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COLONIAL AIRLINES, INC.
STATEMENT OF INCOME AND EARNED SURPLUS (DEFICIT)
FOR THE YEAR ENDED DECEMBER 31, 1948

OPERATING REVENUE:
Passenger....................................................           $3,471,150
Mail (Note 1)................................................            1,407,543
Express and miscellaneous....................................              115,141
                                                                        __________
    
      Total operating revenue................................           $4,993,834

OPERATING EXPENSES:
Flying operations............................................ $1,055,033    
Ground operations............................................    629,469
Maintenance and repairs (Note 3).............................  1,106,766
Provision for obsolescence, depreciation and amortization....    510,966
Passenger service............................................    391,947
Traffic, sales and advertising...............................    832,966
Taxes, other than gasoline and oil...........................     50,196
General and administrative...................................    528,017
Amortization of preoperational expenses......................     78,365
                                                                _________
      
      Total operating expenses...............................            5,183,725
                                                                         _________

LOSS FROM OPERATIONS.........................................           $(189,891)


OTHER INCOME:
Net profit on disposal of aircraft and other flight equipment. $   1,224
Other (net)...................................................     1,292     2,516
                                                                ________ _________
                                                                       
                                                                        $(187,375)

OTHER DEDUCTIONS:
Extension and development expenses............................ $  63,556
Interest (net)................................................    10,099    73,655
                                                               _________ _________

NET LOSS FOR THE YEAR (NOTE 1)................................          $(261,030)

EARNED SURPLUS (DEFICIT) SINCE DECEMBER 31,1934, AT 
BEGINNING OF YEAR........................................... $(1,420,312)

RETROACTIVE INCREASE IN TEMPORARY MAIL RATE FOR THE PERIOD
FROM APRIL 15, 1946 TO DECEMBER 31,1947 (Note 1)............     648,794 (771,518)
                                                             ___________ _________

EARNED SURPLUS (DEFICIT) SINCE DECEMBER 31,1934, AT END OF
YEAR (Note 1)...............................................          $(1,032,548)
                                                                       ___________
                                                                       ___________


Reference is made to notes to financial statements.

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