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To the stockholders and employees:

Federal subsidy payments which previously constituted a major part of New York Airways' revenues were terminated on April 11, 1965. Subsequently, on June 28, financing and operating support agreements with Pan American World Airways and Trans World Airlines, providing alternate financial means for continuing operations, were given interim approval by the Civil Aeronautics Board. While confronted with these developments your Company continued to increase its service to the public. Traffic records were established and services representing the culmination of years of effort were inaugurated.

Traffic and Operating Highlights - 1965

• The Company's operating fleet of four Boeing V-107 twin-turbine helicopters was increased to seven by the addition of three new aircraft acquired by Pan American World Airways for lease to New York Airways.

• The Federal Aviation Agency issued to New York Airways the first authorization for full instrument flight operation, enroute as well as terminal, to be held by a certificated helicopter carrier.

• At year end, the long-awaited service from the new heliport atop the Pan Am Building in midtown Manhattan was successfully inaugurated.

• Passenger traffic for 1965 was up 20%. Revenue passengers carried totaled 306,461 compared to 255,951 during 1964. Cargo transported in 1965 was 905,533 pounds, up 67% over the previous year; express carried in 1965 totaled 1,336,527 pounds, a gain of 44%; United States mail transported in 1965 totaled 2,238,840 pounds, up 19% over 1964.

• As a result of these increases in volume, commercial revenues increased from $2,628,601 to $3,025,584. At the same time total costs per passenger mile were reduced from 83¢ in 1964 to 74¢ in 1965.

Commercial Revenue Earned
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Total Operating Expense vs. Revenue Yield per Passenger Mile
[[image - line graph]]

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Transcription Notes:
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