Chicago and Southern Air Lines Annual Report 1948

CHICAGO AND SOUTHERN AIR LINES, INC.
YEAR ENDED DECEMBER 31, 1948
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CHICAGO AND SOUTHERN
THE STOCKHOLDERS
AIR LINES
, INC.
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General Offices Municipal Airport Memphis 2, Tennessee
ROUTES IN OPERATION
CHICAGO AND SOUTHERN AIR LINES, INC.
GENERAL OFFICES, Memphis Municipal Airport, Memphis 2, Tennessee
CORPORATE OFFICE, 100 West Tenth Street, Wilmington, Delaware
DIRECTORS
CARLETON PUTNAM
SIDNEY A. STEWART
JUNIUS H. COOPER
L. RAYMOND BILLETT
JOHN R. LONGMIRE
OFFICERS
CARLETON PUTNAM, Chairman of the Board
SIDNEY A. STEWART, President
JUNIUS H. COOPER, Vice President-Treasurer
R. S. MAURER, Secretary and General Counsel
T. F. HAMBLETON, Assistant Treasurer
R. S. SCRIVENER, Assistant Treasurer
E. MURRAY, Assistant Secretary
DIVISION MANAGERS
J. A. YOUNG, Operations Manager
T. M. MILLER, General Traffic and Sales Manager
M. H. JONES, Engineering and Maintenance Manager
W. T. BEEBE, Director of Personnel
Transfer Agent
Mississippi Valley Trust Company, Broadway and Olive Street, St. Louis, Missouri
Co-Transfer Agent
Northern Trust Company, South LaSalle and West Monroe Streets,
Chicago, Illinois
Registrar
Boatmen's National Bank, Broadway and Olive Street, St. Louis, Missouri
Co-Registrar
American National Bank and Trust Company of Chicago, Chicago, Illinois
[3
REPORT TO THE STOCKHOLDERS
EARNINGS
Your Company's net profit for the year 1948 was $639,477, equiva
lent to $1.26 a share on the capital stock, after provision for state and
federal income taxes of $210,000.
These earnings, plus retroactive mail pay received during 1948 but
applicable to 1946 and 1947, converted a surplus deficit of $1,581,750
into a surplus credit of $111,255, and increased your Company's net
worth from $3,311,895 to $5,004,900. The stockholders' equity was thus
increased from $6.50 to $9.83 a share, a gain of 51%.
This improvement resulted in part from the issuance by the Civil
Aeronautics Board of a final domestic mail rate order on July 28, 1948,
awarding your Company retroactive mail pay of $1,053,528 for the
years 1946 and 1947 and a forward rate effective January 1, 1948, which
yielded a return of 26.7 cents per plane mile in 1948. The retroactive mail
pay was credited direct to surplus and allocated $523,862 to 1947 and
$529,666 to 1946.
Another factor contributing to the improvement was a vigorous
program of cost control. Against an inflationary background that car
ried the average cost of living index up 7.5%, your Company inaugu
rated service to two foreign countries and three new domestic cities
writing off all training and development costs as incurred, increased seat
miles 6.8%, and absorbed a rise of 38% in gasoline prices--all with an
increase of only 8.6% in total operating expenses. The gasoline price in
crease alone amounted to more than a quarter of a million dollars, about
3% of total operating costs. The expanded system was being operated
at the end of 1948 with 1,350 employees, 44 less than were on the pay
roll at the beginning of the year.
4
]
A comparative summary of operating results for 1948 and 1947 fol
lows. In this comparison the 1947 revenues have been restated to include
the retroactive mail pay allocated to that year.
