JET-A, LLC

PRO FORMA INCOME STATEMENT

 QUARTER QUARTER QUARTER QUARTER YEAR QUARTER QUARTER QUARTER QUARTER 

2010 -1 2010 -2 2010 -3 2010 -4 2010 2011-1 2011-2 2011-3 2011-4 

REVENUE

REVENUE FROM CHARTER SALES 201,250 201,250 201,250 201,250 805,000 1,540,000 1,540,000 1,540,000 1,540,000 

 

REVENUE FROM MANAGEMENT FEES 30,000 - 30,000 30,000 30,000 

 

TOTAL REVENUE 201,250 201,250 201,250 201,250 805,000 1,570,000 1,570,000 1,570,000 1,570,000 

 

EXPENSESDIRECT COSTS

FUEL AND OIL 61,141 61,141 61,141 61,141 244,563 354,406 354,406 354,406 354,406 

 

MAINTENANCE 36,181 36,181 36,181 36,181 144,725 201,314 201,314 201,314 201,314 

 

LANDING AND PARKING 2,188 2,188 2,188 2,188 8,750 32,188 32,188 32,188 32,188 

 

NAVIGATION FEES 3,281 3,281 3,281 3,281 13,125 11,156 11,156 11,156 11,156 

 

CREW EXPENSES 2,188 2,188 2,188 2,188 8,750 26,188 26,188 26,188 26,188 

 

SMALL SUPPLIES AND CATERING 4,922 4,922 4,922 4,922 19,688 49,922 49,922 49,922 49,922 

 

TOTAL DIRECT COSTS 109,900 109,900 109,900 109,900 439,600 675,173 675,173 675,173 675,173 

 

FIXED COSTS

SALARIESCOCKPIT CREW 50,000 50,000 50,000 50,000 200,000 121,250 121,250 121,250 121,250 

 

CABIN CREW - - - - - 36,000 36,000 36,000 36,000 

 

MECHANIC 30,000 30,000 30,000 30,000 120,000 42,000 42,000 42,000 42,000 

 

LEASE PAYMENTS - - - - - 231,000 231,000 231,000 231,000 

 

HANGAR 12,000 12,000 12,000 12,000 48,000 52,000 52,000 52,000 52,000 

 

INSURANCE 5,238 5,238 5,238 5,238 20,950 29,713 29,713 29,713 29,713 

 

RECURRENT TRAINING 15,000 15,000 15,000 15,000 60,000 33,750 33,750 33,750 33,750 

 

UNINSURED DAMAGE 6,250 6,250 6,250 6,250 25,000 12,500 12,500 12,500 12,500 

 

INTERIOR REFURBISHMENT 5,000 5,000 5,000 5,000 20,000 23,750 23,750 23,750 23,750 

 

NAVIGATION CHART SERVICE 800 800 800 800 3,200 2,300 2,300 2,300 2,300 

 

COMPUTER MAINT. PROGRAM 2,550 2,550 2,550 2,550 10,200 9,925 9,925 9,925 9,925 

 

WEATHER/FLIGHT PLANNING SERVICE 600 600 600 600 2,400 4,350 4,350 4,350 4,350 

 

TOTAL FIXED COSTS 127,438 127,438 127,438 127,438 509,750 598,538 598,538 598,538 598,538 

 

GROSS PROFIT (36,088) (36,088) (36,088) (36,088) 296,290 (144,350) 296,290 296,290 296,290 

 

ADMINISTRATIVE EXPENSES

LEGAL/ACCOUNTING/CONSULTING 3,750 3,750 3,750 3,750 15,000 13,750 13,750 13,750 13,750 

 

ADVERTISING 1,500 1,500 1,500 1,500 6,000 3,000 3,000 3,000 3,000 

 

OFFICE EXPENSES 1,500 1,500 1,500 1,500 6,000 1,500 1,500 1,500 1,500 

 

SALARIES-OFFICE 3,000 3,000 3,000 3,000 12,000 15,000 15,000 15,000 15,000 

 

SALARIES-EXECUTIVE DEPARTMENT - - - - - - - - - 

 

BENEFITS 14,400 14,400 14,400 14,400 57,600 53,775 53,775 53,775 53,775 

 

TOTAL ADMINISTRATIVE COSTS 24,150 24,150 24,150 24,150 96,600 87,025 87,025 87,025 87,025 

 

EBDIT (60,238) (60,238) (60,238) (60,238) 209,265 (240,950) 209,265 209,265 209,265 

 
Exhibit A to N500VP Dry Lease Page 1 of 2 

and Charter Management Agreement 

EXHIBIT A 

AIRCRAFT, EXPENSES, AND REVENUE PROVISIONS

EFFECTIVE ON MARCH 26, 2010 

AIRCRAFT INFORMATION

Manufacturer: Boeing 

Model: B737-2H4 

Serial Number: 22062 

Registration Number: N500VP 

Engine Manufacturer: Pratt & Whitney 

Model: JT8D-9A 

Serial Numbers: R: P687759 , L: P707409 

Lienholder(s), if any: 

