity |
|-----|----------------------------|

|                                            |   | SharesOutstanding |       |   | Amount |   |
|-------------------------------------------------|--------|-------------------|------------|--------|--------|--------|
|                                            |   |              |       |   |   |   |
| Balances at January 1, 2009                     |   |              | 12,040,462 |   |   | $      | 160,464 |   |
|                                            |   |              |       |   |   |   |   |   |
| Issuance of common shares for options exercised |   |              | 257,400    |   |   |   | 2,486 |   |
| Stock-based compensation                        |   |              | 2,967      |   |   |   | 636 |   |
| Tax benefit from exercise of stock options      |   |              | --         |   |   |   | 856 |   |
| Net income                                      |   |              | --         |   |   |   | 13,640 |   |
|                                            |   |              |       |   |   |   |   |   |
| Balances at June 30, 2009                       |   |              | 12,300,829 |   |   | $      | 178,082 |   |

| (3) | Income per Share |
|-----|------------------|

|                                                                 |   | 2009   |       |   | 2008   |   |
|----------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| For quarter ended June 30:                                           |   |   |       |   |   |   |
| Weighted average number of common shares outstanding – basic   |   |   | 12,226,948 |   |   |   | 12,181,790 |   |
| Dilutive effect of:                                                  |   |   |       |   |   |   |   |   |
| Common stock options                                                 |   |   | 172,469    |   |   |   | 422,668 |   |
| Unvested restricted stock                                            |   |   | 3,983      |   |   |   | 3,585 |   |
| Weighted average number of common shares outstanding – diluted |   |   | 12,403,400 |   |   |   | 12,608,043 |   |

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Table of Contents

| (3) | Income per Share, continued |
|-----|-----------------------------|

| For six months ended June 30:                                        |   | 2009   |       |   | 2008   |   |
|----------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Weighted average number of common shares outstanding – basic   |   |   | 12,158,010 |   |   |   | 12,166,566 |   |
| Dilutive effect of:                                                  |   |   |       |   |   |   |   |   |
| Common stock options                                                 |   |   | 180,627    |   |   |   | 449,189 |   |
| Unvested restricted stock                                            |   |   | 3,489      |   |   |   | 2,049 |   |
| Weighted average number of common shares outstanding – diluted |   |   | 12,342,126 |   |   |   | 12,617,804 |   |

| (4) | New Accounting Pronouncements |
|-----|-------------------------------|

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Table of Contents

| (4) | New Accounting Pronouncements, continued |
|-----|------------------------------------------|

|  (5) | Fair Value of Financial Instruments |
|-----------|-------------------------------------|

|  (6) | Business Segment Information |
|-----------|------------------------------|

|   | · | Community-Based Services (CBS) - provides air medical transportation services to the general population as an independent service in 21 states. Services include aircraft operation and maintenance, medical care, dispatch and communications, and medical billing and collection. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Hospital-Based Services (HBS) - provides air medical transportation services to hospitals in 33 states under exclusive operating agreements. Services include aircraft operation and maintenance. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Products Division - designs, manufactures, and installs aircraft medical interiors and other aerospace and medical transport products for commercial and governmental entities. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

| (6) | Business Segment Information, continued |
|-----|-----------------------------------------|