Condensed Comparative Income Statement
Year 1948 Year 1947
Per Cent
Change
Route miles in operation 5,698 3,026 +88.3%
Revenue plane miles flown 7,902,183 7,590,824 + 4.1
Revenue seat miles flown 226,235,050 211,879,327 + 6.8
Revenue passenger miles 118,939,538 119,264,262 -- 0.3
Operating Revenue:
Passenger and excess baggage $ 7,197,189 $ 6,229,475 + 15.5%
Mail 2,802,827 1,908,914 +46.8
Express and freight 378,384 354,952 + 6.6
Miscellaneous 74,452 71,825 + 3.7
Total operating revenues $10,452,852 $ 8,565,166 +22.0%
Total operating expenses 9,563,514 8,808,914 + 8.6
Net income (loss*) from operations $ 889,338 $ 243,748*
Other deductions (net) 39,861 32,255 +23.6%
Net income (loss*) before income taxes $ 849,477 $ 276,003*
Provision for federal and state income
taxes (Reduced $138,000 by carry-
of prior years' losses)
over
210,000
Net income (loss*) $ 639,477 $ 276,003*
In the table on the following page, operating costs for 1948 and 1947
are classified objectively, and it will be noted that salaries and wages,
which comprised 50.3% of the total in 1947, were reduced to 47.8% in
1948. While the average number of employees on the pay roll in 1948
was down 9% from 1947, the average salary and wage rate was about
13% higher. Gasoline went up as a result of price increases from 8.0%
to 10.9% of the total costs. Another sharp increase from 7.5% to 9.2%
was in the group of costs which include landing fees, rentals, joint facili
ties, and agency commissions. This reflects the growing complexity of
ground installations and communications facilities, particularly in foreign
countries where airways are privately maintained, as well as the constant
effort of airport managements to obtain increased revenues from their
air line tenants. Depreciation costs were reduced from 11.0% to 9.4%
of the total, principally as a result of lower depreciation charges on DC-3
airplanes, which have now been written down to a residual value of
$3,000 each.
[5
Comparative Summary of Operating Costs
1948 1947 Per Cent
Per Cent Per Cent Change
Amount of Total Amount of Total
Salaries and wages $ 4,576,241
Gasoline.... 1,038,945
Maintenance materials
and parts 590,955
Traveling expenses 291,928
Taxes (other than income) 250,257
Insurance 185,668
Food & passenger supplies 308,634
Office supplies, forms, tar
iffs, time tables, pro
motional literature, &
advertising space 379,177
Rentals, landing fees, utili
ties, joint facilities, and
agency commissions 883,907
All other goods and
services 163,510
Depreciation 894,292
Total Operating
Expenses $ 9,563,514
Seat miles flown 226,235,050
Cents per seat mile 4.23$
47.8% $ 4,433,326 50.3% + 3.2%
10.9 700,512 8.0 +48.3
6.2 506,560 5.8 + 16.7
3.1 255,540 2.9 + 14.2
2.6 258,317 2.9 -- 3.1
1.9 187,422 2.1 -- 0.9
3.2 266,930 3.0 + 15.6
4.0 319,913 3.7 + 18.5
9.2 660,389 7.5 +33.9
1.7 248,487 2.8 --34.2
9.4 971,518 11.0 -- 7.9
100.0% $ 8,808,914 100.0% + 8.6%
211,879,327 + 6.8%
4.16$ + 1-7
BALANCE SHEET
Your Company is unique in having no bank loans or other long
term debt outstanding. This contrasts sharply with the industry position
of the sixteen domestic trunk lines, which are carrying an aggregate long
term debt of $170,000,000, an amount approximately equal to their com
bined net worth. Your Company has a working capital of $2,687,607, a
current ratio of 3 to 1, and $2,320,141 of available cash against total
liabilities of $1,402,031. Operating property which cost $5,159,916 has
been depreciated to a net value of $1,883,640. Flight equipment includes
twelve DC-3 and five DC-4 airplanes together with appropriate spares
for maintenance, all wholly owned and fully paid for. An additional
DC-4 airplane was purchased in January 1949. Route certificates are
carried at $1 and no development or training costs have been deferred
as charges to future operations.
DOMESTIC OPERATIONS
During 1948 your Company added to its domestic system three new
cities--Kansas City, Springfield, Missouri, and Hot Springs, Arkansas--
increasing domestic route miles operated from 2,341 to 2,759 miles.
In line with the general recession in transportation, passenger miles
6]
declined 6.1% from the previous year. Schedules were reduced 2.5% in
keeping with the reduced demand and your Company's load factor fell
only 2.2 percentage points. For the industry as a whole available seats
were increased 8.6% against a decline in traffic of 3.6%, dropping the
industry load factor 7 percentage points. Your Company's load factor
rank among the sixteen domestic trunk lines was thus raised from twelfth
place in 1947 to ninth place in 1948.
The 1948 drop in traffic volume was more than offset by fare in
creases (10% in December 1947 and 5% in September 1948) and pas
senger revenues showed a gain of 6.5% for the year. The yield per pas
senger mile was 5.79 cents in 1948 as compared with 5.02 cents in 1947.
