North Central Airlines Annual Report 1955

annual
report
1955
GENERAL OFFICES: 6201 Thirty-Fourth Avenue South, Wold-Chamberlain Field,
Minneapolis 23, Minnesota
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H. N. CARR* GARNET F. DECOURSIN* A. L. WHEELER
WERNER L. CHRISTENSEN ROBERT F. GROVER K. B. WILLETT
ARTHUR E. A. MUELLER*
^Executive Committee
ARTHUR E. A. MUELLER Chairman of the Board
H. N. CARR President and General Manager
FRANK N. BUTTOMER Vice-President, Traffic and Sales
R. H. BENDIO, SR Vice-President, Maintenance and Engineering
ALVIN D. NIEMEYER Vice-President, Operations
ARTHUR E. SCHWANDT Vice-President, Industrial Relations
BERNARD SWEET Seer et ary-Treasurer
NORTHWESTERN NATIONAL BANK OF MINNEAPOLIS
MINNEAPOLIS, MINNESOTA
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///
HoRTH CENTRAL AIRLINES today is
America's leading local airline in all categories
of traffic.
North Central serves more passengers, carries
more air mail and air express, operates more air
craft and flies more plane-miles than any other
of the nation's 13 local carriers.
The company's operating costs continue to be
among the lowest in the industry and its profits
among the highest. Its dependency upon federal
subsidy is decreasing sharply, and the financial
condition of the company continues to improve
steadily.
Most Profitable Year
In 1955 North Central Airlines realized a
record operating profit of $214,531 after depre
ciation charges of $470,169. This produced a
record net profit for the year of $128,449 after
allowance for income taxes and other non
operating charges. This profit is attributed pri
marily to substantial increases in passenger rev
enues and was achieved despite a reduction of
$639,031 in mail revenues. The profit reduced
the company's deficit of $208,806 at the begin
ning of the year to $80,357.
Non-mail revenues increased sharply from
$3,495,121 in 1954 to $5,119,151-a gain of
46%. These revenues were: passenger $4,933,-
487 (up 47%), air express $126,476 (up
67%) and other $59,188. Mail revenues were
$1,689,890. Total revenue from all sources was
$6,809,041.
Operating expenses were $6,594,510 result
ing in the operating profit of $214,531. After
deducting non-operating expenses of $68,082
and income taxes of $18,000, this leaves a net
profit of $128,449. Earnings per share of stock
outstanding amounted to $1.89 before deprecia
tion and $.41 per share after depreciation.
The large depreciation charge of $470,169
results primarily from the industry practice of
depreciating aircraft over a period of only three
years. By the end of this year all 18 of the com
pany's DC-3's now in service will be fully de
preciated.
Declining Per Cent of Air Mail Revenue
1948 1949 1950 1951 1952 1953 1954 1955
New Services
Service was inaugurated May 1 between Chi
cago and Detroit via South Bend, Kalamazoo,
Battle Creek and Jackson. Traffic over this heav
ily industrialized route has exceeded all expecta
tions. North Central replaced American Air
lines' two flights daily with six flights, and this
high frequency received immediate public ac
ceptance. North Central now operates 14 daily
flights over the route and plans to further in
crease schedules this spring.
On June 1, service was extended to Detroit
City Airport from Detroit's Willow Run Air
port at Ypsilanti. The only scheduled airline
operating into Detroit City Airport, North Cen
tral provides eight flights daily to and from in
dustrial northeast Detroit -- only six miles from
the loop. The schedules offer through-service in
the direction of Chicago as well as the Upper
% OF 1948 798,014
GAIN
105 1949
26
- 4
45
1953
21 1954
23 1955
Peninsula of Michigan and intermediate cities.
New flights were added over several estab
lished routes, and the DC-3 Northliner fleet
flew 6,374,354 plane-miles in 1955. This was
an increase of 23% over the number of miles
flown by the company in the preceding year.
Scheduled service to Chicago's second airport
-- O'Hare Field on the northwest side of the
city -- will be inaugurated April 29. North Cen
tral has been using O'Hare Field since January,
1956, as a provisional airport when adverse
weather closes Chicago Midway Airport.