| For quarter ended June 30:                                    |   | CBS    |    |   | HBS    |   |    | ProductsDivision |   |   | CorporateActivities |   |   | IntersegmentEliminations |   |   | Consolidated |   |
|---------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|------------------|--------|--------|---------------------|--------|--------|--------------------------|--------|--------|--------------|--------|
| 2009                                                          |   |   |    |   |   |   |    |             |   |   |                |   |   |                     |   |   |         |   |
| External revenue                                              |   | $      | 71,718  |   |   |   | 50,470  |             |   |   | 5,912               |   |   |                     | --     |   |         |   | -- |   |   |   | 128,100 |   |
| Intersegment revenue                                          |   |   | 54      |   |   |   | --      |             |   |   | 4,374               |   |   |                     | --     |   |         |   | (4,428 | ) |   |   | -- |   |
| Total revenue                                                 |   |   | 71,772  |   |   |   | 50,470  |             |   |   | 10,286              |   |   |                     | --     |   |         |   | (4,428 | ) |   |   | 128,100 |   |
| Operating expenses, excluding depreciation & amortization |   |   | (58,482 | )      |   |   | (42,698 | )                |   |   | (7,878              | )      |   |                     | (3,881 | )      |         |   | 3,676 |   |   |   | (109,263 | ) |
| Depreciation & amortization                               |   |   | (2,388  | )      |   |   | (1,845  | )                |   |   | (144                | )      |   |                     | (252   | )      |         |   | -- |   |   |   | (4,629 | ) |
| Interest expense                                              |   |   | (290    | )      |   |   | (566    | )                |   |   | (9                  | )      |   |                     | (258   | )      |         |   | -- |   |   |   | (1,123 | ) |
| Other income, net                                             |   |   | 925     |   |   |   | --      |             |   |   | --                  |   |   |                     | 16     |   |         |   | -- |   |   |   | 941 |   |
| Income tax expense                                            |   |   | --      |   |   |   | --      |             |   |   | --                  |   |   |                     | (5,374 | )      |         |   | -- |   |   |   | (5,374 | ) |
| Segment net income (loss)                                     |   | $      | 11,537  |   |   |   | 5,361   |             |   |   | 2,255               |   |   |                     | (9,749 | )      |         |   | (752 | ) |   |   | 8,652 |   |
|                                                          |   |   |    |   |   |   |    |             |   |   |                |   |   |                     |   |   |         |   |   |   |   |   |   |   |
| 2008                                                          |   |   |    |   |   |   |    |             |   |   |                |   |   |                     |   |   |         |   |   |   |   |   |   |   |
| External revenue                                              |   | $      | 77,746  |   |   |   | 47,015  |             |   |   | 3,198               |   |   |                     | --     |   |         |   | -- |   |   |   | 127,959 |   |
| Intersegment revenue                                          |   |   | 108     |   |   |   | --      |             |   |   | 5,996               |   |   |                     | --     |   |         |   | (6,104 | ) |   |   | -- |   |
| Total revenue                                                 |   |   | 77,854  |   |   |   | 47,015  |             |   |   | 9,194               |   |   |                     | --     |   |         |   | (6,104 | ) |   |   | 127,959 |   |
| Operating expenses, excluding depreciation & amortization |   |   | (64,518 | )      |   |   | (43,620 | )                |   |   | (7,748              | )      |   |                     | (4,409 | )      |         |   | 5,351 |   |   |   | (114,944 | ) |
| Depreciation & amortization                               |   |   | (2,181  | )      |   |   | (1,713  | )                |   |   | (151                | )      |   |                     | (157   | )      |         |   | -- |   |   |   | (4,202 | ) |
| Interest expense                                              |   |   | (494    | )      |   |   | (563    | )                |   |   | --                  |   |   |                     | (49    | )      |         |   | -- |   |   |   | (1,106 | ) |
| Other income, net                                             |   |   | 569     |   |   |   | --      |             |   |   | --                  |   |   |                     | 40     |   |         |   | -- |   |   |   | 609 |   |
| Income tax expense                                            |   |   | --      |   |   |   | --      |             |   |   | --                  |   |   |                     | (3,482 | )      |         |   | -- |   |   |   | (3,482 | ) |
| Segment net income (loss)                                     |   | $      | 11,230  |   |   |   | 1,119   |             |   |   | 1,295               |   |   |                     | (8,057 | )      |         |   | (753 | ) |   |   | 4,834 |   |

