UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________
FORM 11-K
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1998
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 For the transition period from ________ to________
Commission file number 0-16079
A. Air Methods Corporation 401(k) and Retirement Savings Plan
B. Air Methods Corporation
7301 South Peoria St.
Englewood, CO 80112
<PAGE>
AIR METHODS CORPORATION
401(k) AND RETIREMENT
SAVINGS PLAN
Financial Statements
and Supplemental Schedules
December 31, 1998 and 1997
(With Independent Auditors' Report Thereon)
<PAGE>
AIR METHODS CORPORATION
401(k) AND RETIREMENT
SAVINGS PLAN
Table of Contents
Page
Independent Auditors' Report 1
Statements of Net Assets Available for Participant
Benefits - December 31, 1998 and 1997 2
Statements of Changes in Net Assets Available
for Participant Benefits - Years ended December 31, 1998
and 1997 3
Notes to Financial Statements 4
Supplemental Schedules
1 Item 27a - Schedule of Assets Held for Investment
Purposes - December 31, 1998 11
2 Item 27d - Schedule of Reportable Transactions -
Year ended December 31, 1998 12
<PAGE>
Independent Auditors' Report
The Board of Directors
Air Methods Corporation:
We have audited the accompanying statements of net assets available
for participant benefits of the Air Methods Corporation 401(k) and
Retirement Savings Plan as of December 31, 1998 and 1997, and the
related statements of changes in net assets available for participant
benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for
participant benefits of the Air Methods Corporation 401(k) and
Retirement Savings Plan as of December 31, 1998 and 1997, and the
changes in those net assets for the years then ended in conformity
with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
schedules of assets held for investment purposes and reportable
transactions are presented for the purpose of additional analysis and
are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules
and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. These supplemental schedules
are the responsibility of the Plan's management. The supplemental
schedules have been subjected to the auditing procedures applied in
the audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
/s/ KPMG LLP
KPMG LLP
Denver, Colorado
June 11, 1999
1
<PAGE>
<TABLE>
AIR METHODS CORPORATION
401(k) AND RETIREMENT SAVINGS PLAN
Statements of Net Assets Available for Participant Benefits
December 31, 1998 and 1997
<CAPTION>
1998 1997
<S>
Assets: <C> <C>
Investments, at fair value (note 3):
Pooled funds $ 8,928,561 5,891,618
Air Methods Corporation Common stock 11,976 3,940
Loans to participants 465,466 333,984
---------------- ---------
9,406,003 6,229,542
Receivables - loan payments - 11,188
---------------- ---------
Net assets available for participant benefits $ 9,406,003 6,240,730
================ =========
See accompanying notes to financial statements.
</TABLE>
2
<PAGE>
<TABLE>
AIR METHODS CORPORATION
401(k) AND RETIREMENT SAVINGS PLAN
Statements of Changes in Net Assets Available for Participant Benefits
Years ended December 31, 1998 and 1997
<CAPTION>
1998 1997
<S> <C> <C>
Contributions:
Employer $ 248,746 180,011
Participants 983,354 772,898
Transfer from affiliated plan 754,547 -
--------- -------
1,986,647 952,909
--------- -------
Investment income:
Net realized and unrealized appreciation of investments (note 3) 1,515,426 863,733
Interest 48,383 27,323
--------- -------
Net investment income 1,563,809 891,056
--------- -------
Total additions 3,550,456 1,843,965
Deductions from net assets attributed to:
Distributions to participants, net of administrative expenses and other (385,183) (482,320)
--------- -------
Net increase in net assets available for participant benefits 3,165,273 1,361,645
Net assets available for participant benefits:
Beginning of year 6,240,730 4,879,085
--------- -------
End of year $ 9,406,003 6,240,730
============ =========
See accompanying notes to financial statements.
</TABLE>
3
<PAGE>
AIR METHODS CORPORATION
401(k) AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 1998 and 1997
- -----------------------------------------------------------------------------
(1) Summary of Significant Accounting Policies
(a) Basis of Financial Statement Presentation
The Air Methods Corporation 401(k) and Retirement Savings Plan
(the Plan) is a defined contribution plan sponsored by Air
Methods Corporation (the Employer).
The accompanying financial statements have been prepared on
the accrual basis of accounting and present the net assets
available for participant benefits and the changes in those
net assets.
