Monday, April 30, 2012

TMA - <span class="simulate_din_font">Trimac Announces Improved First Quarter Results for 2012</span> (CAD 0.0625)

Company: Trimac Transportation Ltd.
Stock Name: TMA
Amount: CAD 0.0625
Announcement Date: 01/05/2012
Record Date: 27/06/2012

Dividend Detail:



Highlights for the first quarter:




  • Revenue for the quarter improved $7.4 million (10.0%) to $81.0 million


  • EBITDA for the quarter increased 20.6% to $7.6 million


  • Acquisition of 29% interest in Northern Resource Trucking Limited
    Partnership, effective March 19, 2012


  • Acquisition of 60% interest in Fortress Trucking Limited, effective
    March 30, 2012


  • New contract to haul natural gas liquids on behalf of Provident Energy
    Ltd. in northeastern British Columbia


  • New five-year contract and business award, effective May 1, 2012, to
    transport petroleum products for UFA Co-operative Limited


  • Entered into a joint investment in Bulk Plus Logistics U.S. LLC with our
    U.S. based sister company Trimac Transportation Inc.



CALGARY, May 1, 2012 /CNW/ - Trimac Transportation Ltd. (TSX Symbol TMA) ("Trimac" or the "Company"), Canada's leader in bulk
trucking, is pleased to announce the release of its financial results
for the first quarter ended March 31, 2012 ("current quarter").



Trimac's consolidated revenue, including fuel surcharges, for the
three-month period ended March 31, 2012 increased by $7.4 million (or
10.0%) as compared to the same period in the prior year ("comparative
quarter"). This increase was the result of increased revenue volumes
from existing customers, new business awards, rate increases and an
increase in fuel surcharge revenue of $3.1 million.�� Revenue before
fuel surcharges improved by 6.4% to close the current quarter at $70.1
million.�� Increased revenue volumes were attributable to a strong
demand for dry bulk commodities from existing customers due to the
milder winter weather and new bulk hauling awards attained in petroleum
and pressure commodities.�� Chemical hauling also increased due to the
Benson acquisition from June, 2011 which provided $1.1 million of
incremental transportation revenue for the current period.�� Bulk Plus
Logistics' revenue increased 13.2% to $4.3 million for the current
quarter primarily as a result of increased volumes with existing
customers and new business awards in the transload operations.��
National Tank Services' third party revenue also increased 11.8% to
close the quarter at $3.8 million due to higher volumes in the current
quarter.



Direct costs net of fuel surcharge revenue (net direct costs) expressed
as a percentage of revenue before fuel surcharges, decreased slightly
in the current quarter to 72.8% from 73.3% in the comparative quarter.��
Improved productivity due to warmer winter weather contributed to this
decrease.�� Net direct costs in actual dollar amounts increased $2.7
million over the comparative quarter.�� This increase was primarily the
result of increased driver and leased operator remuneration,
maintenance and cleaning costs due to the increased revenue volumes.



Selling and administrative costs as a percentage of revenue before fuel
surcharges decreased to 16.4% from 17.1%.�� In absolute dollars selling
and administrative costs increased slightly to $11.5 million from $11.3
million in the comparative quarter.�� The increase was primarily due to
increased revenue volumes, increased salaries due to annual inflation
adjustments and increased incentive compensation costs.�� These
increases were partially offset by decreased communication and
advertising costs.��



EBITDA closed the current quarter at $7.6 million compared to $6.3
million in the comparative quarter, an increase of 20.6%.�� This
increase was primarily the result of the increased revenue volumes,
rate increases and improved productivity and strong cost controls.



"We are very pleased with our first quarter results," commented Edward
V. Malysa, President and Chief Operating Officer of Trimac.�� "As we
look ahead to the remainder of 2012, we are expecting moderately
favourable economic activity levels across the country.�� Trimac is well
positioned to integrate the new business awards and the recent
acquisitions into its operations.�� Trimac will continue to focus on
recruiting and retention initiatives."



