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NEW YORK AIRWAYS, INC.

Comparative Statement of Profit and Loss and Earned Surplus

For Years ended December 31

[[3 Columned Table]]
|---|---|---|
| OPERATING REVENUES | 1955 | 1954 |
| Passenger | $179,683.81 | $62,055.80 |
| United States mail (see Note 2) | 40,274.57 | 79,878.85 |
| Express | 29,023.26 | 2,326.00 |
| Freight | 23,277.67 | 16,421.77 |
| Excess baggage | 2,408.17 | 905.20 |
| Non-scheduled transport services | 34,932.50 | 13,689.81 |
| Federal subsidy (see Note 2) | 1,436,599.59 | 1,351,480.27 |
| Other revenues-net | 3,593.16 | 25,408.32 |
| Total operating revenues | $ 1,749,792,73 | $ 1,552,166.02 |

| OPERATING EXPENSES: |   |   | 
| Flying operations | $289.877.90 | $279,426.31 |
| Direct maintenance - flight equipment | 287,480.16 | 243,696.80 |
| Depreciation - flight equipment | 220,067.46 | 214,994.35 |
| Ground operations | 248,152.75 | 194,234.40 |                  
| Ground and indirect maintenance | 141,645.63 | 127,122.19 |
| Passenger service | 10,601.92 | 14,103.67 |
| Traffic and sales | 106,322.34 | 67,405.74 |
| Advertising and publicity | 30,981.63 | 30,024.94 |      
| General and administrative | 201,245.47 | 193,876.00 |
| Depreciation - ground equipment | 23,620.77 | 17,983.24 |
| Total operating expenses | $ 1,559,996.03 | $ 1,382,867.64 |     
| Net operating profit | $189,796.70 | $169,298.38 |

| NON-OPERATING INCOME (including interest and cash discounts) | 22,747.44 | 8,901.02 |
|   | $212,544.14 | $178,199.40 |

| NON-OPERATING EXPENSE: |   |   |
| Extension and development expense (see Note 3) | $ 57,085.88 | $ 56,768.32 |
| Other non-operating expense | 675.68 | 9,294.69 |
| Total non-operating expense | $ 57,761.56 | $ 66,063.01 |
| Net profit before provision for Federal income taxes | $ 154,782.58 | $ 112,136.39 |

| PROVISION FOR FEDERAL INCOME TAXES (see Note 5) | 49,704.19 | 42,830.76 |    
| Net profit for year | $ 105,078.39 | $ 69,305.63 |

| EARNED SURPLUS AT BEGINNING OF YEAR | 119,775.27 | 51,525.22 |
| ADJUSTMENTS RELATING TO PRIOR YEARS-(net debit) | - | (1,055.58) |
| Earned surplus at of year - per Comparative Balance Sheet | $ 224,853.66 | $ 119,775.27 |

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