WestJet posts 17th straight profitable quarter



    
    Airline has net earnings of $9.2 million and takes steps to continue
    future profitability
    

    CALGARY, Aug. 6 /CNW/ - WestJet (TSX:WJA) today announced second quarter
results for 2009. The airline reported net earnings of $9.2 million, or seven
cents per diluted share. Compared to the second quarter of 2008, these results
were negatively impacted by the weak economy driving lower yields in the
marketplace.
    Sean Durfy, WestJet President and CEO, commented, "Similar to the first
quarter, the weakened economy and aggressive pricing continue to have an
unfavorable impact on RASM. However, lower fuel prices resulted in a
significant decline in CASM from last year and lessened the profitability
erosion."
    "In the face of these daunting times, our WestJetters continue to show
how much they care about our guests and our company. Our on-time performance,
completion and baggage rates were exceptional this quarter, which along with
our caring WestJetter-driven service, continues to build guest loyalty. For
that, I'm truly appreciative," acknowledged Sean Durfy. "Once again, we
demonstrated the strength and sustainability of our business strategy, even in
this difficult climate. In the face of poor demand conditions, we were able to
produce a solid operating margin of 6.9 per cent, while expanding our network
into new destinations."

    
              Operating highlights (stated in Canadian dollars)

    -------------------------------------------------------------------------
                                                Year-to-  Year-to-
                                                  date      date
                  Q2 2009   Q2 2008    Change     2009      2008      Change
    -------------------------------------------------------------------------
    Net
     earnings
     (millions)      $9.2   $26.8(*)   (65.7%)     $46.6   $78.6(*)   (40.7%)
    -------------------------------------------------------------------------
    Diluted
     earnings
     per share      $0.07   $0.21(*)   (66.7%)     $0.36   $0.60(*)   (40.0%)
    -------------------------------------------------------------------------
    Revenue
     (millions)    $531.2    $616.0    (13.8%)  $1,110.4  $1,215.3     (8.6%)
    -------------------------------------------------------------------------
    ASM
     (available
     seat miles)
     (billions)     4.315     4.235      1.9%      8.672     8.300      4.5%
    -------------------------------------------------------------------------
    RPM (revenue
     passenger
     miles)
     (billions)     3.285     3.366     (2.4%)     6.787     6.697      1.3%
    -------------------------------------------------------------------------
    Load factor     76.1%     79.5% (3.4 pts.)     78.3%     80.7% (2.4 pts.)
    -------------------------------------------------------------------------
    Yield (revenue
     per revenue
     passenger
     mile) (cents)  16.17     18.30    (11.6%)     16.36     18.15     (9.9%)
    -------------------------------------------------------------------------
    RASM (revenue
     per available
     seat mile)
     (cents)        12.31     14.55    (15.4%)     12.81     14.64    (12.5%)
    -------------------------------------------------------------------------
    CASM (cost per
     available
     seat mile)
     (cents)        11.46   13.33(*)   (14.0%)     11.68   13.04(*)   (10.4%)
    -------------------------------------------------------------------------
    CASM excluding
     fuel and
     employee
     profit
     share(xx)
     (cents)         8.45    8.24(*)     2.5%       8.48    8.27(*)     2.5%
    -------------------------------------------------------------------------
     (*)  The 2008 comparatives have been restated due to a change in
          accounting policy.
    (xx)  Refer to reconciliation of this non-GAAP measure to GAAP section at
          the end of release.
    

