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LYBRAND, ROSS BROS. & MONTGOMERY
CERTIFIED PUBLIC ACCOUNTANTS

TO THE BOARD OF DIRECTORS,
NEW YORK AIRWAYS, INC.

We have examined the balance sheet of New York Airways, Inc., as of December 31, 1966 and the related statement of income and deficit for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. We previously examined and reported upon the financial statements of the Company for the year ended in December 31, 1965.

In our opinion, subject to the ability of the Company to recover through future operations the deferred charges described in Note 9, the aforementioned statements present fairly the financial position of New York Airways, Inc. as at December 31, 1966 and 1965 and the results of its operations for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis.

LYBRAND, ROSS BROS. & MONTGOMERY

New York, March 22, 1967

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Transcription Notes:
19 - page number at bottom right