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Colonial Airlines, Inc. Statement of Income and Earned Surplus (Deficit) For the Year Ended December 31, 1946 Operating Revenue: Passenger $2,677,969 U.S. mail (Note 1) 533,086 Charter flights 113,734 Express and miscellaneous 28,419 __________ Total operating revenue $3,353,208 Operating Expenses: Flying expense (Note 6) $1,189,579 Ground expense 1,137,486 Provision for obsolescence, depreciation, amortization 386,795 Traffic and advertising expense 637,797 General and administrative expense 375,150 Amortization of preoperational expenses (Note 4) 66,375 __________ Total operating expenses 3,793,182 __________ Profit (Loss) From Operations $(439,974) Other income: Net profit on office building acquired and resold during year $24,887 Adjustment of carrying value of Canadian net assets to parity on July 5, 1946 16,860 41,747 _______ _______ $(398,227) Other Deductions: Expenditures on route applications denied $15,719 Amortization of extension and development expenses (Note 3) 3,832 Interest-net 16,330 Miscellaneous-net 5,953 41,834 ______ ______ Net income (loss) Before Federal Income Taxes $(440,061) Deduct: Estimated recovery of Federal taxes through carry-back (Note 2) 64,600 _______ Net income (loss) for the year $(375,461) Earned surplus since December 31, 1934, at beginning of the year 189,701 ________ Earned surplus (Deficit) since December 31, 1934, at end of the year $(185,760) __________ __________