O'Hare, the world's largest airport, was
opened to scheduled airlines in order to relieve
congestion at Midway where North Central op
erates 60 flights daily. Like the other airlines
serving Chicago, North Central will operate in
to both airports and will not schedule inter
airport flights.
Traffic Leadership
New passenger records for the entire local
airline industry were established in 1955 when
North Central Airlines carried 430,445 revenue
passengers. This represents an increase of 52%
over 1954 when 283,556 flew the Route of the
Northliners.
New industry-wide records were set also in
air mail and air express in 1955. North Cen
tral's air mail volume totaled 139,697 ton-miles,
exceeding 1954 by 15%; and air express ship
ments totaled 298,227 ton-miles, a gain of
53%. In addition to air mail, North Central air
lifted 63,694 ton-miles of regular mail ordi
narily carried via surface transportation. This is
an increase of 18% over the 1954 surface-mail
tonnage.
Leader in all three categories of traffic, North
Central in 1955 surpassed the second-place local
carrier by 19% in passenger boardings, 30%
in air mail tonnage and 54% in air express ton
nage.
While plane-miles increased 23% in 1955,
revenue passenger-miles totaled 67,095,830 for
a substantially greater gain of 41%. Passenger
load factor (percentage of seats occupied) rose
sharply from 43% in 1954 to 50% for 1955.
A single-day passenger record was established
June 15 when 1,897 enplaned, and two days
later North Central's 1,000,000th passenger
was carried. Monthly traffic records were 48,159
passengers carried in August, 34,307 ton-miles
of air express in October, and 15,914 ton-miles
of air mail in December.
Equipment Program
The company's aircraft modernization project
is now completed. Improvements included in
stallation of new cabin interiors, conversion
from 21 seats to 26 new seats in two-abreast
configuration, installation of convenient carry-on
luggage racks and other refinements. Besides in
creasing the carrier's usefulness to the traveling
public, the increased seating allows more passen
ger revenue per flight without raising operating
costs.
To meet the ever-growing traffic demands,
two additional DC-3's were purchased in Feb
ruary, 1956. They are now being standardized
and will be in service before summer, raising the
Northliner fleet to 20 DC-3's.
More DC-3's will be added as required by in
creased traffic and route extensions. The com
pany is also preparing for conversion to larger
and faster aircraft when a suitable replacement
for the DC-3 becomes available. An intensive
program is underway to inspect and evalu
ate all possible replacements now offered and
those being developed by the various aircraft
manufacturers.
Route Development
During the year North Central Airlines filed
a number of applications with the Civil Aero
nautics Board for routes which would extend the
present system west to Denver, south to St.
Louis, east to Buffalo, and north to Port Arthur-
Fort William, Canada. These route extensions
are shown on the accompanying map.
North Central's present system measures
2,661 route-miles serving 43 cities in six states
-- North Dakota, Minnesota, Wisconsin, Mich
igan, Illinois and Indiana. The company's appli
cations cover 10,281 new route-miles serving
93 cities in Canada, New York, Pennsylvania,
Ohio, Indiana, Michigan, Illinois, Iowa, Mis
souri, Kansas, Nebraska, Colorado, Wyoming,
North and South Dakota and Minnesota.
In addition, North Central has filed applica
tions for helicopter service in the Detroit,
Chicago-Milwaukee and Minneapolis-St. Paul
metropolitan areas. These helicopter routes
would add an additional 1,682 miles and pro
vide service to 110 cities.
Public hearings in the Lake Central Airlines
acquisition case were concluded December 22 in
Washington, D. C. North Central in 1952 con
tracted for the purchase of Lake Central. This
purchase requires approval of the Civil Aero
nautics Board. In its presentation before the
Board, North Central asserted it could provide
improved service to Lake Central's cities at con
siderably less cost to the government. North
Central proposes initially to increase service over
the Lake Central system by 48% and at the
same time save the Federal Government $446,-
000 annually in air mail subsidy. A decision in
the case is expected before the end of 1956.
A pre-hearing conference in the "Seven States
Area Case" was held in January, 1956. In this
case, the Board will determine the need for addi
tional service in the area south and west of
North Central's system and will consider appli
cations filed by North Central and several other
carriers.
