Northeast Airlines Annual Report 1952

NORTH ,
EAST AIRLINES
INC.
Board of Directors
JACQUELINE COCHRAN
New York, N. Y.
}AMES F. FITZGERALD
Boston, Mass.
GEORGE E. GARDNER
Boston, Mass.
GEORGE E. GARDNER .
A. A. LANE
ROBERT L. TURNER
HAMIL TON HEARD
HENRY E. FOLEY
FOLEY, HOAG AND ELIOT
LYBRAND, Ross BRos. & MONTGOMERY
OLD COLONY TRUST COMPANY .
PAUL F. COLLINS, Chairman
Winchester, M ass.
GRENVILLE L. HANCOCK
Boston, M ass.
RADU lMIRESCU
New York, N. Y.
ALBERT C. M CM ENIMEN
Boston, Mass.
EUGENE L. VIDAL
Darien, Conn.
Officers
THE FIRST NATIONAL BANK OF BOSTON
. President
Vice President- Operations
Vice President- Sales
. Treasurer and Ass 't to the President
. Clerk of Corporation
General Legal Counsel
Auditors
. Transfer Agent
. Registrar
General Offices, LOGAN AIRPORT, BOSTON 28, MASS.
* NORTHEAST AIRLINES , INC .
The President's Report to
The Stockholders and Employees
I. GENERAL
*
There is submitted herewith Northeast Airlines' Balance Sheet as of December 31, 1952 and Profit
and Loss Statement for the year 1952, certified by the Company's auditors, Lybrand, Ross Bros. & Mont,
gomery. Comparisons with the previous year arid a table of comparative statrstics are also submitted.
These statements reflect a net loss for the year of $27,919 as compared with a net profit of $187,804,
after taxes, in 1951. However, it should be noted that the operating loss for 1952 amounted to $292,901,
compared with an operating profit of $389,275 for the previous year. Most of the difference between aper,
ating loss and net loss represents the excess of insurance proceeds received from the loss of the Convair 240
aircraft in N ew York H arbor in January, 1952 over the net book value of the airplane. This accounting
treatment differs from that followed for the loss of another Convair in Portland in 1949 and the loss of a
DC,3 aircraft at Weymouth in 1950, when the insurance proceeds were applied as a reduction in the cost
of the replacement aircraft. T here ha'S been no replacement of the aircraft lost in 1952.
During 1952 the domestic air transport industry continued its healthy growth in tonnage carried
although rising costs resulted in a decline in earnings. Revenue passenger miles flown were over 3 0 % more
than Pullman passenger miles carried by the railroads. Air mail, expres'S, and freight ton miles flown by
the domestic trunk airlines also reached new all-time highs in 1952. Also, despite the increase of 5,400,000
air mail ton miles flown by the scheduled airlines, there was a decrease of almost $1,000,000 in mail pay,
which amounted to less than 5 % of total revenues in 1952.
Wherea'S in 1951 Northeast Airlines shared in the industry's good fortunes, during 1952 Northeast
was the only airline which showed a decrease in total operating revenues. This was largely the result of a
number of unfavorable events during the first half of the year. Poor weather; a series of fatal accidents
involving other carriers in the New York area which resulted in the closing of the Newark Airport, and
rationing of aviation gasoline during the month of May had a greater impact on your Company than on the
balance of the industry, because of the short-haul nature of the routes that we fly and the geographical
location of the territory we serve.
Fortunately, in June we were able to negotiate a lease for two 5 5-passepger DC,4 's and enjoyed an
excellent volume of business during the peak summer months, carrying a total of 61,452 passengers during
August, which was an all-time record for the Company. Also during that month, total revenues amounted
to over one million dollars for the first time in any one month in the Company's history. As a result, a net
profit of $414,510 was experienced during the third quarter, reducing the lo&S for the year to $131,251 by
the end of September.
* NORTHEAST AIRLINES, INC. *
II. REVIEW OF 1952
Financial
During the year, our working capital increased from $1,362,738 to $1,561,514.
At the end of 1951, all accrued dividends on the Preferred Stock had been paid; however, your
Directors voted to pass the dividend for the quarter ending March 31, 1952, in view of the poor financial
results, andi no dividends have been paid since that time.
The mail pay received during 1952 was at the reduced rate established as of November 1, 1951, by
order of the Civil Aeronautics Board. A special section in this report is devoted to the subject of mail pay
because of the importance of developments in 1952 with respect to that subject.
