Westjet 2009 Annual Report Download - page 9

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WestJet 2009 Annual Report 7
CARE might not feel like a concrete quality to invest in; however,
we offer our 2009 results as proof of how effective a team of caring
and talented WestJetters can be and how much they can accomplish,
particularly in such a diffi cult environment. Two years ago, the economy
went into a rapid downward spiral. Credit markets crashing, capital
markets drying up, bankruptcies, bailouts and volatile oil prices paved
the path to 2009 and an economic recession unlike any we have seen
in decades.
Throughout 2009, reduced business spending, elevated unemployment
rates and depressed consumer confi dence meant that demand for air
travel was under severe pressure and pricing quickly deteriorated.
The added strain of continued volatile fuel prices, an H1N1 pandemic
and, at the end of the year, enhanced security measures made
2009 one of the most challenging years ever for the airline industry.
In light of these obstacles, we are extremely pleased with how
we weathered 2009. We produced revenues of $2.3 billion and
net earnings of $98.2 million. In our 14-year history, we have been
profi table 51 out of 53 quarters. Through the tremendous efforts of
our dedicated and talented team of WestJetters, we continued to
demonstrate the strength of our business. We were once again one of
the most profi table airlines in North America. We believe that care is
core to our success and that it has been instrumental in creating our
industry-leading airline.
In 2009, we focused on building a strong balance sheet and managing
capacity to better suit demand – all the while, keeping our eye on
growth. We successfully balanced the slowing economy with our
strategic business plans and our commitment to being high value
and low cost. WestJetters handled 2009 with care, and over the next
few pages I’d like to share some of the highlights of how they did it.