News Releases
<<
Airline reports revenue growth of 19.9 per cent and strong profitability
for 2008
>>
CALGARY, Feb. 11 /CNW/ - WestJet (TSX:WJA) today announced fourth quarter and year-end financial results for 2008. The airline reported fourth quarter net earnings of $40.8 million, or 32 cents per diluted share, and full-year net earnings of $178.1 million, or $1.37 per diluted share.
"We are very pleased with our quarterly results that cap off a financially successful year," commented Sean Durfy, WestJet President and CEO. "This was a challenging time for all businesses. The strain of economic uncertainty, fluctuations in oil prices and financial turmoil continue to impact all industries. While the unpredictable nature of 2008 challenged our airline, our continued ability to deliver on our business strategy, conservative approach to maintaining a healthy balance sheet and our team of caring and dedicated WestJetters allowed us to once again be a top performer in the industry worldwide."
WestJet reported a fourth quarter earnings before tax (EBT) margin of 9.5 per cent. For the full-year 2008, the airline had an EBT margin of 10.0 per cent and an operating margin of 11.5 per cent.
"In comparison to those North American airlines who have reported their numbers, our pre-tax margin is once again among the best," commented Sean Durfy. "We weathered the volatility in the financial and credit markets and ended the year with a cash position of over $820 million."
<<
Operating highlights (stated in Canadian dollars)
-------------------------------------------------------------------------
Q4 Q4 Full-year Full-year
2008 2007 Change 2008 2007 Change
-------------------------------------------------------------------------
Net earnings
(millions) $40.8 $75.4 (45.9%) $178.1 $192.8 (7.6%)
-------------------------------------------------------------------------
Adjusted net
earnings(1) $40.8 $41.7 (2.1%) $178.1 $181.3 (1.8%)
(millions)
-------------------------------------------------------------------------
Diluted
earnings
per share $0.32 $0.57 (43.9%) $1.37 $1.47 (6.8%)
(cents)
-------------------------------------------------------------------------
Adjusted
diluted
earnings per
share(1) $0.32 $0.32 - $1.37 $1.39 (1.4%)
(cents)
-------------------------------------------------------------------------
Revenue
(millions) $615.8 $552.0 11.6% $2,549.5 $2,127.2 19.9%
-------------------------------------------------------------------------
ASM (available
seat miles)
(billions) 4.288 3.819 12.3% 17.139 14.545 17.8%
-------------------------------------------------------------------------
RPM (revenue
passenger
miles)
(billions) 3.329 2.968 12.2% 13.731 11.739 17.0%
-------------------------------------------------------------------------
Load factor 77.6% 77.7% (0.1 pts.) 80.1% 80.7% (0.6 pts.)
-------------------------------------------------------------------------
Yield (revenue
per revenue
passenger
mile) (cents) 18.50 18.60 (0.5%) 18.57 18.12 2.5%
-------------------------------------------------------------------------
RASM (revenue
per available
seat mile)
(cents) 14.36 14.46 (0.7%) 14.88 14.62 1.8%
-------------------------------------------------------------------------
CASM (cost
per available
seat mile)
(cents)(1) 13.02 12.48 4.3% 13.17 12.34 6.7%
-------------------------------------------------------------------------
CASM excluding
fuel and
employee
profit share
(cents)(1) 8.72 8.52 2.3% 8.28 8.55 (3.2%)
-------------------------------------------------------------------------
(1) Refer to reconciliations in the accompanying tables for further
information regarding adjustments.
>>
Sean Durfy continued, "We are pleased to see RASM increase for the year given a 17 per cent increase in revenue passenger miles. Due to a general weakening of economic conditions that were broadly felt across all industries in the latter half of the year, we did experience a slight decline in RASM in the fourth quarter."
CASM, excluding fuel and employee profit share, declined for the full-year 2008 despite an increase in the quarter. The increase in fourth quarter CASM, excluding fuel and profit share, was impacted by weather-related expenses associated with de-icing and re-accommodating guests.
"Our renowned WestJet culture was exemplified by the wonderful manner in which our WestJetters dealt with the severe weather situation across Canada this Christmas," commented Sean Durfy. "We demonstrated the uniqueness of our airline by going above and beyond to take care of guests when weather disrupted their holiday travel plans."
