ENP Newswire - 05 February 2014 Release date- 04022014 - CALGARY - WestJet (TSX: WJA) today announced its fourth quarter and year-end results for 2013, with record net earnings of $268.7 million , or $2.03 per diluted share, up from the net earnings of $242.4 million , or $1.78 per diluted share reported for the full-year 2012. For the fourth quarter, the airline reported diluted earnings per share of $0.52 , up from $0.46 reported last year. This represents WestJet's 35th consecutive quarter of profitability, and based on the trailing twelve months, the airline achieved a return on invested capital of 13.9 per cent, compared with the 13.8 per cent reported in the previous quarter. 'We continued to expand on our success in 2013 as several key accomplishments, including the launch of WestJet Encore and our Fare Bundles product, helped us achieve a year of record earnings, and a return on invested capital above our 12 per cent target for the sixth consecutive quarter,' said WestJet President and CEO Gregg Saretsky . 'We are very excited about continuing our success into 2014, and I am grateful to our nearly 10,000 WestJetters for the commitment they demonstrate to our guests every day.' Operating highlights See Tables at: http://westjet2.mediaroom.com/index.php?s=43&item=854 Today, WestJet declared a 20 per cent increase to its quarterly dividend from $0.10 to $0.12 per common voting share and variable voting share. 'We are pleased to be able to continue returning value to our shareholders as we are confident in our robust business model and strong balance sheet,' added Gregg Saretsky . WestJet expects continued strong traffic and revenue growth in the first quarter of 2014, and to achieve continued earnings growth for the full-year 2014. On January 9, 2014 , WestJet was named 2014 Value Airline of the Year as part of Air Transport World magazine's 40th annual global airlines industry achievement awards, adding to the list of numerous awards the airline has received in previous years. 'To be recognized globally for value is an enormous honour and a testament to the hard work of our nearly 10,000 WestJetters,' added Gregg Saretsky . 'Value is in our DNA. We strive every day to bring value to our guests and we are grateful for their loyalty and support. We are very proud to win this award and especially, in a category so close to our hearts.' Dividend declaration On February 3, 2014 , WestJet's Board of Directors declared a cash dividend of $0.12 per common voting share and variable voting share for the first quarter of 2014, to be paid on March 31, 2014 , to shareholders of record on March 19, 2014 . All dividends paid by WestJet are, pursuant to subsection 89(14) of the Income Tax Act, designated as eligible dividends, unless indicated otherwise. An eligible dividend paid to a Canadian resident is entitled to the enhanced dividend tax credit. Caution regarding forward-looking information Certain information set forth in this news release, including, without limitation, information regarding traffic and revenue growth in the first quarter of 2014 and earnings growth for the full-year 2014 is forward-looking information within the meaning of applicable Canadian securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond WestJet's control. The forward-looking information contained in this news release is based on WestJet's current forecasts and strategy, the expected demand environment, the utilization of our fleet, the forward-curve for jet fuel price, the expected exchange rate of the Canadian dollar to the U.S. dollar, agreements and bookings, but may vary due to factors including, but not limited to, changes in guest demand, changes in fuel prices, delays in aircraft delivery, general economic conditions, competitive environment, ability to effectively implement and maintain critical systems and other factors and risks described in WestJet's public reports and filings which are available under WestJet's profile at www.sedar.com . Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. WestJet does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law. Non-GAAP measures This news release contains disclosure respecting non-GAAP performance measures including, without limitation, CASM, excluding fuel and employee profit share and return on invested capital. These measures are included to enhance the overall understanding of WestJet's current financial performance and to provide an alternative method for assessing WestJet's operating results in a manner that is focused on the performance of WestJet's ongoing operations, and to provide a more consistent basis for comparison between reporting periods. These measures are not calculated in accordance with, or an alternative to, GAAP and do not have standardized meanings. Therefore, they may not be comparable to similar measures provided by other entities. Readers are urged to review the section entitled 'Reconciliation of non-GAAP and additional GAAP measures' in WestJet's management's discussion and analysis of financial results for the year ended December 31, 2013 , which is available under WestJet's profile on SEDAR at www.sedar.com , for a further discussion of such non-GAAP measures and a reconciliation of such measures to GAAP. The financial information accompanying this news release was prepared in accordance with International Financial Reporting Standards unless otherwise noted. Management's discussion and analysis of financial results and consolidated financial statements and notes for the year ended December 31, 2013 , are available through the Internet in the Media and Investor Relations section of www.westjet.com or under WestJet's SEDAR profile at www.sedar.com . Analyst conference call WestJet will hold its quarterly analysts' conference call today, February 4, 2014 , at 8 a.m. MDT ( 10 a.m. EDT ). President and CEO Gregg Saretsky and Executive Vice-President of Finance and CFO Vito Culmone will discuss WestJet's fourth quarter and year end results and answer questions from financial analysts and members of the media. The conference call will be available in Toronto by calling 416-915-3239, in Vancouver by calling 604-638-5340 and across Canada and the United States through the toll-free telephone number 1-800-319-4610. The call can also be heard live through an Internet webcast accessible via the Media and Investor Relations section of www.westjet.com . About WestJet We are proud to be Canada's most-preferred airline, powered by an award-winning culture of care and recognized as one of the country's top employers. We offer scheduled service to more than 85 destinations in North America , Central America , the Caribbean and Europe . Through our regional airline, WestJet Encore, and with partnerships with airlines representing every major region of the world, we offer our guests more than 140 destinations in more than 20 countries. Leveraging WestJet's extensive network, flight schedule and remarkable guest experience, WestJet Vacations delivers affordable, flexible travel experiences with a variety of accommodation options for every guest. Members of our WestJet Rewards program earn WestJet dollars on flights, vacation packages and more. Our members use WestJet dollars towards the purchase of WestJet flights and vacations packages on any day, at any time, to any WestJet destination with no blackout periods - even on seat sales. For more information about everything WestJet, please visit www.westjet.com . Recent recognition includes: 2014 Value Airline of the Year ( Air Transport World magazine ) 2013 Gold Stevie Award Best Transportation Company (American Business Awards) 2013 Chairman's Circle Award: WestJet Vacations (CPSC) 2013 Canada's Most Preferred Airline (Leger Marketing) 2013/2012 Canada's Most Attractive Employer ( Randstad ) 2013 WestJet RBC MasterCard ranked #1 in Canada ( MoneySense magazine ) Connect with WestJet on Facebook at www.facebook.com/westjet Follow WestJet on Twitter at www.twitter.com/westjet Subscribe to WestJet on YouTube at www.youtube.com/westjet Read the WestJet blog at blog.westjet.com Condensed Consolidated Statement of Earnings Available at: http://westjet2.mediaroom.com/index.php?s=43&item=854 SOURCE WestJet For further information: WestJet Media Relations 1-888-WJ-4-NEWS (1-888-954-6397) Email: email@example.com WestJet Investor Relations 1-877-493-7853
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