Cargojet Income Fund Announces Strong 2007 Results



    Fourth Quarter Revenue Up 37.9% EBITDA Up 19%

    MISSISSAUGA, ON, March 7 /CNW/ - Cargojet Income Fund (the "Fund") TSX:
CJT.UN) announces financial results for the Fourth Quarter and Year Ended
December 31, 2007.

    
    For the Fourth Quarter Ended December 31, 2007:
    -----------------------------------------------

    -   Revenues increased by 37.9% to $48.4 million from $35.1 million for
        the comparable period in 2006;

    -   EBITDA increased by 19.0% to $6.9 million from the comparable period
        in 2006, an increase of $1.1 million;

    -   Total cash distributions were $2.6 million, or $0.2892 per trust
        unit, representing a payout ratio of 61%

    For the Year Ended December 31, 2007:
    -------------------------------------

    -   Revenues increased by 12.8% to $151.1 million from $134.0 million for
        the comparable period in 2006;

    -   EBITDA increased by 12.5% to $21.6 million from the comparable period
        in 2006, an increase of $2.4 million;

    -   Total cash distributions were $10.3 million, or $1.1549 per trust
        unit, representing a payout ratio of 72%
    

    "These strong financial results demonstrate Cargojet's ongoing commitment
to profitable revenue growth while delivering the most reliable and value
added air cargo service in Canada. This marks another quarter of strong year
over year revenue and operating margin increases, and is a testament to the
dedication and commitment of each member of the Cargojet team," 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," adds Virmani.
    The Fund's 2007 Audited Consolidated Year End Financial Statements,
Fourth Quarter results and Management's Discussion and Analysis ("MD&A") have
been released to the Fund's website at www.cargojet.com and have also been
filed with SEDAR.
    Management will host a conference call on Friday March 7, 2008 at 2:30 pm
Eastern time to review the release of the 2007 Fourth Quarter and Year End
results.

    Cargojet is Canada's leading provider of time sensitive overnight air
cargo services. Cargojet operates its network across North America,
transporting over 840,000 pounds of time sensitive air cargo each business
night, utilizing a fleet of twenty-two 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




For further information:

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


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