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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 ------------------------ 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.