Air Canada 2008 Annual Report Download - page 51

Download and view the complete annual report

Please find page 51 of the 2008 Air Canada annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 152

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152

2008 Management’s Discussion and Analysis
51
The table below summarizes quarterly financial results for Jazz for the first and second quarter of 2007. Effective May 24,
2007, Jazz results are no longer consolidated within Air Canada.
($ millions)
Q1
2007
Q2
2007
Jazz
Operating revenues $ 364 $ 249
Ownership (DAR) (1) (40) (26)
Other operating expenses (288) (197)
Operating expenses (328) (223)
Operating income 36 26
Total non-operating income (expense),
non-controlling interest, foreign exchange gain (loss) and income tax (1) 1
Net income $ 35 $ 27
(1) DAR refers to the combination of Aircraft rent and Depreciation and amortization expenses.
The table below summarizes quarterly consolidated financial results for the Corporation for the last eight quarters. The
results below reflect the consolidation of Jazz only up to May 24, 2007. Refer to section 2 of this MD&A for additional
information.
($ millions, except per share figures)
Q1
2007
Q2
2007
Q3
2007
Q4
2007
Q1
2008
Q2
2008
Q3
2008
Q4
2008
Consolidated Total
Operating revenues $ 2,510 $ 2,622 $ 2,954 $ 2,513 $ 2,727 $ 2,782 $ 3,075 $ 2,498
Operating expenses (2,552) (2,508) (2,603) (2,441) (2,739) (2,775) (2,963) (2,644)
Operating income (loss)
beforetheunder-noteditem (42) 114 351 72 (12) 7 112 (146)
Provision for cargo investigations (1) - - - - (125) - - -
Operating income (loss) (42) 114 351 72 (137) 7 112 (146)
Total non-operating income (expense),
non-controlling interest, foreign exchange
gain (loss) and income tax 8 41 (78) (37) (151) 115 (244) (581)
Net income (loss) $ (34) $ 155 $ 273 $ 35 $ (288) $ 122 $ (132) $ (727)
Earning (loss) per share
- Basic and diluted $ (0.34) $ 1.55 $ 2.73 $ 0.35 $ (2.88) $ 1.22 $ (1.32) $ (7.27)
(1) A provision for cargo investigations of $125 million was recorded in the first quarter of 2008.