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COLONIAL AIRLINES,INC. STATMENT OF INCOME AND EARNED SURPLUS (DEFICIT) FOR THE YEAR ENDED DECEMBER 31,1947 OPERATING REVENUE: Passenger $2,562,845 Mail(Note1) 810,929 Express and miscellaneous 73,561 ---------- Total operating revenue $3,457,335 OPERATING EXPENSES: Flying operations $836,393 Ground operations 628,108 Maintenance and repairs(Note4) 933,615 Provision for obsolescence, description and amortization 547,767 Passenger service 270,655 Traffic, sales and advertising 567,458 Taxes, other than on gasoline and oil 61,993 General and administrative 393,228 Amortization of preoperational expenses 89,576 ------- Total operating expenses 4,328,974 ---------- LOSS FROM OPERATIONS $(871,638) OTHER DEDUCTIONS (NET): Loss on disposal of aircraft and other flight equipment $136,090 Extension and development expenses 61,453 Other (net) 5,160 202,703 --------- --------- NET LOSS FOR THE YEAR (Note1) $(1,074,341) EARNED SURPLUS (DEFICIT)SINCE DECEMBER 31,1934, AT THE BEGINNING OF YEAR $(185,760) Add: Write-off of extant ion and development expenses incurred prior to December 31,1946(Note 5) (160,211) (345,971) ---------- --------- EARNED SURPLUS (DEFICIT)SINCE DECEMBER 31,1934, AT END OF THE YEAR (Note1) $(1,420,312) ------------- ------------- STATMENT OF CAPITAL SURPLUS, PAID-IN FOR THE YEAR ENDED DECEMBER 31,1947 BALANCE AT DECEMBER 31,1946 $1982,160 Proceeds, in excess of par value, of sale pf 150,000 shares of capital stock and sale (for $3,000) of transferable option warrants to purchase 30,000 shares at $12.25 per share, exercisable to February 26, 1950 $1,165,500 Expenses in connection with sale of stock and option warrants 48,862 1,116,638 ----------- Voluntary contribution by Director of profit on transactions in Company's capital stock 9,249 ---------- BALANCE AT DECEMBER 31,1947 $3,108,047 ------------ ------------ Reference is made of notes to financial statement
Transcription Notes:
total operating expenses last digit incorrect; "extension" typo; "statements" missing an s and a period