Cargojet Income Fund Announces Strong 2006 Fourth Quarter and Year End Results



    MISSISSAUGA, ON, March 23 /CNW/ - Cargojet Income Fund (the "Fund")
(TSX: CJT.UN) announced today strong financial results for the Fourth Quarter
and Year Ended December 31, 2006.

    
    For the Fourth Quarter Ended December 31, 2006:

    -   Revenues increased to $35.1 million from $32.9 million for the
        comparative period in 2005, an increase of 6.7%;
    -   EBITDA increased by $2.7 million or 87.1%, from the comparable period
        in 2005, to $5.8 million;
    -   Direct expenses as a percentage of revenue decreased by 11.5% to
        71.5% compared to the three-month period ended December 31, 2005;
    -   Total cash distributions were $2.5 million, or $0.2835 per unit
        representing a payout ratio of 52%

    For the Year Ended December 31, 2006:

    -   Revenues increased to $134.0 million from $117.9 million for the
        comparative period in 2005, an increase of 13.7%;
    -   EBITDA increased by $5.0 million or 35.2%, from the comparable period
        in 2005, to $19.2 million;
    -   Direct expenses as a percentage of revenue decreased by 3.5% to 75.1%
        compared to the year ended December 31, 2005;
    -   Total cash distributions were $10.0 million, or $1.1144 per unit
        representing a payout ratio of 67%
    

    "Our most recent financial results are further evidence of Cargojet's
ongoing commitment to profitable revenue growth while maintaining significant
cost control measures and delivering the most reliable and value added air
cargo service in Canada. This marks another quarter of strong year over year
increased revenue and lower costs which have resulted in greater operating
margins," says Ajay Virmani, President and CEO of the Fund. "We have remained
focused on being the best overnight air cargo service provider in North
America by consistently delivering our customers with a reliable and cost
effective solution to their time sensitive cargo needs."
    Cargojet is Canada's leading provider of time sensitive overnight air
cargo service. Cargojet operates its network from coast to coast transporting
well over 500,000 pounds (226.8 tonnes) of volumetric time sensitive air cargo
to thirteen major cities in Canada each business night.
    The Fund's 2006 Audited Consolidated Year End Financial Statements, and
Management's Discussion and Analysis ("MD&A") for the three month and twelve
month periods ended December 31, 2006 have been released today on the Fund's
website at www.cargojet.com and have also been filed with SEDAR.

    Management will host a conference call on Monday March 26, 2007 at
2:00 pm Eastern time to review the release of the 2006 Fourth Quarter and Year
End results.

    %SEDAR: 00022068E




For further information:

For further information: please contact: Pauline Dhillon, VP Marketing,
Public and Government Relations at (905) 501-7373 ext 135 or at
pdhillon@cargojet.com


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