MISSISSAUGA, ON, May 14, 2014 /CNW/ - Cargojet Inc. (TSX: CJT, CJT.A)
announced today financial results for the first quarter ended March 31,
For the First Quarter Ended March 31, 2014:
Total Revenues were $43.7 million, an increase of $3.0 million or 7.4%
versus the previous year.
Gross Margin was $3.8 million, a decrease of $1.0 million or 20.8%
versus the previous year
EBITDA was $1.4 million, a decrease of $1.3 million or 48.1% versus the
"Strong revenue growth in the quarter was offset by one-time startup
costs related to a new contract and to the introduction of two
B757-200ER freighter aircraft that began revenue service April 01st," says Ajay K. Virmani, President and Chief Executive Officer. "We are
encouraged by the increasing demand for Cargojet's services and will
continue to manage our costs prudently, as we expand our aircraft fleet
and business in anticipation of the planned expansion of our domestic
network in 2015," he concluded.
Cargojet is Canada's leading provider of time sensitive overnight air
cargo services and operates a network across North America as well as
global air charters.
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