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ISLAND AIR FERRIES, INC.
COMPARATIVE INCOME STATEMENT
For the Years Ended December 31, 1946 to 1950

YEAR ENDED DECEMBER 31st
[[6 Columned Table]]
|   | 1946 | 1947 | 1948 | 1949 | 1950 |
| --- | --- | --- | --- | --- | --- |
| OPERATING REVENUES: |   |   |   |   |   |   
| Non-scheduled transport service | $15,947.18 | $1,313.33 | $6984.91| $25,743.49 | $435.48 | 
| Service sales - net | 5,999.25 | 30,722.13 | 44,263.21 | 25,522.23 | 26,475.13 |
| Rental of operating equipment | 339.99 | 4,545.10 |   | 330.00 | 1,010.00 |
| Other incidental revenues - net | 1,268.24 | 7,975.73 | 7,375.38 | 1,541.67 | 1,211.76 |
| Total Operating Revenues | $23,554.66 | $44,556.29 | $58,623.50 | $53,137.39 | $29,132.37 |  
| OPERATING EXPENSES: |   |   |   |   |   | 
| Flying operations | $19,655.37 | $5,983.36 | $9,045.01 | $20,008.67 | $984.98 | 
| Flight equipment maintenance - direct | 6,058.75 | 764.98 | 6,207.62 | 1,311.14 | 432.63 | 
| Depreciation - flight equipment | 10,561.77 | 11,328.68 | 10,203.14 | 5,752.31 | 3,887.96 |
| Ground operations | 6,611.33 | 9,911.75 | 13,047.77 | 10,257.49 | 5,149.20 | 
| Ground and indirect maintenance | 5,415.86 | 4,149.35 | 2,415.28 | 4,139.39 | 5,176.14 | 
| Passenger service | 3,584.23 | 513.29 | 256.19 | 3,351.55 | 65.47 |                           
| Traffic and sales | 289.48 | --- | 13.50 | 1,668.74 | 193.31 | 
| Advertising and publicity | 4,354.38 | 58.92 | 776.68 | 904.44 | 69.45 |
| Taxes | 254.54 | 1,775.06 | 947.88 | 977.04 | 702.91 |
| General and administrative | 36,416.49 | 38,668.00 | 26,016.57 | 21,524.52 | 14,815.13 | 
| Depreciation - ground equipment | - | - | 817.16 | 841.81 | 647.23 | 
| Total Operating Expense | $93,202.20 | $73,853.38 | $69,746.80 | $70,737.10 | $32,124.41 | 
| Less Route Extension and Development charged to operations - 1946-1948 | 65,804.96 | 43,015.65 | 31,037.97 | - | - | 
| Total Operating Expense (as adjusted) | $27,397.24 | $30,837.73 | $38,708.83 | $70,737.10 | $32,124.41 | 
| NET INCOME (LOSS) FROM OPERATIONS | $(3,842.58) | $13,718.56 | $19,914.67 | $(17,599.71) | $(2,992.04) |
| OTHER INCOME: |   |   |   |   |   | 
| Gain on retirement of property - net | - | - | - | 2,345.82 | 14,676.31 | 
| Miscellaneous | 85.82 | 90.40 | 23.35 | 11.88 | 16.13 | 
| Total Other Income | $85.82 | $90.40 | $23.35 | $2,357.70 | $14,692.44 | 
| --- | $(3,756.76) | $13,808.96 | $19,938.02 | $(15,242.01) | $11,700.40 |
| OTHER CHARGES: |   |   |   |   |   | 
| Interest | $1,783.41 | $1,279.76 | $519.33 | $695.34 | $468.40 | 
| Loss on retirement of property - net | - | 1,299.99 | - | - | - | 
| Total Other Charges | $1,783.41 | $2,579.75 | $519.33 | $695.34 | $468.40 | 
| NET INCOME (LOSS) BEFORE AMORTIZATION OF DEVELOPMENT EXPENSE | $(5,540.17) | $11,229.21 | $19,418.69 | $(15,937.35) | $11,232.00 | 
| AMORTIZATION OF ROUTE EXTENSION AND DEVELOPMENT | - | - | 15,274.63 | 45,823.80 | 53,080.53 | 
| NET INCOME (LOSS) FOR THE YEAR | $(5,540.17) | $11,229.21 | $4,144.06 | $(61,761.15) | $(41,848.53) |