| For six months ended June 30:                                 |   |   |     |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |
|---------------------------------------------------------------|--------|--------|----------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|
| 2009                                                          |   |   |     |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |
| External revenue                                              |   | $      | 140,100  |   |   |   | 99,112  |   |   |   | 13,551  |   |   |   | --      |   |   |   | -- |   |   |   | 252,763 |   |
| Intersegment revenue                                          |   |   | 108      |   |   |   | --      |   |   |   | 12,110  |   |   |   | --      |   |   |   | (12,218 | ) |   |   | -- |   |
| Total revenue                                                 |   |   | 140,208  |   |   |   | 99,112  |   |   |   | 25,661  |   |   |   | --      |   |   |   | (12,218 | ) |   |   | 252,763 |   |
| Operating expenses, excluding depreciation & amortization |   |   | (116,834 | )      |   |   | (84,833 | )      |   |   | (20,794 | )      |   |   | (8,663  | )      |   |   | 10,340 |   |   |   | (220,784 | ) |
| Depreciation & amortization                               |   |   | (4,874   | )      |   |   | (3,552  | )      |   |   | (295    | )      |   |   | (497    | )      |   |   | -- |   |   |   | (9,218 | ) |
| Interest expense                                              |   |   | (718     | )      |   |   | (1,217  | )      |   |   | (9      | )      |   |   | (414    | )      |   |   | -- |   |   |   | (2,358 | ) |
| Other income, net                                             |   |   | 1,665    |   |   |   | --      |   |   |   | --      |   |   |   | 98      |   |   |   | -- |   |   |   | 1,763 |   |
| Income tax expense                                            |   |   | --       |   |   |   | --      |   |   |   | --      |   |   |   | (8,526  | )      |   |   | -- |   |   |   | (8,526 | ) |
| Segment net income (loss)                                     |   | $      | 19,447   |   |   |   | 9,510   |   |   |   | 4,563   |   |   |   | (18,002 | )      |   |   | (1,878 | ) |   |   | 13,640 |   |
|                                                          |   |   |     |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| 2008                                                          |   |   |     |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| External revenue                                              |   | $      | 147,063  |   |   |   | 92,266  |   |   |   | 6,729   |   |   |   | --      |   |   |   | -- |   |   |   | 246,058 |   |
| Intersegment revenue                                          |   |   | 108      |   |   |   | --      |   |   |   | 9,962   |   |   |   | --      |   |   |   | (10,070 | ) |   |   | -- |   |
| Total revenue                                                 |   |   | 147,171  |   |   |   | 92,266  |   |   |   | 16,691  |   |   |   | --      |   |   |   | (10,070 | ) |   |   | 246,058 |   |
| Operating expenses, excluding depreciation & amortization |   |   | (125,730 | )      |   |   | (84,632 | )      |   |   | (13,790 | )      |   |   | (8,179  | )      |   |   | 8,262 |   |   |   | (224,069 | ) |
| Depreciation & amortization                               |   |   | (4,312   | )      |   |   | (3,385  | )      |   |   | (296    | )      |   |   | (307    | )      |   |   | -- |   |   |   | (8,300 | ) |
| Interest expense                                              |   |   | (1,240   | )      |   |   | (1,301  | )      |   |   | --      |   |   |   | (132    | )      |   |   | -- |   |   |   | (2,673 | ) |
| Other income, net                                             |   |   | 1,156    |   |   |   | --      |   |   |   | --      |   |   |   | 96      |   |   |   | -- |   |   |   | 1,252 |   |
| Income tax expense                                            |   |   | --       |   |   |   | --      |   |   |   | --      |   |   |   | (5,104  | )      |   |   | -- |   |   |   | (5,104 | ) |
| Segment net income (loss)                                     |   | $      | 17,045   |   |   |   | 2,948   |   |   |   | 2,605   |   |   |   | (13,626 | )      |   |   | (1,808 | ) |   |   | 7,164 |   |

