DELTA AIR CORPORATION 
REPORT TO STOCKHOLDERS 
FOR ELEVEN MONTHS ENDED 
MAY 31, 1939 
 DELTA AIR CORPORATION 
BALANCE SHEET - MAY 31, 1939 
ASSETS 
CURRENT ASSETS : 
Cash in Banks and on hand --------------------------------- ------------------------$ 44,430.05 
Accounts Receivable: 
Due from United States GovernmenL ______________ $44,023.90 
Traffic and Agents --------------------------------- __________ 25,450.40 
Miscellaneous ________________ ------------------------------------____ 7,856.21 
Notes Receivable (Secured) ---------------------------------------------- ---- ____ _ 
77,330.51 
5,843.10 
TOTAL CURRENT ASSETS --------------------------------------$127,603.66 
INVESTMENTS: 
S toe ks _____ . __________ ____ ______ __________ __________ __________ ___________ ___ _______ __________ _______ $ 10.00 
PROPERTY AND EQUIPMENT: 
Airline Equipment__ ____________________________ $289,026.15 
Less: Reserve for Depreciation _______ 196,107.59 
Dusting Equipment _____ 
_________ 
______________ 24,677.76 
Less: Reserve for Depreciation _______ 20,084.27 
92,918.56 
4,593.49 
Spare Parts and Supplies _____________________________________ ------------------------- 
Eq ui pm en t in Process ___________________________________________________ 
________ 
________ _ 
DEFERRED CHARGES: 
Prepaid Insurance ________________________ ---------------------____ 
______ ------------------ 
97,512.05 
18,815.79 
5,836.48 
17,474.59 
$267,252.57 
j 
\ 
LIABILITIES 
CURRENT LIABILITIES: 
Accounts Payable: 
Tr ad e ______ 
_____________ ---------------------------______ ____ _ 
___ ______ $ 25,361.85 
'Traffic -------------------------------------------------______ 
________ 13,336.17 
$ 38,698.02 
Notes Payable ------------------------------------------------ -------------------------------- 25,000.00 
Accrued Liabilities: 
Payrolls _____ -------------------------------------------------------------- 710. 00 
Interest ______ 
__________ 
___ ------------------------------------------------- 625. 00 
Taxes ----------------------------------------------__________ _______________ 4,520.01 
Insurance --------------------------------------------------- __________ __ 1,719.88 
7,574.89 
TOTAL CURRENT LIABILITIES ------------------------ ----$ 71,272.91 
rrickets Sold-Un used -------------------------------------------------------------------- 2,803.86 
CAPITAL AND SURPLUS: 
Common Stock: 
Authorized 50,000 shares-No par value 
Issued and outstanding-19,484 shares _ 
________ $145,660.00 
Earned Surplus _____ _ 
___________________ ________________ __________ 
__ __ 47,515.80 
193,175.80 
267,252.57 
 DELTA AIR CORPORATION 
STATEMENT OF PROFIT AND LOSS 
For Eleven Months Ended May 31, 1939 
OPERATING REVENUES: 
Passenger --------------------------------------------------------________ $263,988.24 
Mail --------------------------------------------------------------__ __ ________ 349,063.98 
Express and Freight ______________________ ------------------------ 5,227.10 
Miscellaneous ---------------------------------------------------------- 3,768.15 
Dus ting __________________________ ------------------------------------------ 77,989.87 
OPERATING EXPENSES: 
Conducting Transportation ------------------------------------ $308,185.19 
Maintenance and Repairs______________________________________ 92,671.12 
Depreciation _____ . --------------------------------------------------__ 73,161.40 
Traffic and Advertising __________________________ ------------- 56,992.74 
General and Administrative __________________________________ 29,905.22 
'I1axes (Social Security, Property and 
Franchise) _____ ----------------------------------------------- ________ 12,670.81 
Dusting (Total expenses) ______ 
______ 
__________________ 
________ 61,886.20 
$700,037.34 
$635,472.68 
NET OPERATING INCOME ---------------------------------------$ 64,564.66 
MISCELLANEOUS NON-OPERATING INCOME: 
Interest and Cash Discounts -------------------------------------~ 582.67 
0th er ------------------------------------____________________ __ ____ _ 
_ 
____________ 9 03. 54 
1,486.21 
$ 66,050.87 
MISCELLANEOUS DEDUCTIONS: 
Interest 2,434.68 
NET INCOME FOR THE PERIOD ____________________________ $ 63,616.19 
NOTE: No provision has been made for Income Taxes.