The preparation of financial statements in conformity with
generally accepted accounting principles requires the plan
administrator to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the
financial statements and the reported amounts of increases and
decreases to plan assets during the reporting period. Actual
results could differ from those estimates.
(b) Investments
The Plan's investments are managed by Great-West Life &
Annuity Insurance Company, the trustee of the Plan.
Investments in equity and fixed income pooled funds are stated
at fair values based upon quoted market prices of securities
underlying the pooled funds. The common stock of the
Employer, which was added as an investment option on
February 1, 1997, is stated at fair value based upon quoted
market price. Short Term and Guaranteed Certificate Funds are
stated at cost which approximates market. Changes in market
values after the plan year-end are not reflected in the
accompanying financial statements. Investment transactions
are recorded on the date of purchase or sale (trade date).
Gains and losses on sales of investments are determined using
the average cost method.
(c) Loans to Participants
Loans to plan participants are recorded at cost less principal
balances repaid. The loans bear interest at the prime rate
plus 2% and have maximum terms of five years, except for loans
for primary residences, which may have a term of up to fifteen
years. The interest rates on loans outstanding range from
8.75% to 11.00% at December 31, 1998.
(2) Plan Description
The following summary of the Plan provides general information
only. Participants should refer to the Plan agreement for a more
complete description of the Plan's provisions.
4
<PAGE>
AIR METHODS CORPORATION
401(k) AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 1998 and 1997
- -----------------------------------------------------------------------------
(a) General
The Plan was established effective January 1, 1989 by the
Employer for the benefit of its employees and to qualify under
Section 401(k) of the Internal Revenue Code. The Employer
contracts with the trustee and custodian for the investing,
safekeeping and accounting for the Plan's assets and valuation
of the individual participants' accounts. Effective August 1,
1998, the net assets of a defined contribution plan sponsored
by the Employer's subsidiary totaling $754,547 were
transferred into the Plan.
Employees who have completed six months of service and are
over the age of 18 are eligible to participate in the Plan.
Although the Employer has not expressed any intent to
terminate the Plan, it may do so at any time. Each
participant is assessed an annual administrative fee, which
varies based upon the number of participants and rates
negotiated by the Employer.
(b) Contributions
Employer contributions were made to the Plan at a rate of 1%
of the participant's gross salary plus 20% of the
participant's contribution, limited to the first 6% of the
participant's gross salary through January 1997. Effective
February 1, 1997, the employer match percentage was increased
to 50% of the first 5% of the employee's salary contributed,
and the 1% employer contribution per employee was
discontinued.
Participants are allowed to contribute up to 15% of their
total biweekly compensation and the contributions are invested
at the direction of the participant in a variety of investment
options, as described in note 3. Maximum contributions by
participants are limited as a result of the provisions of the
Tax Reform Act of 1986 ($10,000 and $9,500 in 1998 and 1997,
respectively). Included in participants' contributions are
rollovers from other qualified plans of $57,301 and $114,446
in 1998 and 1997, respectively.
(c) Distributions
Withdrawals from the Plan may be made by a participant or
beneficiary upon death, disability, retirement, financial
hardship or termination of employment. Distributions are
either in a lump sum cash payment or through a ten-year
certain life annuity.
Benefits are recorded when paid. For financial statement
reporting purposes, benefits payable are not accrued but are
considered as part of net assets available for participant
benefits. There were no benefits payable to participants who
had withdrawn from participation in the Plan as of
December 31, 1998 or 1997.
5
<PAGE>
AIR METHODS CORPORATION
401(k) AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 1998 and 1997
- -----------------------------------------------------------------------------
(d) Vesting
Participant contributions and the earnings thereon are fully
vested at all times. Prior to 1997, employer contributions
and the earnings thereon were fully vested at all times.
Effective February 1, 1997, vesting of employer contributions
and the earnings thereon is based on years of continuous
services, as follows:
Years of Nonforfeitable
service vested percentage
1 33.33%
2 66.67%
3 100.00%
Forfeitures are used to reduce future employer contributions
and were not significant in 1998 or 1997.
(3) Investments
The Plan's various investments consist of pooled funds managed by
the trustee and are described as follows:
Aggressive Growth Funds - mutual funds consisting primarily of
common stocks.
Growth Funds - mutual funds consisting primarily of common stocks
with a record of paying dividends, and which are widely recognized
Standard & Poor's 500 and Standard & Poor's Mid-Cap issues or are
of firms that have had significant earnings growth over the past
10 years.