Financial Highlights















































































































































































































































































































































































































































































































































































































��

��

��

��

��

��

��

��

��

��

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Three months ended March 31

(in millions of dollars except per share data)

2012

��

2011

��

Variance

��Consolidated Financial Results

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Revenue before fuel surcharges

70.1

��

65.9

��

6.4%

��

��

��

��

��

��

��

��

��

��

��

Operating expenses

��

��

��

��

��

��

��

��

Direct costs

��

62.0

��

56.2

��

10.3%

��

��

Fuel surcharges (1)

��

(11.0)

��

(7.9)

��

-39.2%

��

��

��

��

��

51.0

��

48.3

��

5.6%

��

��

��

Percent of revenue

��

72.8%

��

73.3%

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Selling and administration

11.5

��

11.3

��

1.8%

��

��

��

Percent of revenue

��

16.4%

��

17.1%

��

��

��

��

��

��

��

��

��

��

��

��

��

��

EBITDA (2)

��

��

7.6

��

6.3

��

20.6%

��

��

Operating earnings

��

2.9

��

2.2

��

31.8%

��

��

Adjusted net income (2)

1.7

��

0.8

��

112.5%

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Segment Results

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Revenue before fuel surcharges

��

��

��

��

��

��

��

��

Bulk Trucking

��

62.0

��

58.7

��

5.6%

��

��

��

Bulk Plus Logistics

��

4.3

��

3.8

��

13.2%

��

��

��

National Tank Services

10.1

��

8.6

��

17.4%

��

��

��

Inter-segment revenue

(6.3)

��

(5.2)

��

��

��

��

��

��

��

70.1

��

65.9

��

6.4%

��

��

��

��

��

��

��

��

��

��

��

��

EBITDA

��

��

��

��

��

��

��

��

��

��

Bulk Trucking

��

5.9

��

4.8

��

��

��

��

��

Bulk Plus Logistics

��

0.6

��

0.5

��

��

��

��

��

National Tank Services

1.1

��

1.0

��

��

��

��

��

��

��

7.6

��

6.3

��

��

��

��

��

��

��

��

��

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��

��

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Other Information

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Cash generated from operations

5.3

��

6.0

��

��

��

��

��

Net property, plant and equipment additions

8.9

��

5.3

��

��

��

��

��

Repurchase of common shares

-

��

5.5

��

��

��

��

��

Investment in associate

9.2

��

-

��

��

��

��

��

Acquisitions & investments

8.0

��

-

��

��

��

��

��

��

��

��

��

��

��

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��

��

��

��

��

��

��

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Share Information

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Cash generated from operations per share

0.20

��

0.23

��

��

��

��

��

Earnings per share - adjusted (2)

0.06

��

0.03

��

��

��

��

��

��

��

��

��

��

��

��

(1)�� Management believes it is useful to net fuel surcharge revenue into
direct expenses when analyzing operating results. For Trimac, fuel
surcharge revenue is considered an expense recovery.

(2)�� Refer to the management's discussion and analysis for the three
months ended March 31, 2012 for the reconciliation of non-GAAP
financial measures.

��

��

��

��

��

��

��

��

��

��


��



Declaration of Quarterly Dividend



The Board of Directors today declared a dividend of $0.0625 per share on
the Class A common shares, payable on July 16, 2012 to shareholders of
record at the close of business on June 29, 2012.



Forward-Looking Statements



Certain information included in this news release constitutes
"forward-looking statements".�� Trimac cautions that, by their nature,
these forward-looking statements are based on suppositions, risks, and
uncertainties as well as on management's best possible evaluation of
future events. Trimac cautions that its assumptions may not materialize
and that current economic conditions render such assumptions, although
reasonable at the time they were made, subject to greater uncertainty.
Such forward-looking statements are not guarantees of future
performance and the actual results or performance of Trimac or the
transportation industry may be materially different from the outlook or
any future results or performance implied by such statements.�� Please
see "Forward-Looking Statements" in Trimac's MD&A for the three months
ended March 31, 2012 for a discussion on the material factors that
could cause actual results to differ from the forward-looking
information contained herein and the material factors and assumptions
that were applied in preparing such forward-looking information.



Profile



Trimac is Canada's largest provider of bulk trucking services with
operations from coast to coast.�� In addition, through its National Tank
Services division, Trimac performs repairs, maintenance and
tank-trailer cleaning services for both the Trimac fleet and for third
party commercial customers. Trimac also provides third party
transportation logistics services in Canada and the United States
through its wholly owned subsidiary Bulk Plus Logistics.�� Shares of
Trimac Transportation Ltd. are traded on the Toronto Stock Exchange
under the symbol TMA.



For more detailed information, please visit our website at www.trimac.ca or SEDAR at www.sedar.com and review our MD&A and financial statements for the Company.



