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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