Growth & Income Funds - mutual funds consisting primarily of
common stocks of well known companies with histories of stable and
improving revenue and earnings, and fixed income and money market
securities.
Bond Funds - mutual funds consisting of government agency mortgage-
related securities and investment grade corporate debt securities
and debt securities of the U.S. Government or its agencies.
International Funds - mutual funds consisting primarily of common
stocks from around the world.
Short Term Fund - mutual fund consisting of short-term money
market securities.
Guaranteed Certificate Fund - fund similar to a certificate of
deposit where funds deposited earn a guaranteed rate of return
paid by the trustee.
6
<PAGE>
AIR METHODS CORPORATION
401(k) AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 1998 and 1997
- -----------------------------------------------------------------------------
Employer Stock - common stock of Air Methods Corporation.
The Plan's investments were as follows at December 31:
Fair value
1998 1997
Pooled funds:
Aggressive Growth Funds $ 3,661,556 * 2,392,321 *
Growth Funds 2,164,195 * 1,299,598 *
Growth & Income Funds 1,532,999 * 1,015,526 *
Bond Funds 501,065 * 404,835 *
International Funds 427,941 227,524
Short Term Fund 380,896 299,936
Guaranteed Certificate Fund 259,909 251,878
Air Methods Corporation Common stock 11,976 3,940
------------- ----------
$ 8,940,537 5,895,558
============= ==========
* Represents investments that are 5% or more of the Plan's net assets.
Net appreciation (depreciation) in fair value for the years ended
December 31, including realized gains and losses, was as follows:
1998 1997
Pooled funds:
Aggressive Growth Funds $ 751,621 392,256
Growth Funds 411,259 254,795
Growth & Income Funds 247,544 169,109
Bond Funds 25,710 25,154
International Funds 67,068 18,227
Short Term Fund 14,229 7,691
Air Methods Corporation Common stock (2,005) (3,499)
------------ --------
$ 1,515,426 863,733
============ ========
7
<PAGE>
AIR METHODS CORPORATION
401(k) AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 1998 and 1997
- -----------------------------------------------------------------------------
(4) Federal Income Taxes
The Plan has received a determination letter from the Internal
Revenue Service stating that the Plan constitutes a qualified plan
under Section 401(k) of the Internal Revenue Code (IRC) and is,
therefore, exempt from Federal income taxes under provisions of
Section 501(a) of the IRC. Once qualified, the Plan is required
to operate in conformity with the IRC to maintain its
qualification. The Plan administrator is not aware of any course
of action or series of events that have occurred that might
adversely affect the Plan's qualified status.
Except for participant after-tax contributions, participants are
not subject to income taxes on contributions or other
accumulations in their account until a distribution is made from
the Plan.
(5) Year 2000 Issue (Unaudited)
Many computerized systems, including both hardware and software
applications, use only two digits, rather than four, to record the
year in a date field. These systems may recognize the year 2000,
which is entered into the computer as "00," as the year 1900 or
some other date, resulting in errors when the dates are used in
computations and comparisons. In addition, some computerized
systems do not properly perform calculations with dates beginning
in 1999 because these systems use the digits "99" in date fields
to represent something other than the year 1999. Such problems
are known as the Year 2000 Issue. The Year 2000 Issue may
manifest itself before, on, or after January 1, 2000, and the
effect on operations and financial reporting may range from minor
errors to catastrophic systems failure.
The Plan is dependent on computerized systems, including those
used by others to process information for the Plan, that are
susceptible to systems failure or processing errors resulting from
those systems' inability to properly recognize the Year 2000 date.
The Plan Sponsor has contacted critical suppliers whose
computerized systems/products are used by the Company, regarding
their plans and progress addressing their Year 2000 issues. The
Company has received varying information from such third parties
on the state of compliance or expected compliance. Systems
failures or processing errors could cause a condition or event
that would have a significant adverse effect on the Plan either
currently or within a reasonable period of time. Failure of
systems that are critical to Plan operations could result in
increased administrative expenses or financial penalties for
failure to be able to comply with DOL and/or IRS regulations for
financial reporting.
8
<PAGE>
AIR METHODS CORPORATION
401(k) AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 1998 and 1997
- -----------------------------------------------------------------------------
(6) Summary of Net Assets and Changes in Net Assets by Investment Option
The net assets available for participant benefits as of December 31, 1998
and the changes in those net assets for the year then ended by investment
option are summarized as follows:
<TABLE>
<CAPTION>
Air
Methods
Aggressive Growth & Inter- Short Guaranteed Corp.