You are invited to join us on a conference call (conference ID 3478879)
at 10:00 a.m. Eastern Time on Thursday, May 3, 2012.�� For North
American participants, please dial 1- 866-321-8231 or for international
participants, please dial ++1-416-642-5213 at least 10 minutes prior to
the start time of the call.�� An audio playback of the call will be
available starting Friday, May 4, 2012 on our website at http://www.trimac.ca/page/eventscalendar.







For further information:

Edward V. Malysa
President & Chief Operating Officer��
Trimac Transportation Ltd.��
Telephone:�� 403-298-5100
Facsimile:�� 403-298-5258��

Scott D. Calver��
Vice President & Chief Financial Officer
Trimac Transportation Ltd.��
Telephone:�� 403-298-5100
Facsimile:�� 403-298-5146









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BRE - <span class="simulate_din_font">Brookfield Real Estate Services Inc. reports first quarter 2012 results and monthly dividend</span> (CAD 0.092)

Company: Brookfield Real Estate Services Inc.
Stock Name: BRE
Amount: CAD 0.092
Announcement Date: 01/05/2012
Record Date: 29/05/2012

Dividend Detail:



TORONTO, May 1, 2012 /CNW/ - Brookfield Real Estate Services Inc. (the Company) (TSX: BRE), a leading
provider of services to residential real estate brokers and their
REALTORS����, today announced that cash flow from operations ("CFFO") for
the three months ended March 31, 2012 was $5.6 million as compared to
$5.7 million for the same period in 2011.



CFFO for the rolling 12 month period ended March 31, 2012 is $1.96 per
restricted voting share ("RVS") as compared to $1.97 for the rolling 12
month period ended March 31, 2011. Royalties were $8.2 million for the
quarter, the same level as the first quarter of 2011. The net loss for
the three months ended March 31, 2012 was $3.2 million or $0.34 per
RVS, as compared to a loss of $1.8 million for the same period in 2011.



OVERVIEW OF FIRST QUARTER OPERATING RESULTS



During the quarter, the Company generated cash flow from operations
("CFFO") of $5.6 million as compared to $5.7 million for the same
period in 2011. The Company had an increase in variable franchise fees
due to increased market activity, offset by a decrease in fixed royalty
fees as a result of net attrition experienced in the underlying agent
network during 2011 and the decrease in other revenue and services.
Other revenue and services decreased by 10% quarter over quarter (1.2%
of overall revenue), as the Company discontinued an agent website
program that was no longer relevant.



On a rolling twelve-month basis, the Canadian market transactional
dollar volume of $168.0 billion increased by 11% from March 31, 2011,
driven by a 6% and 5% increase in selling price and home sale activity,
respectively. For the three months ended March 31, 2012, the Canadian
market transactional dollar volume was up 5% over the same period in
2011, driven by a 1% and 4% increase in selling price and home sale
activity, respectively.



On a rolling twelve-month basis, the GTA Market experienced a
quarter-over-same-quarter increase of 19% driven by a 9% increase in
selling price and 10% increase in home sale activity. For the three
months ended March 31, 2012, the GTA Market experienced an 18% increase
on a 10% and 8% increase in selling price and home sale activity,
respectively over the same period in 2011. The higher than anticipated
rise in home prices is largely driven by the consistent shortage of
listings, resulting in competition among home buyers for the Quarter,
and low interest rates, which continue to draw home buyers into the
Market.



The Company's revenue is primarily fixed in nature, based on the number
of REALTORS�� in the network, which was essentially flat, period over
period. This structure provides revenue protection from the impact of
revenue dips when the market cools, but also reduces the degree to
which the Company participates in periods of rapid market expansion.



"In terms of network expansion, our contract sales funnel is healthy,"
said Phil Soper, President and Chief Executive Officer, Brookfield Real
Estate Services, Inc. "On a year-over-year basis, the number of agents
in our growth funnel is up considerably."



Since the Company recognizes variable fees when home sales close, which
typically is 45 to 60 days after the sales date used for Canadian
market data, the improved market activity is expected to materialize as
increased variable and premium fees in the second quarter.



"Price appreciation and strong unit sales reflect Canadians taking
advantage of a highly competitive banking environment and borrowing
rates that for the first time fell below 3.0 per cent for a five year
fixed mortgage," continued Mr. Soper. "The lure of historically low
mortgage rates, as well as unseasonably warm weather, particularly in
Central Canada, encouraged sellers to list their homes earlier than
normal, pulling ahead transactions into the early part of the year."