A five-year table of comparative statistics for your Company's
domestic system follows:
Comparative Statistics---Domestic Operations
(1946 and 1947 revenue adjusted to include retroactive mail pay)
Route miles in
operation
Revenue plane
miles flown
Revenue seat
miles flown
Revenue passenger
miles
Load factor
Operating Revenue:
Passenger and
excess baggage..
Mail
Express & freight..
Miscellaneous
Total operating
revenues
Total operating
expenses
Operating profit
or loss*
Operating Revenue:
Passenger and
excess baggage
Mail
Express and freight
Miscellaneous
1948 1947 1946 1945 1944
2,759 2,341 2,041 2,055 1,386
7,095,703 7,117,568 8,107,897 5,279,336 2,882,381
187,381,273 192,132,278 196,289,556 109,596,160 59,653,713
105,743,648 112,564,277 137,843,727 86,876,826 49,242,103
56.4% 58.6% 70.2% 79.3% 82.5%
$6,148,222 $5,774,239 $6,699,813 $4,376,776 $2,545,016
. 1,891,989 1,465,102 1,672,872 277,238 281,808
321,940 340,486 218,038 169,396 107,245
70,090 71,664 24,139 25,413 12,644
$8,432,241 $7,651,491 $8,614,862 $4,848,823 $2,946,713
7,797,320 7,853,822 9,221,022 4,555,646 2,774,292
$ 634,921 $ 202,331* $ 606,160* $ 293,177 $ i 172,421
CENTS PER SEAT MILE
3.28 3.00 3.41 3.99 4.27
1.01 .76 .85 .25 .47
.17 .18 .12 .16 .18
.04 .04 .01 .02 .02
Total operating revenues 4.50
Total operating expenses 4.16
3.98 4.39 4.42 4.94
4.09 4.70 4.15 4.65
Operating profit or loss* 34 .11* .31* .27
[7
FOREIGN OPERATIONS
During 1948 your Company continued its daily service to Havana
and in addition inaugurated service three times a week from Houston
and New Orleans to Caracas, Venezuela, with intermediate stops at
Havana and Kingston, Jamaica. This new service proved so promising
from its beginning on July 31st that a fourth weekly round trip was added
on December 19th. It is hoped that permission to operate daily service
may shortly be obtained from the Venezuelan government, since the
community of interest between the oil industry of California, Texas,
Oklahoma and Louisiana, and the oil fields of Venezuela is growing
steadily and presents an attractive potential for development.
Your Company has also been highly successful in the sale of all
expense vacation tours to Havana. Twenty-five hundred of these cruises
were sold in 1948 and promotional work of the same sort is now being
extended to Jamaica. This merchandising of all-expense tours is unique
in the air line industry and has contributed greatly to increased traffic
throughout the system.
Indeed, as opportunities for expansion in the United States become
more restricted, your Company's foreign routes may well offer the bright
est prospects for future development.
Comparative statistics for your Company's international system from
the inauguration of service on November 1, 1946, to December 31,
1948, follow:
Comparative Statistics--International Operations
1946
1948 1947 Two Months
Route miles in operation 2,939 685 685
Revenue plane miles flown 806,480 473,256 74,117
Revenue seat miles flown ... 38,853,777 19,747,049 2,305,710
Revenue passenger miles .. 13,195,890 6,699,985 895,295
Load factor 34.0% 33.9% 38.8%
Operating Revenue:
Passenger and excess baggage.. 1,048,967 $ 455,236 $ 61,234
Mail 910,838 443,812 69,580
Express and freight 56,444 14,466 4,629
Miscellaneous 4,362 161 8
Total operating revenues 2,020,611 $ 913,675 $ 135,451
Total operating expenses .. 1,766,194 955,092 224,624
Operating profit or loss* ..$ 254,417 $ 41,417* $ 89,173'
Cost per plane mile $2.19 $2.02 $3.03
8]
MAIL RATES
Domestic mail pay is being received under a final rate order issued
by the Civil Aeronautics Board on July 28, 1948. This order provides a
sliding scale formula based on scheduled miles and load factors, with an
automatic downward adjustment which became effective when service
was inaugurated to Caracas on July 31, 1948. Under this order domestic
mail pay for 1948 amounted to $1,891,989, an average of 26.7 cents per
plane mile. On the basis of present schedules and load factors, the mail
rate is currently yielding about 25.4 cents per plane mile. The mileage
rate will decrease in proportion to any increase in schedules and will also
decrease about .9 cents for each percentage point gain in load factor
above 55%.