It is interesting to note that, principally as a result of a $1.00 per ticket fare increase made effective
m the early part of the year, your Company's passenger revenues increased appro:x2imately $35,000 over
1951, even though the number of passengers carried declined by about 27,000. This fare increase also
resulted in an increase in revenue per passenger mile from 6.33 to 6.66. In comparison, the rest of the
industry showed a decline in revenue per passenger mile as a result cf an increase in coach service.
Operations
Although during 1952 both the operating factor and the load factor declined slightly to 91.46 % and
5 8. 04 % respectively, this should not be considered too unsatisfactory in view of the fact that the former
was very close to the level of the previous three years and the load factor was the second highest in the laEt
six years.
As mentioned previously, your Company suffered a complete loss of a Convair 240 aircraft on January
14, 1952, when it landed in New York Harbor while attempting to land at LaGuardia Airpcrt. Fortunately,
no passenger or crew member was seriously injured. The aircraft was completely insured.
The maintenance agreement with Trans World Airlines, Inc., which was entered into on October 1,
1951, continued throughout 1952. The work load under this agreement has increased steadily, and it is
hoped that additional utilization of our maintenance organization in Boston may be obtained by similar
agreements with other companies.
In cooperation with the State of New Hampshire, your Company installed a Type H navigational station
at Keene, New Hampshire. Furthermore, in line with the national policy of changing over to VHF, your
Company replaced the HF stations at Concord, Men tpeher, and Presque Isle with VHF units and supple,
mented the HF station at Bangor with VHF. In 19 52, the program of standardizing all VHF units on
Northeast's system was completed.
Flight Equipment
At the close of 1952, the Company owned four Convair 240 type aircraft and nine DC,3 aircraft.
This fleet has since been reduced by the loss of one Convair 240 at LaGuardia in early 1953, but has been
augmented by the purchase of three DC,3's from United Air Lines. Early in 1953 it was decided to sell,
at no loss to the Company, five Convair 340 type aircraft which had been purchased by the Company for
delivery in 1953, and such sale was effected February 16, 1953.
* NORTHEAST AIRLINES, INC. *
Routes and S erYices
During the year the Army Air Force took over the airport at Portsmouth, New Hampshire, for the
construction of a larger base, and consequently Northeaist Airlines ceased operations to that point.
Mention was made, in last year's report, of the Company's participation in the so-called Wiggins Re,
newal Case and of our requesting various certificate amendments designed to increase the Company's
operating flexibility and to enable it to render better and more efficient service to the New England com,
munity. We are pleased to report that the Civil Aeronautics Board acted favorably on all aspects of the
Company'
s application in this regard.
The Company's application in the Wiggins case also offered the inauguration of service to Pittsfield,
Massachusetts. This service was authorized,, but suspended before it could be commenced, in response to
Wiggins' petition for reconsideration of portio.ns of the Board's decision. The case has now been heard
again by the Civil Aeronautics Board, and a final decision is expected within a short time.
Air Taxi Promotion
Because your Company serves an area which includes many highly industrial towns and important
resort areas not directly served by any airline, it has taken the lead in the industry to promote air carrier
and Air Taxi cooperation. As the name implies, "Air Taxi" service is conducted with smaller aircraft by
local operators. The air taxi operators with whom the scheduled carriers have cooperative arrangements
operate from airpc.rts served by the scheduled airlines, and are members of the National Air Taxi Confer,
ence. Under the cooperative procedures reservations may be made and tickets purchased from origin through
to final destination including the Air Taxi portion of the trip. Upon arrival of our scheduled. flight, the Air
Taxi is waiting and the passenger and his b_
aggage immediately transferred. This new service was well re,
ceived by the public during the
summer of 1952 with approximately 2,000 of our passengers using it. We
believe this is an important step towards making air transportation available to more communities.
Delta Merger
During 1952, the status of the Delta-Northeast merger, which the Civil Aeronautics Board has now
consolidated with the New EnglandrSouthern States Merger Case, remained unchanged. However, Delta
agreed to merge with Chicago & Southern Airlines and this was consummated during the early part of 1953.
Two other mergers took place in the industry during the past year, reducing the number of domestic trunk
carriers from sixteen to fourteen, with Inland and Mid-Continent bein,
g merged into larger airlines. The
Delta-Chicago & Southern combination reduced the number still further to thi~teen, and the taking over of
Colonial by either National or Eastern which is a strong possibility, will leave only twelve trunk airlines.
