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WestJet Reports Record Quarter, Record Year-to-Date

Nov. 7, 2007, Calgary, Alta. -WestJet today announced record third quarter net earnings of $76.1 million, a 44.0% increase over the $52.8 million for the same period last year. Record year-to-date net earnings of $117.5 million were 33.5% higher than $88.0 million in 2006.


November 7, 2007
By Carey Fredericks

Nov. 7, 2007, Calgary, Alta. -WestJet today announced record third quarter net earnings of $76.1 million, a
44.0% increase over the $52.8 million for the same period last year.
Record year-to-date net earnings of $117.5 million were 33.5% higher
than $88.0 million in 2006.

The airline's third quarter earnings from operations were $144.2
million. This represented an operating margin of 23.5% and an increase
of 60.6% over 2006.

Sean Durfy, WestJet President and CEO said today, "These results
demonstrate another quarter of hard work by our people and their
ability to continue the positive momentum of our airline. The strength
of the Canadian economy and the strong demand for our product,
evidenced by our highest load factor in history, achieved in August,
allowed us to deliver our strongest third quarter results on record.
Our people met the demands of higher loads with on-time performance
that was among the top three in North America."

WestJet's diluted earnings per share (EPS) for the third quarter
was 58 cents compared to 41 cents in the same period last year, an
increase of 41.5%. Year to date, diluted EPS was 90 cents, an increase
of 32.4% compared to 68 cents in 2006. Excluding the second quarter
reservation system write-down of $31.9 million, year-to-date diluted
EPS was $1.07, or a 57.4% increase when compared to the same period in
2006.

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Third quarter revenue of $614.1 million compared to $502.3 million
in the third quarter of 2006 was an improvement of 22.3%. Year to date,
revenue increased to $1.6 billion compared to $1.3 billion in 2006, an
increase of 21.7%.




Operating Highlights
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Q3 Q3 % YTD YTD %
2007 2006 change 2007 2006 change
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Load Factor 83.2% 80.5% 2.7 pts. 81.8% 79.2% 2.6 pts.
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ASM (available seat
miles) billions 3.8 3.3 14.4% 10.7 9.2 16.5%
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RPM (revenue passenger
miles) billions 3.2 2.7 18.3% 8.8 7.3 20.3%
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RASM (revenue per
available seat mile)
cents 16.2 15.2 6.6% 14.9 14.3 4.2%
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Yield (revenue per
passenger mile) cents 19.5 18.9 3.2% 18.2 18.0 1.1%
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CASM (cost per available
seat mile) cents 12.4 12.5 (0.6%) 12.5(1) 12.6 (0.9%)
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CASM excluding fuel cents 8.9 8.9 - 9.1(1) 9.1 -
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(1) excludes reservation system write-down of $31.9 million
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Sean Durfy continued, "In the third quarter, we flew a record
number of guests, with an 83.2% load factor, achieved a 3.2% increase
in our yield, and did so while adding 14.4% more capacity over the same
period last year. Our continuing effort to build our commercial and
leisure network and increase load factor, while effectively managing
yield during this traditionally strong demand period, contributed to
year-over-year increases in RASM of 6.6%. We are particularly pleased
with our improved RASM, which is a key indicator of an airline's
financial success.

"We look at all areas of our business in the most cost-conscious
manner, keeping our commitment to maintaining the lowest sustainable
CASM, while providing a great guest experience. CASM for the quarter
was down slightly from the previous year, even with our continued
expansion and growth. Increased utilization of 2.5% to 12.2 hours
helped maintain CASM this quarter by diluting our costs across a wider
asset base.

"In the fourth quarter we will add two more 737-700 series
aircraft, bringing our fleet size to 70 by year end. We will increase
our capacity by over 14% compared to the fourth quarter of 2006.
Yesterday, our Board of Directors signed an agreement for two more
leased aircraft to be received in November 2008 and January 2009. This
decision is based on the continued foreseeable success in our market
penetration. These aircraft will bring our 2008 and 2009 ASM growth to
16% and 8% respectively. This brings our firm deliveries to 46
additional aircraft between 2008 and 2013 and our fleet size to 116
Boeing Next-Generation aircraft by the end of 2013. We will continue to
benefit from operating a modern fleet of fuel-efficient aircraft in the
face of rising fuel prices.

"We are heading into the fourth quarter with the strong foundation
of the last nine months behind us. Our people are dedicated and
committed to going above and beyond when it comes to delivering the
best experience to our guests. Our success over the last quarter and
the last 11 years is testament to this fact; a sincere thanks to our
over 6,500 WestJetters for once again delivering such great results."




WestJet also reported third quarter and year-to-date operational
performance.


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Q3 Q3 % YTD YTD %
2007 2006 change 2007 2006 change
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On-time performance 87.4% 87.8% (0.4 pts.) 84.2% 82.5% 1.7 pts.
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Completion rate 99.7% 99.7% - 99.2% 99.5% (0.3 pts.)
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Bag ratio 4.02 4.47 10.1% 4.25 4.69 9.4%
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