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ISLAND AIR FERRIES, INC. EXHIBIT B
STATEMENT OF INCOME AND SURPLUS
For the Year Ended December 31, 1950
OPERATING REVENUE:
Transportation: 
Non-scheduled transport service          $ 435.48
Other revenues - net
Service sales                            26,475.13
Rental from operating equipment           1,010.00
Other incidental revenues                 1,211.76
TOTAL OPERATING REVENUES                            $29,132.37
FLIGHT EXPENSES (Schedule B-1):   $ 984.90
Direct maintenance-flight equipment 432.63
Depreciation-flight equipment     3,887.96
TOTAL FLIGHT EXPENSES                    $ 5,305.57
GROUND ADMINISTRATIVE EXPENSES: (Schedule B-2)
Ground operations                $5,149.20
Ground and indirect maintenance   5,176.14
Passenger service                    65.47
Traffic and sales                   193.31
Advertising and publicity            69.45
General and administrative       15,518.04
Depreciation-ground equipment       647.23
TOTAL GROUND AND ADMINISTRATIVE EXPENSES     26,818.84
TOTAL OPERATING EXPENSES                               32,124.41
NET LOSS FROM OPERATIONS                              ($2,992.04)
OTHER INCOME AND EXPENSES:                   $14,676.31
Net gain on retirement of equipment               16.13
Interest income
                                             $14,692.44
Less interest expense                            468.40 14,223.04
NET INCOME BEFORE AMORTIZATION OF DEVELOPMENT EXPENSE   $11,232.00
AMORTIZATION OF ROUTE EXTENSION AND DEVELOPMENT EXPENSE  53,080.53
NET LOSS FOR THE YEAR ENDED DECEMBER 31, 1950           ($41,848.53)
EARNED SURPLUS (DEFICIT) JANUARY 1, 1950                ( 51,823.64)
EARNED SURPLUS (DEFICIT) DECEMBER 31, 1950 - EXHIBIT A  ($93.672.17)