NEW YORK AIR^VAYS, INC.

COMPARATIVE  STATEMENT OF PROFIT AND  LOSS
For the Years ended December 31, 1954 and 1955
 

Year ended                 Year ended

December 31, 1954      December 31, 1953
 

Operating revenues:

Passenger ........................................................

United States mail (see Note 2)

Express   ...........................................................

Freight ..............................................................

Excess baggage .
 

Non-scheduled transport services .
Other revenues ..............................................
 

f     62,055.80
 

5      10,553.36
 

1,431,359.12
 

1,216,803.00
 

2,326.00
 

—
 

16,421.77
 

4,683.42
 

905.20
 

110.95
 

13,689.81
 

7.724.26
 

25,408.32
 

4,514.69
 

Total operating revenues ............................................................       $1,552,166.02       $1,244,389.68

Operating expenses:

Flying operations ...............................................................................................................       t   279,426.31        $   231,802.60

Direct maintenance — flight equipment ......................................................            243,696.80             214,981.87

Depreciation — flight equipment (see Note 3) ....................................            214,994.35            228,908.89

Ground operations ............................................................................................................            194,234.40             165,735.44

Ground and indirect maintenance .....................................................................            127,122.19              87,583.42

Passenger service ...............................................................................................................              14,103.67               11,552.52

Traffic and sales ..................................................................................................................              67,405.74              26,645.41

Advertising and publicity ..........................................................................................              30,024.94               17,169.27

General and administrative ...................................................................................            193,876.00             156,758.24

Depreciation — ground equipment ..................................................................              17,983.24               13,631.30

Total operating expenses........................................................       $1,382,867.64       $1,154,768.96

Net operating profit.......................................................................       $   169,298.38       $     89,620.72

Non-operating income (including interest and cash discounts)............                8,901.02               16,684.71

$   178,199.40       $   106,305.43

Non-operating expense:

Extension and development expense (see Note 4)..............................       $     56,768.32        $     53,319.07

Other  (including interest and loss on retirement

of property)  ...............................................................................................................                9,294.69                 4,745.21

Total non-operating expense ...................................................       $     66,063.01        $     58.064.28

Net profit before provision for

Federal income taxes ......................................................       $   112,136.39       $     48,241.15

Provision for Federal income taxes (see Note 2) ..........................................              42,830.76                     —
 

Net profit for year ...........................................................................       $     69,305.63       S     48,241.15
 

See notes  herewith relating to fioincial statements which are an integral part of this statement.