    "The flexibility of our fleet deployment strategy allows us to quickly
react to demand changes by adjusting our schedule for more profitable flying,"
stated Sean Durfy. "For the remainder of 2009, we will lower our aircraft
utilization rates through more efficient scheduling of domestic frequencies.
This will lower our previously planned third quarter capacity growth to a
decline of between one and two per cent. It will also drop our full-year
capacity growth to between two and three per cent. For our winter schedule, we
are introducing 11 new destinations and three new countries, plus adding many
new route pairings between Canada and Mexico. We believe this will allow us to
capture additional market share as we keep expanding WestJet and WestJet
Vacations into the domestic, transborder and international markets."
    "In the second quarter we introduced an internal program, 'All Eyes on
Cost,' focused on cost containment for the remainder of 2009 and 2010. We have
already identified a number of sustainable savings, cost deferrals and cost
avoidances that will be implemented this year and next," added Sean Durfy.
"When we asked our WestJetter's to help in this effort, they did so
brilliantly - coming up with millions of dollars in savings ideas. The
Executive team and I are truly inspired by WestJetters as together we tackle
difficult decisions to enable us to come through this deep recession as a
stronger and more competitive airline. Despite these conditions, we remain
committed to our long-term strategic initiatives and vision - to be one of the
five most successful international airlines."
    WestJet plans to take delivery of two new aircraft in August, which will
bring its fleet size to 81. For the balance of the year, WestJet plans to
receive an additional five aircraft in the fourth quarter, which will bring
its fleet to 86.
    The airline completed the quarter with a cash balance of $739.6 million.
The decrease primarily results from the purchase of one leased aircraft,
providing WestJet with an unencumbered aircraft for financial flexibility if
required, and a reduction in working capital. An $85 million credit facility
secured against the new Calgary Campus was finalized, providing additional
liquidity if necessary.
    "In times of economic turmoil, a strong balance sheet is paramount for
continuation of our strategic initiatives. In comparison to our peers, we have
maintained a healthy cash position relative to our sales, created a solid
working capital position, and introduced additional financial flexibility with
limited costs, all while keeping our debt ratios low. We are maintaining a
healthy level of cash while focusing on improving revenues and reducing
costs," explained Sean Durfy.
    "We are making excellent progress on our strategic initiatives, as
evidenced by accelerating our interline relationship with Air France and KLM,
announcing RBC and MasterCard as our credit card partners for our rewards
program and having our reservation system continue on track for a fourth
quarter implementation," added Sean Durfy. "These initiatives will allow us to
provide an even greater guest experience and valued benefits that our guests
have been asking for."
    Sean Durfy further said, "With the continued weak outlook for the economy
for the remainder of 2009, we are not expecting any real improvement in our
RASM numbers for the balance of the year. For the third quarter 2009, we are
seeing RASM declines continuing at similar declines from the second quarter
year-over-year results. Although there have been some early indications that
the economy may be improving, the airline industry typically lags economic
improvement by six or more months."
    WestJet had strong second quarter operational performance. WestJet
calculates its on-time performance and completion rate 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.

    
    -------------------------------------------------------------------------
                                                Year-to-  Year-to-
                                                  date      date
                  Q2 2009   Q2 2008    Change     2009      2008      Change
    -------------------------------------------------------------------------
    On-time
     performance    89.5%     84.3%  5.2 pts.      80.7%     77.2%  3.5 pts.
    -------------------------------------------------------------------------
    Completion
     rate           99.4%     99.0%  0.4 pts.      98.5%     98.6% (0.1 pts.)
    -------------------------------------------------------------------------
    Bag ratio        2.54      3.32     23.5%       3.47      4.23     18.0%
    -------------------------------------------------------------------------
    

    Caution regarding forward-looking statements

    Certain information set forth in this press release, including but not
limited to information regarding WestJet's operational plans for the remainder
of 2009, capacity projections, new winter schedule, anticipated aircraft
delivery schedule, implementation of strategic programs, and projections as to
RASM in the third quarter of 2009, 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, delay in aircraft delivery, change in customer demand, general
economic 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.

    The Management's Discussion and Analysis and Consolidated Financial
Statements and Notes for the three and six months ended June 30, 2009, are
available through the Internet on westjet.com or WestJet's SEDAR profile at
www.sedar.com.

    Conference call

    WestJet will hold a live analysts' conference call today at 9 a.m. MDT
(11 a.m. EDT). Sean Durfy, President and CEO, and Vito Culmone, Executive
Vice-President of Finance and CFO, will discuss WestJet's second quarter 2009
results and answer questions from financial analysts. The conference call is
available calling (416) 644-3434 (in Toronto) or through the toll-free
telephone number 1-800-731-5319. The call can also be heard live through an
Internet webcast in the Media and Investors section of westjet.com.

