WestJet reports first quarter net earnings of $13.8 million

Airline achieves 20th consecutive quarter of positive earnings CALGARY , May 4 /PRNewswire-FirstCall/ - WestJet (TSX:WJA) today reported first quarter 2010 net earnings of $13.8 million , or 10 cents per diluted share, which marks its...


Certain information set forth in this press release, including information regarding future load factors and yield, anticipated RASM in Q2 2010, anticipated CASM in Q2 2010, expected capacity growth, demand recovery and WestJet's 2010 business focus, contains 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, changes in consumer demand, changes in fuel prices, delays in aircraft delivery, changes in guest demand, general economic conditions, competitive environment, ability to effectively implement and maintain critical systems and other factors described in WestJet's public reports and filings, which are available on WestJet's 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, correct or revise any forward-looking statements as a result of any new information, future events or otherwise, except as may be required by applicable law.

Management's Discussion & Analysis and the Consolidated Financial Statements and Notes for the three months ended March 31, 2010 , are available through the Internet on www.westjet.com or WestJet's SEDAR profile at www.sedar.com.

Conference call

WestJet will hold its quarterly analysts' conference call today, May 4, 2010 , at 8 a.m. MDT ( 10 a.m. EDT ). President and CEO Gregg Saretsky and Executive Vice-President of Finance and CFO Vito Culmone will discuss WestJet's first quarter 2010 results and answer questions from financial analysts. Following the analysts' question-and-answer period, media will be given an opportunity to ask questions pertaining to the airline's first quarter results. The conference call is available in Toronto by calling 1-647-427-7450 and outside Toronto through the toll-free telephone number 1-888-231-8191. The call can also be listened to through an Internet webcast in the Media and Investor section of www.westjet.com.

Annual general meeting (AGM)

WestJet will hold its AGM at 2 p.m. MDT ( 4 p.m. EDT ) today on May 4, 2010 , at WestJet's Calgary Campus, which is located at 22 Aerial Place NE. The AGM webcast will be available live in the Media and Investor section of www.westjet.com.

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.

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 88 Boeing Next-Generation 737 aircraft. With future confirmed deliveries for an additional 47 aircraft through 2016, WestJet strives to be one of the five most successful international airlines in the world.

SOURCE WestJet



We Recommend