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In the short space of two and half years the replacement of the Company's previous single-piston engine aircraft with its present fleet of twin-turbine aircraft has resulted in a 93% growth in commercial traffic - a growth without parallel in the air transportation industry.

[[graph: Revenue Passenger Originations]]

[[graph: Ton Miles Sold]]

As another indication of your Company's progress, it is notable that the number of passenger per employee has not only grown faster than, but now substantially exceeds, the local service carrier average. In 1964 the local service carriers averages 663 passenger per employee, while New York Airways averaged 981. Furthermore, despite the Company's shorter passenger trips, commercial revenue per employee has grown faster than, and already compares favorably with, the local service carrier average.

[[graph: Scheduled Passengers per Employee]]

[[graph: Commercial Revenue per Employee]]

Joint Fares and Guaranteed Revenue Agreements
From the commencement of its operations New York Airways has exerted every effort to generate increasing revenues from commercial traffic sources to attain independence from federal subsidy. One of the principal parts of this program was initiated more than ten years ago, when New York Airways entered into the joint fare arrangement (with Northwest Airlines) for helicopter/trunk line connecting passengers. Since the Company's original joint fare was inaugurated, arrangements of this type have been completed with thirty-two domestic and foreign-flag fixed-wing carries serving the New York area.