The Company Network



As at March 31, 2012 the Company Network was comprised of 15,250
REALTORS��, operating under 414 franchise agreements providing services
from 668 locations, with an approximate 22% share of the Market based
on 2011 transactional dollar volume.



Outlook



On a year-over-year basis, price appreciation and housing sales are
expected to modestly increase in 2012. While the pace of appreciation
is slowing in some regions across Canada as higher home prices
negatively impact affordability, the positive impact of a gradually
improving domestic and U.S. economy, and a gentle upward pressure on
wages and salaries, should support the residential real estate market
through 2012.



Monthly Cash Dividend



The Company declared a cash dividend of $0.092 per share for the month
of May 2012, payable on June 29, 2012, to shareholders of record on May
31, 2012.



CFFO



This news release and accompanying financial statements make reference
to cash flow from operations ("CFFO") on a total and per restricted
voting share basis. CFFO is defined as net income prior to fair value
changes, amortization, interest on exchangeable units, income taxes,
items related to other income and interests of exchangeable
unitholders. CFFO is used by the Company to measure the amount of cash
generated from operations which is available to the Company's
shareholders on a diluted basis where such dilution represents the
total number of shares of the Company that would be outstanding if
exchangeable unitholders converted Class B LP units into shares of the
Company. The Company uses CFFO to assess its operating results, the
value of its business and believes that many of its shareholders and
analysts also find this measure of value to them. CFFO does not have
any standard meaning pre- scribed by IFRS and therefore may not be
comparable to similar measures presented by other companies.



Forward-Looking Statements



This news release contains forward-looking information and other
"forward-looking statements". The words such as "should", "will",
"continue", "plan", "believe", "expect", "anticipate", "intend",
"estimate", "approximate", "expected" and other expressions that are
predictions of or indicate future events and trends and that do not
relate to historical matters identify forward-looking statements.
Reliance should not be placed on forward-looking statements because
they involve known and unknown risks, uncertainties and other factors
that may cause the actual results, performance or achievements of the
Corporation to differ materially from anticipated future results,
performance or achievement expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially from those set forward in the forward looking statements
include a change in general economic conditions, interest rates,
consumer confidence, the level of residential real estate resale
transactions, the average rate of commissions charged, competition from
other traditional real estate brokers or from discount and/or
Internet-based real estate alternatives, the availability of
acquisition opportunities and/or the closing of existing real estate
brokerage offices, other developments in the residential real estate
brokerage industry or the Corporation that reduce the number of and/or
royalty revenue from the Corporation's network of 15,295 REALTORS��, our
ability to maintain brand equity through the use of trademarks, the
availability of equity and debt financing, a change in tax provisions,
and other risks detailed in the Fund's annual information form, which
is filed with securities commissions and posted on SEDAR at www.sedar.com. The Corporation undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.



Conference Call



Brookfield Real Estate Services Inc. will host a conference call on
Tuesday, May 1, 2012 at 2 p.m. ET to discuss its first quarter
financial results. To access the call by telephone, please dial (888)
231-8191 or (647) 427-7450. Please connect approximately ten minutes
prior to the beginning of the call to ensure participation. A recording
of the conference call will be available on the Company's website by
Wednesday, May 2, 2012 at http://www.brookfieldresinc.com/content/investor_centre-25063.html.



Supplemental Information



The Company's Interim Condensed Consolidated Financial Statements and
Supplemental Information for the three months ended March 31, 2012
containing further information on the company's strategy, operations
and financial results can be found on our website at www.brookfieldresinc.com. The Company's Management Discussion and Analysis, Financial Statements
and associated regulatory filings will follow within prescribed
timelines. Shareholders are encouraged to read these documents,



Brookfield Real Estate Services Inc. Profile



The Company is a leading provider of services to residential real estate
brokers and their REALTORS����. The Company generates cash flow from
franchise royalties and service fees derived from a national network of
real estate brokers and agents in Canada operating under the Royal
LePage, Via Capitale Real Estate Network and Johnston & Daniel brand
names. At March 31, 2012, the Company network consisted of 15,250
REALTORS��. The Company network has an approximate 22% share of the
Canadian residential resale real estate market based on transactional
dollar volume. The Company generates both fixed and variable fee
components. Variable fees are primarily driven by the total
transactional dollar volume from the sales commissions of REALTORS��,
while fixed fees are based on the number of agents and sales
representatives in the network. Approximately 68% of the Company's
revenue is based on fees that are fixed in nature; this provides
revenue stability and helps insulate the Company's cash flows from
market fluctuations. The Company is listed on the TSX and trades under
the symbol "BRE". For further information about the Company, please
visit www.brookfieldresinc.com.



