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To the Stockholders and Employees of

The year 1956 may be characterized primarily as a period of preparation for the further development of your Company's operations. The principal events of the period under review were the acquisition of improved Sikorsky S-58 helicopters and the inauguration of service to Manhattan Island.

Other steps included the installation of a passenger reservation system directly integrated with all domestic and most international airlines serving New York; the establishment of a facility at the Company's main base adequate to accommodate airframe and major component overhauls previously "farmed out", and the opening of separate ticket counter facilities at the three major airports in the New York Metropolitan Area.

Your management has also pressed its program for the acquisition of even more efficient helicopters and heliport facilities, with a view to advancing the time at which civil transportation by helicopter may be placed on a self-sustaining basis.

The public interest in our forward planning along these lines was stressed in a letter addressed to your management on February 25, 1957 by Mr. Austin J. Tobin, Executive Director of The Port of New York Authority. Mr. Tobin stated in part:
"I cannot overemphasize the importance the Port Authority attaches to the development of a reliable helicopter transport system. As a result of careful studies over the years, we are convinced that the helicopter system now being created is a vital link in the overall transportation complex of our community and of the nation. We understand, of course, that such a program now looks primarily to the future and that the successful development of the program will require time, patience and strenuous efforts by your management as well as ourselves and the other interested governmental agencies."

1956 OPERATIONS. The operations conducted during 1956 are shown by the map set forth at the end of this Report. These services were flown with the fleet of five Sikorsky S-55 helicopters acquired in 1952-1953 and (toward the latter part of 1956) with the new Sikorsky S-58 helicopters. In addition to these scheduled services, in the interests of maximum utility to the public, your Company has continued the development of its charter operations. Charter services were provided both with the helicopters employed in scheduled operations and with a three-place Bell 47-H helicopter utilized for pilot training as well as other technical purposes.

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