An application was filed in January, 1956, re
questing authority to operate non-stop flights be
tween Minneapolis-St. Paul and Milwaukee;
between Minneapolis-St. Paul and Chicago;
and between Madison and Chicago. Under cur
rent authority, North Central is required to serve
intermediate points on all flights over these
routes. Other applications on file include service
from Duluth-Superior and Houghton-Hancock
to Port Arthur-Fort William; Marquette to Sault
Ste. Marie; Detroit to Cincinnati via Toledo and
Columbus; Detroit to Erie, Buffalo and Toronto.
All North Central applications combined in
volve 11,963 additional miles -- more than four
times the present system. The company is hope
ful that the Civil Aeronautics Board will ap
prove a substantial part of this new route mile
age.
Permanent Certificate
Awarded
Last fall the Civil Aeronautics Board award
ed all local airlines permanent certificates in ac
cordance with federal legislation signed into law
by the President on May 19, 1955.
North Central's permanent certificate em
braces all routes except the recently awarded
Chicago-Detroit segment for which perma
nency is being deferred pending a court appeal
by an unsuccessful applicant in that case.
Of the 43 cities directly served by North Cen
tral, 33 were designated as permanent, six were
renewed for three years, with the four inter
mediate points on the Chicago-Detroit segment
deferred. The three-year cities are Thief River
Falls, Bemidji, Brainerd and Winona, Minne
sota; Ironwood, Michigan; and Clintonville,
Wisconsin.
Culminating years of effort by the entire local
airline industry, this permanency removes the
uncertainty of temporary system certification
which required periodic renewal. It gives North
Central the security necessary to enter a long-
range equipment program, intensify route and
traffic development and provide improved serv
ice.
Several cities on the North Central system
will undertake major airport improvements in
1956, reflecting the security brought about by
the company's permanent status.
Eight cities ( five served exclusively by North
Central) will construct modern passenger ter
minal buildings this year; several more plan to
improve present runways, build new runways
and taxiways and purchase more land to protect
approaches and to prepare for future expansion.
Forecast for 1956
The growing patronage of the traveling pub
lic, together with the considerably increased
volume of service being offered, should permit
the company to carry over 600,000 passengers
this year. Based on industry projections for 1956,
this means that North Central would again lead
all local airlines by a substantial margin.
This position of traffic leadership and the
maintenance of operating costs at a low level
wifi enable the company to further reduce its
dependency on federal subsidy while continuing
to earn a satisfactory return on its investment.
PROFIT OR LOSS
1948-1955
ears e.
NUMBER OF REVENUE PASSENGERS 283,556
30%
217,663
42%
153,047
59%
96,265
97%
48,797
50%
1949
I
1950 1951 1952 1953 1954
TON-MILES OF AIR MAIL
121,058
12%
108,418
14%
94,696
57%
60,292
49%
40,555
11,520

20,594
79% Gain
T
97%
T
1948 1949 1950 1951 1952 1953 1954
TON-MILES AIR EXPRESS 194,722
20%
161,963
17%
138,341
29%
107,408
123%
22,303
60% Gain
13,908
1948
T
1949
48,095
116%
1950 1951
430,445
52%
1955
139,697
15%
1955
298,227
53%
1952 1953 1954 1955
Operations commenced February 24, 1948
430,445
FIRST IN PASSENGERS
Number of Passengers Carried in 1 955
362,233
349,673
247,031
268,618
283,397
200,945
157,659
170,589
176,922
94,282
107,115 114,148
Central Bonanza Lake Trans- Southern Frontier West Ozark Southwest Mohawk Allegheny Piedmont North
Central Texas Coast Central
139,697
FIRST IN AIR MAIL
Ton-Miles of Air Mail in 1955
96,859
107,092 108,581
86,823
74,017 74,557
64,727
25,948 27,770
34,572
40,923
47,242
Lake Bonanza West Central Mohawk Southwest Ozark Allegheny Southern Piedmont Frontier Trans- North
Central Coast Texas Central
298,227
FIRST IN AIR EXPRESS
Ton-Miles of Air Express in 1955 193,414
162,240
123,221 130,438 133,941
86,109
58,002
72,718 75,659
20,367 23,756 25,033
Central West
Coast
Bonanza Southwest Trans-
Texas
Mohawk Frontier Piedmont Lake Southern Ozark Allegheny
Central Central
L -PiJa' J l-.-
PRESENT ROUTES
PROPOSED ROUTES
PROPOSED HELICOPTER ROUTES
SHOWN ON FOLLOWING PAGE
North Central Airlines has on file
with the Civil Aeronautics Board ap
plications for helicopter service in the
Detroit, Chicago-Milwaukee and Min-
neapolis-St. Paul metropolitan areas.
