WestJet announces 19th consecutive quarter of profitability
Airline reports fourth quarter net earnings of $20.2 million
CALGARY, Feb. 17 /PRNewswire-FirstCall/ - WestJet (TSX:WJA) today announced its fourth quarter and full-year results for 2009. The airline reported fourth quarter net earnings of $20.2 million or 14 cents per diluted share and full-year net earnings of $98.2 million or 74 cents per diluted share. The airline's results were impacted by a non-recurring net future income tax reduction during 2009. Excluding this gain, WestJet reported adjusted fourth quarter net earnings of $15.1 million or 11 cents per diluted share and adjusted full-year net earnings of $93.1 million or 71 cents per diluted share.
"We are pleased to report that WestJet finished 2009 with its 19th consecutive quarter of profitability," commented WestJet President and CEO Sean Durfy. "Achieving four quarters of profitable results in a year that will be remembered as the world's worst recession since the great depression is truly a testament to the ability of our WestJetters and our solid business model. The additional challenges of H1N1 and enhanced security measures made this an extremely difficult business environment for the airline industry. However, our WestJetters once again demonstrated that our company can deliver industry-leading financial results despite the pressures."
The airline reported a fourth quarter operating margin of 6.3 per cent compared to 9.6 per cent in the same quarter of 2008. For the full year, WestJet achieved an operating margin of 9.2 per cent compared to a 2008 margin of 11.5 per cent.
"For the fourth quarter and the full year, we were once again one of the top performers in the North American airline industry," said Sean Durfy. "Throughout the year, we strengthened our balance sheet, tightened our cost controls and laid the foundation for continued growth. We also focused on key initiatives including the expansion of WestJet Vacations and the implementation of our new reservation system. Thank you to our exceptional WestJetters for their many accomplishments and ongoing commitment to our airline's success."
Operating highlights (stated in Canadian dollars)
-------------------------------------------------------------------------
Q4 Q4 Full-year Full-year
2009 2008 Change 2009 2008 Change
-------------------------------------------------------------------------
Net earnings
(millions) $20.2 $42.0 (51.9%) $98.2 $178.5 (45.0%)
-------------------------------------------------------------------------
Adjusted net
earnings
(millions)* $15.1 $42.0 (64.0%) $93.1 $178.5 (47.8%)
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Diluted
earnings
per share $0.14 $0.33 (57.6%) $0.74 $1.37 (46.0%)
-------------------------------------------------------------------------
Adjusted
diluted
earnings per
share* $0.11 $0.33 (66.7%) $0.71 $1.37 (48.2%)
-------------------------------------------------------------------------
Revenue
(millions) $570.0 $615.8 (7.4%) $2,281.1 $2,549.5 (10.5%)
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ASMs
(available
seat miles)
(billions) 4.413 4.288 2.9% 17.588 17.139 2.6%
-------------------------------------------------------------------------
RPMs (revenue
passenger
miles)
(billions) 3.461 3.329 4.0% 13.835 13.731 0.8%
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Load factor 78.4% 77.6% 0.8 pts. 78.7% 80.1% (1.4 pts.)
-------------------------------------------------------------------------
Yield (revenue
per revenue
passenger
mile)
(cents) 16.47 18.50 (11.0%) 16.49 18.57 (11.2%)
-------------------------------------------------------------------------
RASM (revenue
per available
seat mile)
(cents) 12.92 14.36 (10.0%) 12.97 14.88 (12.8%)
-------------------------------------------------------------------------
CASM (cost
per available
seat mile)
(cents) 12.10 12.98 (6.8%) 11.77 13.17 (10.6%)
-------------------------------------------------------------------------
CASM,
excluding
fuel and
employee
profit share
(cents) 8.67 8.68 (0.1%) 8.45 8.29 1.9%
-------------------------------------------------------------------------
2008 comparatives have been restated due to a change in accounting
policy. * Refer to reconciliations in the accompanying tables for
further information regarding adjustments.
"In the fourth quarter, we added five new aircraft for a year-end total of 86. Our fleet is serving our growing network of 68 destinations in Canada, U.S., the Caribbean and Mexico," said Sean Durfy. "Our fourth quarter RASM decline of 10 per cent was less of a decline than we expected thanks to a better than anticipated December. RASM continues to be closely managed by carefully balancing load factor and yield."
