WestJet announces 18th consecutive quarter of profitability

Airline reports third quarter net earnings of $31.4 million

CALGARY, Nov. 4 /CNW/ - WestJet (TSX:WJA) today announced third quarter results for 2009. The airline reported net earnings of $31.4 million or 24 cents per diluted share; this compared to the third quarter of 2008 net earnings of $57.9 million or 45 cents per diluted share.

"We are extremely happy to have once again turned a difficult economic period into another profitable quarter," said WestJet President and CEO Sean Durfy. "For more than a year now, economic instability has been eroding consumer confidence. The third quarter saw continued scrutiny from price-sensitive Canadians, resulting in airlines stimulating demand through aggressive pricing. Regardless, we believe we will produce margins that are among the best in North America. Our success this quarter, and every quarter, is a direct result of the efforts and abilities of WestJetters who are committed to ensuring guests receive the best value for their hard-earned dollars."

WestJet reported an operating margin of 12.8 per cent, compared to 14.0 per cent in the third quarter of 2008. WestJet's third quarter 2009 pre-tax margin was 8.3 per cent, compared to 11.5 per cent in the same 2008 period.

"Relief from significantly lower fuel costs, compared to the same period in 2008, considerably off-set our drop in revenue," added Sean Durfy. "Our ability to successfully stimulate demand while keeping our controllable costs in line played an important part in our strong margins."

    
              Operating highlights (stated in Canadian dollars)

    -------------------------------------------------------------------------
                                                Year-to-  Year-to-
                   Q3 2009   Q3 2008   Change  date 2009 date 2008   Change
    -------------------------------------------------------------------------
    Net earnings
     (millions)      $31.4     $57.9    (45.7%)    $78.0    $136.5    (42.8%)
    -------------------------------------------------------------------------
    Diluted
     earnings per
     share           $0.24     $0.45    (46.7%)    $0.61     $1.04    (41.3%)
    -------------------------------------------------------------------------
    Revenue
     (millions)     $600.6    $718.4    (16.4%) $1,711.1  $1,933.7    (11.5%)
    -------------------------------------------------------------------------
    ASM (available
     seat miles)
     (billions)      4.503     4.551     (1.1%)   13.175    12.851      2.5%
    -------------------------------------------------------------------------
    RPM (revenue
     passenger
     miles)
     (billions)      3.587     3.705     (3.2%)   10.374    10.402     (0.3%)
    -------------------------------------------------------------------------
    Load factor      79.7%     81.4% (1.7 pts.)    78.7%     80.9% (2.2 pts.)
    -------------------------------------------------------------------------
    Yield (revenue
     per revenue
     passenger
     mile) (cents)   16.74     19.39    (13.7%)    16.49     18.59    (11.3%)
    -------------------------------------------------------------------------
    RASM (revenue
     per available
     seat mile)
     (cents)         13.34     15.78    (15.5%)    12.99     15.05    (13.7%)
    -------------------------------------------------------------------------
    CASM (cost per
     available seat
     mile) (cents)   11.63   13.58*   (14.4%)    11.66   13.23*   (11.9%)
    -------------------------------------------------------------------------
    CASM, excluding
     fuel and
     employee profit
     share (cents)    8.16    7.96*     2.5%      8.37    8.14*     2.8%
    -------------------------------------------------------------------------
    * The 2008 comparatives have been restated due to a change in
        accounting policy.
    

"Throughout the quarter, we remained committed to our strategy," stated Sean Durfy. "The recent successful cutover to our new reservation system was a major milestone for our airline. This transition from our old system to our new system has been difficult on our guests and our people. We are extremely appreciative of our guests, who have shown tremendous loyalty and patience, as we implement changes that will enhance the benefits we can provide. We offer a heartfelt apology for this inconvenience and assure you that we will be back to our high standards of excellent service very soon."

Sean Durfy continued, "Our new reservation system provides the capabilities necessary to properly support our growing business and deliver on key strategic initiatives like attracting more business travellers, increasing ancillary revenue and enabling airline partnerships. Completing a project of this magnitude was no small feat, and it wouldn't have been possible without our hard-working team of WestJetters who are extremely invested in the success of our airline."

In the third quarter, WestJet revised its aircraft delivery schedule and completed an equity offering that brought the airline's cash balance to $961.6 million.