    About WestJet

    WestJet is Canada's preferred airline, offering scheduled service
throughout its 66-city North American and Caribbean network. 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
79 Boeing Next-Generation 737 aircraft. With future confirmed deliveries for
an additional 42 aircraft, bringing its fleet to 121 by 2013, WestJet strives
to be the number one choice for travellers.


    
    Consolidated Statement of Earnings
    (Stated in thousands of Canadian dollars, except per share amounts)
    (Unaudited)

    -------------------------------------------------------------------------
                        Three months ended June 30  Six months ended June 30

                                 2009         2008         2009         2008
    -------------------------------------------------------------------------
                                          Restated                  Restated

    Revenues:
      Guest revenues      $   485,248  $   557,305  $   982,343  $ 1,083,005
      Charter and other
       revenues                45,915       58,695      128,105      132,343
    -------------------------------------------------------------------------
                              531,163      616,000    1,110,448    1,215,348
    Expenses:
      Aircraft fuel           128,677      213,610      271,068      381,327
      Airport operations       82,644       82,293      176,301      166,221
      Flight operations
       and navigational
       charges                 75,415       70,297      147,122      137,872
      Marketing, general
       and administration      48,757       49,239      101,623       96,644
      Sales and
       distribution            39,308       44,825       80,222       86,140
      Depreciation and
       amortization            34,502       33,807       68,395       66,656
      Inflight                 30,299       26,987       59,183       52,386
      Aircraft leasing         27,106       21,458       52,182       40,541
      Maintenance              26,455       19,717       49,974       39,123
      Employee profit
       share                    1,185        2,187        6,902       15,334
    -------------------------------------------------------------------------
                              494,348      564,420    1,012,972    1,082,244
    -------------------------------------------------------------------------
    Earnings from
     operations                36,815       51,580       97,476      133,104

    Non-operating income
     (expense):
      Interest income             964        6,478        3,082       13,784
      Interest expense        (17,126)     (19,148)     (34,611)     (38,681)
      Gain (loss) on
       foreign exchange        (9,033)          60       (4,412)       3,997
      Loss on disposal of
       property and
       equipment                 (607)         (63)        (713)        (133)
      Gain on derivatives       2,706            -        3,340            -
    -------------------------------------------------------------------------
                              (23,096)     (12,673)     (33,314)     (21,033)
    -------------------------------------------------------------------------
    Earnings before
     income taxes              13,719       38,907       64,162      112,071

    Income tax expense:
      Current                     686        1,162        1,392        2,153
      Future                    3,880       10,905       16,185       31,314
    -------------------------------------------------------------------------
                                4,566       12,067       17,577       33,467
    -------------------------------------------------------------------------
    Net earnings          $     9,153  $    26,840  $    46,585  $    78,604
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Earnings per share:
      Basic               $      0.07  $      0.21  $      0.36  $      0.61
      Diluted             $      0.07  $      0.21  $      0.36  $      0.60
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Consolidated Balance Sheet
    (Stated in thousands of Canadian dollars)
    (Unaudited)

    -------------------------------------------------------------------------
                                                      June 30,   December 31,
                                                         2009           2008
    -------------------------------------------------------------------------
                                                                    Restated

    Assets
    Current assets:
      Cash and cash equivalents                   $   739,631    $   820,214
      Accounts receivable                              17,121         16,837
      Future income tax                                 3,034          8,459
      Prepaid expenses, deposits and other             33,705         53,283
      Inventory                                        17,858         17,054
    -------------------------------------------------------------------------
                                                      811,349        915,847
    -------------------------------------------------------------------------

