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NEW YORK AIRWAYS, Inc.
POST OFFICE BOX 426
LA GUARDIA AIRPORT STATION
FLUSHING 71, NEW YORK

TO THE STOCKHOLDERS OF NEW YORK AIRWAYS, INC.
It gives me great pleasure to be able to present to you at this time a full report on the operations and financial results of your Company. I would have preferred to report to you earlier. However, due largely to the pendency of our mail pay case before the Civil Aeronautics Board (as discussed below), an earlier report would have been unavoidably incomplete.

OPERATING PROGRESS
There is set forth below a brief description of operations to date:
[[2 column table]]
|---|---|
|October, 1952|The Company took delivery of its first Sikorsky S-55 and, after a short period of pilot training and route familiarization, inaugurated mail service on the "inter-airport route" connecting LaGuardia, New York International (Idlewild) and Newark airports.|
|November, 1952|Delivery of the Company's second S-55.|
|December, 1952|Delivery of the Company's third S-55, followed by inauguration of mail service on the suburban route between LaGuardia Airport and Bridgeport, Connecticut.|
|January, 1953|Scheduled air freight service was inaugurated on the inter-airport route. This was the first scheduled helicopter freight service.|
|February, 1953|Night operations commenced on inter-airport route.|
|April, 1953|Program initiated for the modification and passenger certification of the S-55 fleet. The Company's helicopters were the first to be certified by the United States Government for the carriage of passengers in scheduled operation.|
|June, 1953|Delivery of the Company's fourth S-55 and opening of mail service on route to Trenton.|
|July, 1953|Delivery of the Company's fifth S-55 and start of passenger service on the inter-airport route. This was the first regularly scheduled certificated helicopter passenger service anywhere.|
|August, 1953|Night operations extended to suburban routes.|

By the end of 1953 scheduled mileage had been increased to approximately 40,000 miles per month; the organization had grown to 91 personnel; and scheduled helicopter transportation had been brought for the first time to more than 50 communities in New York, New Jersey and Connecticut, many of which had not previously had direct access to air transportation in any form. More than 46,000 landings and take-offs were made during the year, in the busiest air traffic area in the world, without serious incident.

Plans had been made for opening additional routes into New Jersey and on Long Island in August. However, because of the status of matters pending before the Post Office Department and the Civil Aeronautics Board, it has not yet been possible to inaugurate these services.