Exhibit 99.1
         
FOR IMMEDIATE RELEASE
       
CONTACT:
  AirNet Systems, Inc.   InvestQuest, Inc.
 
  Ray Druseikis   Bob Lentz
 
  (614) 409-4996   (614) 876-1900
AirNet Systems, Inc. Reports First Quarter 2008 Results
COLUMBUS, Ohio (May 12, 2008)
AirNet Systems, Inc. (AMEX: ANS) today reported total net revenues of $38.2 million for the three months ended March 31, 2008 versus $41.5 million for the same period last year, a decline of 8%. Income from operations before income taxes decreased to $1.0 million for the first quarter of 2008 from $2.0 million for the same period in 2007. The Company recognized an income tax benefit of approximately $8.3 million in the first quarter of 2008 primarily as a result of a discretionary income tax method change approved by the Internal Revenue Service on March 11, 2008 as reported in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007, which was filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2008. As a result, net income was $9.3 million, or $0.90 per diluted common share, for the first three months of 2008 compared to net income of $1.9 million, or $0.18 per diluted share, for the prior year. 
Bruce D. Parker, Chairman of the Board and Chief Executive Officer, said, “Our operating results for the first quarter 2008 were particularly impacted by further declines in cancelled check volumes as well as shipments for Bank Services customers. The decline in total revenue was partially offset by a $2.2 million reduction in total costs and expenses for the first quarter 2008 compared to a year ago.”
Mr. Parker continued, “Consistent with the ongoing transition of AirNet’s business, we are increasing our emphasis on dedicated cargo charters. Because of the higher number of dedicated scheduled and on-demand cargo charters compared to the first quarter of 2007, charter revenues increased compared to the same period last year. Additionally, we are pursuing opportunities to provide express feeder service through dedicated charters for the large express package integrated carriers.”
First Quarter 2008 Results
Bank Services net revenues, including fuel surcharge revenues of $4.6 million, declined 15% to $22.5 million for the first quarter 2008 from $26.5 million, including $3.4 million of fuel surcharge revenues, a year ago.  Total pounds shipped per weekday flying day for Bank Services for the first quarter 2008 was 35% below the first quarter 2007. Weekday cancelled check pounds shipped per flying day during the first quarter 2008 was 48% below the same period a year ago, which was partially offset by higher proof of deposit (unprocessed checks) volume compared to the first quarter 2007.
Express Services net revenues increased 8% to $15.4 million, including fuel surcharge revenues of $2.9 million, for the first quarter 2008 from $14.2 million, including fuel surcharge revenues of $1.6 million, the prior year. This increase was primarily related to a 29% increase in Express Revenues-Charter for the first quarter 2008 versus a year ago due to the growth in charters for AirNet’s customers in key markets. This increase was partially offset by a 12% decline in Express Revenues-Non Charter due to significantly reduced shipping volume from one Express Services customer compared to the same period a year ago. The year-over-year decline from this Express Services customer was partially offset by higher shipping revenues from another Express Services customer.
Costs and Expenses
Total costs and expenses declined 6% to $37.2 million for the first quarter 2008 from $39.4 million for the same period in 2007.  This decrease was primarily attributable to lower aircraft maintenance costs ($2.5 million) due to fewer major maintenance events incurred during the first quarter 2008 coupled with a

 


The following information was filed by Airnet Systems Inc on Monday, May 12, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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