"Our ability to adjust our network to meet the demands of our guests continues to play an important role in our financial success," added Sean Durfy. "The flexibility of our fleet allows us to respond quickly to favourable market opportunities ensuring that we maximize the efficiency and profitability of our network. With our recently announced plans to start service to Sydney, Nova Scotia; Yellowknife; San Diego and San Francisco, we continue to work towards optimizing the use of our fleet and developing new destinations."
WestJet plans to continue its growth in 2009. Aircraft delivery delays, resulting from last year's Boeing strike, have slowed the airline's ASM growth expectations to between six and seven per cent in the first quarter of 2009, and approximately five per cent for the full year.
"It is too early for us to accurately comment on first quarter traffic and revenues; however, based on current booking and revenue trends, and taking into consideration that Easter is in April this year versus March last year, we are seeing downward pressure on our yields. This is contributing to an expected decline in year-over-year RASM for the first quarter of 2009," explained Sean Durfy. "Building on the record year WestJet Vacations had in 2008, we are looking forward to a strong first quarter for our vacations' bookings.
"The accomplishments of our people resulted in a successful 2008 despite a difficult year for aviation. Our low-cost focus along with the dedication of our more than 7,400 WestJetters will see us continue our growth; 2009 should be another successful and profitable year for WestJet."
WestJet's continued growth in 2009 is focused on developing the capabilities, technology and resources to allow code-sharing with other airlines, beginning with Southwest Airlines by the end of 2009 and Air France and KLM by early 2010. Code-sharing is an important part of WestJet's strategy to increase network flow, bringing additional travellers to its network and offering additional access for new destinations.
Additionally, WestJet plans to implement a new loyalty and credit card program to further engage guests by creating products that are lucrative for flyers, easy to use and will benefit both frequent flyers and those guests who are new to WestJet. WestJet's underlying fundamentals include its continued strong profitability, a healthy cash position, an enviable corporate culture and an award-winning guest experience.
WestJet also reported fourth quarter and year-end operational performance. WestJet calculates on-time performance and completion rate based on the U.S. Department of Transportation's standards. WestJet's baggage ratio represents the number of delayed or lost baggage claims made per 1,000 guests.
<<
-------------------------------------------------------------------------
Q4 Q4 Full-year Full-year
2008 2007 Change 2008 2007 Change
-------------------------------------------------------------------------
On-time
performance 68.9% 77.8% (8.9 pts.) 77.0% 82.6% (5.6 pts.)
-------------------------------------------------------------------------
Completion
rate 98.1% 99.0% (0.9 pts.) 98.7% 99.2% (0.5 pts.)
-------------------------------------------------------------------------
Bag ratio 4.68 4.32 (8.3%) 4.12 4.26 3.3%
-------------------------------------------------------------------------
>>
Caution regarding forward-looking statements
Certain information set forth in this press release, including information regarding implementation of WestJet's arrangements with Southwest Airlines, WestJet's expected capacity growth, route plans, projections as to yields, load factors and traffic in the first quarter of 2009, vacation bookings and WestJet implementation of a loyalty and credit card program, contain forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond WestJet's control. These forward-looking statements are based on currently available implementation plans, agreements and bookings but may vary based on factors including, but not limited to, the availability of sufficient technology, delay in aircraft delivery, change in customer demand, general economic conditions and availability of personnel and outside consultants. These and additional risk factors are discussed in WestJet's most recent Annual Information Form (AIF) and in other documents WestJet files from time to time with securities regulatory authorities, which are available through the Internet on WestJet's SEDAR profile at www.sedar.com.
Readers are cautioned that undue reliance should not be placed on forward-looking statements as actual results may vary materially from the forward-looking statements. WestJet does not undertake to update any forward-looking statements, except as is required by law.
Following are WestJet's Consolidated Financial Statements for the three and twelve months ended December 31, 2008 and 2007. The 2008 Management's Discussion and Analysis and Consolidated Financial Statements and Notes for the years ended December 31, 2008 and 2007, are available through the Internet on westjet.com or WestJet's SEDAR profile at www.sedar.com.
