Cargojet Income Fund Announces Fourth Quarter & Year-End Results

MISSISSAUGA, ON, March 1 /CNW/ - Cargojet Income Fund (the "Fund") TSX: CJT.UN) announced today financial results for the Fourth Quarter and Year Ended December 31, 2009.

    
    For the Fourth Quarter Ended December 31, 2009:
    -----------------------------------------------

    -   Total Revenues decreased by 19.0% to $43.5 million from $53.7 million
        for the comparable period in 2008.
    -   Direct Expenses decreased by 22.0% to $33.0 million from $42.3
        million for the comparable period in 2008.
    -   Gross Margin improved to 24.1% from 21.2% in the comparable period in
        2008.
    -   EBITDA was $6.9 million as compared to $8.3 million for the same
        period in 2008, representing a decrease of 16.9 %.

    For the Year Ended December 31, 2009:
    -------------------------------------

    -   Total Revenues decreased by 19.2% to $166.2 million from $205.7
        million for the comparable period in 2008.
    -   Direct Expenses decreased by 27.6% to $125.8 million from $173.7
        million for the comparable period in 2008.
    -   Gross Margin improved to 24.3% from 15.6% in the comparable period in
        2008.
    -   EBITDA was $23.7 million as compared to $16.2 million for the same
        period in 2008, representing an increase of 46.3%.
    

"Cargojet is very proud of the significant improvement reflected in these financial results, despite the continued effects of a weak global economy. Lower revenues were more than offset with lower operating costs and dramatically improved margins. This was a result of the hard work and dedication of every member of the Cargojet team," said Ajay Virmani, President and Chief Executive Officer. "We are continuing to face ongoing challenges presented in this tough economic climate. As a result, we remain cautious about the speed of recovery, the impact of continued weakening demand and pricing pressures facing ourselves and our customers as we move forward," added Virmani.

The Fund's Audited Consolidated Year End Financial Statements and Management Discussion and Analysis for the three month and twelve month periods ended December 31, 2009 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 forty 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. 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.

%SEDAR: 00022068E

SOURCE Cargojet Inc.

For further information: For further information: please visit our website at www.cargojet.com or contact: P. Dhillon, Vice President Marketing, Public & Government Relations, Tel: (905) 501-7373, pdhillon@cargojet.com


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