As far as WJ's LAS flights, they're strictly charter, and last year it was a real nuisance for me... my sister's plane was rescheduled for the early morning because they operated one of those charters.
WJ is doing quite well, and is indeed making plenty of money, but I do think there is risk involved in their new aircraft. Sure, they'll lower their fuel and maintenance costs and improve their reliability, but the new planes are expensive to buy in spite of their cheaper operating costs. The thing is that WJ is a capital-intensive operation, and alot of their stuff is owned by them outright rather than financed. This means that in order to grow their airline by adding another airplane it no longer is simply a few million dollars to buy an old 737-200, it's around $40 million for a new -700, so their growth may be slowed by this. They can get around it by leasing aircraft, which they are getting some of, but this takes away from the way their economics work to make costs so low. So basically I'm saying that WJ will do very well, but there are risks involved in buying new airplanes and also that I'm not sure they can continue to grow at the same pace they have for the last few years.
As to AC's finances, AC is a bigger company, but it's stock market valuation is lower than WJ's because it's not only shareholder equity in AC's value, but also the value of the leases, loans, bonds, etc that AC has financed itself with. As to the original question, AC lost money last year for many reasons, some of which are one-time items related to integration, and also for other reasons. Keep in mind that the airline industry is not what I'd call a solid investment at the best of times.
AC has NOT bought Transat. Anything you might have heard would more likely the proposed linkup with Skyservice.