Westjet 1999 Annual Report Download - page 18

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Statements of Operations and Retained Earnings
Years ended December 31, 1999 and 1998
(Stated in Thousands of Dollars, Except Per Share Data)
1999 1998
Revenues:
Passenger revenues $ 193,715 $ 118,612
Charter and other 9,859 6,825
203,574 125,437
Expenses:
Passenger services 43,955 31,386
Maintenance 31,854 22,129
Aircraft fuel 30,480 20,490
Sales and marketing 13,907 9,452
Reservations 9,550 4,917
General and administration 9,410 6,545
Flight operations 8,826 5,709
Inflight 7,531 3,465
Employee profit share provision 6,633 1,702
Aircraft leasing 2,687 1,448
Depreciation 8,272 5,087
173,105 112,330
Earnings from operations 30,469 13,107
Non-operating income (expense):
Interest income 1,657 453
Interest expense (2,871) (1,137)
Gain on disposal of assets 93 8
(1,121) (676)
Earnings before income taxes 29,348 12,431
Income taxes (note 7):
Current 7,696 335
Deferred 5,820 5,579
13,516 5,914
Net earnings 15,832 6,517
Retained earnings, beginning of year 9,616 3,099
Retained earnings, end of year $ 25,448 $ 9,616
Earnings per share:
Basic $ 0.63 $ 0.28
Fully diluted $ 0.58 $ 0.28
See accompanying notes to financial statements.
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WestJet Airlines 1999 Annual Report
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