Sean Durfy also commented on the progress of WestJet's new reservation system, "We have been working diligently to get our service levels back to our high standards. We are pleased to report that call centre wait times are very close to pre-cutover levels. We are grateful for the understanding that our guests have demonstrated. Our WestJetters are working very hard to put this disruption behind us. We are excited about the enhanced functionality that our new reservation system enables including additional opportunities for ancillary revenues and more seamless partnerships with other airlines."
WestJet took a further delivery of a 737-800 series aircraft in February 2010, and the airline plans to take delivery of an additional 737-700 before the end of the first quarter of 2010 bringing its fleet size to 88 aircraft. The airline also anticipates a seven per cent increase in capacity in the first quarter of 2010 compared to the same period in 2009.
"While reports of an economic rebound are starting to surface, we remain cautious in our predictions of recovery," added Sean Durfy. "We believe that we will continue to see pressure on fares in the first quarter of 2010. Although it is still early, it appears that first quarter RASM is tracking to a year-over-year decline of less than five per cent."
"We look back on 2009 as a foundational year, and in 2010 we are focused on finishing what we started," stated Sean Durfy. "In the first quarter we will launch our frequent guest and credit card programs. Throughout 2010, we will enter into additional strategic partnerships with other airlines and continue expanding WestJet Vacations, both of which we believe will enhance our future revenue growth. The strength and leadership of our WestJetters turned 2009 into a profitable year with significant accomplishments, and we have every reason to believe that we can carry this momentum into 2010."
WestJet also reported fourth quarter operational performance. WestJet calculates its on-time performance (the percentage of flights that arrived within 15 minutes of their scheduled time) and completion rate (the percentage of flights completed from flights originally scheduled) based on the U.S. Department of Transportation's standards. WestJet's baggage ratio represents the number of delayed or lost baggage claims made per 1,000 guests. The airline strives to be one of the top North American airlines for these three operational performance metrics.
The airline's on-time performance declined in the fourth quarter due to a number of factors including disruptions caused by winter weather, increased security measures and the initial cutover to its new reservation system.
-------------------------------------------------------------------------
Q4 Q4 Full-year Full-year
2009 2008 Change 2009 2008 Change
-------------------------------------------------------------------------
On-time
performance 63.8% 68.9% (5.1 pts.) 78.6% 77.0% 1.6 pts.
-------------------------------------------------------------------------
Completion
rate 99.1% 98.1% 1.0 pts. 98.9% 98.7% 0.2 pts.
-------------------------------------------------------------------------
Bag ratio 4.36 4.68 6.8% 3.57 4.12 13.3%
-------------------------------------------------------------------------
Caution regarding forward-looking statements
Certain information set forth in this press release, including but not limited to information regarding WestJet's normalization of operations related to its reservation system, capacity projections, anticipated aircraft delivery schedule, implementation of rewards programs, expectations of future revenue from WestJet Vacations, anticipated initiation of airline partnerships, possible fare pressures and projected RASM for the first quarter 2010 contain forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond WestJet's control. These forward-looking statements are based on currently available implementation plans, agreements and bookings, but may vary due to factors including, but not limited to, inability to resolve issues with its reservation system, delay in aircraft delivery, labour shortages or disruptions, change in customer demand, general economic conditions, competitive conditions and availability of personnel and outside consultants. These and additional risk factors are discussed in WestJet's most recent Annual Information Form (AIF) and in other documents WestJet files from time to time with securities regulatory authorities, which are available through the Internet on WestJet's SEDAR profile at www.sedar.com.
Readers are cautioned that undue reliance should not be placed on forward-looking statements as actual results may vary materially from the forward-looking statements. WestJet does not undertake to update any forward-looking statements, except as is required by law.
WestJet's annual Management's Discussion and Analysis (MD&A) and Consolidated Financial Statements and Notes for the years ended December 31, 2009 and 2008 are available through the Internet on westjet.com or WestJet's SEDAR profile at www.sedar.com.
Conference call
WestJet will hold its quarterly analysts' conference call today at 9 a.m. MST (11 a.m. EST). WestJet President and CEO Sean Durfy and Executive Vice-President of Finance and CFO Vito Culmone will discuss WestJet's fourth quarter and year-end 2009 results and answer questions from financial analysts. The conference call is available by calling (647) 427-7450 (in Toronto) or through the toll-free telephone number (888) 231-8191. The call can also be heard live through an Internet webcast in the Media and Investors section of westjet.com.