"The challenges that we encountered leading up to the end of the third quarter are creating a lot of uncertainty around the remainder of 2009 and into 2010," explained Sean Durfy. "We smoothed our aircraft delivery schedule, enhanced flexibility around our fleet and capacity, and added 14 more aircraft to our future growth plans. Our equity offering strengthened our balance sheet and provided an additional level of comfort for meeting our future growth commitments."

Throughout the remainder of the year, WestJet will implement its Frequent Guest Program and co-branded credit card program; continue to grow its vacations business, which is already seeing year-to-date revenue improvements of over 80 per cent; and take delivery of an additional five aircraft for an end-of-year fleet size of 86.

"Capacity for the fourth quarter is expected to increase two to three per cent, with all new capacity being deployed into our transborder and international markets," said Sean Durfy. "We have enhanced our winter schedule with 10 new sun destinations, and bookings for WestJet Vacations remain strong."

"We are encouraged by talks of recovery," commented Sean Durfy. "In the past six to eight weeks, we have seen indications that RASM declines have levelled off, and we are seeing signs of improvement from what we were previously experiencing. While it is still too early to predict the strength or speed of a potential recovery, we feel optimistic about the future and the continued success of our airline."

WestJet also reported third quarter improvements for all three categories of 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-
                   Q3 2009   Q3 2008   Change  date 2009 date 2008   Change
    -------------------------------------------------------------------------
    On-time
     performance     87.5%     83.8%  3.7 pts.     83.2%     79.7%  3.5 pts.
    -------------------------------------------------------------------------
    Completion rate  99.5%     99.4%  0.1 pts.     98.9%     98.9%         -
    -------------------------------------------------------------------------
    Bag ratio         3.04      3.40     10.6%      3.32      3.94     15.7%
    -------------------------------------------------------------------------
    

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 fourth 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, H1N1 impact 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 nine months ended September 30, 2009, 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 third quarter 2009 results and answer questions from financial analysts. The conference call is available by calling 1-416-644-3417 (in Toronto) or through the toll-free telephone number 1-800-733-7560. 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 81 Boeing Next-Generation 737 aircraft. With future confirmed deliveries for an additional 54 aircraft through 2016, WestJet strives to be one of the five most successful international airlines in the world.

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

    -------------------------------------------------------------------------
                               Three months ended        Nine months ended
                                  September 30              September 30
                               2009         2008         2009         2008
    -------------------------------------------------------------------------
                                          Restated                  Restated
    Revenues:
      Guest revenues      $   557,413  $   656,782  $ 1,539,756  $ 1,739,787
      Charter and other
       revenues                43,217       61,593      171,322      193,936
    -------------------------------------------------------------------------
                              600,630      718,375    1,711,078    1,933,723
    Expenses:
      Aircraft fuel           150,648      244,544      421,716      625,871
      Airport operations       84,131       84,635      260,432      250,856
      Flight operations
       and navigational
       charges                 78,327       72,945      225,449      210,817
      Marketing, general
       and administration      52,034       54,145      153,657      150,789
      Sales and distribution   41,721       43,717      121,943      129,857
      Depreciation and
       amortization            36,072       35,000      104,467      101,656
      Inflight                 26,155       27,018       85,338       79,404
      Aircraft leasing         26,676       22,799       78,858       63,340
      Maintenance              22,414       21,826       72,388       60,949
      Employee profit share     5,476       11,453       12,378       26,787
    -------------------------------------------------------------------------
                              523,654      618,082    1,536,626    1,700,326
    -------------------------------------------------------------------------
    Earnings from operations   76,976      100,293      174,452      233,397

    Non-operating income
     (expense):
      Interest income             965        6,077        4,047       19,861
      Interest expense        (16,729)     (18,947)     (51,340)     (57,628)
      Gain (loss) on
       foreign exchange        (7,140)       6,249      (11,552)      10,246
      Loss on disposal of
       property and equipment    (140)         (93)        (853)        (226)
      Loss on derivatives      (4,329)     (10,995)        (989)     (10,995)
    -------------------------------------------------------------------------
                              (27,373)     (17,709)     (60,687)     (38,742)
    -------------------------------------------------------------------------
    Earnings before
     income taxes              49,603       82,584      113,765      194,655