In addition to awaiting approval by
the Board, inauguration of service will
depend upon the availability of suit
able equipment, still only in the ex
perimental stage of development.
These maps show the proposed heli
copter routes.
MINNEAPOLIS-ST. PAUL
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PONTIAC J>/ORT HURON
BIRMINGHAM
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ROYAL OAK
ROSEVILLE
DETROIT CITY
RIVER ROUGE
WYANDOTTE
RENTON
DETROIT
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WEST CHICAGO
AURORA _
NAPERVILLE
LAGRANGE
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LOCKPORT
WILMINGTON
MICHIGAN CITY
VALPARAISO
CROWN POINT
MILWAUKEE-CHICAGO
Maintaining a perfect safety record, North Central Air
lines has received the National Safety Council's Annual
Aviation Safety Award each year since the beginning of
operations.
Through 1955, the "Northliner" fleet flew 25,130,175
route-miles and carried 1,273,796 revenue passengers.
The company's aircraft now fly over 600,000 miles a
month operating some 90 flights a day in serving 43 cities
in six states. This high frequency of service entails about
600 take-offs and landings each day -- an average of one
operation every one and three-quarters minutes.
North Central's perfect safety record is a tribute to the
outstanding efficiency and care exercised by maintenance
personnel, flight crews and ground operations employees
who have always placed safety ahead of all other consider
ations.
BALANCE SHEET DECEM
'i
CURRENT ASSETS
Cash $ 230,179
Accounts receivable
United States Government
Traffic
Other
$ 246,132
649,717
59,066 954,915
Inventories -- at the lower of cost
(determined by fhe first-in, first-out method) or market
Parts and supplies
Gasoline and oil
174,246
15,041 189,287
Prepaid expenses and sundry deposits 44,446
INVESTMENTS - AT COST
Capital Stock of Aeronautical Radio, Inc.
and Airlines Clearing House, Inc 1,101
Revenue bonds of City of Minneapolis,
Metropolitan Sports Area 1,000 2,101
OPERATING PROPERTY AND EQUIPMENT
Flight equipment ( equipment costing approximately
$2,335,000 pledged as security for note payable) 2,534,272
Ground equipment 386,650
Hangar building and improvements to leased property .... 105,768
Furniture and fixtures 86,196
Total --at cost 3,112,886
Less depreciation to date 1,839,298 1,273,588
DEFERRED CHARGES
Route development expense 51,237
Other 19,472 70,709
$2,765,225
CURRENT LIABILITIES
Notes payable
Payments due within twelve months
4-M% note payable
Other notes payable
$ 225,000
9,934 $ 234,934
Accounts payable
Trade
Traffic
251,883
465,153 717,036
Taxes on income for the year ended December 31, 1955. . . 18,000
Unearned transportation revenue 58,241
Income taxes withheld from employees 39,696
Accrued liabilities
Salaries and wages
Taxes (other than income taxes)
Other
184,177
20,738
216,553 421,468
NONCURRENT LIABILITIES
4-34% note payable, secured by pledge of flight equipment,
due in monthly installments to December 10, 1957 375,000
Less payments due within twelve months 225,000 150,000
Other notes payable, secured by pledge of certain equipment,
due in monthly installments 37,004
Less payments due within twelve months 9,934 27,070
6% convertible debentures, due July 31, 1964 195,300
$1,489,375
372,370
CAPITAL
Common stock -- authorized, 750,000 shares of $1 par
value; issued and outstanding, 316,560 shares 316,560
Paid-in in excess of par value of stock issued, less organiza
tion and capital stock expense written off 667,277 983,837
Earned surplus (deficit) 80,357* 903,480
$2,765,225
`Denotes red figure.