<<
WestJet
Consolidated Financial Statements
For the Three and Twelve Months Ended December 31, 2008 and 2007
Consolidated Statement of Earnings
(Stated in thousands of Canadian dollars, except share and per share
amounts)
(Unaudited)
-------------------------------------------------------------------------
Three Months Ended Twelve Months Ended
December 31 December 31
2008 2007 2008 2007
-------------------------------------------------------------------------
Revenues:
Guest revenues $ 561,514 $ 502,379 $ 2,301,301 $ 1,899,159
Charter and other
revenues 54,269 49,625 248,205 227,997
-------------------------------------------------------------------------
615,783 552,004 2,549,506 2,127,156
Expenses:
Aircraft fuel 177,422 142,359 803,293 503,931
Airport operations 92,066 78,306 342,922 299,004
Flight operations
and navigational
charges 70,103 65,684 280,920 258,571
Marketing, general
and administration 61,190 47,570 211,979 177,393
Sales and distribution 42,629 40,844 170,605 146,194
Depreciation and
amortization 34,829 32,838 136,485 127,223
Inflight 26,445 23,488 105,849 85,499
Aircraft leasing 22,710 18,152 86,050 75,201
Maintenance 24,144 18,489 85,093 74,653
Employee profit
share 6,648 8,741 33,435 46,705
Loss on impairment
of property and
equipment - - - 31,881
-------------------------------------------------------------------------
558,186 476,471 2,256,631 1,826,255
-------------------------------------------------------------------------
Earnings from
operations 57,597 75,533 292,875 300,901
Non-operating income
(expense):
Interest income 5,624 7,943 25,485 24,301
Interest expense (18,450) (19,454) (76,078) (75,749)
Gain (loss) on foreign
exchange 20,341 (1,379) 30,587 (12,750)
Gain (loss) on
disposal of property
and equipment (475) (399) (701) 54
Loss on derivatives (6,336) - (17,331) -
-------------------------------------------------------------------------
704 (13,289) (38,038) (64,144)
-------------------------------------------------------------------------
Earnings before income
taxes 58,301 62,244 254,837 236,757
Income tax expense
(reduction):
Current 304 548 2,549 2,149
Future 17,226 (13,663) 74,153 41,775
-------------------------------------------------------------------------
17,530 (13,115) 76,702 43,924
-------------------------------------------------------------------------
Net earnings $ 40,771 $ 75,359 $ 178,135 $ 192,833
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Earnings per share:
Basic $ 0.32 $ 0.58 $ 1.38 $ 1.49
Diluted $ 0.32 $ 0.57 $ 1.37 $ 1.47
Weighted average
number of shares
outstanding -
basic 127,911,516 129,610,501 128,690,146 129,709,329
Weighted average
number of shares
outstanding -
diluted 127,917,767 133,054,088 129,975,240 131,610,179
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Balance Sheet
(Stated in thousands of Canadian dollars)
(Unaudited)
-------------------------------------------------------------------------
December 31, December 31,
2008 2007
-------------------------------------------------------------------------
Assets
Current assets:
Cash and cash equivalents $ 820,214 $ 653,558
Accounts receivable 16,837 15,009
Future income tax 4,196 -
Prepaid expenses, deposits and other 67,693 39,019
Inventory 17,054 10,202
-------------------------------------------------------------------------
925,994 717,788
Property and equipment 2,281,850 2,213,063
Other assets 71,005 53,371
-------------------------------------------------------------------------
$ 3,278,849 $ 2,984,222
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Liabilities and shareholders' equity
Current liabilities:
Accounts payable and accrued liabilities $ 249,354 $ 168,171
Advance ticket sales 251,354 194,929
Non-refundable guest credits 73,020 54,139
Current portion of long-term debt 165,721 172,992
Current portion of obligations under
capital lease 395 375
-------------------------------------------------------------------------
739,844 590,606
Long-term debt 1,186,182 1,256,526
Obligations under capital lease 713 1,108
Other liabilities 24,233 11,337
Future income tax 241,740 174,737
-------------------------------------------------------------------------
2,192,712 2,034,314
Shareholders' equity:
Share capital 452,885 448,568
Contributed surplus 60,193 57,889
Accumulated other comprehensive loss (38,112) (11,914)