    Income tax expense:
      Current                     710           92        2,102        2,245
      Future                   17,475       24,616       33,660       55,930
    -------------------------------------------------------------------------
                               18,185       24,708       35,762       58,175
    -------------------------------------------------------------------------
    Net earnings          $    31,418  $    57,876  $    78,003  $   136,480
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Earnings per share:
      Basic               $      0.24  $      0.45  $      0.61  $      1.06
      Diluted             $      0.24  $      0.45  $      0.61  $      1.04
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



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

    -------------------------------------------------------------------------
                                                   September 30, December 31,
                                                           2009         2008
    -------------------------------------------------------------------------
                                                                    Restated
    Assets
    Current assets:
      Cash and cash equivalents                     $   961,648  $   820,214
      Accounts receivable                                19,635       16,837
      Future income tax                                   4,093        8,459
      Prepaid expenses, deposits and other               42,068       53,283
      Inventory                                          18,714       17,054
    -------------------------------------------------------------------------
                                                      1,046,158      915,847

    Property and equipment                            2,320,989    2,269,790

    Intangible assets                                    13,596       12,060

    Other assets                                         58,246       71,005
    -------------------------------------------------------------------------
                                                    $ 3,438,989  $ 3,268,702
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Liabilities and shareholders' equity
    Current liabilities:
      Accounts payable and accrued liabilities      $   198,995  $   249,354
      Advance ticket sales                              301,581      251,354
      Non-refundable guest credits                       59,486       73,020
      Current portion of long-term debt                 165,107      165,721
      Current portion of obligations under
       capital lease                                        555          395
    -------------------------------------------------------------------------
                                                        725,724      739,844

    Long-term debt                                    1,062,326    1,186,182

    Obligations under capital lease                         259          713

    Other liabilities                                    17,393       24,233

    Future income tax                                   276,052      241,740
    -------------------------------------------------------------------------
                                                      2,081,754    2,192,712

    Shareholders' equity:
      Share capital                                     628,740      452,885
      Contributed surplus                                69,933       60,193
      Accumulated other comprehensive loss              (20,465)     (38,112)
      Retained earnings                                 679,027      601,024
    -------------------------------------------------------------------------
                                                      1,357,235    1,075,990

    Commitments and contingencies
    -------------------------------------------------------------------------
                                                    $ 3,438,989  $ 3,268,702
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



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

    -------------------------------------------------------------------------
                               Three months ended        Nine months ended
                                  September 30              September 30
                               2009         2008         2009         2008
    -------------------------------------------------------------------------
                                          Restated                  Restated
    Share capital:
      Balance, beginning
       of period          $   453,862  $   452,318  $   452,885  $   448,568
      Issuance of shares
       pursuant to stock
       option plans                 -            -            -          227
      Stock-based
       compensation expense
       on stock options
       exercised                   75          458        1,052       11,072
      Stock-based
       compensation expense
       on executive share
       units exercised            569            -          569            -
      Issued on public
       offering               172,463            -      172,463            -
      Issuance of shares
       pursuant to employee
       share purchase plan      7,236            -        7,236            -
      Share issue costs        (7,456)           -       (7,456)           -
      Tax effect of share
       issue costs              1,991            -        1,991            -
      Shares repurchased            -            -            -       (7,091)
    -------------------------------------------------------------------------
                              628,740      452,776      628,740      452,776

    Contributed surplus:
      Balance, beginning
       of period               65,000       55,394       60,193       57,889
      Stock-based
       compensation
       expense                  5,577        2,735       11,361       10,854
      Stock-based
       compensation expense
       on stock options
       exercised                  (75)        (458)      (1,052)     (11,072)
      Stock-based
       compensation expense
       on executive share
       unit settlement           (569)           -         (569)           -
    -------------------------------------------------------------------------
                               69,933       57,671       69,933       57,671

    Accumulated other
     comprehensive loss:
      Balance, beginning
       of period              (18,534)     (11,001)     (38,112)     (11,914)
      Other comprehensive
       income (loss)           (1,931)       1,284       17,647        2,197
    -------------------------------------------------------------------------
                              (20,465)      (9,717)     (20,465)      (9,717)

    Retained earnings:
      Balance, beginning
       of period              647,609      515,735      611,171      455,365
      Change in accounting
       policy                       -      (14,613)     (10,147)     (10,518)
      Shares repurchased            -            -            -      (22,329)
      Net earnings             31,418       57,876       78,003      136,480
    -------------------------------------------------------------------------
                              679,027      558,998      679,027      558,998