There is no doubt that this trend is strengthening the position of the airline industry, for consummation
of a Colonial merger would leave only two trunk carriers, one being Northeast Airlines, which would still
require subsidy.
* NORTHEAST AIRLINES, INC. *
Mail Pay
On November 1, 1951, the Civil Aeronautics Board reduced Northeast Airlines' temporary mail rate
so that during the year 1952 the Company's revenue from mail pay amounted to $1,177,265, as compared
with $1,519,980 in 1951. Inasmuch as your Company has been on a temporary rate since May 1, 1947, the
Civil Aeronautics Board early in 1952 notified the Company that a final determination would be made of
the amount of mail pay which should have been paid the Company during the past period. As a result,
conferences were held during the latter part of the year and in early 1953 with members of the staff of the
Civil Aeronautics Board to make such determination; also, to arrive at a rate to be applicable for the period
beginning October 1, 1952.
A "Statement of Provisional Findings and Conclusions" was published by the Board on May 11, 1953,
which proposed a final settlement of rates for the past period and a new permanent future mail rate for the
Company which it is believed will be satisfactory.
Personnel
On December 31, 1952, there were 786 persons employed by Northeast Airlines, compared with 765
on December 31, 1951.
We regret to report that on December 5, 1952, the Company experienced the first strike in its history
when the members of the International Association of Machinists walked out unexpectedly, refusing the
Company's offer to arbitrate and before the expiration of the thirty-day "cooling off" period required
under Section 5 of the Railway Labor Act. They remained on strike until December 20 when they accepted
arbitration and the dispute was finally settled by an arbitrator in early 1953.
For the past two years, a great deal of work and study has been devoted to the setting up of a pension
plan for all employees on a non-contributory basis. Details of this plan, the effective date of which is specified
as January 1, 1953, are included in the proxy statement accompanying this report.
Taxes
Taxes imposed by the Federal Government continue to place a heavy burden upon your Company,
even in a year of unprofitable operations. Thus, in addition to other Federal taxes, your Company paid to
the Federal Government $73,232 in gasoline and oil taxes during 1952. We also collected from passengers
and turned over to the Federal Government $890,173 in transportation taxes.
Safety
During 1952, the domestic scheduled airlines achieved the best safety record in their history, with
only 0.37 fatalities per one hundred million passenger miles flown. The best previous year was 1950, when
a rate of 1.1 fatalities per one hundred million passenger miles was experienced.
In addition, on February 11, 1953, the industry completed twelve consecutive months of flying without
a single fatality after flying over thirteen billion passenger miles.
* NORTHEAST AIRLINES, INC. *
III. OUTLOOK FOR 1953
During 1952 there was a tremendous increase in the offering. of air coach service to the traveling
public, and the very favorable public response accounted for almost 19 % of the total passenger miles flown
by the domestic scheduled airlines. Unfortunately, Northeast Airlines cannot participate in this rapidly
growing type of service, due to the short-haul nature of its route pattern, and it must find other means of
augmenting its income.
Two such means, previously mentioned, produced satisfactory results in 1952 and may be expected to
help our earnings further during 1953. These are the development of traffic through cooperation with air
taxi service and the performing of maintenance work for other carriers. A third method- use of helicopters
- to help solve the short-haul problem has been under serious consideration and study by your Company and
will receive additional attention during the coming year.
However, there is no complete solution to (he short-haul problem, which is the reason Northeast Air,
lines is still one of the three remaining trunkline carriers requiring mail pay subsidy. The profitable part
of the airline business is the long-haul operation. It is axiomatic that the shorter the di-stance flown and
the greater the frequency of stops, the higher are the costs. Very obviously, also, the shorter the route, the
lower the revenue. For this reason, we at Northeast Airlines are completely in accord with the policy of
the Civil Aeronautics Board to encourage mergers in which the long-haul and larger profitable carriers
assume their responsibility in the development of a healthy airline pattern by absorbing the high costs and
other problems of smaller short-haul carriers.
From the point of view of Northeast Airlines, we have had before the Board a proposal to merge
with Delta Airlines since 1950, and discussions have been held on the same subject with other large profitable
operators. However, bearing in mind the ever present possibility that none of these might materialize for one
reason or another, your Company has also applied, as announced in last year's report, for a certificate to fly
between New York and Miami, Florida. This would provide the profitable long,haul segment necessary to
carry the costs of the short-haul New England operation and to enable the Company to attain self,
sufficiency. It would also provide all the New England communities with one-carrier service to Florida
and offer a further advantage of helping to overcome the wide seasonal fluctuation in our operations.