Consolidated Statement of Earnings
(Stated in thousands of Canadian dollars, except per share amounts)
(Unaudited)
-------------------------------------------------------------------------
Three Months Ended Twelve Months Ended
December 31 December 31
2009 2008 2009 2008
-------------------------------------------------------------------------
Restated Restated
Revenues:
Guest revenues $ 528,104 $ 561,514 $ 2,067,860 $ 2,301,301
Charter and other
revenues 41,938 54,269 213,260 248,205
-------------------------------------------------------------------------
570,042 615,783 2,281,120 2,549,506
Expenses:
Aircraft fuel 148,853 177,422 570,569 803,293
Airport operations 91,901 92,066 352,333 342,922
Flight operations
and navigational
charges 73,313 70,103 298,762 280,920
Marketing, general
and administration 54,659 61,190 208,316 211,979
Sales and
distribution 50,383 40,836 172,326 170,693
Depreciation and
amortization 36,836 34,829 141,303 136,485
Inflight 26,716 26,445 112,054 105,849
Aircraft leasing 25,096 22,710 103,954 86,050
Maintenance 23,884 24,144 96,272 85,093
Employee profit
share 2,297 6,648 14,675 33,435
-------------------------------------------------------------------------
533,938 556,393 2,070,564 2,256,719
-------------------------------------------------------------------------
Earnings from
operations 36,104 59,390 210,556 292,787
Non-operating income
(expense):
Interest income 1,554 5,624 5,601 25,485
Interest expense (16,366) (18,450) (67,706) (76,078)
Gain (loss) on
foreign exchange (754) 20,341 (12,306) 30,587
Loss on disposal
of property and
equipment (324) (475) (1,177) (701)
Gain (loss) on
derivatives 2,817 (6,336) 1,828 (17,331)
-------------------------------------------------------------------------
(13,073) 704 (73,760) (38,038)
-------------------------------------------------------------------------
Earnings before
income taxes 23,031 60,094 136,796 254,749
Income tax expense:
Current 588 304 2,690 2,549
Future 2,268 17,764 35,928 73,694
-------------------------------------------------------------------------
2,856 18,068 38,618 76,243
-------------------------------------------------------------------------
Net earnings $ 20,175 $ 42,026 $ 98,178 $ 178,506
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Earnings per share:
Basic $ 0.14 $ 0.33 $ 0.74 $ 1.39
Diluted $ 0.14 $ 0.33 $ 0.74 $ 1.37
Weighted average
number of shares
outstanding -
basic 144,257,857 127,911,516 132,130,009 128,690,146
Weighted average
number of shares
outstanding -
diluted 144,328,206 127,917,767 132,261,770 129,975,240
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Balance Sheet
(Stated in thousands of Canadian dollars)
(Unaudited)
-------------------------------------------------------------------------
December 31, December 31,
2009 2008
-------------------------------------------------------------------------
Restated
Assets
Current assets:
Cash and cash equivalents $ 1,005,181 $ 820,214
Accounts receivable 27,654 16,837
Future income tax 2,560 8,459
Prepaid expenses, deposits and other 56,239 53,283
Inventory 26,048 17,054
-------------------------------------------------------------------------
1,117,682 915,847
Property and equipment 2,307,566 2,269,790
Intangible assets 14,087 12,060
Other assets 54,367 71,005
-------------------------------------------------------------------------
$ 3,493,702 $ 3,268,702
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Liabilities and shareholders' equity
Current liabilities:
Accounts payable and accrued liabilities $ 231,401 $ 249,354
Advance ticket sales 286,361 251,354
Non-refundable guest credits 64,506 73,020
Current portion of long-term debt 171,223 165,721
Current portion of obligations under
capital leases 744 395
-------------------------------------------------------------------------
754,235 739,844
Long-term debt 1,048,554 1,186,182
Obligations under capital leases 3,358 713
Other liabilities 19,628 24,233
Future income tax 278,999 241,740
-------------------------------------------------------------------------
2,104,774 2,192,712
Shareholders' equity:
Share capital 633,075 452,885
Contributed surplus 71,503 60,193
Accumulated other comprehensive loss (14,852) (38,112)