Since under the Civil Aeronautics Act of 1938 mail pay is intended
to aid carriers "to maintain and continue the development of air trans
portation to the extent and of the character and quality required for the
commerce of the United States, the Postal Service, and the national
defense," it seems appropriate to relate the mail pay received to total
services rendered in commerce--that is, to total ton miles of all traffic
carried, including passengers, mail, freight and express. On this basis,
for the twelve months ended June 30, 1937, your Company's mail pay
amounted to 74 cents per ton mile of total revenue traffic. This was re
duced to 25 cents per ton mile in 1941, the last prewar year, and fur
ther to 16 cents per ton mile for the year 1948 on your Company's do
mestic system. During this period the cost of living index has gone up
from 99.2 to 171.2. Thus it will be seen that in terms of units of service
performed, there has been a decline in government aid of 78% since
1937 while the cost of living index has risen 73%.
International mail pay is being received under temporary rate orders
issued by the Civil Aeronautics Board on March 20, 1947, and May 6,
1948. The rate was 95 cents per plane mile up to the inauguration of
service to Caracas on July 31, 1948, at which time it was increased to
$1.25 per plane mile. Here again the rate varies with miles scheduled,
though not with changes in load factor. International mail pay received
in 1948 was at the average rate of $1.13 per plane mile. The current rate
on present schedules is $1.05 per plane mile and this will be reduced to
70 cents a mile when daily service is inaugurated to Caracas. These in-
9
ternational rates are all temporary and subject to retroactive adjustment
from the beginning of foreign service on November 1, 1946. The final
rates may be either higher or lower than the temporary rates.
EQUIPMENT
During 1948 your Company operated twelve 21-passenger DC-3 and
five 50-passenger DC-4 airplanes. At the end of the year the DC-3's were
fully depreciated to a residual value of $3,000 each. The DC-4's are be
ing depreciated to a residual value of $30,000 each by June 30, 1950. A
sixth DC-4 airplane was purchased in January 1949 to provide the equip
ment needed for expanding schedules in the Caribbean.
Your Board does not believe that any commitments for new equip
ment should be made at this time. Until the new types of aircraft are
thoroughly shaken down, operating costs will continue to be high, and
the initial cost imposes heavy amortization, interest and insurance
charges. Assuming the present volume of traffic, the greater capacity of
the new types will also result in less frequent schedules, which is un
desirable. Your Company is studying with interest projects now under
way to modernize the DC-3's and DC-4's. Meanwhile, depreciation re
serves at the rate of approximately $65,000 per month are being ac
cumulated, which will be available for the purchase of new equipment
at the appropriate time.
ROUTE AWARDS AND CAB DECISIONS
During 1948 the Civil Aeronautics Board re-affirmed its original
award to your Company of the route between Memphis and Kansas
City via Springfield, and service was inaugurated over this new segment
on September 9, 1948. In addition, the restriction which had been placed
on Route 8 affecting Chicago-Houston service was removed, permitting
non-stop flights between these two cities as well as unrestricted service
over the Little Rock cut-off.
The investigations of your Company's domestic and international
routes, begun in 1947, were terminated in 1948 without findings.
10]
APPLICATIONS
Your Company has several applications for changes in its overall
route pattern on file with the Civil Aeronautics Board. These include, in
part, the following proposals: (a) to add Baton Rouge as an intermediate
point between Jackson and New Orleans; (b) to provide local service
between New Orleans and Houston; (c) to operate non-stop between
Chicago and Havana; (d) to add Maracaibo, Venezuela, to the inter
national service; and (e) to make Kingston rather than Havana the
branching-off point of the foreign route.
The several applications are in various procedural stages before the
Civil Aeronautics Board. At this time no assurance can be given as to
which, if any, will be acted upon favorably.
OUTLOOK FOR 194 9
Enclosed with this report is a reprint of an article by the Chairman
of your Board which examines the outlook of the industry for 1949 and
expresses the opinion that a more favorable climate now exists in Wash
ington for development of the air lines as a whole. Your Company
should share in this progress and is now in a better position to do so than
at any time since the war.