An agreement has just been signed between Pan American World Airways and Northeast Airlines,
whereby your Company has leased three Convair 240 aircraft for the 1953 summer season. This will pro,
vide more seats than were available during the summer of 1952; also, a more flexible operation due to
the additional number of aircraft. For this reason we look forward to a profitable summer operation.
It is expected that your Company will be operating under its new permanent mail rate in the near
future, which will mean additional revenues; and if estimates may be relied upon, could mean a return to
a profitable operation for the full year of 1953.
We extend our thanks to our stockholders for their continued support during the difficult year of 1952.
We are also relying on the continued loyalty and efforts of our employees to return Northeast Airlines to
a profitable Company during the coming year.
May 29, 1953.
For the Board of Directors,
GEORGE E. GARDNER, President
ASSETS
CURRENT ASSETS:
Cash in banks
U. S. Treasury certificates of indebtedness, at cost .
Receivables:
Traffic balances
U. S. Post Office Department (note A)
Other
Total receivables
Prepaid insurance and other expenses
Miscellaneous supplies (at average cost)
Advance payments and costs on purchase of flight equipment (note B)
Total current assets
PROPERTY AND EQUIPMENT, AT CosT:
Flight equipment and related spare parts
Hangar and service building on leased land
Ground and shop equipment
Improvements to rented properties
Warehouse and land
Construction in progress and nonoperating property
Less allowances for depreciation and amortization
Property and equipment, less allowances .
Receivable under stock purchase contract (note C)
Advance payments on purchase of flight equipment (note B)
Deferred charges
NORTHEAST AI RLINES, INC.
1952
$1,122,410
309,999
90,276
87,977
488,252
87,544
109,819
472,089
2,280,114
4,131,218
664,599
563,659
197,375
65,200
91,547
5,713,598
3,310,418
2,403,180
26,875
35,358
$4,745,527
Balance Sheet
As at December 31, 1952 and 1951
1951
$1,015,776
500,458
294,354
125,036
89,010
508,400
99,712
91,954
2,216,300
4,034,332
651,204
581,202
198,004
34,490
5,499,232
3,002,756
2,496,476
26,875
158,910
39,492
$4,938,053
I
CURRENT LIABILITIES:
Accounts payable- vendors and others .
Accrued salaries and wages .
Accrued federal income tax .
LIABILITIES
Taxes withheld and other payroll deductions .
Accrued social security and other taxes .
Unearned transportation revenue
Total current liabilities .
Insurance proceeds in excess of net book amount of DC, 3 aircraft to be applied
to reduce cost of replacement
Reserve against uninsured portion of possible future claims (workmen's compen,
sation) .
Reserve for aircraft overhaul (note D)
Stock purchase contract (see contra) .
CAPITAL
CONVERTIBLE PREFERRED STOCK of no par value (note E):
Authorized 85,000 shares
Issued and outstanding:
1952, 43,567 shares; 1951, 43,938 shares
COMMON STOCK, par value $1.00 per share:
Authorized 2,000,000 shares (note C)
Issued and outstanding- fully paid:
1952, 827,510 shares; 1951, 825,774 shares.
Issued under stock purchase contract- part paid:
10,000 shares at 50 cents per share paid thereon ( unpaid balance under
contract, $26,875 shown above)
CAPITAL SURPLUS, per accompanying statement
DEFICIT since July 1, 1940, per accompanying statement
Total capital .
The accompanying notes are an integral part of the above balance sheet.
1952
$383,333
97,042
55,219
47,330
135,676
718,600
40,386
58,939
26,875
871,340
827,510
5,000
2,257,115
(60,238)
3,900,727
$4,745,5'27
1951
$368,384
70,485
188,000
56,394
42,137
128,162
853,562
47,783
32,050
49,135
26,875
878,760
825,775
5,000
2,251,432
(32,319)
3,928,648
$4,938,053
* NORTHEAST AIRLINES, INC.
Statement of Profit and Loss
For the Years Ended December 31, 19 5 2 and 19 5 1
OPERATING REVENUES:
Passengers
Air mail ( note A)
Express, freight and excess baggage
Other, net .
Total operating revenues
OPERATING EXPENSES:
Conducting transportation
Maintenance and repairs (note D)
Provision for depreciation and amortization
Traffic and advertising .
General and administrative
Taxes other than income taxes
Total operating expenses
Operating (loss) profit .
