any additional mail pay provided in respect of 1956 will, of course, be attributed to
that year and the accounts (which, in accordance with customary accounting prac¬
tices, reflect only temporary mail pay from February 3, 1956) will be adjusted
accordingly.
 

FUTURE PROSPECTS. Although the Company's Temporary Certificate of Public
Convenience and Necessity (issued in 1952 by the Civil Aeronautics Board for a
five-year term) technically expired on March 31, 1957, an application for renewal
has been filed, and under the law the Company's operating authority is continued
in effect until a final decision is rendered on this application. Your management is
confident that in view of the Company's record and the future prospects of helicopter
service in the New York Metropolitan Area, this operating authority will be renewed.

In addition to the service furnished to the traveling public, your Company's
operations provide a developmental laboratory in which long-range improvements
in helicopter technique are being worked out. The results being obtained are making
a significant contribution to the advance of this important new form of transporta¬
tion, for military as well as civil purposes. It is now anticipated that by 1960 or
1961, 20 to 25 passenger helicopters, powered by multiple turbines, and having
technical and economic characteristics far in advance of anything now in operation,
will be available for civil use.

Finally, I would like to express my sincere appreciation of the devoted serv¬
ices performed by our personnel, and to our more than six hundred stockholders
for their enthusiastic patronage and support.
 

By Order of The Board of Directors
President
 

April 16,1957