Retained earnings 611,171 455,365
-------------------------------------------------------------------------
1,086,137 949,908
-------------------------------------------------------------------------
$ 3,278,849 $ 2,984,222
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Statement of Shareholders' Equity
(Stated in thousands of Canadian dollars)
(Unaudited)
-------------------------------------------------------------------------
Three Months Ended Twelve Months Ended
December 31 December 31
2008 2007 2008 2007
-------------------------------------------------------------------------
Share capital:
Balance, beginning
of period $ 452,776 $ 440,242 $ 448,568 $ 431,248
Issuance of shares
pursuant to
stock option plans - 84 227 1,551
Stock-based
compensation on
stock options
exercised 109 9,671 11,181 20,040
Shares repurchased - (1,429) (7,091) (4,271)
-------------------------------------------------------------------------
452,885 448,568 452,885 448,568
Contributed surplus:
Balance, beginning
of period 57,671 63,356 57,889 58,656
Stock-based
compensation
expense 2,631 4,204 13,485 19,273
Stock-based
compensation on
stock options
exercised (109) (9,671) (11,181) (20,040)
-------------------------------------------------------------------------
60,193 57,889 60,193 57,889
Accumulated other
comprehensive loss:
Balance, beginning
of period (9,717) (12,370) (11,914) -
Change in
accounting policy - - - (13,420)
Other comprehensive
income(loss) (28,395) 456 (26,198) 1,506
-------------------------------------------------------------------------
(38,112) (11,914) (38,112) (11,914)
Retained earnings:
Balance, beginning
of period 570,400 386,535 455,365 316,123
Change in accounting
policy - - - (36,612)
Shares repurchased - (6,529) (22,329) (16,979)
Net earnings 40,771 75,359 178,135 192,833
-------------------------------------------------------------------------
611,171 455,365 611,171 455,365
Total accumulated
other comprehensive
loss and retained
earnings 573,059 443,451 573,059 443,451
-------------------------------------------------------------------------
Total shareholders'
equity $ 1,086,137 $ 949,908 $ 1,086,137 $ 949,908
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Statement of Comprehensive Income
(Stated in thousands of Canadian dollars)
(Unaudited)
-------------------------------------------------------------------------
Three Months Ended Twelve Months Ended
December 31 December 31
2008 2007 2008 2007
-------------------------------------------------------------------------
Net earnings $ 40,771 $ 75,359 $ 178,135 $ 192,833
Other comprehensive
income, net of taxes:
Amortization of hedge
settlements to
aircraft leasing 350 350 1,400 1,400
Net unrealized gain
on foreign exchange
derivatives under
cash flow hedge
accounting (net of
tax of $(2,317);
$ nil; $(3,097);
$ nil) 5,556 88 7,224 88
Reclassification of
net realized (gains)
losses on foreign
exchange derivatives
to net earnings (net
of tax of $992; $ nil;
$1,357; $ nil) (2,360) 18 (3,197) 18
Net unrealized loss on
fuel derivatives under
cash flow hedge
accounting (net of
tax of $13,086; $ nil;
$13,086; $ nil) (31,941) - (31,625) -
-------------------------------------------------------------------------
(28,395) 456 (26,198) 1,506
-------------------------------------------------------------------------
Total comprehensive
income $ 12,376 $ 75,815 $ 151,937 $ 194,339
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Statement of Cash Flows
(Stated in thousands of Canadian dollars)
(Unaudited)
-------------------------------------------------------------------------
Three Months Ended Twelve Months Ended
December 31 December 31
2008 2007 2008 2007
-------------------------------------------------------------------------
Operating activities
Net earnings $ 40,771 $ 75,359 $ 178,135 $ 192,833
Items not involving cash:
Depreciation and
amortization 34,829 32,838 136,485 127,223
Amortization of other
liabilities (233) (235) (937) (897)
Amortization of
hedge settlements 350 350 1,400 1,400
Unrealized loss
on derivative
instruments 6,323 - 6,725 -
Loss on disposal of
property, equipment
and aircraft parts 587 573 1,809 32,773
Stock-based
compensation expense 2,631 4,204 13,485 19,273
Future income tax
expense (reduction) 17,226 (13,663) 74,153 41,775
Unrealized foreign
exchange loss (gain) (23,720) 1,300 (34,823) 13,813
