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38 2006 | WestJet Annual Report
WestJet Airlines Ltd.
Years ended December 31, 2006 and 2005
(Stated in Thousands of Dollars, Except Per Share Amounts)
CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS
2006 2005
Revenues:
Guest revenues $ 1,558,471 $ 1,207,075
Charter and other 201,400 179,379
Interest income 13,815 6,308
1,773,686 1,392,762
Expenses:
Aircraft fuel 425,506 354,065
Airport operations 262,310 219,144
Flight operations and navigational charges 229,821 183,463
Sales and marketing 154,734 124,154
Depreciation and amortization 111,442 106,624
General and administration 79,817 71,610
Aircraft leasing (note 11(b)) 71,432 65,647
Interest expense 70,196 55,496
Maintenance 69,975 71,397
Infl ight 67,220 53,005
Guest services 31,739 27,322
1,574,192 1,331,927
Earnings from operations 199,494 60,835
Non-operating income (expense):
Gain (loss) on foreign exchange 32 (2,729)
Gain (loss) on disposal of property and equipment 839 (98)
Non-recurring expenses (note 10(c)) (15,600) —
(14,729) (2,827)
Employee profi t share (note 10(b)) (20,284) (6,033)
Earnings before income taxes 164,481 51,975
Income tax (expense) recovery (note 8):
Current (3,170) 7,367
Future (46,635) (35,341)
(49,805) (27,974)
Net earnings 114,676 24,001
Retained earnings, beginning of year 201,447 177,446
Retained earnings, end of year $ 316,123 $ 201,447
Earnings per share (note 7(d)):
Basic $ 0.88 $ 0.19
Diluted $ 0.88 $ 0.19
See accompanying notes to consolidated fi nancial statements.