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| ITEM 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
|---------|---------------------------------------------------------------------------------------|

| · | Community-Based Services (CBS) - provides air medical transportation services to the general population as an independent service. Revenue consists of flight fees billed directly to patients, their insurers, or governmental agencies, and cash flow is dependent upon collection from these individuals or entities. In the first six months of 2009, the CBS Divisiongenerated 56% of our total revenue, compared to 60% in the first six months of 2008. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Hospital-Based Services (HBS) - provides air medical transportation services to hospitals throughout the U.S. under exclusive operating agreements. Revenue consists of fixed monthly fees (approximately 72% of total contract revenue) and hourly flight fees (approximately 28% of total contract revenue) billed to hospital customers. In the six months ended June 30, 2009, the HBS Division generated 39% of our total revenue,compared to 37% in the six months ended June 30, 2008. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Products Division - designs, manufactures, and installs aircraft medical interiors and other aerospace and medical transport products for commercial and governmental entities. The Products Division generated 5% of our total revenue in the six months ended June 30, 2009, compared to 3% in 2008. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Flight volume. Fluctuations in flight volume have a greater impact on CBS operations than HBS operations because almost all of CBS revenue is derived from flight fees, as compared to approximately 28% of HBS revenue. By contrast, 81% of our costs primarily associated with flight operations (including salaries, aircraft ownership costs, hull insurance, and generaland administrative expenses) incurred during the first six months of 2009 are mainly fixed in nature. While flight volume is affected by many factors, including competition and the effectiveness of marketing and business development initiatives, the greatest single variable has historically been weather conditions. Adverse weather conditions—such as fog, high winds, or heavy precipitation—hamper our ability to operate our aircraft safely and, therefore, result in reduced flight volume. Total patienttransports for CBS operations were approximately 10,400 and 19,800 for the quarter and six months ended June 30, 2009, respectively, compared to approximately 11,600 and 22,200 for the quarter and six months ended June 30, 2008, respectively. Patient transports for CBS bases open longer than one year (Same-Base Transports) were approximately 9,800 and 18,800 in the quarter and six months ended June 30, 2009, respectively, compared to approximately 10,700 and 20,100 in the quarter and six months ended June 30,2008, respectively. Cancellations due to unfavorable weather conditions for CBS bases open longer than one year were 307 higher in the quarter and 451 lower in the six months ended June 30, 2009, compared to 2008. We believe that Same-Base Transports in 2009 were negatively affected by the overall weaker economic conditions in the United States. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | Reimbursement per transport. We respond to calls for air medical transports without pre-screening the creditworthiness of the patient and are subject to collection risk on services provided to insured and uninsured patients. Medicare and Medicaid also receive contractual discounts from our standard charges for flight services. Flight revenue is recorded netof provisions for contractual discounts and estimated uncompensated care. Both provisions are estimated during the period the related services are performed based on historical collection experience and any known trends or changes in reimbursement rate schedules and payer mix. The provisions are adjusted as required based on actual collections in subsequent periods. Net reimbursement per transport for CBS operations is primarily a function of price, payer mix, and timely and effective collection efforts. Boththe pace of collections and the ultimate collection rate are affected by the overall health of the U.S. economy, which impacts the number of indigent patients and funding for state-run programs, such as Medicaid. Medicaid reimbursement rates in many jurisdictions have remained well below the cost of providing air medical transportation. In addition, the collection rate is impacted by changes in the cost of healthcare and health insurance; as the cost of healthcare increases, health insurance coverage providedby employers may be reduced or eliminated entirely, resulting in an increase in the uninsured population. Pending healthcare legislation, if enacted, may also affect collections. The average gross charge per transport increased 14.8% in the six months ended June 30, 2009, compared to 2008, contributing to an increase of 6.8% in net reimbursement per transport over the same period. Provisions for contractual discounts and estimated uncompensated care for CBS operations are as follows: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                |   | For quarters ended June 30, |   |   | For six months ended June 30, |   |
|-------------------------------------|--------|-----------------------------|--------|--------|------------------------------------|--------|
|                                |   | 2009                        |   |   | 2008                               |   |   | 2009 |   |   | 2008 |   |
| Gross billings                      |   |                        | 100    | %      |                               |   | 100 | % |   |   | 100 | % |   |   | 100 | % |
| Provision for contractual discounts |   |                        | 39     | %      |                               |   | 33 | % |   |   | 38 | % |   |   | 34 | % |
| Provision for uncompensated care    |   |                        | 20     | %      |                               |   | 22 | % |   |   | 20 | % |   |   | 21 | % |