Loans to Growth Growth Income Bond national Term Certificate Common
Totals participants Funds Funds Funds Funds Funds Fund Fund Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net assets available
for participant
benefits,
beginning of year $6,240,730 345,172 2,392,321 1,299,598 1,015,526 404,835 227,524 299,936 251,878 3,940
Contributions:
Employer 248,746 - 95,606 59,877 40,160 16,341 11,126 20,887 4,749 -
Participants 983,354 - 373,265 241,538 151,473 80,699 41,657 79,630 15,092 -
Transfer from
affiliated plan 754,547 72,632 - - - - - 681,915 - -
--------- ------- --------- --------- -------- ------- ------- ------- ------- -----
1,986,647 72,632 468,871 301,415 191,633 97,040 52,783 782,432 19,841 -
Investment income:
Net realized and
unrealized
appreciation
(depreciation)
of investments 1,515,426 - 751,621 411,259 247,544 25,710 67,068 14,229 - (2,005)
Interest 48,383 35,866 - - - - - 9 12,508 -
--------- ------- --------- --------- -------- ------- ------- ------- ------- -----
1,563,809 35,866 751,621 411,259 247,544 25,710 67,068 14,238 12,508 (2,005)
--------- ------- --------- --------- -------- ------- ------- ------- ------- -----
Total additions 3,550,456 108,498 1,220,492 712,674 439,177 122,750 119,851 796,670 32,349 (2,005)
Distributions to
participants, net
of administrative
expenses and other (385,183) (45,565) (136,474) (93,337) (29,091) (5,028) (13,424) (42,558) (19,706) -
Loans to participants,
net of repayments - 57,361 (21,599) (13,688) (7,820) (22,827) 1,262 4,391 2,920 -
Net transfers - - 206,816 258,948 115,207 1,335 92,728 (677,543) (7,532) 10,041
--------- ------- --------- --------- -------- ------- ------- ------- ------- -----
Net increase in net
assets available
for participant
benefits 3,165,273 120,294 1,269,235 864,597 517,473 96,230 200,417 80,960 8,031 8,036
--------- ------- --------- --------- -------- ------- ------- ------- ------- -----
Net assets available
for participant
benefits, end of
year $9,406,003 465,466 3,661,556 2,164,195 1,532,999 501,065 427,941 380,896 259,909 11,976
========== ======= ========= ========= ========= ======= ======= ======= ======= ======
</TABLE>
9
<PAGE>
AIR METHODS CORPORATION
401(k) AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 1998 and 1997
- -----------------------------------------------------------------------------
(6) Summary of Net Assets and Changes in Net Assets by Investment Option
(continued)
The net assets available for participant benefits as of December 31, 1997
and the changes in those net assets for the year then ended by investment
option are summarized as follows:
<TABLE>
<CAPTION>
Air
Methods
Aggressive Growth & Inter- Short Guaranteed Corp
Loans to Growth Growth Income Bond national Term Certificate Common
Totals participants Funds Funds Funds Funds Funds Fund Fund Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net assets available for
participant benefits,
beginning of year $4,879,085 235,210 1,972,459 997,992 710,531 363,993 203,401 145,241 250,258 -
Contributions:
Employer 180,011 - 69,998 37,414 31,367 13,802 9,346 12,365 5,719 -
Participants 772,898 - 313,526 159,128 121,639 70,499 45,695 39,840 22,571 -
---------- ------- --------- ------- ------- ------- ------- ------- ------- -------
952,909 - 383,524 196,542 153,006 84,301 55,041 52,205 28,290 -
Investment income:
Net realized and
unrealized
appreciation
(depreciation) of
investments 863,733 - 392,256 254,795 169,109 25,154 18,227 7,691 - (3,499)
Interest 27,323 14,515 - - - - - - 12,808 -