Retained earnings 699,202 601,024
-------------------------------------------------------------------------
1,388,928 1,075,990
Commitments and contingencies
-------------------------------------------------------------------------
$ 3,493,702 $ 3,268,702
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Statement of Shareholders' Equity
(Stated in thousands of Canadian dollars)
(Unaudited)
-------------------------------------------------------------------------
Three Months Ended Twelve Months Ended
December 31 December 31
2009 2008 2009 2008
-------------------------------------------------------------------------
Restated Restated
Share capital:
Balance, beginning
of period $ 628,740 $ 452,776 $ 452,885 $ 448,568
Issuance of shares
pursuant to stock
option plans - - - 227
Stock-based
compensation
expense on stock
options exercised 509 109 1,561 11,181
Stock-based
compensation
expense on
executive share
units exercised - - 569 -
Issued on public
offering - - 172,463 -
Issuance of shares
pursuant to
employee share
purchase plan 3,835 - 11,071 -
Share issue costs (12) - (7,468) -
Tax effect of
share issue costs 3 - 1,994 -
Shares repurchased - - - (7,091)
-------------------------------------------------------------------------
633,075 452,885 633,075 452,885
Contributed surplus:
Balance, beginning
of period 69,933 57,671 60,193 57,889
Stock-based
compensation
expense 2,079 2,631 13,440 13,485
Stock-based
compensation expense
on stock options
exercised (509) (109) (1,561) (11,181)
Stock-based
compensation expense
on executive share
units exercised - - (569) -
-------------------------------------------------------------------------
71,503 60,193 71,503 60,193
Accumulated other
comprehensive loss:
Balance, beginning
of period (20,465) (9,717) (38,112) (11,914)
Other comprehensive
income (loss) 5,613 (28,395) 23,260 (26,198)
-------------------------------------------------------------------------
(14,852) (38,112) (14,852) (38,112)
Retained earnings:
Balance, beginning
of period 679,027 570,400 611,171 455,365
Change in accounting
policy - (11,402) (10,147) (10,518)
Shares repurchased - - - (22,329)
Net earnings 20,175 42,026 98,178 178,506
-------------------------------------------------------------------------
699,202 601,024 699,202 601,024
Total accumulated
other comprehensive
loss and retained
earnings 684,350 562,912 684,350 562,912
-------------------------------------------------------------------------
Total shareholders'
equity $ 1,388,928 $ 1,075,990 $ 1,388,928 $ 1,075,990
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Statement of Comprehensive Income
(Stated in thousands of Canadian dollars)
(Unaudited)
-------------------------------------------------------------------------
Three Months Ended Twelve Months Ended
December 31 December 31
2009 2008 2009 2008
-------------------------------------------------------------------------
Restated Restated
Net earnings $ 20,175 $ 42,026 $ 98,178 $ 178,506
Other comprehensive
income (loss),
net of tax:
Amortization of
hedge settlements
to aircraft
leasing 350 350 1,400 1,400
Net unrealized gain
(loss) on foreign
exchange
derivatives under
cash flow hedge
accounting(i) (617) 5,556 (911) 7,224
Reclassification
of net realized
gain on foreign
exchange
derivatives to
net earnings(ii) - (2,360) (3,977) (3,197)
Net unrealized gain
(loss) on fuel
derivatives under
cash flow hedge
accounting(iii) 3,266 (31,941) 6,709 (31,625)
Reclassification of
net realized loss
on fuel derivatives
to net earnings(iv) 2,614 - 20,039 -
-------------------------------------------------------------------------
5,613 (28,395) 23,260 (26,198)
-------------------------------------------------------------------------
Total comprehensive
income $ 25,788 $ 13,631 $ 121,438 $ 152,308
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(i) Net of income taxes of $230 and $447 (2008 - $(2,317) and $(3,097))
(ii) Net of income taxes of $nil and $1,576 (2008 - $992 and $1,357)
(iii) Net of income taxes of $(1,353) and $(2,878) (2008 - $13,086 and
$13,086)
(iv) Net of income taxes of $(1,093) and $(8,372) (2008 - $nil and $nil)
Consolidated Statement of Cash Flows
(Stated in thousands of Canadian dollars)
(Unaudited)