    Total accumulated other
     comprehensive loss
     and retained earnings    658,562      549,281      658,562      549,281

    -------------------------------------------------------------------------
    Total shareholders'
     equity               $ 1,357,235  $ 1,059,728  $ 1,357,235  $ 1,059,728
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



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

    -------------------------------------------------------------------------
                               Three months ended        Nine months ended
                                  September 30              September 30
                               2009         2008         2009         2008
    -------------------------------------------------------------------------
                                          Restated                  Restated

    Net earnings          $    31,418  $    57,876  $    78,003  $   136,480

    Other comprehensive
     income (loss), net
     of tax:
      Amortization of hedge
       settlements to
       aircraft leasing           350          350        1,050        1,050
      Net unrealized gain
       (loss) on foreign
       exchange derivatives
       under cash flow
       hedge accounting
       (2009 net of tax
       $53 and $217; 2008 -
       ($499) and ($779))        (138)       1,124         (294)       1,668
      Reclassification of
       net realized gain on
       foreign exchange
       derivatives to net
       earnings (2009 net
       of tax nil and
       $1,576; 2008 - $226
       and $364)                    -         (506)      (3,977)        (837)
      Net unrealized gain
       (loss) on fuel
       derivatives under
       cash flow hedge
       accounting (2009 net
       of tax $2,493 and
       ($1,525))               (6,140)         316        3,443          316
      Reclassification of
       net realized loss on
       fuel derivatives to
       net earnings (2009
       net of tax ($1,673)
       and ($7,279))            3,997            -       17,425            -
    -------------------------------------------------------------------------
                               (1,931)       1,284       17,647        2,197

    -------------------------------------------------------------------------
    Total comprehensive
     income               $    29,487  $    59,160  $    95,650  $   138,677
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



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

    -------------------------------------------------------------------------
                               Three months ended        Nine months ended
                                  September 30              September 30
                               2009         2008         2009         2008
    -------------------------------------------------------------------------
                                          Restated                  Restated
    Operating activities:
    Net earnings          $    31,418  $    57,876  $    78,003  $   136,480
    Items not involving
     cash:
      Depreciation and
       amortization            36,072       35,000      104,467      101,656
      Amortization of
       other liabilities         (860)        (235)      (1,749)        (704)
      Amortization of
       hedge settlements          350          350        1,050        1,050
      Unrealized loss on
       derivative
       instruments              2,653          402        1,020          402
      Issuance of shares
       pursuant to
       employee share
       purchase plan            7,236            -        7,236            -
      Loss on disposal of
       property and
       equipment                  101           93        1,173          226
      Stock-based
       compensation
       expense                  5,577        2,735       11,361       10,854
      Income tax credit
       receivable                   -            -       (1,952)           -
      Future income
       tax expense             17,475       24,616       33,660       55,930
      Unrealized foreign
       exchange loss (gain)     7,985       (6,900)       7,121      (11,103)
      Change in non-cash
       working capital         24,811      (36,626)      12,705       98,243
    -------------------------------------------------------------------------
                              132,818       77,311      254,095      393,034
    -------------------------------------------------------------------------

    Financing activities:
      Increase in
       long-term debt               -       33,835            -      101,782
      Repayment of
       long-term debt         (41,387)     (54,945)    (124,470)    (137,827)
      Decrease in
       obligations under
       capital lease              (99)         (95)        (294)        (280)
      Issuance of shares      172,463            -      172,463          227
      Share issue costs        (7,456)           -       (7,456)           -
      Shares repurchased            -            -            -      (29,420)
      Increase in other
       assets                       -       (1,419)           -       (4,084)
      Change in non-cash
       working capital          1,691         (689)         672       (2,895)
    -------------------------------------------------------------------------
                              125,212      (23,313)      40,915      (72,497)
    -------------------------------------------------------------------------

    Investing activities:
      Aircraft additions      (24,065)     (36,572)    (108,261)    (110,528)
      Other property and
       equipment and
       intangible additions    (7,772)     (27,285)     (44,228)     (63,497)
      Other property and
       equipment disposals          -            -            -          170
    -------------------------------------------------------------------------
                              (31,837)     (63,857)    (152,489)    (173,855)
    -------------------------------------------------------------------------
    Cash flow from (used
     in) operating,
     financing and
     investing activities     226,193       (9,859)     142,521      146,682
    Effect of foreign
     exchange on cash and
     cash equivalents          (4,176)       4,382       (1,087)       6,273
    -------------------------------------------------------------------------
    Net change in cash
     and cash equivalents     222,017       (5,477)     141,434      152,955