1��REALTOR�� is a trademark identifying real estate licensees in��Canada��who
are members of the Canadian Real Estate Association.






For further information:

Tammy Gilmer
Director, Public Relations & National Communications
Brookfield Real Estate Services Inc.
tgilmer@brookfieldres.com
Tel: 416.510.5783









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WJA - <span class="simulate_din_font">WestJet reports first quarter net earnings record</span> (CAD 0.06)

Company: Westjet Airlines Ltd.
Stock Name: WJA
Amount: CAD 0.06
Announcement Date: 01/05/2012
Record Date: 11/06/2012

Dividend Detail:



Airline achieves net earnings of $68 million, up 42 per cent

WestJet selects Bombardier Q400 NextGen aircraft for new regional
airline



CALGARY, May 1, 2012 /CNW/ - WestJet (TSX: WJA) today announced its
first quarter results for 2012. The airline reported record first
quarter net earnings of $68.3 million, or $0.49 per diluted share; up
from the net earnings of $48.2 million, or $0.34 per diluted share,
reported in the first quarter of 2011. This represents WestJet's 28th consecutive quarter of profitability. WestJet's operating cash flow per
share for the first quarter of 2012 was $1.87, an increase of 31 per
cent year over year. Based on the trailing twelve months, the airline
achieved a return on invested capital of 10.8 per cent, up from the
10.1 per cent reported last quarter.



"We are extremely pleased with the record first quarter results and our
margin expansion as revenue growth outpaced elevated fuel costs. We
achieved our highest first quarter load factor, improved the overall
yield and made good progress towards our return on invested capital
target," said WestJet President and CEO Gregg Saretsky. "I thank
WestJetters for their contributions to these great results and for
providing that remarkable guest experience which helps distinguish us
as Canada's preferred airline."



Today, WestJet also announced it has selected the Bombardier Q400
NextGen as the aircraft for its new, low-cost regional airline that is
expected to launch as early as the second half of 2013. "This aircraft
selection marks another significant milestone for WestJet as we enter
into what we know will be a successful, long-lasting relationship with
Bombardier, another great Canadian company," noted Gregg Saretsky.






























































































Operating highlights (stated in Canadian dollars)

��

Q1 2012��

Q1 2011

Change

Net earnings (millions)

$68.3

$48.2

41.6%

Diluted earnings per share

$0.49

$0.34

44.1%

Total revenues (millions)

$891.0

$772.4

15.3%

Operating margin

11.9%

10.3%

1.6 pts.

Operating cash flow per share*

$1.87

$1.43

30.8%

ASMs (available seat miles) (billions)

5.690

5.230

8.8%

RPMs (revenue passenger miles) (billions)

4.721

4.290

10.0%

Load factor

83.0%

82.0%

1.0 pts.

Segment guests

4,230,415

3,899,108

8.5%

Yield (revenue per revenue passenger mile) (cents)

18.87

18.00

4.8%

RASM (revenue per available seat mile) (cents)

15.66

14.77

6.0%

CASM (cost per available seat mile) (cents)

13.80

13.24

4.2%

CASM, excluding fuel and employee profit share (cents)*

8.95

8.91

0.4%


*Refer to reconciliations in the accompanying tables for further
information regarding calculations.






"Revenue growth exceeded our expectations this quarter and contributions
to the top-line increase are coming from the ongoing improvement in our
business offering, our airline partnership strategy, the strength of
WestJet Vacations and increases in ancillary revenue," commented Gregg
Saretsky. WestJet achieved its highest ancillary revenue per guest of
$8.39 this quarter which lifted the net earnings per guest to
approximately sixteen dollars. The airline expects RASM growth to
continue into the second quarter, but at a slightly moderated pace than
the RASM growth achieved in the first quarter of 2012.