In estimating the forces working in our favor your Board wishes to
stress the high level of the morale of our employees. It is believed that if
your Company is under any competitive disadvantage while awaiting
a choice of new equipment, this is more than offset by the team spirit of
its organization and the attitude of friendly helpfulness to the public
which has become more and more an outstanding feature of Chicago and
Southern service.
During 1948 your Company completed its twelfth year without an
accident.
ANNUAL MEETING
The annual meeting of stockholders will be held at the Company's
General Offices at the Municipal Airport, Memphis, Tennessee, at 2
p. m. on Tuesday, May 3, 1949, for the purpose of electing a Board of
Directors for the ensuing year and transacting such other business as may
come before it. It is hoped that you will be able to be present at this
meeting.
By authority of the Board of Directors,
Chairman of the Board President
February 23, 1949
[11
CHICAGO AND SOUTHERN AIR LINES, INC.
ASSETS
1948 1947
CURRENT ASSETS:
Cash $1,320,156 $1,463,058
United States Government securities, at cost 999,985 --
Receivables from---
Air lines, customers, agencies, etc 699,287 532,188
United States Government 871,919 272,714
Materials and supplies, at average cost 198,291 207,582
Total current assets $4,089,638 $2,475,542
OTHER ASSETS AND DEFERRED CHARGES:
Prepayments $ 331,861 $ 229,511
Miscellaneous 101,791 46,880
$ 433,652 $ 276,391
OPERATING PROPERTY AND EQUIPMENT:
Flight equipment $4,109,679 $4,138,655
Other property and equipment 1,049,300 954,159
Work in progress 937 356,821
$5,159,916 $5,449,635
Less--Reserves for depreciation (Note 3) 3,276,276 2,807,842
$1,883,640 $2,641,793
FRANCHISES AND GOODWILL $ 1 $ 1
$6,406,931 $5,393,727
The accompanying notes constitute
12]
BALANCE SHEETS-DECEMBER 31, 1948 AND 1947
LIABILITIES
1948
CURRENT LIABILITIES:
Notes payable to banks $ --
Accounts payable 550,300
Traffic balances and deposits payable 489,454
Accrued federal and state income taxes 210,000
Other current and accrued liabilities 31,660
Total current liabilities $1,281,414
NOTES PAYABLE TO BANKS,
Due after one year $ ---
UNEARNED TRANSPORTATION REVENUE .,,.$ 120,617
CAPITAL STOCK AND SURPLUS:
Capital stock--authorized 650,000 shares,
without nominal or par value; issued and
outstanding 509,326 shares $4,893,645
Earned surplus (deficit*) since May 23, 1938. . 111,255
$5,004,900
$6,406,931
an integral part of these statements.
1947
$ 500,000
492,889
398,004
36,245
$1,427,138
$ 560,000
$ 94,694
$4,893,645
1,581,750*
$3,311,895
$5,393,727
[13
CHICAGO AND SOUTHERN AIR LINES
, INC.
STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 1948 AND 1947
1948
OPERATING REVENUES:
Passenger and excess baggage (Note 1) $ 7,197,189
Mail (Note 2) 2,802,827
Express and freight 378,384
Miscellaneous (net) 74,452
1947
(Note 2)
$ 6,229,475
1,908,914
354,952
71,825
Total operating revenues $10,452,852 $ 8,565,166
OPERATING EXPENSES:
Flying and ground operations $ 4,023,103
Maintenance 1,960,555
Traffic, sales and advertising 1,967,533
General and administrative 718,031
Depreciation (Note 3) 894,292
$ 3,245,888
2,031,170
1,774,908
785,430
971,518
Total operating expenses $ 9,563,514 $ 8,808,914
NET INCOME (LOSS*) FROM OPERATIONS....$ 889,338 $ 243,748*
OTHER DEDUCTIONS (NET) 39,861 32,255
NET INCOME (LOSS*) BEFORE
INCOME TAXES $ 849,477 $ 276,003*
PROVISION FOR FEDERAL AND STATE
INCOME TAXES (Note 4) 210,000 --
NET INCOME (LOSS*) $ 639,477 $ 276,003*
STATEMENT OF EARNED SURPLUS
SINCE MAY 23, 1938
YEAR ENDED DECEMBER 31, 1948
BALANCE DECEMBER 31, 1947 (Deficit*) $ 1,581,750*
Add:
Retroactive mail pay applicable to years 1946
and 1947 $ 1,053,528
Net income for the year ended
December 31, 1948 639,477 1,693,005
BALANCE DECEMBER 31, 1948 $ 111,255
The accompanying notes constitute an integral part of these statements.
