New Yorii City Omnibus Corporation

Office of the President

605 West 132nd Street

New York 27, N. Y.
 

March 30, 1950
 

To THE Stockholders:

The Consolidated Balance Sheet of this Corporation and of its subsidiaries  (Madison Avenue Coach
Company, Inc. and Eighth Avenue Coach Corporation) at December 31, 1949 and statements of the Cor¬
poration's Consolidated Income and Surplus for the year ended December 31, 1949, as certified by Messrs.
Arthur Andersen & Co., are appended hereto on pages 10, 11, 12 and 13.

The results of the year's Operations may be summarized as follows:

Gross  Revenues   from   Operation,   including   S88.51.7.73   Interest   on   Securities

Owned, etc........................................................   $19,002,175.50

Which Gross Revenues were disposed of as follows:

Goods and Services Purchased from others, etc.........................   % 3,215,076.11

Motor Coaches, Buildings, Shop Tools and other Equipment wearing out

(Depreciation and Obsolescence)..................................       1.026,209.75

For Injury and Damage Claims......................................       1,306,769.60

Taxes (Federal, State and Municipal)................................       2,530,404.59

Total.........................................................   % 8,078,460.05

Balance remaining: before Wages.........................................   $10,923,715.45

Wages   ..............................................................     10,513,876.42

Net   Income  before   Federal  Tax  Refund   and  provision   for   Amortization   of

Recapture Contract..................................................   %     409,839.03

Estimated Refund of prior years' Federal Income Taxes resulting from the carry¬
back of 194S loss..................................................;.            64,549.10

Net Income before provision for Amortization of Recapture Contract.........    $     474,388.13

Provision for such Amortization.........................................          330,304.52

Net Income after provision for Amortiz.4tion..........................   S     144,083.61
 

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