| · | Aircraft maintenance. Both CBS and HBS operations are directly affected by fluctuations in aircraft maintenance costs. Proper operation of the aircraft by flight crews and standardized maintenance practices can help to contain maintenance costs. Increases in spare parts prices from original equipment manufacturers tend to be higher for aircraft which are nolonger in production. Three models of aircraft within our fleet, representing 25% of the rotor wing fleet, are no longer in production and are, therefore, susceptible to price increases which outpace general inflationary trends. In addition, on-condition components are more likely to require replacement with age. Since January 1, 2008, we have taken delivery of 34 new aircraft and expect to take delivery of twelve additional aircraft through the end of 2009. We have replaced discontinued models and other olderaircraft with the new aircraft, as well as provided capacity for base expansion. Replacement models of aircraft typically have higher ownership costs than the models targeted for replacement but lower maintenance costs. Total maintenance expense for CBS and HBS operations decreased 13.3% and ­13.4% from the quarter and six months ended June 30, 2008, to the quarter and six months ended June 30, 2009, respectively, while total flight volume for CBS and HBS operations decreased 5.0% and 6.0% over the same periods.Maintenance cost per hour on newer aircraft has remained relatively constant on an annual basis. Maintenance cost per hour on older models of aircraft, however, may vary more widely on a quarterly basis depending on component overhaul and replacement and aircraft refurbishment cycles. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Competitive pressures from low-cost providers. We are recognized within the industry for our standard of service and our use of cabin-class aircraft. Many of our regional competitors utilize aircraft with lower ownership and operating costs and do not require a similar level of experience for aviation and medical personnel. Reimbursement rates established byMedicare, Medicaid, and most insurance providers are not contingent upon the type of aircraft used or the experience of personnel. However, we believe that higher quality standards help to differentiate our service from competitors and, therefore, lead to higher utilization. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | Employee recruitment and relations. The ability to deliver quality services is partially dependent upon our ability to hire and retain employees who have advanced aviation, nursing, and other technical skills. In addition, hospital contracts typically contain minimum certification requirements for pilots and mechanics. In September 2003, our pilots voted tobe represented by a collective bargaining unit, and we signed a collective bargaining agreement on March 31, 2006. The agreement was effective January 1, 2006, through April 30, 2009. Negotiations on a new collective bargaining agreement (CBA) commenced in the fourth quarter of 2008 and were referred for mediation during the second quarter of 2009. Under the Railway Labor Act, mediation decisions are non-binding on either party, and the duration of the process may vary depending upon the mediator assigned andthe complexity of the issues negotiated. Other employee groups may also elect to be represented by unions in the future. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | CBS – Net flight revenue decreased $6,021,000, or 7.7%, to $71,710,000 for the second quarter of 2009 and $6,870,000, or 4.7%, to $140,086,000 for the six months ended June 30, 2009, for the following reasons: |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Decreases of 922, or 8.6%, and 1,340, or 6.7%, in Same-Base Transports for the quarter and six months ended June 30, 2009, respectively, compared to 2008. Cancellations due to unfavorable weather conditions for CBS bases open longer than one year were 307 higher in the second quarter of 2009 but 451 lower in the six months ended June 30, 2009, compared to 2008. The decline in Same-Base Transports is believed to beprimarily attributable to overall economic conditions in the United States. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increases of 13.1% and 14.8% in average gross charge per transport for the quarter and six months ended June 30, 2009, respectively, compared to 2008. Net reimbursement per transport increased approximately 3.6% and 6.8%, over the same periods. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Incremental net revenue of $5,972,000 and $9,060,000 for the quarter and six months ended June 30, 2009, respectively, generated from the addition of twelve new CBS bases, including two bases resulting from the conversion of an HBS contract, either during or subsequent to the first six months of 2008 and new service agreements with another air medical service provider in the Atlanta area. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Closure of fifteen bases during or subsequent to the first six months of 2008, resulting in decreases in net revenue of approximately $5,391,000 and $10,388,000 during the quarter and six months ended June 30, 2009, respectively. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | HBS – Net flight revenue increased $3,455,000, or 7.3%, to $50,470,000 for the second quarter of 2009 and $6,845,000, or 7.4%, to $99,108,000 for the six months ended June 30, 2009, for the following reasons: |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Incremental net revenue of $2,764,000 and $5,672,000 for the quarter and six months ended June 30, 2009, generated from the addition of one new contract and the expansion of nine contracts during or subsequent to the first six months of 2008. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Cessation of service under six contracts and the conversion of one contract to CBS operations subsequent to the first six months of 2008, resulting in decreases in net revenue of approximately $2,024,000 and $4,857,000 for the quarter and six months ended June 30, 2009, respectively. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Annual price increases in the majority of contracts based on changes in the Consumer Price Index or spare parts prices from aircraft manufacturers and the renewal of contracts at higher rates. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Decreases of 8.3% and 10.3% in flight volume for the quarter and six months ended June 30, 2009, respectively, for all contracts excluding new contracts, contract expansions, and closed contracts discussed above. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | CBS – Flight center costs decreased $585,000, or 1.8%, to $32,045,000 for the second quarter of 2009 and $1,374,000, or 2.1%, to $63,554,000 for the six months ended June 30, 2009, for the following reasons: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increases of approximately $2,656,000 and $4,097,000 for the quarter and six months ended June 30, 2009, respectively, for the addition of personnel to staff new base locations described above. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Decreases of approximately $3,414,000 and $6,472,000 for the quarter and six months ended June 30, 2009, respectively, due to the closure of base locations described above. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increases in salaries for merit pay raises and in the cost of our medical insurance. |
|--------|--------|--------------------------------------------------------------------------------------|

