MISSISSAUGA, ON, May 12, 2016 /CNW/ - Cargojet Inc. (the "Company" or "Cargojet") (TSX: CJT, CJT.A) announced today financial results for the first quarter ended March 31, 2016.
For the First Quarter Ended March 31, 2016:
- Total Revenues were $76.9 million, an increase of $22.8 million or 42.1% versus the previous year.
- Gross Margin was $16.6 million, an increase of $15.6 million versus the previous year.
- Adjusted EBITDA before one-time costs was $18.5 million, an increase of $11.2 million or 153.4% versus the previous year. Adjusted EBITDA net of one-time cost was $17.4 million, an increase of $18.2M versus the previous year.
"Our financial and operating results for the quarter were very strong, as we complete the first full transformational year of our business." said Ajay Virmani, President and Chief Executive Officer. "Although Canadian economic indicators continue to limit organic growth, we are focused on seeking new revenue opportunities and to managing our operating costs by prudently matching capacity to meet actual demand." he added.
Cargojet is Canada's leading provider of time sensitive overnight air cargo services and carries over 1,300,000 pounds of cargo each business night. Cargojet operates its network across North America each business night, utilizing a fleet of all-cargo aircraft. For more information, please visit: www.cargojet.com.
"Adjusted EBITDA" is a non-GAAP measure used by Cargojet to provide additional information on its financial and operating performance. Adjusted EBITDA is not a recognized measure 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 Cargojet to assess earnings before interest, taxes, depreciation, amortization, gain or loss on disposal of capital assets, unrealized foreign exchange gains or losses, aircraft heavy maintenance expenditures and heavy maintenance deposits as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets. The Company believes that this alternative measure provides a more consistent basis to compare the performance of the Company between the periods. Adjusted EBITDA provides 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 and Adjusted EBITDA to GAAP income is provided on page 15 of the MD&A for the first quarter ended March 31, 2016.
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.
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