WestJet now projects its 2012 full-year CASM, excluding fuel and
employee profit share will be up 1.5 to 2.5 per cent. This is mainly
attributable to higher revenue-related expenditures resulting from an
improved revenue outlook and increased airport operation costs
resulting from an increase in operations at higher cost airports such
as New York City, Chicago and Toronto. For the second quarter of 2012,
the airline projects its fuel costs will range between $0.95 and $0.97
per litre.



Dividend declaration

WestJet's Board of Directors declared a cash dividend of $0.06 per
common voting share and variable voting share for the second quarter of
2012, to be paid on June 29, 2012, to shareholders of record on June
13, 2012. 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 statements

Certain information set forth in this news release, including, without
limitation, the information regarding the launch of the regional
airline in the second half of 2013, RASM growth in the second quarter
of 2012, fuel costs in the second quarter of 2012 and CASM, excluding
fuel and employee profit share, for the full-year 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 budget, forecasts and strategy, our fleet plan,
realized jet fuel prices for April 2012 and forward-curve prices for
May and June 2012, the expected exchange rate of the Canadian dollar to
the U.S. dollar in the second quarter of 2012, along with available
implementation plans, agreements and bookings, but may vary due to
factors including, but not limited to, changes in consumer demand,
changes in fuel prices, delays in aircraft delivery, changes in guest
demand, 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 statements 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.



This news release contains disclosure respecting non-GAAP performance
measures including, without limitation, CASM, excluding fuel and
employee profit share, operating cash flow per share, return on
invested capital and net earnings per guest. These measures are
included to enhance 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 quarters. 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 three months ended March 31, 2012, 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.



��



Management's discussion and analysis of financial results and condensed
consolidated interim financial statements and notes for the three months ended March 31, 2012, 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, May 1,
2012, 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 first quarter 2012 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.



Annual general meeting (AGM)

WestJet will hold its AGM at 2 p.m. MDT (4 p.m. EDT) today on May 1,
2012 at WestJet's Calgary Campus at 22 Aerial Place NE. The AGM webcast
will be available live in the Media and Investor Relations section of www.westjet.com.��



About WestJet

WestJet is Canada's preferred airline, offering scheduled service
throughout its 76-city North American and Caribbean network. Inducted
into Canada's Most Admired Corporate Cultures Hall of Fame and named
one of Canada's best employers, WestJet pioneered low-cost flying in
Canada. Named a J.D. Power 2011 Customer Service Champion, WestJet
offers increased legroom and leather seats on its modern fleet of 98
Boeing Next-Generation 737 aircraft. With future confirmed deliveries
for an additional 37 aircraft through 2018, WestJet strives to be one
of the five most successful international airlines in the world.



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






Condensed Consolidated Statement of Earnings

For the three months ended March 31

(Stated in thousands of Canadian dollars, except share and per share
amounts)

(Unaudited)



























































































































































































































































































��

��

��

��

��

��

2012

2011

��

��

��

��

Revenues:

��

��

��

��

Guest

��

802,286

688,588

��

Other

��

88,664

83,834

��

��

890,950

772,422

Expenses:

��

��

��

��

Aircraft fuel

��

262,072

218,963

��

Airport operations

��

113,806

109,151

��

Flight operations and navigational charges

��

91,784

84,097

��

Sales and distribution

��

87,096

76,822

��

Marketing, general and administration

��

48,129

47,816

��

Aircraft leasing

��

46,327

40,713

��

Depreciation and amortization

��

45,144

43,307

��

Inflight

��

39,073

33,499

��

Maintenance

��

37,727

30,622

��

Employee profit share

��

14,134

7,592

��

��

785,292

692,582

Earnings from operations

��

105,658

79,840

��

��

��

��

Non-operating income (expense):

��

��

��

��

Finance income

��

4,340

3,931

��

Finance costs

��

(12,737)

(16,198)

��

Gain on foreign exchange

��

1,286

1,499

��

Gain (loss) on disposal of property and equipment

��

19

(7)

��

Loss on derivatives

��

(3,450)

(2,257)

��

��

(10,542)

(13,032)

Earnings before income tax

��

95,116

66,808

��

��

��

��

Income tax expense (recovery):

��

��

��

��

Current

��

28,999

581

��

Deferred

��

(2,204)

17,978

��

��

26,795

18,559

Net earnings

��

68,321

48,249

��

��

��

��

Earnings per share:

