For the past three quarters we have simultaneously increased yield, load factors in the face of increased capacity.

This accomplishment, which is hard to attain in the airline industry, is one we have now achieved over the past three quarters.

There's only three ways for airlines to improve. Improve load factor, increase yield or reduce costs.

We are filling the planes-and with high load factors-but there is a lot to do before the industry's balance sheet recovers. The industry faces several risks. The rising price of oil continues to kill our profitability. The airlines are managing capacity as carefully as they are managing costs. As the record aircraft orders of last year are delivered, matching capacity to demand will become even more critical. And Avian Flu is the wild card for 2006.

The changes to the executive structure reinforces the commitment that WestJet has to its guests, ... Russ' proven leadership and business judgment as an executive will help further strengthen our WestJet Executive team.

Foreign ownership has declined somewhat in recent months with the run-up in the price of fuel, as the sector's been a little bit out of favor, but it's still worth our while to do it (reclassify the shares) in preparation for when that reverses,