MISSISSAUGA, ON, Aug. 9 /CNW/ - Cargojet Income Fund (the "Fund")
TSX: CJT.UN) announced today financial results for the Second Quarter
ended June 30, 2010.
For the Second Quarter Ended June 30, 2010*:
Revenues increased to $37.8 million or 3.0% as compared to the
previous quarter and by 11.2% as compared to the same period in 2009.
Direct Expenses decreased to $29.2 million or 1.0% as compared to
previous quarter and increased by 19.7% as compared to the same period
EBITDA increased to $4.2 million or 23.5% as compared to the previous
quarter and decreased by 23.6% as compared to the same period in 2009.
*All figures exclude the operations of the Cargojet Regional business
that was sold on July 14, 2010.
"Strengthening customer demand has resulted in revenue increases in our
adhoc, charter and ACMI business sectors. We are pleased with the
improvement over the previous Quarter and the relative stability in
customer demand after many quarters of economic slow down. Increased
direct expenses were primarily due to the additional block hours flown
for charters, higher fuel costs and foreign exchange gains recorded in
the prior year," said Ajay Virmani, President and Chief Executive
Officer. "We remain focused on further cost control and reductions that
will translate into margin improvements as demand continues to grow in
the second half of 2010", added Virmani.
The Fund's Consolidated Interim Financial Statements and Management
Discussion and Analysis for the three month period ended June 30, 2010
have been released to the Fund's website at href="http://www.cargojet.com/">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. 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
SOURCE Cargojet Inc.
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