---------- ------- --------- ------- ------- ------- ------- ------- ------- -------
891,056 14,515 392,256 254,795 169,109 25,154 18,227 7,691 12,808 (3,499)
---------- ------- --------- ------- ------- ------- ------- ------- ------- -------
Total additions 1,843,965 14,515 775,780 451,337 322,115 109,455 73,268 59,896 41,098 (3,499)
Distributions to
participants,
net of administrative
expenses and other (482,320) - (146,965) (134,258) (64,530) (32,522) (49,585) (26,196) (28,264) -
Loans to participants,
net of repayments - 95,447 (58,633) (14,247) (11,437) (13,235) 44 (721) 2,782 -
Net transfers - - (150,320) (1,226) 58,847 (22,856) 396 121,716 (13,996) 7,439
---------- ------- --------- ------- ------- ------- ------- ------- ------- -------
Net increase in net
assets available
for participant
benefits 1,361,645 109,962 419,862 301,606 304,995 40,842 24,123 154,695 1,620 3,940
---------- ------- --------- ------- ------- ------- ------- ------- ------- -------
Net assets available for
participant benefits,
end of year $6,240,730 345,172 2,392,321 1,299,598 1,015,526 404,835 227,524 299,936 251,878 3,940
========== ======= ========= ========= ========= ======= ======= ======= ======= ======
</TABLE>
10
<PAGE>
<TABLE>
AIR METHODS CORPORATION Schedule 1
401(k) AND RETIREMENT SAVINGS PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1998
<CAPTION>
# of units,
Identity of issuer, borrower, lessor or similar party shares Cost Fair value
<S> <C> <C> <C>
Great West Life & Annuity Insurance Company Pooled Funds:
Aggressive Growth Funds:
Aggressive Growth Fund I 104,825 $ 1,799,279 2,218,133
Aggressive Growth Fund II 43,063 644,601 730,856
Aggressive Growth Fund III 3,863 57,192 57,752
Aggressive Growth Fund IV 6,929 140,611 166,491
Aggressive Growth Fund V 6,533 120,263 118,043
Aggressive Growth Fund VI 398 2,955 3,862
Profile Series I 19,807 310,173 366,419
--------- ---------
3,075,074 3,661,556
--------- ---------
Growth Funds:
Growth Fund I 20,698 362,985 425,594
Growth Fund II 19,449 404,390 469,867
Growth Fund III 38,357 667,866 824,750
Growth Fund IV 2,382 39,651 41,264
Growth Fund V 2,851 31,725 38,264
Profile Series II 21,446 327,799 364,456
--------- ---------
1,834,416 2,164,195
--------- ---------
Growth & Income Funds:
Growth & Income Fund I 7,558 108,976 120,768
Growth & Income Fund II 34,064 586,968 700,283
Growth & Income Fund III 9,838 184,439 204,050
Growth & Income Fund IV 9,379 161,920 179,654
Growth & Income Fund V 3,687 59,808 65,966
Profile Series III 16,423 231,228 257,271
Profile Series IV 260 3,493 3,747
Profile Series V 97 1,180 1,260
--------- ---------
1,338,012 1,532,999
--------- ---------
Bond Funds:
Bond Fund I 24,631 286,777 301,745
Bond Fund II 8,476 96,177 100,976
Bond Fund III 5,028 66,653 67,771
Bond Fund IV 2,666 29,139 30,573
--------- ---------
478,746 501,065
--------- ---------
International Funds:
International Fund I 15,818 247,137 288,582
International Fund II 1,115 12,373 12,424
International Fund III 1,147 14,520 15,751
International Fund IV 429 2,729 3,087
International Fund V 8,010 101,523 108,097
--------- ---------
378,282 427,941
--------- ---------
Short Term Fund II 32,139 359,853 380,896
Guaranteed Certificate Funds n/a 259,908 259,909
--------- ---------
Total pooled funds 7,724,291 8,928,561
Air Methods Corporation Common stock 4,456 13,313 11,976
Loans to Participants (interest rates ranging from 8% to 11%) n/a 427,330 465,466
--------- ---------
$ 8,164,934 9,406,003
============ =========
See accompanying independent auditors' report.
