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Bacas, Gates & Potter

ISLAND AIR FERRIES, INC.

Statement of Profit and Loss
for the year ended December 31, 1948

OPERATING REVENUES

[[3 Columned Table]]
| Transportation: | | |
| --- | --- | --- |
| Passenger | $1,125.23 | |
| Charter and Special | 5,859.68 |  |
| Total Transportation |  | $6,984.91 |

[[4 Columned Table]]
| Other Revenues - net: | | | |
| --- | --- | --- | --- |
| Service sales - net | | $44,263.21 | |
| Other incidental revenues | | 7,375.38 | 51,638.59 |
| Total Operating Revenues | | | $58,623.50 |

|  |  |  |


OPERATING EXPENSES

[[4 Columned Table]]
| Flying operations | $9,045.01 | | |
| Flight equipment maintenance | 6,207.62 | | |
| Depreciation - flight equipment | 10,203.14 | | |
| Total | | $25,455.77 | |


[[4 Columned Table]]
| Ground operations | $13,047.77 | | |
| Ground equipment maintenance | 643.79 | | |
| Equipment maintenance | 1,771.49 | | |
| Passenger service | 256.19 | | |
| Advertising and publicity | 776.68 | | |
| Traffic sales | 13.50 | | |
| General and administrative | 26,964.45 | | |
| Depreciation - ground equipment | 817.16 | | |
| Total | | $44,291.03 | | |
| Total Operating Expenses | | | $69,746.80 |
| Operating Loss | | | $11,123.30 |
| Non-Operating income | | | 23.35 |
| Loss before Other Deductions | | | $11,099.95 |
| Other Deductions: | | | |
| Interest paid | | | 519.33 |
| Loss for the period | | | $11,619.280 |