-------------------------------------------------------------------------
Three Months Ended Twelve Months Ended
December 31 December 31
2009 2008 2009 2008
-------------------------------------------------------------------------
Restated Restated
Operating activities:
Net earnings $ 20,175 $ 42,026 $ 98,178 $ 178,506
Items not
involving cash:
Depreciation and
amortization 36,836 34,829 141,303 136,485
Amortization of
other liabilities (5,846) (233) (7,595) (937)
Amortization of
hedge settlements 350 350 1,400 1,400
Unrealized loss
(gain)
on derivative
instruments (3,426) 6,323 (2,406) 6,725
Issuance of shares
pursuant to
employee share
purchase plan 3,835 - 11,071 -
Loss on disposal of
property and
equipment 331 1,583 1,504 1,809
Stock-based
compensation
expense 2,079 2,631 13,440 13,485
Income tax credit
receivable - - (1,952) -
Future income
tax expense 2,268 17,764 35,928 73,694
Unrealized foreign
exchange loss
(gain) 1,319 (23,720) 8,440 (34,823)
Change in non-cash
working capital 6,645 (14,001) 19,350 84,242
-------------------------------------------------------------------------
64,566 67,552 318,661 460,586
-------------------------------------------------------------------------
Financing activities:
Increase in
long-term debt 33,855 - 33,855 101,782
Repayment of
long-term debt (41,287) (41,570) (165,757) (179,397)
Decrease in
obligations under
capital leases (112) (95) (406) (375)
Issuance of shares - - 172,463 227
Share issue costs (12) - (7,468) -
Shares repurchased - - - (29,420)
Decrease (increase)
in other assets 3,427 (51) 3,427 (4,135)
Change in non-cash
working capital (2,135) (1,216) (1,463) (4,111)
-------------------------------------------------------------------------
(6,264) (42,932) 34,651 (115,429)
-------------------------------------------------------------------------
Investing activities:
Aircraft additions (10,266) (3,942) (118,686) (114,470)
Aircraft disposals 2 84 27 84
Other property and
equipment and
intangible
additions (3,927) (27,166) (48,155) (90,663)
Other property and
equipment and intangible
disposals - 2 134 172
Change in non-cash
working capital - 5,147 - 5,147
-------------------------------------------------------------------------
(14,191) (25,875) (166,680) (199,730)
-------------------------------------------------------------------------
Cash flow from
(used in) operating,
financing and
investing
activities 44,111 (1,255) 186,632 145,427
Effect of foreign
exchange on cash
and cash equivalents (578) 14,956 (1,665) 21,229
-------------------------------------------------------------------------
Net change in cash
and cash equivalents 43,533 13,701 184,967 166,656
Cash and cash
equivalents,
beginning of period 961,648 806,513 820,214 653,558
-------------------------------------------------------------------------
Cash and cash
equivalents, end
of period $ 1,005,181 $ 820,214 $ 1,005,181 $ 820,214
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Cash interest paid $ 16,336 $ 18,782 $ 67,973 $ 76,604
Cash taxes paid $ 651 $ 515 $ 3,369 $ 2,305
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Operating Highlights
(Unaudited)
-------------------------------------------------------------------------
Three months ended
December 31,
2009 2008 Change
-------------------------------------------------------------------------
ASMs 4,412,573,833 4,288,054,528 2.9%
RPMs 3,460,905,058 3,328,856,003 4.0%
Load factor 78.4% 77.6% 0.8 pts.
Yield (cents) 16.47 18.50 (11.0%)
RASM (cents) 12.92 14.36 (10.0%)
CASM (cents) 12.10 12.98* (6.8%)
CASM, excluding fuel and
employee profit share (cents) 8.67 8.68* (0.1%)
Fuel consumption (litres) 216,871,585 210,090,434 3.2%
Fuel costs per litre (dollars) 0.69 0.84 (17.9%)
Segment guests 3,515,168 3,518,362 (0.1%)
Average stage length (miles) 923 899 2.7%
Utilization (hours) 11.4 12.1 (5.8%)
Number of full-time equivalent
employees at period end 6,291 6,187 1.7%
Fleet size at period end 86 76 13.2%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Twelve months ended
December 31,
2009 2008 Change
-------------------------------------------------------------------------
ASMs 17,587,640,902 17,138,883,465 2.6%
RPMs 13,834,761,211 13,730,960,234 0.8%
Load factor 78.7% 80.1% (1.4 pts.)
