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WestJet announces record fourth quarter and year-end results

Feb. 13, 2008, Calgary - WestJet today announced record fourth quarter and full-year 2007 results.


February 13, 2008
By Carey Fredericks

Feb. 13, 2008, Calgary – WestJet today announced record fourth quarter and full-year 2007 results. The
airline's quarterly net earnings increased to $75.4 million from $26.7
million in the same period last year. Diluted earnings per share (EPS)
for the fourth quarter was 57 cents compared to 21 cents in the same
period last year. These results included a one-time favourable
adjustment of $33.7 million due to corporate income tax rate reductions
enacted by the federal government in the quarter. Excluding the
one-time adjustment, fourth quarter net earnings were a record $41.7
million, an increase of 56.3%, while diluted EPS was 32 cents, an
increase of 52.4%, when compared to the previous year.

For the full-year 2007, net earnings were $192.8 million, a 68.2%
increase compared to $114.7 million in 2006. Diluted EPS for the year
was $1.47, an increase of 67.0% compared to 88 cents in 2006. Excluding
the favourable tax adjustment and the second quarter aiRES adjustment,
2007 net earnings were a record $181.3 million, an increase of 58.1%,
while diluted EPS was $1.39, an increase of 58.0% from 2006.

Sean Durfy, WestJet President and CEO said today, "The fourth
quarter of 2007 was a strong end to a great year for our airline. The
fourth quarter capped 12 consecutive months of record load factor,
revenues that surpassed $2 billion as well as increases in market share
domestically and on our U.S., Caribbean and Mexican routes. I would
like to personally thank our over 6,700 WestJetters; these results are
a testament to their perseverance, commitment and passion."

The airline's fourth quarter earnings from operations were $73.4
million, representing an operating margin of 13.3% and an increase of
63.7% over fourth quarter 2006. Earnings from operations for the
full-year 2007 were $300.2 million, representing an operating margin of
14.0% and an increase of 50.5% over full-year 2006.

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Fourth quarter revenue grew 22.4% to $553.4 million compared to
$452.1 million in the fourth quarter of 2006. The airline's 2007
revenue increased to $2.2 billion compared to $1.8 billion in 2006, an
increase of 21.9%.