| · | HBS - Flight center costs increased $355,000, or 1.7%, to $20,705,000 for the second quarter of 2009 and $1,243,000, or 3.1%, to $41,435,000 for the six months ended June 30, 2009, primarily due to the following: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increases of approximately $852,000 and $1,802,000 for the quarter and six months ended June 30, 2009, respectively, for the addition of personnel to staff new base locations described above. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Decreases of approximately $923,000 and $2,301,000 for the quarter and six months ended June 30, 2009, respectively, due to the closure of base locations described above. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increases in salaries for merit pay raises and in the cost of our medical insurance. |
|--------|--------|--------------------------------------------------------------------------------------|

| · | Decreases of $2,951,000, or 13.3%, and $5,728,000, or 13.4%, for the quarter and six months ended June 30, 2009, respectively, in the cost of aircraft maintenance, primarily attributable to our fleet rejuvenation efforts and to our increasing use of single-engine, rather than twin-engine, aircraft. Since the first quarter of 2008, we have placed 42 new helicopters into service (consisting of 24 single-engine aircraftand 18 twins) and eliminated 38 aircraft which were older models (consisting of 8 single-engine aircraft, 27 twins, and 3 fixed wing aircraft). Maintenance cost per hour on newer aircraft has remained relatively constant on an annual basis. Maintenance cost per hour on older models of aircraft, however, may vary more widely on a quarterly basis depending on component overhaul and replacement and aircraft refurbishment cycles. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Decreases of approximately 48.9% and 43.0% in the cost of aircraft fuel per hour flown for the quarter and six months ended June 30, 2009, respectively. Total fuel costs decreased $2,669,000 and $4,080,000 for the quarter and six months ended June 30, 2009, respectively, compared to 2008. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Decreases in flight volume for bases open longer than one year for both CBS and HBS as described above. |
|--------|---------------------------------------------------------------------------------------------------------|

| · | Increase in hull insurance rates effective July 2008. |
|--------|-------------------------------------------------------|

| · | $4,243,000 and $10,484,000 – governmental entities |
|--------|----------------------------------------------------------|

| · | $1,677,000 and $3,085,000 – commercial customers |
|--------|--------------------------------------------------------|