��

��

��

��

Basic

��

0.50

0.34

��

Diluted

��

0.49

0.34

��

��

��

��

Weighted average number of shares outstanding - basic

��

137,773,920

142,308,050

Weighted average number of shares outstanding - diluted

��

138,189,084

143,141,454

��

��

��

��


Condensed Consolidated Statement of Financial Position

(Stated in thousands of Canadian dollars)

(Unaudited)























































































































































































































































































��

��

��

��

�� ��

��

March 31

December 31

�� ��

��

2012

2011

Assets

��

��

��

Current assets:

��

��

��

��

Cash and cash equivalents

��

1,400,812

1,243,605

��

Restricted cash

��

47,300

48,341

��

Accounts receivable

��

31,460

34,122

��

Prepaid expenses, deposits and other

��

55,276

66,936

��

Inventory

��

31,680

31,695

��

��

1,566,528

1,424,699

Non-current assets:

��

��

��

��

Property and equipment

��

1,921,182

1,911,227

��

Intangible assets

��

35,923

33,793

��

Other assets

��

104,557

103,959

��

Total assets

��

3,628,190

3,473,678

��

��

��

��

Liabilities and shareholders' equity

��

��

��

Current liabilities:

��

��

��

��

Accounts payable and accrued liabilities

��

401,435

307,279

��

Advance ticket sales

��

451,995

432,186

��

Non-refundable guest credits

��

44,065

43,485

��

Current portion of long-term debt

��

161,919

158,832

��

Current portion of obligations under finance leases

��

76

75

��

��

1,059,490

941,857

Non-current liabilities:

��

��

��

��

Maintenance provisions

��

156,811

151,645

��

Long-term debt

��

662,466

669,880

��

Obligations under finance leases

��

3,155

3,174

��

Other liabilities

��

9,830

10,449

��

Deferred income tax

��

323,645

326,456

Total liabilities

��

2,215,397

2,103,461

��

��

��

��

Shareholders' equity:

��

��

��

��

Share capital

��

627,018

630,408

��

Equity reserves

��

74,100

74,184

��

Hedge reserves

��

(4,742)

(3,353)

��

Retained earnings

��

716,417

668,978

Total shareholders' equity

��

1,412,793

1,370,217

��

��

��

��

Total liabilities and shareholders' equity

��

3,628,190

3,473,678

��

��

��

��


Condensed Consolidated Statement of Cash Flows

For the three months ended March 31

(Stated in thousands of Canadian dollars)

(Unaudited)










































































































































































































































































































��

��

��

��

��

��

2012

2011

��

��

��

��

Operating activities:

��

��

��

Net earnings

��

68,321

48,249

Items not involving cash:

��

��

��

��

Depreciation and amortization

��

45,144

43,307

��

Change in long-term maintenance provisions

��

7,827

6,698

��

Change in other liabilities

��

(199)

(209)

��

Amortization of hedge settlements

��

350

350

��

Loss on derivative instruments

��

3,450

2,257

��

(Gain) loss on disposal of property and equipment

��

(19)

7

��

Share-based payment expense

��

2,691

3,369

��

Deferred income tax expense (recovery)

��

(2,204)

17,978

��

Finance income

��

(4,340)

(3,931)

��

Finance cost

��

12,737

16,198

��

Unrealized foreign exchange (gain) loss

��

(505)

432

��

Change in non-cash working capital

��

121,229

77,887

Change in restricted cash

��

1,041

(8,746)

Change in other assets

��

(1,541)

(2,300)

Cash taxes paid

��

(407)

(371)

Cash interest received

��

4,591

2,910

��

��

258,166

204,085

��

��

��

��

Investing activities:

��

��

��

Aircraft additions

��

(43,764)

(43,140)

Other property and equipment and intangible additions

��

(12,480)

(9,380)

��

��

(56,244)

(52,520)

��

��

��

��

Financing activities:

��

��

��

Increase in long-term debt

��

35,303

-

Repayment of long-term debt

��

(39,631)

(41,283)

Decrease in obligations under finance leases

��

(19)

(54)

Shares repurchased

��

(18,821)

(28,297)

Dividends paid

��

(8,226)

(14,205)

Cash interest paid

��

(11,271)

(14,024)

Change in non-cash working capital

��

(1,465)

3,979

��

��

(44,130)

(93,884)

��

��

��

��

Cash flow from operating, investing and financing activities

��

157,792

57,681

Effect of foreign exchange on cash and cash equivalents

��

(585)

(1,910)

