Cargojet Announces Third Quarter and Nine-Month Results

MISSISSAUGA, ON, Nov. 9, 2011 /CNW/ - Cargojet Inc. (the "Corporation") TSX: CJT, CJT.A) announced today financial results for the third quarter and nine month period ended September 30, 2011.

For the Third Quarter Ended September 30, 2011*:

  • Total Revenues were $40.3 million, an increase of $1.5 million or 3.9% over the previous year
  • Gross Margin was $7.6 million, a decrease of $1.7 million or 18.3% over the previous year
  • EBITDA was $4.4 million, a decrease of $1.3 million over the previous year

For the Nine Month Period Ended September 30, 2011*:

  • Total Revenues were $122.6 million, an increase of $9.3 million or 8.2% over the previous year
  • Gross Margin was $22.8 million, a decrease of $2.2 million or 8.8% over the previous year
  • EBITDA was $12.0 million, a decrease of $1.2 million over the previous year

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

"Higher revenues in the Quarter reflect an increase in charter, ACMI and fuel surcharge revenues, which were offset by lower than expected volumes on our core overnight network and continued depressed 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 speed of recovery in the economy and continue to undertake the necessary steps to reduce costs 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, 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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