Cargojet Announces Expansion of ACMI Services with DHL
MISSISSAUGA, ON, Dec. 8, 2020 /CNW/ - Cargojet Inc. ("Cargojet" or the "Corporation") (TSX: CJT) formally announced today the expansion of its dedicated ACMI aircraft agreement with DHL Express with the addition of three international routes. The new routes are operated by three (3) dedicated B767-300F Cargojet freighter aircraft between Hamilton, Canada; DHL Express hub in Cincinnati, Ohio; and continuing to Monterrey, Mexico; and the United Kingdom.
These routes were initially started in April 2020 and October 2020 on a temporary basis, as global demand for dedicated air cargo services soared as a result of the Covid-19 pandemic and the resulting reduction in belly cargo capacity in passenger aircraft. Cargojet was well-positioned to assist DHL Express in quickly adding required cargo capacity and is very pleased to transition these routes to longer-term arrangements to provide dedicated air cargo capacity to DHL. This brings the total dedicated ACMI aircraft operated by Cargojet for DHL Express to nine aircraft.
"We are very pleased to continue to grow our long-standing relationship with DHL globally and look forward to continue to provide DHL and its customers with exceptional on-time performance and service levels," said Ajay K. Virmani, President and CEO for Cargojet.
"DHL Express welcomes the opportunity to expand its relationship with long-time partner Cargojet to help support our commitment to our customers and meet ever-growing demands for capacity and shipment growth, especially on these critical transatlantic lanes," said Jon Olin, VP of Aviation for DHL Express Americas. "Cargojet has proven itself to be a safe, reliable and dedicated air operator for the company."
About Cargojet
Cargojet is Canada's leading provider of time sensitive premium air cargo services to all major cities North America, provides Dedicated ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 27 Cargo aircraft.
For further information, please contact:
Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
[email protected]
DHL is the leading global brand in the logistics industry. Our DHL divisions offer an unrivalled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air and ocean transport to industrial supply chain management. With about 380,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global sustainable trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, engineering, manufacturing & energy, auto-mobility and retail, DHL is decisively positioned as "The logistics company for the world".
DHL is part of Deutsche Post DHL Group. The Group generated revenues of more than 63 billion euros in 2019. With sustainable business practices and a commitment to society and the environment, the Group makes a positive contribution to the world. Deutsche Post DHL Group aims to achieve zero-emissions logistics by 2050.
Non-GAAP Measures
"Adjusted EBITDA" and "Adjusted EBITDAR" are non-GAAP measures used by the Corporation to provide additional information on its financial and operating performance. Adjusted EBITDA and Adjusted EBITDAR are not recognized measures for financial statement presentation under Canadian GAAP and it does not have standardized meanings and may not be comparable to similar measures presented by other public companies.
Adjusted EBITDA is used by the Corporation to assess earnings before interest, taxes, depreciation, amortization, gain or loss on disposal of capital assets, unrealized foreign exchange gains or losses, unrealized gain or loss on forward foreign exchange contracts, aircraft heavy maintenance amortization, contract asset amortization, gain or loss on cash settled share based payment arrangement related to a financing arrangement, unrealized gain or loss on fair value of total return swap related to a financing arrangement, gain or loss on fair value of stock warrant, loss on settlement of cash settled share based payment arrangement related to a financing arrangement, gain on settlement of total return swap related to a financing, loss on extinguishment of debts, and non-cash employee pension expense, as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets. Adjusted EBITDAR is calculated as Adjusted EBITDA excluding aircraft rents. The Corporation believes that these alternative measures provide a more consistent basis to compare the performance of the Corporation between the periods. Adjusted EBITDA and Adjusted EBITDAR provide additional information to users of Management's Discussion and Analysis of Financial condition and Results of Operations ("MD&A") to enhance their understanding of the Company's financial performance.
Reconciliation of non-GAAP EBITDA, Adjusted EBITDA and Adjusted EBITDAR to GAAP income is provided on page 14 of the MD&A for the three and six months ended September 30, 2020.
Notice on Forward Looking Statements:
Certain statements contained herein constitute "forward-looking statements". Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans," "intends," "anticipates," "should," "estimates," "expects," "believes," "indicates," "targeting," "suggests" and similar expressions. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Reference should be made to the issuer's most recent Annual Information Form filed with the Canadian securities regulators, and it's most recent Annual Consolidated Financial Statements and Notes thereto and related Management's Discussion and Analysis (MD&A), for a summary of major risks. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. The issuer assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
SOURCE Cargojet Inc.
Media Contact: Deutsche Post DHL Group, Media Relations Americas, Pamela Duque, Phone: 954-614-6809, E-mail: [email protected]
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