From 1999 regarding WestJet.
FEBRUARY 24, 2000
WestJet's 1999 Earnings Increase By 143%
CALGARY, ALBERTA--WestJet Airlines today announced its financial
results for the year ended December 31, 1999, featuring a 143%
increase in net earnings, to $15.8 million in 1999 from $6.5
million in 1998. Earnings per share (fully diluted) also more
than doubled from 28 cents in 1998 to 58 cents in 1999. As of
December 31, 1999, the company had 27,303,999 shares outstanding
with total long-term debt of $29.3 million, shareholders' equity
of $94.5 million and $50.7 million in cash on hand.
Total revenues increased by more than 62% from $125.4 million in
1998 to $203.6 million in 1999. Yield, measured by revenue per
revenue passenger mile, increased 15% from 19.6 cents in 1998 to
22.5 cents in 1999. Higher jet fuel prices and the introduction
of the second phase of Nav Canada charges in 1999, contributed to
an increase in expenses of 54.1% over 1998 to $173.1 million.
Excluding the impact of the Nav Canada charges and the employee
profit share, which grew from $1.7 million to $6.6 million, unit
costs increased only 3% from 11.7 cents per available seat mile in
1998 to 12.1 cents in 1999. Earnings from operations increased by
132% to $30.5 million in 1999 compared with $13.1 million in the
previous year.
WestJet