NON0PERATING INCOME:
Insurance proceeds in excess of net book amount of Convair aircraft
Other .
(Loss) profit before federal income tax
Provision for federal income tax
Net (loss) profit for year
1952
$5,570,124
1,177,265
246,687
105,378
7,099,454
3,497,454
1,436,970
5'86,688
1,137,803
498,410
235,030
7,392,355
(292,901)
262,987
1,995
(27,919)
($27,919)
The accompanying notes are an integral part of the above statement of profit and loss.
*
1951
$5,535,763
1,519,980
234,474
76,642
7,366,859
3,314,502
1,433,230
577,894
990,428
455,155
206,375
6,977,584
389,275
7,689
396,964
209,160
$187,804
* 'NORTHEAST AIRLINES, INC.
Statement of Deficit Since July 1, 1940
For the Year Ended December 31, 1952
BALANCE at beginning of year as previously reported
NET loss for year
BALANCE at end of year
BALANCE at beginning of year .
Statement of Capital Surplus
For the Year Ended December 31, 1952
EXCESS of amount paid in o.r 371 shares of convertible preferred stock surrendered for con-
version over par value of 1,736 shares of common stock issued in exchange therefor
BALANCE at end of year
*
$32,319
27,919
$60,238
$2,251,432
5,683
$2,257,115
* NORTHEAST AIRLINES, INC. *
Notes to Financial Statements
A - AIR MAIL REVENUE:
The Company has been rece1vmg air mail revenue under temporary air mail rates for the period since
April 30, 1947. Amounts so received and to be received are subject to such increase or decrease as may
result from order of the Civil Aeronautics Board fixing final mail rates for the period subsequent to
April 30, 1947.
A proceeding for the determination of a final air mail rate for the period May 1, 1947 through September
30, 1952 and a so-called permanent air mail rate for the period commencing October 1, 1952 is pending
before the Board and it rs presently expected that a final order will be entered in this proceeding some
time in 1953.
B-SALE OF FLIGHT EQUIPMENT:
In February, 1953, the Company entered into an agreement to sell five Convair Model 340 aircraft and
related equipment which had been purchased by the Company for delivery in 1953. The total sales price
is adequate to meet the Company's obligations under its purchase contracts.
Initial amounts received under the sales agreement in February, 195 3 exceed the aggregate of advances
and other payments made under the Company'is purchaise contracts through December 31, 1952.
C~CoMMON STOCK RESERVED FOR SALE To EMPLOYEES AND OFFICERS:
On November 24, 1947 stockholders voted to reserve 100,000 shares of authorized and unissued common
stock for sale to full,time employees, including officers, at a price, payable in instalments, not less than the
market value thereof on, the date of purchase contract. As at December 31, 1952, no such rsales had been
made other than the 10,000 shares sold to the president of the Company under contract dated November
24, 1947 at the then market price of $31,875, of which $5,000 was paid in 1949. On March 12, 1951,
the Company agreed that the unpaid balance of $26,875 receivable on this contract shall not become
due until ( 1) expiration, of six months following termination of the president's employment as general
manager of the Company; or (2) the thirty-fifth day prior to date of consummation of any merger of
the Company with or into another company; or (3) May 24, 195 4, whichever shall be earlier.
D-RESERVE FOR AIRCRAFT OVERHAUL:
The Company charges certain majc,r periodic overhaul costs against a reserve provided for by charges to
maintenance expense. Provisions for aircraft overhaul reserve charged to maintenance expense amounted
to $42,497 in 1952 and $36,242 in 1951. The costs of aircraft overhaul charged against the reserve were
$32,693 in 1952 and $40,505 in 1951.
E-CONVERTIBLE PREFERRED STOCK:
Cumulative dividends on convertible preferred stock are in arrears $43,567 at December 31, 1952.
Under the provisions of the convertible preferred stock, the Company shall not declare any dividend or
redeem or retire any shares of stock or make any distribution to stockholders if immediately thereafter
the net worth of the Company would be less than $20.00 for each share of convertible preferred stock
immediately thereafter outstanding.
As at December 31, 1952, the adjusted conversion rate of the convertible preferred stock is 4 shares of
common stock for each share of convertible preferred stock surrendered for conversion.
All or any part of the convertible preferred stock may be called for redemption at any time at $22.00
per share plus dividends accrued thereon to the redemption date. In case of any liquidation, whether
voluntary -or involuntary, the convertible preferred stock shall be entitled to receive $20.00 per share
plus dividends accrued thereon to the day of payment.
