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COLONIAL AIRLINES, INC.
STATEMENT OF INCOME AND EARNED SURPLUS (DEFICIT)
FOR THE YEARS ENDED DECEMBER 31, 1953 AND 1952
Operating revenue: ----------- 1953 1952
Passenger ----------------------------------------------------- $7,990,435 $5,980,622
Mail ---------------------------------------------------------- 669,796 972,032
Express and miscellaneous ------------------------------------- 472,485 300,187
--------------------------
9,132,716 7,252,841
OPERATING EXPENSES:
Flying operations --------------------------------------------- 2,763,963 1,933,006
Ground operations --------------------------------------------- 1,440,770 1,204,123
Maintenance and repairs --- ----------------------------------- 1,606,095 1,435,396
Provision for obsolescence, depreciation and amortization ----- 294,061 313,009
Passenger service --------------------------------------------- 765,881 639,309
Traffic, sales and advertising -------------------------------- 1,499,404 1,201,075
Taxes, other than on gasoline and oil ------------------------- 95,726 84,413
General and administrative ------------------------------------ 521,489 571,237
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8,987,389 7,381,568
PROFIT (LOSS) FROM OPERATION ---------------------------------- 145,327 (128,727)
OTHER DEDUCTIONS:
Extension and development expenses ---------------------------- 26,805 11,294
Net loss on disposal of aircraft and other flight equipment --- 8,438 56,480
Excess amount recovered on final realization of investment
written down in prior years ----------------------------------- (6,543) -
Other -- net -------------------------------------------------- (4425) (2728)
----------------------
19,862 58,194
----------------------
NET INCOME (LOSS) FOR YEAR ------------------------------------ 125,465 (186,921)
EARNED SURPLUS (DEFICIT) SINCE DECEMBER 31, 1934:
AT BEGINNING OF YEAR ------------------------------------------ (1,739,615) (1,541,916)
-------------------------
(1,614,150) (1,728,837)
ADD: Amount collected in prior years from former officer
which on instruction of Civil Aeronautics Board has now
been credited to surplus -------------------------------------- 75,000 -
DEDUCT: Provision for additional New York City taxes and
interest applicable to prior year ----------------------------- - 10,778
-------------------------
At end of year ------------------------------------------------ $(1,539,150) $(1,739,615)
Due to the carry-over of operating losses no provision for Federal income tax is required for 1953.
Reference is made to notes to financial statements.