Change in non-cash
working capital (11,213) (9,177) 84,154 112,872
-------------------------------------------------------------------------
67,551 91,549 460,586 541,065
-------------------------------------------------------------------------
Financing activities
Increase in
long-term debt - 32,040 101,782 141,178
Repayment of
long-term debt (41,570) (39,349) (179,397) (156,516)
Decrease in
obligations under
capital lease (95) (90) (375) (356)
Increase in other
assets (51) (7,102) (4,135) (20,897)
Shares repurchased - (7,958) (29,420) (21,250)
Issuance of common
shares - 84 227 1,551
Change in non-cash
working capital (1,216) - (4,111) (3,000)
-------------------------------------------------------------------------
(42,932) (22,375) (115,429) (59,290)
-------------------------------------------------------------------------
Investing activities
Aircraft additions (3,864) (45,215) (114,470) (191,437)
Aircraft disposals 6 1,963 84 1,975
Other property and
equipment additions (27,166) (6,327) (90,663) (24,639)
Other property and
equipment disposals 2 18 172 13,819
Change in non-cash
working capital 5,147 - 5,147 -
-------------------------------------------------------------------------
(25,875) (49,561) (199,730) (200,282)
-------------------------------------------------------------------------
Cash flow from (used in)
operating, financing
and investing
activities (1,256) 19,613 145,427 281,493
Effect of exchange
rate on cash and
cash equivalents 14,957 (284) 21,229 (5,452)
-------------------------------------------------------------------------
Net change in cash
and cash equivalents 13,701 19,329 166,656 276,041
Cash and cash
equivalents, beginning
of period 806,513 634,229 653,558 377,517
-------------------------------------------------------------------------
Cash and cash
equivalents, end
of period $ 820,214 $ 653,558 $ 820,214 $ 653,558
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Cash interest paid $ (18,782) $ (19,527) $ (76,604) $ (75,712)
Cash taxes received
(paid) $ (515) $ (807) $ (2,305) $ 10,623
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Operating Highlights
(Unaudited)
-------------------------------------------------------------------------
Three months ended
December 31,
2008 2007 Change
-------------------------------------------------------------------------
Available seat miles (ASM) 4,288,054,528 3,818,613,107 12.3%
Revenue passenger miles 3,328,856,003 2,967,645,307 12.2%
Load factor 77.6% 77.7% (0.1 pts)
Yield (cents) 18.50 18.60 (0.5%)
Revenue per ASM (cents) 14.36 14.46 (0.7%)
Cost per ASM (CASM) (cents) 13.02 12.48 4.3%
CASM, excluding fuel and
employee profit share (cents) 8.72 8.52 2.3%
Fuel consumption (litres) 210,090,434 189,434,295 10.9%
Fuel costs per litre (cents) 84.45 75.15 12.4%
Segment guests 3,518,362 3,280,342 7.3%
Average stage length (miles) 899 869 3.5%
Utilization (hours) 12.1 12.3 (1.6%)
Number of full-time equivalent
employees at period end 6,187 5,682 8.9%
Fleet size at period end 76 70 8.6%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Twelve months ended
December 31,
2008 2007 Change
-------------------------------------------------------------------------
Available seat miles (ASM) 17,138,883,465 14,544,737,340 17.8%
Revenue passenger miles 13,730,960,234 11,739,063,003 17.0%
Load factor 80.1% 80.7% (0.6 pts)
Yield (cents) 18.57 18.12 2.5%
Revenue per ASM (cents) 14.88 14.62 1.8%
Cost per ASM (CASM) (cents) 13.17 12.34* 6.7%
CASM, excluding fuel and
employee profit share (cents) 8.28 8.55* (3.2%)
Fuel consumption (litres) 839,699,921 723,104,203 16.1%
Fuel costs per litre (cents) 95.66 69.69 37.3%
Segment guests 14,283,630 13,004,726 9.8%
Average stage length (miles) 913 856 6.7%
Utilization (hours) 12.3 12.1 1.7%
Number of full-time equivalent
employees at period end 6,187 5,682 8.9%
Fleet size at period end 76 70 8.6%
-------------------------------------------------------------------------
* Refer to reconciliation of non-GAAP measures to GAAP section
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Reconciliation of non-GAAP measures to GAAP
(Stated in thousands of Canadian dollars, except per share and per unit
amounts)
(Unaudited)
Net earnings and diluted EPS:
-------------------------------------------------------------------------
Three months ended
December 31
2008 2007
