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To the Stockholders and Employees of 
NEW YORK AIRWAYS, INC. 

During the year under review, your Company: 
- Showed an increase in net profit of 52% 
- Carried 181% more passengers
- Lifted 330% more cargo 
- Entered into joint fare arrangements with most of the international and domestic airlines serving New York
- Contracted for the acquisition of substantially improved flight equipment

The principal 1955 operations were the scheduled services between the New York Metropolitan Airports (LaGuardia, New York International and Newark) and between these airports and urban points in Connecticut, New Jersey, and New York. To meet the public demand, the inter-airport frequencies were increased until service is now operated every hour on the hour between 7 in the morning and 11 at night. 

As in prior years, the Company's scheduled operations were conducted with a fleet of five S-55 helicopters. By the end of 1955, 130 employees were engaged in the performance of these services. 

1955 OPERATIONS. The Company earned a net profit of $105,078 for the year, as compared with $69,306 previously reported for 1954, and $48,241 for 1953. Net worth at December 31, 1955 was increased to $2,423,279,- or $10.20 per share as compared with $9.76 per share at the end of 1954. The following table indicates the other results obtained:

[[4 Columned Table]]
|   | 1955 | 1954 | 1953 |
| --- | --- | --- | --- |
| Revenue passengers* | 24,569 | 8,758 | 1,513 |
| Express (lbs)* | 1,758,534 | 159,450 | - |
| Freight (lbs) | 473,785 | 359,360 | 141,116 |
| Mail (lbs) | 1,412,181 | 2,354,464 | 3,347,456 |
| Scheduled revenue ton miles carried | 79,313 | 53,314 | 43,926 |
| Revenue load factor (%) | 51.13 | 34.04 | 32.87 |
| Scheduled miles flown | 387,773 | 391,435 | 334,100|
| Schedule completion factor (%) | 82.07 | 84.21 | 82.72|
| Daily revenue utilization per helicopter (hrs) | 4:23 | 4:32 | 4:43 |

*Passenger service was commenced in July, 1953 and express service in October, 1954.