14]
CHICAGO AND SOUTHERN AIR LINES
, INC.
NOTES TO FINANCIAL STATEMENTS
1. Domestic passenger fares were increased 10% effective December 12,
1947, and a further 5% effective September 12, 1948.
2. Domestic mail revenue from the United States Government for the
year 1948 has been based on final rates fixed by the Civil Aeronautics
Board in a rate order issued on July 28, 1948. This order also awarded
the Company additional retroactive mail compensation of $1,053,528
for 1946 and 1947, of which $523,862 has been allocated to the year
1947. The income for 1947 has been restated to include this addi
tional mail revenue.
International mail revenue from the United States Government has
been based on temporary rates fixed by the Civil Aeronautics Board
in rate orders issued on March 20, 1947, and May 6, 1948. The final
rates for international mail pay will be retroactive to the beginning of
service on November 1, 1946, and may be either higher or lower than
the temporary rates.
3. The Company operates a fleet of 12 DC-3 and 5 DC-4 aircraft. All
of the DC-3 aircraft (costing $1,339,992, including spares) were fully
depreciated to a residual value of $118,853 at or prior to June 30,
1947. In view of continuing operation, these aircraft were further de
preciated during 1948 to the lower residual value of $37,769. The
DC-4 aircraft (costing $2,769,687, including spares) are being depre
ciated to a residual value of $150,000 by June 30, 1950.
4. The provision for federal income tax for the year 1948 has been re
duced approximately $138,000 by the carry-over of losses from prior
years under the provisions of the Internal Revenue Code. Net income
for 1948 without this tax benefit would be $501,477.
5. Stock purchase warrants have been granted to two officers, entitling
one to acquire 10,000 shares of capital stock and the other to acquire
5,000 shares of capital stock at a price of $10 per share prior to 1956.
The market quotations of the capital stock at the date of fixing the
price of the warrants were less than $10.
[U
ARTHUR ANDERSEN &
co.
ACCOUNTANTS AND AUDITORS
506 OLIVE STREET
ST. LOUIS 1
TO THE BOARD OF DIRECTORS OF
CHICAGO AND SOUTHERN AIR LINES, INC:
We have examined the balance sheet of CHICAGO AND SOUTHERN
AIR LINES, INC. (a Delaware corporation) as of December 31, 1948,
and the related statements of income and surplus for the year then
ended. Our examination was made in accordance with generally accepted
auditing standards, and accordingly included such tests of the accounting
records and such other auditing procedures as we considered necessary
in the circumstances.
In our opinion, the accompanying balance sheet and related state
ments of income and surplus present fairly the financial position of Chi
cago and Southern Air Lines, Inc., as of December 31, 1948 and the
results of its operations for the year then ended, and were prepared in
conformity with generally accepted accounting principles applied on a
basis consistent with that of the preceding year.
ARTHUR ANDERSEN & CO.
St. Louis, Missouri
February 15, 1949.
16]
CHICAGO AND SOUTHERN AIR LINES, INC.
FINANCIAL ANALYSIS
Per Share
of Capital
Amount Stock
BALANCE SHEET POSITION--DECEMBER 31, 1948
Cash and United States Government
securities $ 2,320,141 $ 4.56
Less total liabilities 1,402,031
Cash in excess of total liabilities $ 918,110 $ 1.80
Accounts receivable 1,571,206 3.09
Inventories of materials and supplies 198,291 .39
Net working capital $ 2,687,607 $ 5.28
Operating property and equipment (Net).... 1,883,640 3.70
Prepayments, deferred charges,
and other assets 433,652 .85
Route certificates, franchises, and goodwill.... 1
Net worth of stockholders' equity $ 5,004,900 $ 9.83
OPERATING RESULTS--YEAR 1948
Total operating revenues $10,452,852 $20.52
Net income before taxes 849,477 1.67
Net income after taxes 639,477 1.26
Ratio of net income after
taxes to operating revenues 6.1%
Ratio of net income after
taxes to net worth 12.8%
Common stock outstanding 509,326 shares
Preferred stock outstanding None
Bank loans, bonds, or other long-term debt None
[17
di*f