F- CONTINGENCIES:
On October 17, 1950 the Company entered into an agreement of merger with and into Delta Air Lines,
Inc. The merger is conditioned, among other things, upon the approval thereof by the Civil Aeronautics
Board (with the approval of the President of the United States to the extent required by law) and
upon the authorization of Delta as the surviving company to engage in air transportation, of persons,
* NORTHEAST AIRLINES, INC. *
Notes to Financial Statements (Continued)
property and mail between New York City on the Company's present system and points on Delta's
present system south of New York City. An application for the approval of the merger is now pending
before the Board. The agreement contemplates, that at the time the merger is consummated, there will
be no shares of the Company's convertible preferred stock outstanding and provides in general that
holders of shares of its common stock will receive pro rata in exchange for such shares a number of
common shares of Delta to be computed on the basis of net book values of the stocks of the respective
companies as of the close of the month in which final approval is ordered by the Board. Either party
may terminate the agreement upon 30 days' written notice if the necessary Boa!id orders shall not have
been entered.
In 1951 the Civil Aeronautics Board consolidated the proceedings with respect to the application for
approval of the aforementioned proposed merger with its investigation, instituted in September, 1951, to
determine whether the public interest would be furthered by the combination of certain airlines including
the Company. The Board later postponed all proceedings -affecting the Company's merger. The matters
remain pending on the Board's docket, but to the present no dates have been fixed for any further
procedural steps.
The Company has joined with nine other airlines in an agreement with Triborough Bridge & Tunnel
Authority in connection with the construction of a Manhattan terminal building, under which the
company guarantees its proportional share in case of any default under a long-term lease by the
Authority to a corporation organized by the several airlines and has entered into a long-term sublease
with that corporation for a portion of the space in the building.
The Company's federal income tax returns for years subsequent to 1949 have not been examined by the
Treasury Department.
AUDITORS' REPORT
NORTHEAST AIRLINES, INC.,
Boston, Massachusetts.
We have examined the balance sheet of Northeast Airlines, Inc. as at December
31, 1952 and the related statements of profit and loss, of deficit and of capital 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 circum,
stances.
In our opinion, the accompanying statements present fairly the financial position
of Northeast Airlines, Inc. at December 31, 1952, and the results of' its operations for
the year then ended, in conformity with generally accepted accounting principles
applied on a basis consistent with that of the preceding year.
LYBRAND, Ross BRos. & MONTGOMERY
Boston, Massachusetts
April 1, 1953
PASSENGER REVENUE GROWTH
$309,813
$3,992.450
$4,440,034
$5,535,763
$5.570, 124
Mill ions 2 3 4 5 6 7
CARGO REVENUE GROWTH
$8,048

$128,492
~
$189,638
$204,991
$213,115
Thousands 100 200 300
COMPARATIVE STATISTICS
1944 1945' 1946 1947 1948 1949 195'0 195' 1 195'2
Revenue Miles Flown ........ 1,023,737 2,287,366 4,177,375 3,947,030 3,386,881 4,021,226 4,235,126 4,743,281 4,729,487
Completion of Scheduled
Miles ................................ 83.87% 83.61 % 8-2.46% 83.81 % 87.86% 93.54% 92.58% 92.94% 91.46%
Passenger Revenue .............. $742,978 $1,945,444 $4,256,115 $3,468,913 $3,241,912 $3,992,450 $4,440,034 $5,535,763 $5,570,124
Revenue Passengers Carried 53,766 175,608 417,095 325,172 272,292 324,963 372,497 454,738 427,685
Revenue Passenger Miles .... 12,848,222 38,939,107 83,848,737 62,143,281 52,091,160 61,957,458 70,468,046 87,507,199 83,675,411
System Load Factor. .... : 59.14% 74.47% 65.76% 51.24% 48.02% 48.36% 51.82% 60.91 % 58.04%
Passenger Revenue Per
Revenue Mile Flown ...... $.7420 $.8505 $1.0189 $.8789 $.9572 $.9928 $1.0484 $1.1671 $1.1777
Revenue Per Passenger Mile $.0578 $.0500 $.0507 $.0558 $.0622 $.0644 $.0630 $.063 3 $.0666
FIRST IN . EW ENGLAND SKIES
Northeast Airlines
GENERAL OFFICES: LOGAN AIRPORT, BOSTON 28, MASSACHUSETTS