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FINANCIAL POSITION
The financial condition of your Company is today much sounder than that of many other airlines and an adequate working capital position has been constantly maintained. Current assets on December 31, 1948, amounted to $2,454,000, with current liabilities of $874,000. Cash on-hand amounted to $1,032,000. As of the date of this report, our cash balance amounts to approximately $1,500,000, and our bank loan has been reduced to $300,000. Your management is confident that with its present sound financial condition your Company is in the best position in its history to cope with the various problems which may lie ahead in the development of the air transportation industry.

ANNUAL MEETING
The management intends to request proxies for use at the annual meeting of stockholders to be held on April 20, 1949. It is expected that the proxy statement will be mailed to stockholders on or about April 1, 1949.

CONCLUSION
There is a tremendous amount of hard work to be done in the future. Our employees are the most competent and courteous in our history. Our physical equipment is efficiently maintained. Without these assets and the confidence of our stockholders our safety and performance records would not have been achieved and your Company would not have shown such substantial progress throughout the difficult postwar years. Your management is indeed grateful for this full measure of cooperation and support. We have every confidence in the future of Colonial Airlines and are extremely anxious for our stockholders to travel on our domestic and Bermuda lines so that you may better know your Company and its personnel.
To assure prompt receipt of communications from your Company, we urge that you retain your stock in your own names and keep our transfer agent, The Commercial National Bank and Trust Company of New York at 46 Wall Street, promptly advised of any change in your address.

Respectfully submitted,
Sigmund Jamas

New York, N.Y.
March 9, 1949
President