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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.