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| · | $1,742,000 and $3,309,000 – governmental entities |
|--------|---------------------------------------------------------|

| · | $1,471,000 and $3,530,000 – commercial customers |
|--------|--------------------------------------------------------|

| · | Completion of the consolidation of the Part 135 Air Carrier Certificate for CJ Systems Aviation Group, Inc., (CJ) into the Air Methods certificate during the second quarter of 2008. Costs of $505,000 and $1,195,000 were incurred in the quarter and six months ended June 30, 2008, respectively, related to the consolidation. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Reorganization of field-based program management during the second quarter of 2009, resulting in the elimination of fifteen positions and the transfer of other personnel into other open positions within the Company. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Closure of the CJ patient billing office and incorporation of these functions into our existing billing department, resulting in the elimination of sixteen full-time positions as well as additional contract positions. The transition was completed during the second quarter of 2008. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Consolidation of corporate overhead functions. |
|--------|------------------------------------------------|

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| Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
|---------|------------------------------------------------------------|

| Item 4. | Controls and Procedures |
|---------|-------------------------|

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| Item 1. | Legal Proceedings |
|---------|-------------------|

| Item 1A. | Risk Factors |
|----------|--------------|

| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
|---------|-------------------------------------------------------------|

| Item 3. | Defaults upon Senior Securities |
|---------|---------------------------------|

| Item 4. | Submission of Matters to a Vote of Security Holders |
|---------|-----------------------------------------------------|

|               |   | Total Vote ForEach Director |       |   | Total VoteWithheld FromEach Director |   |
|--------------------|--------|-----------------------------|------------|--------|--------------------------------------|--------|
|               |   |                        |       |   |                                 |   |
| Ralph J. Bernstein |   |                        | 10,531,961 |   |                                 |   | 427,580 |   |
| Mark D. Carleton   |   |                        | 10,431,149 |   |                                 |   | 528,392 |   |
| Lowell D. Miller   |   |                        | 10,521,811 |   |                                 |   | 436,726 |   |
| David A. Roehr     |   |                        | 10,467,617 |   |                                 |   | 491,924 |   |

| Item 5. | Other Information |
|---------|-------------------|

| Item 6. | Exhibits |
|---------|----------|

| 31.1 | Chief Executive Officer Certification adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|------|---------------------------------------------------------------------------------------------------------|

| 31.2 | Chief Financial Officer Certification adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|------|---------------------------------------------------------------------------------------------------------|

| 32 | Certification adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|----|---------------------------------------------------------------------------------|

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SIGNATUR

|                            | AIR METHODS CORPORATION |
|---------------------------------|-------------------------|
|                            |                    |   |   |
|                            |                    |   |   |
| Date:  August 7, 2009 | By                      | /s/ Aaron D. Todd |   |
|                            |                    | Aaron D. Todd |   |
|                            |                    | Chief Executive Officer |   |
|                            |                    |   |   |
|                            |                    |   |   |
| Date:  August 7, 2009 | By                      | /s/ Trent J. Carman |   |
|                            |                    | Trent J. Carman |   |
|                            |                    | Chief Financial Officer |   |
|                            |                    |   |   |
|                            |                    |   |   |
| Date:  August 7, 2009 | By                      | /s/ Sharon J. Keck |   |
|                            |                    | Sharon J. Keck |   |
|                            |                    | Chief Accounting Officer |   |

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