    Property and equipment                          2,321,728      2,269,790

    Intangible assets                                  12,386         12,060

    Other assets                                       67,500         71,005
    -------------------------------------------------------------------------
                                                  $ 3,212,963    $ 3,268,702
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Liabilities and shareholders' equity
    Current liabilities:
      Accounts payable and accrued liabilities    $   188,624    $   249,354
      Advance ticket sales                            271,001        251,354
      Non-refundable guest credits                     62,483         73,020
      Current portion of long-term debt               165,186        165,721
      Current portion of obligations under
       capital lease                                      585            395
    -------------------------------------------------------------------------
                                                      687,879        739,844

    Long-term debt                                  1,103,634      1,186,182

    Obligations under capital lease                       328            713

    Other liabilities                                  12,803         24,233

    Future income tax                                 260,382        241,740
    -------------------------------------------------------------------------
                                                    2,065,026      2,192,712

    Shareholders' equity:
      Share capital                                   453,862        452,885
      Contributed surplus                              65,000         60,193
      Accumulated other comprehensive loss            (18,534)       (38,112)
      Retained earnings                               647,609        601,024
    -------------------------------------------------------------------------
                                                    1,147,937      1,075,990

    Commitments and contingencies
    -------------------------------------------------------------------------
                                                  $ 3,212,963    $ 3,268,702
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Consolidated Statement of Shareholders' Equity
    (Stated in thousands of Canadian dollars)
    (Unaudited)

    -------------------------------------------------------------------------
                        Three months ended June 30  Six months ended June 30

                                 2009         2008         2009         2008
    -------------------------------------------------------------------------
                                          Restated                  Restated

    Share capital:
      Balance, beginning
       of period          $   453,638  $   453,192  $   452,885  $   448,568
      Issuance of shares
       pursuant to stock
       option plans                 -          227            -          227
      Stock-based
       compensation on
       stock options
       exercised                  224        5,990          977       10,614
      Shares repurchased            -       (7,091)           -       (7,091)
    -------------------------------------------------------------------------
                              453,862      452,318      453,862      452,318

    Contributed surplus:
      Balance, beginning
       of period               62,075       57,788       60,193       57,889
      Stock-based
       compensation
       expense                  3,149        3,596        5,784        8,119
      Stock-based
       compensation on
       stock options
       exercised                 (224)      (5,990)        (977)     (10,614)
    -------------------------------------------------------------------------
                               65,000       55,394       65,000       55,394

    Accumulated other
     comprehensive loss:
      Balance, beginning
       of period              (31,060)     (11,200)     (38,112)     (11,914)
      Other comprehensive
       income                  12,526          199       19,578          913
    -------------------------------------------------------------------------
                              (18,534)     (11,001)     (18,534)     (11,001)

    Retained earnings:
      Balance, beginning
       of period              648,603      507,871      611,171      455,365
      Change in accounting
       policy                 (10,147)     (11,260)     (10,147)     (10,518)
      Shares repurchased            -      (22,329)           -      (22,329)
      Net earnings              9,153       26,840       46,585       78,604
    -------------------------------------------------------------------------
                              647,609      501,122      647,609      501,122

    Total accumulated other
     comprehensive loss
     and retained earnings    629,075      490,121      629,075      490,121

    -------------------------------------------------------------------------
    Total shareholders'
     equity               $ 1,147,937  $   997,833  $ 1,147,937  $   997,833
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Consolidated Statement of Comprehensive Income
    (Stated in thousands of Canadian dollars)
    (Unaudited)

    -------------------------------------------------------------------------
                        Three months ended June 30  Six months ended June 30

                                 2009         2008         2009         2008
    -------------------------------------------------------------------------
                                          Restated                  Restated

    Net earnings          $     9,153  $    26,840  $    46,585  $    78,604

    Other comprehensive
     income, net of tax:
      Amortization of hedge
       settlements to
       aircraft leasing           350          350          700          700
      Net unrealized gain
       (loss) on foreign
       exchange derivatives
       under cash flow
       hedge accounting
       (2009 net of tax of
       $447 and $164; 2008
       - $21 and ($280))       (1,066)         (48)        (156)         544
      Reclassification of
       net realized gain on
       foreign exchange
       derivatives to net
       earnings (2009 net
       of tax of $669 and
       $1,576; 2008 - $45
       and $138)               (1,601)        (103)      (3,977)        (331)
      Net unrealized gain
       on fuel derivatives
       under cash flow
       hedge accounting
       (net of tax of
       ($4,050) and
       ($4,018))                9,866            -        9,583            -
      Reclassification of
       net realized loss on
       fuel derivatives to
       net earnings (net of
       tax of ($2,083) and
       ($5,606))                4,977            -       13,428            -
    -------------------------------------------------------------------------
                               12,526          199       19,578          913

