Viewing page 13 of 56

This transcription has been completed. Contact us with corrections.

COLONIAL AIRLINES, INC.

STATEMENT OF INCOME AND EARNED SURPLUS (DEFICIT) 
FOR THE YEARS ENDED DECEMBER 31, 1954 AND 1953
                              
[[3 Columned Table]]
| Operating Revenue | 1954 | 1953 |
| --- | --- | --- |
| Passenger | $8,380,526 | $7,990,435 |
| Mail | 645,507 | 669,796 |
| Express and miscellaneous | 372,800 | 472,485 |
[[Totals]] | --- | 9,398,833 | 9,132,716 |


| Operating Expenses | --- | --- |
| Flying operations | 2,695,580 | 2,763,963 |
| Ground operations | 1,477,034 | 1,440,770 |
| Maintenance and repairs | 1,717,158 | 1,606,095
| Provision for obsolescence, depreciation and amortization | 405,113 | 294,061 |
| Passenger service | 780,244 | 765,881 |
| Traffic, sales and advertising | 1,518,391 | 1,499,404 |
| Taxes, other than on gasoline and oil | 96,918 | 95,726 |
| General and administrative (including in 1954 provision for employees' retirement plan $81,0621 (Note 2)) | 613,607 | 521,489 |
| [[Totals]] | 9,304,045 | 8,987,389 |
| PROFIT FROM OPERATIONS | 94,788 | 145,327 |
| OTHER DEDUCTIONS: | --- | --- |
| Extension and development expenses | 11,489 | 26,805 |
| Net loss on disposal of aircraft and other flight equipment | 578 | 8,438 |
| Excess amount recovered on final realization of investment written down in prior years | --- | (6,543) |
| Interest - net | 941 | (4,413) |
| Other - net | (9,165) | (4,425) |
| [[Totals]] | 3,843 | 19,862 |
| NET INCOME FOR YEAR | 90,945 | 125,465 |
| EARNED SURPLUS (DEFICIT) SINCE DECEMBER 31, 1934: | --- | --- |
| At beginning of year | (1,539,150) | (1,739,615) |
| [[Totals]] | (1,448,205) | (1,614,150) |
| ADD: Amount collected in prior years from former officer which on instructions of Civil Aeronautics Board has now been credited to surplus | --- | 75,000 |
| At end of year | $(1,448,205) | $(1,539,150) |

Due to the carry-over of operating losses no provision for Federal income tax is required for 1954 or 1953

Reference is made to notes to financial statements.