This transcription has been completed. Contact us with corrections.
CERTIFICATE OF INDEPENDENT PUBLIC ACCOUNTANTS To the Stockholders of Colonial Airlines, Inc.: We have examined the balance sheet of Colonial Airlines, Inc. at December 31, 1946 and the statement of income and earned surplus (deficit) for the year then ended, have reviewed the system of internal control and the accounting procedures of the Company and, without making a detailed audit of the transactions have examined or tested accounting records of the Company and other supporting evidence, by methods and to the extent we deemed appropriate. Our examination was made in accordance with the generally accepted auditing standards applicable in the circumstances and included all procedures which we considered necessary. As esplained in Note 1 to the financial statements, there has been included in the accounts receivable from the United States Government and in operating revenue (on the basis of a temporary rate determined on March 18, 1947) $497,282 with respect to compensation for mail carried during the period from April 15, 1946 to December 31, 1946. Such amount is subject to increase or decrease by the Civil Aeronautics Board, but the amount of adjustment cannot now be determined. In our opinion, subject to any increase or decrease of the compensation for mail carried as mentioned in the preceding paragraph, the accompanying balance sheet and statement of in come and earned surplus deficit present fairly the position of Colonial Airlines, Inc. at December 31, 1946 and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year, except for the change from a reserve basis to a charge-off basis for cost of overhauling engines (see Note 6) which change we approve.) [[left margin]] New York, N.Y. March 24,1947 [[/left margin]] [[right margin]] Arthur Young & Company [[/right margin]] [[center]] * * * COLONIAL AIRLINES, INC. OFFICERS AND DIRECTORS DIRECTORS Sigmund Janas Francis Hartley, Jr. Karl H. Bissell Branch T. Dykes Carl O. Hoffmann William M. Boyle OFFICERS President _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Sigmund Janas Vice President _ _ _ _ _ _ _ _ _ _ _ Edward S. Ridley Vice President in charge of Operations _ _ _ _ _ _ _ _ _ _Branch T. Dykes Vice President in charge of Traffic _ _ _ _ _ _ _ _ _ _ _ _Alfred M. Hudson Treasurer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ William K. Byrne Secretary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _K. Hamilton General Counsel-KADEL, HOFFMANN & GILLIS General Office-630 Fifth Ave., New York 20, N.Y. Corporate Office-100 West 10th Street, Wilmington, Del. Transfer Agent THE EMPIRE TRUST COMPANY 120 Broadway New York 5, N.Y. Registrar THE CORPORATION TRUST COMPANY 120 Broadway New York 5, N.Y.