Owner Representative: ICON JET 

 ERIC HAYMES 

 Phone: (310) 623-2032 

 Fax: __________________ 

 Email: ehaymes@iconjet.com 

EXPENSES

Operating Expense Fund: $ 650,000 (based on estimated monthly 

expenses for 2 months) 

Variable Expenses

Fuel 

At Home Base [$ N/A per gallon OR Operator’s 

Discounted Rate plus $0.00] 

All Other Locations Operator’s Discounted Rate 

Operator Maintenance Labor Rate: $ 95.00 /hr 

Supplemental Pilot Charge $ 600.00 /calendar day 

Crew Overnight Charge $ 1,200.00 /overnight per crew 

Fixed Expenses

Management Fee $ 10,000 /month 

Salaries and Benefits for 7 Crewmembers $ 56,875 /month 

Hangar Rent for Space at KABE $ 13,333 /month 

Fleet Insurance Premium $ 97,900 /year 

Training Expenses for 7 Crewmembers $ 75,000 /year 

Estimated Conformity Process Expenses $ 7,500.00 /Conformity Process 
420 HOUR ANNUAL OPERATING COST

FIXED COSTS - PER YEAR DIRECT COSTS - PER HOUR 420 HRS/YR

Management Fee 120,000 Aircraft Lease 2,200 924,000.00 

Hangar 160,000 Fuel and Oil $2.85 /gal 2,793.00 

Scheduled Maintenance HR $95.00 603.39 

Insurance Daily Line Check 66.86 

Hull Unsched Maint Airframe-Labor/Parts 550 124.40 

PAX/Property/Thrid Party Liability Powerplant 257.66 

Total Premium 97,900 APU 200.00 

Reserves-C Check (MSG-3) 320.38 

Recurrent Training / 3 Pilots / 4 FA 75,000 Total Maintenance 1,572.69 

Uninsured Damage & A/C Modern. 25,000 

Navigation Chart Service 6,000 Invoiced to Customer

Interior Refurbishing Reserve 75,000 Navigation Fees 75.00 

Computer Maint. Program 29,500 Landing & Parking 285.71 

AFIS/Flt Pln & Weather 15,000 Crew Expenses 800 228.57 

Office Lease and Expenses - Small Supplies & Catering 100 428.57 

Legal, Accounting and Consultants Fees 40,000 

Advertising 6,000 

Subtotal Fixed 649,400 

Salaries & Benefits 682,500 

Total Fixed 1,331,900 Total Direct 5,938.38

Total Fixed per Hour 3,171.19 

TOTAL OP PER HR 9,109.57

Employee Salaries

Dir of Ops -

Chief Pilot -

Dir Maintenance -

Line Captain 2 110,000 220,000 

First Officer 1 65,000 65,000 

Chief Dispatcher -

Mechanic 1 48,000 48,000 

Cabin Attendant 4 36,000 144,000 

Admin./Sales 1 48,000 48,000 

Exec Salaries - 

Total Salaries 525,000

Benefits - 30% 157,500

Salary & Benefits 682,500

Boeing B737
175 HOUR ANNUAL OPERATING COST

FIXED COSTS - PER YEAR DIRECT COSTS - PER HOUR 175 HRS/YR

Management Fee - Aircraft Lease - - 

Hangar 48,000 Fuel and Oil $3.25 /gal 1,397.50 

Scheduled Maintenance 300.00 

Insurance

Hull Unsched Maint Airframe-Labor/Parts 465.00 

PAX/Property/Thrid Party Liability Powerplant 50.00 

Total Premium 20,950 APU 12.00 

Total Maintenance 827.00 

Recurrent Training / 2 Pilots 60,000 

Uninsured Damage & A/C Modern. 25,000 

Navigation Chart Service 3,200 Invoiced to Customer

Interior Refurbishing Reserve 20,000 Navigation Fees 75.00 

Computer Maint. Program 10,200 Landing & Parking 200 50.00 

AFIS/Flt Pln & Weather 2,400 Crew Expenses 200 50.00 

Office Lease and Expenses 6,000 Small Supplies & Catering 30 112.50 

Legal, Accounting and Consultants Fees 15,000 

Advertising 6,000 

Subtotal Fixed 195,800 

Salaries & Benefits 249,600 

Total Fixed 445,400 Total Direct 2,224.50

Total Fixed per Hour 2,545.14 

TOTAL OP PER HR 4,769.64

Employee Salaries

Dir of Ops 140,000 

Chief Pilot 60,000 

Dir Maintenance 72,000 

Line Captain -

First Officer -

Chief Dispatcher -

Mechanic 48,000 

Cabin Attendant - 

Admin./Sales 12,000 

Exec Salaries - 

Total Salaries 192,000

Benefits - 30% 57,600

Salary & Benefits 249,600

Challenger 600