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NEW YORK AIRWAYS, INC.
STATEMENT OF PROFIT AND LOSS AND EARNED SURPLUS
For the Year ended December 31, 1952 
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Operating revenues:
Transportation - United States mail
(based on temporary rates - see Note 2)......$56,507.50

Operating expenses:
Flying operations - direct...................$23,697.02
Direct maintenance - flight equipment.........11,265,04
Depreciation - flight equipment(see Note 4)...23,462.09
Ground operations.............................16,441.77
Ground and indirect maintenance...............12,653.94
Advertising and publicity......................3,138.21
General and administrative....................33,709.09
Depreciation - ground equipment................1,975.32

Total operating expenses ....................126,342.48

Net operating profit or (loss).............$(69,834.98)
Non-operating income (including interest and 
    cash discounts)...........................$2,687.91
Non-operating expense (including interest and 
    amortization of extension and development 
    costs - see Note 5).......................14,480.10

        Net non-operating income or (expense)...11,792.19)
        Net profit or (loss) for the year (see Note 3)...$(81,627.17)

Earned surplus, January 1, 1952..................None
Earned surplus (deficit), December 31, 1952 - per Balance Sheet............$(81.627.17)


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