The consolidated financial statements for Dowsett Shipping Corporation and Subsidiaries follow.
Dowsett Shipping Corporation and Subsidiaries
Consolidated Income Statements
(In thousands, except per share amounts)

Dowsett Shipping Corporation and Subsidiaries
Consolidated Balance Sheets
(In thousands)

Required:
1. Evaluate Dowsett's performance in 2019.
2. What were the primary factors responsible for Dowsett's loss in 2018 and return to profitability in 2019?
3. How did Dowsett finance the $329,878,000 increase in assets in 2019?

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Fiscal year ended May 31, 2019 2018 2017 $7,808,043 $7,550,060 $7,688,296 Revenues Operating expenses: Salaries and employee benefits Rentals and landing fees Depreciation and amortization $3,807,493 658,138 579,896 495,384 404,639 (12,500) 1,497,820 $7,430,870 $ 377,173 $3,637,080 672,341 577,157 508,386 404,311 254,000 1,473,818 $7,527,093 $ 22,967 $3,438,391 650,001 562,207 663,327 449,394 121,000 1,551,850 $7,436,170 $ 252,126 Fuel Maintenance and repairs Restructuring charges Other Operating income Other income (expenses): Interest, net Gain on disposition of aircraft and related equipment Other, net Payroll tax loss Other income (expenses), net Income (loss) before income taxes and extraordinary loss Provision (credit) for income taxes Income (loss) before extraordinary loss Extraordinary loss, net of tax benefit of $34,287 Net income (loss) $(160,923) $(164,315) $(181,880) 2,832 4,633 (17,307) 11,375 (8,679) (32,000) (8,312) S(173,597) S(169,795) $(211,184) $ 203,576 93,767 $ 109,809 $ 40,942 35,044 5,898 $(146,828) (33,046) $(113,782) (55,943) 53,866 $(113,782) 5,898 May 31, 2019 2018 ASSETS Current assets: $ 155,456 Cash and cash equivalents Receivable, less allowance for doubtful accounts of $31,308 and $32,074 Spare parts, supplies and fuel Prepaid expenses and other Deferred income taxes 78,177 922,727 164,087 63,573 133,875 $ 1,439,718 899,773 158,062 69,994 Total current assets $ 1,206,006 Property and equipment, at cost Flight equipment Package handling and ground support equipment Computer and electronic equipment Other $ 2,843,253 1,413,793 947,913 1,501,250 $6,706,209 (3,229,941) $3,476,268 $ 2,540,350 1,352,659 851,686 1,433,212 $6,177,907 (2,766,610) $ 3,411,297 Less accumulated depreciation and amortization Net property and equipment Other assets: $ 432,215 444,863 $ 877,078 $ 5,793,064 $ 487,780 358,103 $ 845,883 $ 5,463,186 Goodwill Equipment deposits and other assets Total other assets Total assets