Net change in cash and cash equivalents

��

157,207

55,771

��

��

��

��

Cash and cash equivalents, beginning of period

��

1,243,605

1,159,316

��

��

��

��

Cash and cash equivalents, end of period

��

1,400,812

1,215,087

��

��

��

��





CASM, excluding fuel and employee profit share

(Stated in thousands of Canadian dollars, except per unit data)

(Unaudited)



WestJet excludes the effects of aircraft fuel expense and employee
profit share expense to assess the operating performance of the
business. Fuel expense is excluded from operating results due to the
fact that fuel prices are impacted by a host of factors outside
WestJet's control, such as significant weather events, geopolitical
tensions, refinery capacity and global demand and supply. Excluding
this expense allows WestJet to analyze its operating results on a
comparable basis. Employee profit share expense is excluded from
operating results due to its variable nature and excluding this expense
allows greater comparability.

























































��

��

��

Three months ended March 31

��

2012

2011

CASM, excluding fuel and employee profit share

��

��

Operating expenses

785,292

692,582

Aircraft fuel expense

(262,072)

(218,963)

Employee profit share expense

(14,134)

(7,592)

Operating expenses, adjusted

509,086

466,027

ASMs

5,689,651,965

5,230,276,750

CASM, excluding above items (cents)

8.95

8.91

��

��

��





Return on invested capital (ROIC)

(Stated in thousands of Canadian dollars, except per unit data)

(Unaudited)



ROIC is a measure commonly used to assess the efficiency with which a
company allocates its capital to generate returns. Return is calculated
based on our earnings before tax, excluding special items, finance
costs and implied interest on our off-balance-sheet aircraft leases.
Invested capital includes average long-term debt, average finance lease
obligations, average shareholders' equity and off-balance-sheet
aircraft operating leases.




































































































��

��

��

��

��

($ in thousands, except percentage amounts)

March 31,

2012

December 31,

2011

��

Return on invested capital(i)

��

��

��

Earnings before income taxes

236,314

208,006

��

Add:

��

��

��

��

Finance costs

57,450

60,911

��

��

Implicit interest in operating leases(ii)

89,872

86,925

��

��

383,636

355,842

��

Invested capital:

��

��

��

��

Average long-term debt(iii)

904,639

927,757

��

��

Average obligations under finance leases(iv)

3,268

3,303

��

��

Average shareholders' equity

1,368,275

1,337,225

��

��

Off-balance-sheet aircraft leases(v)

1,283,888

1,241,783

��

��

3,560,070

3,510,068

��

Return on invested capital

10.8%

10.1%



























(i)����

The trailing 12 months are used in the calculation of ROIC.

(ii)��

Interest implicit in operating leases is equal to 7.0 per cent of 7.5
times

the trailing 12 months of aircraft lease expense. 7.0 per cent is a
proxy

and does not necessarily represent actual for any given period.

(iii)

Average long-term debt includes the current portion and long-term
portion.

(iv)

Average capital lease obligations include the current portion and
long-term portion.

(v)

Off-balance-sheet aircraft leases are calculated by multiplying the
trailing 12

months of aircraft leasing expense by 7.5. At March 31, 2012, the
trailing 12

months of aircraft leasing costs totalled $171,185 (December 31, 2011 -
$165,571).

��

��


Net earnings per guest

(Stated in thousands of Canadian dollars, except per unit data)

(Unaudited)



Net earnings divided by the number of segment guests.










































��

��

��

Three months ended March 31

��

2012

2011

Net earnings per guest

��

��

Net earnings

68,321

48,249

Segment guests

4,230,415

3,899,108

Net earnings per guests

16.15

12.37

��

��

��


Operating cash flow per share

(Stated in thousands of Canadian dollars, except per unit data)

(Unaudited)



Cash flow from operations divided by the diluted weighted average number
of shares outstanding.





































��

��

��

Three months ended March 31

��

2012

2011

Operating cash flow per share

��

��

Cash flow from operating activities

258,166

204,085

Weighted average number of shares outstanding - diluted

138,189,084

143,141,454

Diluted operating cash flow per share

1.87

1.43


��



��



��






For further information:

WestJet Media Relations
1-888-WJ-4-NEWS (1-888-954-6397)
Email:��media@westjet.com��

WestJet Investor Relations
1-877-493-7853
Email:��investor_relations@westjet.com

Website:��www.westjet.com









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