    Cash and cash
     equivalents, beginning
     of period                739,631      811,990      820,214      653,558

    -------------------------------------------------------------------------
    Cash and cash
     equivalents, end
     of period            $   961,648  $   806,513  $   961,648  $   806,513
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Cash interest paid    $    16,431  $    18,849  $    51,637  $    57,822
    Cash taxes paid       $     2,712  $       428  $     6,037  $     1,790
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Operating Highlights
    (Unaudited)

    -------------------------------------------------------------------------
                                     Three months ended September 30
                                   2009            2008           Change
    -------------------------------------------------------------------------
    ASMs                       4,503,392,044   4,551,211,270           (1.1%)
    RPMs                       3,587,028,442   3,705,367,631           (3.2%)
    Load factor                        79.7%           81.4%       (1.7 pts.)
    Yield (cents)                      16.74           19.39          (13.7%)
    RASM (cents)                       13.34           15.78          (15.5%)
    CASM (cents)                       11.63         13.58*         (14.4%)
    CASM, excluding fuel and
     employee profit share
     (cents)                            8.16          7.96*           2.5%
    Fuel consumption (litres)    218,950,368     221,606,557           (1.2%)
    Fuel costs per litre
     (dollars)                          0.69            1.10          (37.3%)
    Segment guests                 3,654,097       3,749,679           (2.5%)
    Average stage length (miles)         921             930           (1.0%)
    Utilization (hours)                 11.6            12.5           (7.2%)
    Number of full-time
     equivalent employees at
     period end                        6,062           6,275           (3.4%)
    Fleet size at period end              81              76            6.6%
    -------------------------------------------------------------------------
    * Restated
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                     Nine months ended September 30
                                   2009            2008           Change
    -------------------------------------------------------------------------
    ASMs                      13,175,067,069  12,850,828,937            2.5%
    RPMs                      10,373,856,153  10,402,104,231           (0.3%)
    Load factor                        78.7%           80.9%       (2.2 pts.)
    Yield (cents)                      16.49           18.59          (11.3%)
    RASM (cents)                       12.99           15.05          (13.7%)
    CASM (cents)                       11.66         13.23*         (11.9%)
    CASM, excluding fuel and
     employee profit share
     (cents)                            8.37          8.14*           2.8%
    Fuel consumption (litres)    642,244,113     629,609,487            2.0%
    Fuel costs per litre
     (dollars)                          0.66            0.99          (33.3%)
    Segment guests                10,523,659      10,765,268           (2.2%)
    Average stage length
     (miles)                             922             918            0.4%
    Utilization (hours)                 11.8            12.4           (4.8%)
    Number of full-time
     equivalent employees at
     period end                        6,062           6,275           (3.4%)
    Fleet size at period end              81              76            6.6%
    -------------------------------------------------------------------------
    *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.

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.

    
    CASM, excluding fuel and employee profit share
    (Stated in thousands of Canadian dollars, except per unit amounts)
    (Unaudited)

    -------------------------------------------------------------------------
             Three months ended September 30  Nine months ended September 30
                   2009            2008            2009            2008
    -------------------------------------------------------------------------
                                    Restated                        Restated
    Operating
     expenses
     - GAAP   $      523,654  $      618,082  $    1,536,626  $    1,700,326
    Adjusted
     for:
      Aircraft
       fuel
       expense      (150,648)       (244,544)       (421,716)       (625,871)
      Employee
       profit
       share
       expense        (5,476)        (11,453)        (12,378)        (26,787)
    -------------------------------------------------------------------------
    Operating
     expenses,
     excluding
     above
     items -
     non-GAAP $      367,530  $      362,085  $    1,102,532  $    1,047,668

    ASMs       4,503,392,044   4,551,211,270  13,175,067,069  12,850,828,937
    -------------------------------------------------------------------------
    CASM,
     excluding
     above items
     (cents) -
     non-GAAP           8.16            7.96            8.37            8.14
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

SOURCE WestJet

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


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