Yield (cents) 16.49 18.57 (11.2%)
RASM (cents) 12.97 14.88 (12.8%)
CASM (cents) 11.77 13.17* (10.6%)
CASM, excluding fuel and
employee profit share (cents) 8.45 8.29* 1.9%
Fuel consumption (litres) 859,115,698 839,699,921 2.3%
Fuel costs per litre (dollars) 0.66 0.96 (31.3%)
Segment guests 14,038,827 14,283,630 (1.7%)
Average stage length (miles) 923 913 1.1%
Utilization (hours) 11.7 12.3 (4.9%)
Number of full-time equivalent
employees at period end 6,291 6,187 1.7%
Fleet size at period end 86 76 13.2%
-------------------------------------------------------------------------
* Restated
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Reconciliation of non-GAAP measures to GAAP
To supplement the consolidated financial statements presented in accordance with Canadian GAAP, WestJet uses various non-GAAP performance measures. These measures are provided to enhance the reader's overall understanding of WestJet's current financial performance and are included to provide investors and management with an alternative method for assessing the operating results in a manner that is focused on the performance of ongoing operations and to provide a more consistent basis for comparison between quarters. These measures are not in accordance with, or an alternative to, Canadian GAAP and do not have standardized meanings. Therefore, they are not likely to be comparable to similar measures presented by other entities.
Net earnings and diluted EPS
(Stated in thousands of Canadian dollars, except per unit amounts)
(Unaudited)
-------------------------------------------------------------------------
Three months ended
December 31
2009 2008
-------------------------------------------------------------------------
Restated
Net earnings and
diluted EPS - GAAP $ 20,175 $ 0.14 $ 42,026 $ 0.33
Non-recurring net
future income tax
expense reduction (5,051) (0.03) - -
-------------------------------------------------------------------------
Adjusted net earnings
and diluted EPS $ 15,124 $ 0.11 $ 42,026 $ 0.33
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Twelve months ended
December 31
2009 2008
-------------------------------------------------------------------------
Restated
Net earnings and
diluted EPS - GAAP $ 98,178 $ 0.74 $ 178,506 $ 1.37
Non-recurring net
future income tax
expense reduction (5,051) (0.03) - -
-------------------------------------------------------------------------
Adjusted net earnings
and diluted EPS $ 93,127 $ 0.71 $ 178,506 $ 1.37
-------------------------------------------------------------------------
-------------------------------------------------------------------------
CASM, excluding fuel and employee profit share
(Stated in thousands of Canadian dollars, except per unit amounts)
(Unaudited)
WestJet excludes the effects of aircraft fuel expense and employee profit share expense to assess the operating performance of the business. Fuel expense is excluded from operating results due to the fact that fuel prices are impacted by a host of factors outside WestJet's control, such as significant weather events, geopolitical tensions, refinery capacity and global demand and supply. Excluding this expense allows WestJet to analyze its operating results on a comparable basis. Employee profit share expense is excluded from operating results due to its variable nature and excluding this expense allows greater comparability.
-------------------------------------------------------------------------
Three Months Ended Twelve Months Ended
December 31 December 31
2009 2008 2009 2008
-------------------------------------------------------------------------
Restated Restated
Operating
expenses
- GAAP $ 533,938 $ 556,393 $ 2,070,564 $ 2,256,719
Adjusted
for:
Aircraft
fuel
expense (148,853) (177,422) (570,569) (803,293)
Employee
profit
share
expense (2,297) (6,648) (14,675) (33,435)
-------------------------------------------------------------------------
Operating
expenses,
excluding
above
items -
non-GAAP $ 382,788 $ 372,323 $ 1,485,320 $ 1,419,991
ASMs 4,412,573,833 4,288,054,528 17,587,640,902 17,138,883,465
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CASM,
excluding
above items
(cents) -
non-GAAP 8.67 8.68 8.45 8.29
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About WestJet
WestJet is Canada's preferred airline, offering scheduled service throughout its 68-city North American and Caribbean network. Inducted into the corporate culture hall of fame after being named one of Canada's most admired corporate cultures in 2005, 2006, 2007 and 2008, WestJet pioneered low-cost flying in Canada. WestJet offers increased legroom, leather seats and live seatback television provided by Bell TV on its modern fleet of 87 Boeing Next-Generation 737 aircraft. With future confirmed deliveries for an additional 48 aircraft through 2016, WestJet strives to be one of the five most successful international airlines in the world.
SOURCE WestJet
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