Westjet 2005 Annual Report Download - page 43

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2005 WESTJET ANNUAL REPORT
41
Years ended December 31, 2005 and 2004
(Stated in Thousands of Dollars, Except Per Share Amounts)
2005 2004
Revenues:
Guest revenues $ 1,207,075 $ 933,407
Charter and other 181,641 119,332
Interest income 6,308 5,251
1,395,024 1,057,990
Expenses:
Aircraft fuel 354,065 241,473
Airport operations 219,144 173,604
Flight operations and navigational charges 183,463 148,706
Sales and marketing 124,154 85,186
Depreciation and amortization 106,624 126,338
Maintenance 75,717 78,903
General and administration 69,552 60,953
Aircraft leasing 65,647 41,239
Interest expense 55,496 44,109
Inflight 53,005 43,808
Customer service 27,322 23,570
1,334,189 1,067,889
Earnings (loss) from operations 60,835 (9,899)
Non-operating income (expense):
Loss on foreign exchange (2,729) (3,224)
Gain (loss) on disposal of property and equipment (98) 63
(2,827) (3,161)
Employee profit share (note 9(b)) 6,033 2,916
Earnings (loss) before income taxes 51,975 (15,976)
Income tax expense (recovery) (note 8):
Current (7,367) (4,771)
Future 35,341 5,963
27,974 1,192
Net earnings (loss) 24,001 (17,168)
Retained earnings, beginning of year 177,446 204,731
Change in accounting policy (note 1(l)) – (10,117)
Retained earnings, end of year $ 201,447 $ 177,446
Earnings (loss) per share (note 7(d)):
Basic $ 0.19 $ (0.14)
Diluted $ 0.19 $ (0.14)
See accompanying notes to consolidated financial statements.
WestJet Airlines Ltd.
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) AND RETAINED EARNINGS