The accompanying notes to financial statements are an integral part of this balance sheet.
y/rsft'm e/t /
TRANSPORTATION REVENUE
Mail
Passenger
Express
Excess baggage
Non-scheduled transport service.
YEAR ENDED DECEMBER 31, 1955
$1,689,890
4,933,487
126,476
30,477
28,711 $6,809,041
OPERATING EXPENSES
Flying operations
Flight equipment maintenance
Ground operations
Ground and indirect maintenance
Passenger service
Traffic and sales
Advertising and publicity
General and administrative
Provision for depreciation and obsolescence
Operating profit
1,959,481
845,753
1,102,295
333,608
320,195
921,705
185,111
456,193
470,169 6,594,510
214,531
OTHER INCOME
Incidental revenue and cash discounts earned 8.964
223,495
OTHER DEDUCTIONS
Interest 35,328
Extension and development expenses 26,995
Sundry 14,723 77,046
Earnings (before taxes on income) 146,449
TAXES ON INCOME
Federal normal tax and surtax 15,900
State income taxes 2,100 18,000
NET EARNINGS
The accompanying notes to financial statements are an integral part of this statement of earnings.
$ 128,449
r4
YEAR ENDED DECEMBER 31, 1955
Earned surplus (deficit)--January 1, 1955 $208,806
Net earnings for the year ended December 31, 1955 128,449
EARNED SURPLUS (DEFICIT)--DECEMBER 31, 1955 $~80,357
The accompanying notes to financial statements are an integral part of this statement of earned surplus.
NOTES TO FINANCIAL STATEMENTS--December 31, 1955
1. The company is operating under a permanent certificate of public convenience
and necessity which was granted by the Civil Aeronautics Board in 1955.
2. Mail revenues are based on a permanent sliding scale rate as established by the
Civil Aeronautics Board on December 10, 1954.
3. The provision for income taxes of $18,000 takes into consideration the availability
of prior years' net losses as a reduction of current year's taxable income. Approxi
mately $103,000 of loss carryovers are available for Federal tax purposes and
$92,000 for State tax purposes. Accordingly Federal taxable income is approxi
mately $41,000 and State taxable income is $55,000 before considering allocation.
The Internal Revenue Service and the various state taxing authorities have not
examined the company's prior years' income tax returns.
4. The 6% convertible debentures may be redeemed by the company, in whole, or
from time to time in the amount of $1,000 or any multiple thereof, by giving at
least thirty days' notice. A premium will be paid on the redemption of any
debentures prior to July 31, 1959, as follows: 3% of the principal amount of the
debentures redeemed from July 31, 1954 to and including July 30, 1956; 2% of
the principal amount of debentures redeemed from July 31, 1956 to and including
July 30, 1958; 1% of the principal amount of debentures redeemed from July
31, 1958 to and including July 30, 1959. No premium will be paid on deben
tures redeemed subsequent to July 30, 1959.
The debentures are convertible to common stock of the company, as follows:
$3.00 principal amount of such debenture for each share of common stock con
verted on or before July 30, 1959; $4.00 principal amount of such debenture con
verted on or before July 30, 1961; $5.00 principal amount of such debenture for
each share of common stock converted on or before July 30, 1964.
During the year holders of $19,700 of debentures exercised their conversion
privileges and accordingly received 6,560 shares of the capital stock of the com
pany in exchange for the debentures. These transactions resulted in an increase
of $6,560 in the capital stock account and $13,140 in the paid-in surplus account.
5. The company's stock option plan, adopted on February 19, 1953, provides that
60,000 shares of authorized but unissued $1.00 par value common stock be made
available for purchase by employees.
Options for such purchase at $2.8125 per share are to be granted from time to
time by the Board of Directors. The plan will terminate on the day of the annual
stockholders' meeting in 1959.
