Cargojet Announces Strong Fourth Quarter & Year-End Results

MISSISSAUGA, ON, Feb. 28 /CNW/ - Cargojet Inc. (the "Corporation") (TSX: CJT CJT.A) announced today financial results for the Fourth Quarter and the Full Year ended December 31, 2010.

For the Fourth Quarter Ended December 31, 2010*:

  • Total Revenues were $42.9 million, an increase of $5.7 million or 15.3% over the previous year
  • Direct Expenses were $32.5 million, an increase of $5.3 million or 19.5% over the previous year
  • Gross Margin was $10.4 million, an increase of $0.4 million or 4.0% over the previous year
  • EBITDA was $6.7 million, a decrease of $0.3 million or 4.3% over the previous year

For the Year Ended December 31, 2010*:

  • Total Revenues were $156.2 million, an increase of $12.6 million or 8.8% over the previous year
  • Direct Expenses were $120.6 million, an increase of $17.4 million or 16.9% over the previous year
  • Gross Margin was $35.6 million, a decrease of $4.8 million or 11.9% over the previous year
  • EBITDA was $19.9 million, a decrease of $4.6 million or 18.8% over the previous year

*All figures exclude the discontinued operations of the Cargojet Regional business that was sold on July 14, 2010.

"Customer demand showed continued stability, growth and strength in the fourth quarter resulting in EBITDA that was comparable to the prior year. We are benefiting from the full effect of cost controls implemented at the end of the second quarter, combined with significantly increased customer demand and the continued outstanding work of every member of the Cargojet Team," said Ajay Virmani, President and Chief Executive Officer.

The Corporation's Audited Consolidated Year End Financial Statements and Management Discussion and Analysis for the three month and twelve month periods ended December 31, 2010 have been released to the Fund's website at www.cargojet.com and have also been filed with SEDAR.

Cargojet is Canada's leading provider of time sensitive overnight air cargo services. Cargojet operates its network across North America, transporting over 750,000 pounds of time sensitive air cargo each business night, utilizing a fleet of thirteen 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:

P. Dhillon
Vice President Marketing, Public & Government Relations
Tel: (905) 501 7373
pdhillon@cargojet.com


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