-------------------------------------------------------------------------
Net earnings and
diluted EPS - GAAP $ 40,771 $ 0.32 $ 75,359 $ 0.57
Reservation system
impairment - - - -
Tax on impairment - - - -
Future tax rate
reduction - - (33,700) (0.25)
-------------------------------------------------------------------------
Adjusted net earnings
and diluted EPS $ 40,771 $ 0.32 $ 41,659 $ 0.32
-------------------------------------------------------------------------
-------------------------------------------------------------------------
------------------------------------------------------------------------
Twelve months ended
December 31
2008 2007
-------------------------------------------------------------------------
Net earnings and
diluted EPS - GAAP $ 178,135 $ 1.37 $ 192,833 $ 1.47
Reservation system
impairment - - 31,881 0.24
Tax on impairment - - (9,667) (0.07)
Future tax rate
reduction - - (33,700) (0.25)
-------------------------------------------------------------------------
Adjusted net earnings
and diluted EPS $ 178,135 $ 1.37 $ 181,347 $ 1.39
-------------------------------------------------------------------------
-------------------------------------------------------------------------
CASM:
-------------------------------------------------------------------------
Three Months Ended Twelve Months Ended
December 31 December 31
2008 2007 2008 2007
-------------------------------------------------------------------------
Operating
expenses -
GAAP $ 558,186 $ 476,471 $ 2,256,631 $ 1,826,255
Adjusted
for:
Reservation
system
impairment - - - (31,881)
-------------------------------------------------------------------------
Operating
expenses,
excluding
above
items $ 558,186 $ 476,471 $ 2,256,631 $ 1,794,374
ASMs 4,288,054,528 3,818,613,107 17,138,883,465 14,544,737,340
-------------------------------------------------------------------------
CASM,
excluding
above items
(cents) 13.02 12.48 13.17 12.34
-------------------------------------------------------------------------
-------------------------------------------------------------------------
CASM, excluding fuel and employee profit share:
-------------------------------------------------------------------------
Three Months Ended Twelve Months Ended
December 31 December 31
2008 2007 2008 2007
-------------------------------------------------------------------------
Operating
expenses -
GAAP $ 558,186 $ 476,471 $ 2,256,631 $ 1,826,255
Adjusted for:
Reservation
system
impairment - - - (31,881)
Aircraft
fuel expense (177,422) (142,359) (803,293) (503,931)
Employee
profit
share
expense (6,648) (8,741) (33,435) (46,705)
-------------------------------------------------------------------------
Operating
expenses,
excluding
above
items $ 374,116 $ 325,371 $ 1,419,903 $ 1,243,738
ASMs 4,288,054,528 3,818,613,107 17,138,883,465 14,544,737,340
-------------------------------------------------------------------------
CASM,
excluding
above items
(cents) 8.72 8.52 8.28 8.55
-------------------------------------------------------------------------
-------------------------------------------------------------------------
>>
Conference call
WestJet will hold a live analysts' conference call today at 9 a.m. MT (11 a.m. ET). Sean Durfy, President and CEO, and Vito Culmone, Executive Vice-President of Finance and CFO, will discuss WestJet's fourth quarter and year-end 2008 results and answer questions from financial analysts. The conference call is available through the toll-free telephone number 1-800-731-5319. Participants are encouraged to join the call 10 minutes prior to the scheduled start time at 8:50 a.m. MT (10:50 a.m. ET). The call can also be heard live through an Internet webcast in the Investor Relations section of westjet.com.
About WestJet
WestJet is Canada's leading high-value low-cost airline offering scheduled service throughout its 55-city North American and Caribbean network. Named one of Canada's most admired corporate cultures in 2005, 2006, 2007 and 2008, WestJet pioneered low-cost flying in Canada. WestJet offers increased legroom and leather seats on its modern fleet of 76 Boeing Next-Generation 737 aircraft, and live seatback television provided by Bell TV. With future confirmed deliveries for an additional 45 aircraft, bringing its fleet to 121 by 2013, WestJet strives to be the number one choice for travellers.