    -------------------------------------------------------------------------
    Total comprehensive
     income               $    21,679  $    27,039  $    66,163  $    79,517
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Consolidated Statement of Cash Flows
    (Stated in thousands of Canadian dollars)
    (Unaudited)

    -------------------------------------------------------------------------
                        Three months ended June 30  Six months ended June 30

                                 2009         2008         2009         2008
    -------------------------------------------------------------------------
                                          Restated                  Restated

    Operating activities:
    Net earnings          $     9,153  $    26,840  $    46,585  $    78,604
    Items not involving
     cash:
      Depreciation and
       amortization            34,502       33,807       68,395       66,656
      Amortization of
       other liabilities         (654)        (234)        (889)        (469)
      Amortization of
       hedge settlements          350          350          700          700
      Unrealized gain on
       derivative
       instruments             (2,328)           -       (3,226)           -
      Loss on disposal of
       property and
       equipment                  867          210        1,072        1,087
      Stock-based
       compensation expense     3,149        3,596        5,784        8,119
      Income tax credit
       receivable                   -            -       (1,952)           -
      Future income tax
       expense                  3,880       10,905       16,185       31,314
      Unrealized foreign
       exchange loss (gain)     8,577           98         (864)      (4,203)
      Change in non-cash
       working capital        (31,745)      50,350      (10,513)     133,915
    -------------------------------------------------------------------------
                               25,751      125,922      121,277      315,723
    -------------------------------------------------------------------------

    Financing activities:
      Increase in
       long-term debt               -            -            -       67,947
      Repayment of
       long-term debt         (41,493)     (41,455)     (83,083)     (82,882)
      Decrease in
       obligations under
       capital lease              (98)         (93)        (195)        (185)
      Increase (decrease)
       in other assets            700         (593)           -       (2,665)
      Shares repurchased            -      (29,420)           -      (29,420)
      Issuance of common
       shares                       -          227            -          227
      Change in non-cash
       working capital         (1,849)        (491)      (1,019)      (2,206)
    -------------------------------------------------------------------------
                              (42,740)     (71,825)     (84,297)     (49,184)
    -------------------------------------------------------------------------

    Investing activities:
      Aircraft additions      (57,202)      (6,492)     (84,196)     (73,956)
      Other property and
       equipment additions    (18,408)     (20,070)     (36,456)     (36,207)
      Other property and
       equipment disposals          -           10            -          165
    -------------------------------------------------------------------------
                              (75,610)     (26,552)    (120,652)    (109,998)
    -------------------------------------------------------------------------
    Cash flow from (used in)
     operating, financing
     and investing
     activities               (92,599)      27,545      (83,672)     156,541
    Effect of foreign
     exchange on cash and
     cash equivalents          (3,561)          93        3,089        1,891
    -------------------------------------------------------------------------
    Net change in cash and
     cash equivalents         (96,160)      27,638      (80,583)     158,432

    Cash and cash
     equivalents, beginning
     of period                835,791      784,352      820,214      653,558

    -------------------------------------------------------------------------
    Cash and cash
     equivalents, end of
     period               $   739,631  $   811,990  $   739,631  $   811,990
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Cash interest paid    $    17,200  $    19,340  $    35,206  $    38,973
    Cash taxes paid       $     2,085  $       594  $     3,325  $     1,362
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Operational Highlights
    (Unaudited)

    -------------------------------------------------------------------------
                                                  Three months ended June 30

                                              2009           2008     Change
    -------------------------------------------------------------------------
    Available seat miles (ASM)       4,314,869,886  4,234,625,866       1.9%

    Revenue passenger miles          3,284,898,568  3,365,923,157      (2.4%)

    Load factor                              76.1%          79.5%  (3.4 pts.)