</TABLE>
11
<PAGE>
<TABLE>
AIR METHODS CORPORATION Schedule 2
401(k) AND RETIREMENT SAVINGS PLAN
Item 27d - Schedule of Reportable Transactions
Year ended December 31, 1998
<CAPTION>
Selling price
and current
value of asset
Number at Net
Number of of Purchase transaction Cost of realized
Identity of Issuer Description of asset Purchases sales price date asset gain (loss)
<S> <C> <C> <C> <C> <C> <C>
Great-West Life & Annuity Aggressive Growth Fund I 7,760 - 1,959,538 1,959,538 1,959,538 -
Insurance Company
Great-West Life & Annuity Aggressive Growth Fund I - 778 - 1,799,959 1,428,232 371,727
Insurance Company
Great-West Life & Annuity Aggressive Growth Fund II 4,381 - 784,895 784,895 784,895 -
Insurance Company
Great-West Life & Annuity Aggressive Growth Fund II - 472 - 819,564 731,889 87,675
Insurance Company
Great-West Life & Annuity Profile Series I 1,576 - 369,705 369,705 369,705 -
Insurance Company
Great-West Life & Annuity Profile Series I - 123 - 173,143 147,731 25,412
Insurance Company
Great-West Life & Annuity Bond Fund I 2,060 - 300,049 300,049 300,049 -
Insurance Company
Great-West Life & Annuity Bond Fund I - 224 - 267,543 241,140 26,403
Insurance Company
Great-West Life & Annuity Growth Fund I 2,655 - 416,441 416,441 416,441 -
Insurance Company
Great-West Life & Annuity Growth Fund I - 347 - 345,047 263,265 81,782
Insurance Company
Great-West Life & Annuity Growth Fund II 1,824 - 434,036 434,036 434,036 -
Insurance Company
Great-West Life & Annuity Growth Fund II - 193 - 267,219 195,635 71,584
Insurance Company
Great-West Life & Annuity Growth Fund III 3,729 - 744,812 744,812 744,812 -
Insurance Company
Great-West Life & Annuity Growth Fund III - 415 - 699,594 532,355 167,239
Insurance Company
Great-West Life & Annuity Profile Series II 1,589 - 438,013 438,013 438,013 -
Insurance Company
</TABLE>
12
<PAGE>
<TABLE>
(Continued)
AIR METHODS CORPORATION Schedule 2
401(k) AND RETIREMENT SAVINGS PLAN
Item 27d - Schedule of Reportable Transactions, continued
Year ended December 31, 1998
<CAPTION>
Selling price
and current
value of asset
Number at Net
Number of of Purchase transaction Cost of realized
Identity of Issuer Description of asset Purchases sales price date asset gain (loss)
<S> <C> <C> <C> <C> <C> <C>
Great-West Life & Annuity Profile Series II - 95 - 318,533 271,205 47,328
Insurance Company
Great-West Life & Annuity Growth & Income Fund II 2,314 - 667,332 667,332 667,332 -
Insurance Company
Great-West Life & Annuity Growth & Income Fund II - 346 - 689,012 527,677 161,335
Insurance Company
Great-West Life & Annuity Growth & Income Fund III 1,414 - 228,629 228,629 228,629 -
Insurance Company
Great-West Life & Annuity Growth & Income Fund III - 125 - 158,814 130,973 27,841
Insurance Company
Great-West Life & Annuity Growth & Income Fund IV 1,727 - 183,875 183,875 183,875 -
Insurance Company
Great-West Life & Annuity Growth & Income Fund IV - 114 - 141,483 115,947 25,536
Insurance Company
Great-West Life & Annuity Profile Series III 557 - 239,787 239,787 239,787 -
Insurance Company
Great-West Life & Annuity Profile Series III - 55 - 110,698 95,712 14,986
Insurance Company
Great-West Life & Annuity International Fund I 1,853 - 294,070 294,070 294,070 -
Insurance Company
Great-West Life & Annuity International Fund I - 164 - 261,473 222,205 39,268
Insurance Company
Great-West Life & Annuity Short Term Fund II 2,106 - 1,367,119 1,367,119 1,367,119 -
Insurance Company
Great-West Life & Annuity Short Term Fund II - 549 - 1,313,080 1,299,572 13,508
Insurance Company
See accompanying independent auditors' report.
</TABLE>
13
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf
by the undersigned thereunto duly authorized.
AIR METHODS CORPORATION
Date: July 14, 1999 By: /s/ Kathleen Ann Joyce
Kathleen Ann Joyce
14
Exhibit 23.1
Consent of Independent Auditors
The Board of Directors
Air Methods Corporation:
We consent to incorporation by reference in the registration statement
on Form S-8 of Air Methods Corporation of our report dated June 11,
1999, relating to the statements of net assets available for
participant benefits of the Air Methods Corporation 401(k) and
Retirement Savings Plan as of December 31, 1998 and 1997, and the
related statements of changes in net assets available for participant
benefits for the years then ended, and all supplemental schedules,
which report appears in the December 31, 1998 Annual Report on Form 11-
K of the Air Methods Corporation 401(k) and Retirement Savings Plan.
/s/ KPMG LLP
KPMG LLP
Denver, Colorado
July 13, 1999
