MISSISSAUGA, ON, Feb. 27, 2012 /CNW/ - Cargojet Inc. (the "Corporation")
(TSX: CJT, CJT.A) announced today financial results for the fourth
quarter and twelve-month period ended December 31, 2011.
For the Fourth Quarter Ended December 31, 2011*:
Total Revenues were $42.9 million, equal to the previous year
Gross Margin was $7.1 million, a decrease of $3.2 million or 31.1%
versus the previous year
EBITDA was $3.2 million, a decrease of $3.5 million or 52.2% versus the
For the Twelve-Month Period Ended December 31, 2011*:
Total Revenues were $165.5 million, an increase of $9.3 million or 6.0%
over the previous year
Gross Margin was $29.8 million, a decrease of $5.5 million or 15.6%
versus the previous year
EBITDA was $15.2 million, a decrease of $4.7 million or 23.6% versus the
* All figures exclude the discontinued operations of the Cargojet
Regional business that was sold on July 14, 2010.
"The industry experienced an unexpected decline in domestic volumes
during the quarter and last half of the year. Combined with previously
granted customer pricing discounts, this resulted in a significant
impact on Cargojet's yields," said Ajay Virmani, President and Chief
Executive Officer. "While we are encouraged by the increased demand
for ad-hoc charter and new revenue opportunities, we remain cautious
about the continued uncertainty in the overall economy and will
undertake the necessary cost reduction initiatives and pricing
enhancements to improve overall margins," he added.
Cargojet is Canada's leading provider of time sensitive overnight air
cargo services. Cargojet operates its network across North America each
business night, utilizing a fleet of twelve all-cargo aircraft.
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 its most recent
Annual Consolidated Financial Statements and Quarterly 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.
For further information:
Vice President Marketing, Public & Government Relations
Tel: (905) 501 7373