    Yield (cents)                            16.17          18.30     (11.6%)

    Revenue per ASM (cents)                  12.31          14.55     (15.4%)

    Cost per ASM (CASM) (cents)              11.46        13.33(*)    (14.0%)

    CASM, excluding fuel and
     employee profit share (cents)(xx)        8.45         8.24(*)      2.5%

    Fuel consumption (litres)          207,532,865    205,847,264       0.8%

    Fuel costs per litre (dollars)            0.62           1.04     (40.4%)

    Segment guests                       3,417,877      3,546,184      (3.6%)

    Average stage length (miles)               908            906       0.2%

    Utilization (hours)                       11.5           12.2      (5.7%)

    Number of full-time equivalent
     employees at period end                 6,140          6,156      (0.3%)

    Fleet size at period end                    79             75       5.3%
    -------------------------------------------------------------------------
    (*)  The 2008 comparatives have been restated due to a change in
         accounting policy.
    (xx) Refer to reconciliation of this non-GAAP measure to GAAP section at
         the end of release.
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                                    Six months ended June 30

                                              2009           2008     Change
    -------------------------------------------------------------------------
    Available seat miles (ASM)       8,671,675,025  8,299,617,667       4.5%

    Revenue passenger miles          6,786,827,711  6,696,736,600       1.3%

    Load factor                              78.3%          80.7%  (2.4 pts.)

    Yield (cents)                            16.36          18.15      (9.9%)

    Revenue per ASM (cents)                  12.81          14.64     (12.5%)

    Cost per ASM (CASM) (cents)              11.68        13.04(*)    (10.4%)

    CASM, excluding fuel and
     employee profit share (cents)(xx)        8.48         8.27(*)      2.5%

    Fuel consumption (litres)          423,293,745    408,002,930       3.7%

    Fuel costs per litre (dollars)            0.64           0.93     (31.2%)

    Segment guests                       6,869,562      7,015,589      (2.1%)

    Average stage length (miles)               923            911       1.3%

    Utilization (hours)                       11.9           12.3      (3.3%)

    Number of full-time equivalent
     employees at period end                 6,140          6,156      (0.3%)

    Fleet size at period end                    79             75       5.3%
    -------------------------------------------------------------------------
    (*)  The 2008 comparatives have been restated due to a change in
         accounting policy.
    (xx) Refer to reconciliation of this non-GAAP measure to GAAP section at
         the end of release.
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Reconciliation of non-GAAP measures to GAAP
    (Stated in thousands of Canadian dollars, except per unit amounts)
    (Unaudited)

    CASM, excluding fuel and employee profit share

    -------------------------------------------------------------------------
                        Three months ended June 30  Six months ended June 30

                                 2009         2008         2009         2008
    -------------------------------------------------------------------------
                                          Restated                  Restated
    Operating expenses -
     GAAP                 $   494,348  $   564,420  $ 1,012,972  $ 1,082,244
    Adjusted for:
      Aircraft fuel
       expense               (128,677)    (213,610)    (271,068)    (381,327)
      Employee profit
       share expense           (1,185)      (2,187)      (6,902)     (15,334)
    -------------------------------------------------------------------------
    Operating expenses,
     excluding above
     items - Non-GAAP     $   364,486  $   348,623  $   735,002  $   685,583
    ASM (thousands)         4,314,870    4,234,626    8,671,675    8,299,618
    -------------------------------------------------------------------------
    CASM, excluding above
     items - Non-GAAP
     (cents)                     8.45         8.24         8.48         8.27
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    





For further information:

For further information: WestJet Media Relations , 1-888-WJ 4 NEWS
(1-888-954-6397), E-mail: ropalmer@westjet.com; WestJet Investor Relations,
1-877-493-7853, E-mail: investor_relations@westjet.com; Website:
www.westjet.com


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