On January 21, 1955 the Board of Directors approved options to two Officers
to purchase 10,000 shares each and on November 19, 1955 the Board approved
options to five Officers to purchase 1,000 shares each. During 1955 one Officer
purchased 10,000 shares at the option price. This sale resulted in an increase of
$10,000 in the capital stock account and $18,125 in the paid-in surplus account. In
January, 1956, five Officers exercised their cations and purchased 1,000 shares each.
6. As security for the loan from Northwestern National Bank the company has
pledged eighteen DC-3 aircraft. Pursuant to the loan agreement, the company
agrees that it will maintain current assets that are equal to or in excess of its
current liabilities; however, for the purpose of this computation liabilities will
not include any indebtedness to the bank under this loan agreement.
7. The company has an agreement to purchase 80,054 shares or approximately 96%
of the capital stock of Lake Central Airlines, Inc. The contemplated acquisition is
awaiting approval of the Civil Aeronautics Board.
8. The company has contracted for the purchase of one DC-3 aircraft for approxi
mately $102,000. It is anticipated that this purchase will be financed by a bank
loan of $100,000 to be repaid in monthly installments with the last payment
expected to be made in December, 1957.
Operating Revenues 1955 1954 1953 1952 1951 1950 1949 1948
Passenger $4,933,487 $3,351,782 $2,303,738 $1,470,536 $ 860,599 $ 427,278 $ 271,576 $ 113,648
Mail 1,689,890 2,328,921 2,468,685 1,681,542 1,181,596 1,355,145 1,036,243 580,968
Express 126,476 75,630 68,117 55,861 45,173 18,637 8,364 5,963
Excess Baggage 30,477 20,975 15,739 12,783 5,643 2,419 1,519 1,012
Non-Scheduled Transport Service . 28,711 46,734 25,436 -0- -0- -0- -0- -0-
TOTAL $6,809,041 $5,824,042 $4,881,715 $3,220,722 $2,093,011 $1,803,479 $1,317,702 $ 701,591
Operating Expenses
Flying Operations $1,959,481 $1,654,155
724,209
$1,378,220 $ 910,779 $ 591,245 $ 459,643 $ 350,180 $ 190,630
Flight Equipment Maintenance . . . 845,753 690,589 483,292 275,469 267,105 229,946 127,966
Ground Operations 1,102,295 941,297 854,545 631,216 417,329 418,594 321,057 201,762
Ground and Indirect Maintenance . 333,608 365,761 362,024 288,407 153,248 133,142 110,236 50,414
Passenger Service 320,195 252,160 207,489 137,652 80,589 14,161 6,791 3,294
Traffic and Sales 921,705 651,665 557,885 313,470 182,929 38,139 26,964 16,750
Advertising and Publicity 185,111 139,796 116,451 60,030 65,295 30,069 20,303 15,683
General and Administrative 456,193 392,661 335,891 277,638 198,235 161,234 138,424 94,069
Depreciation and Obsolescence . . . 470,169 535,557 428,308 205,192 143,722 120,329 99,599 54,645
TOTAL $6,594,510 $5,657,261 $4,931,402 $3,307,676 $2,108,061 $1,642,416 $1,303,500 $ 755,213
Net Operating Income (or Loss) . .
Amortization of Route Development
214,531 166,781 (49,687) (86,954) (15,050) 161,063 14,202 (53,622)
Expense (26,995) (5,227) (10,618) -0- -0- (65,015) (86,292) (73,525)
Other Income or Expenses, Net. . . (41,087) (49,847) (54,283) (36,439) 21,317 (3,935) (3,793) (897)
Net Income or (Loss) Before Taxes 146,449 111,707 (114,588) (123,393) 6,267 92,113 (75,883) (128,044)
Income Taxes 18,000 -0- -0- -0- -0- -0- -
0-
-0-
Net Income or (Loss) $ 128,449 $ 111,707 (114,588) (123,393) $ 6,267 $ 92,113 (75,883) (128,044)
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A/eXander Grat
Via South Bend, Kalamazoo, Battle Creek and Jackson
Now 900 Employees -- 125 Supervisory and Clerical Personnel . . .
Daily Service to 43 Cities in Six States
Serving America's Northern Playground
350 Station Employees. . . 200 in Maintenance . . . 225 Stewardesses and Pilots
DC-3 Northliners Loading at Milwaukee's New Terminal