Cargojet Income Fund Announces Strong Second Quarter Results



    MISSISSAUGA, ON, Aug. 14 /CNW/ - Cargojet Income Fund (the "Fund") TSX:
CJT.UN) announced today financial results for the second quarter ended June
30, 2009.

    
    For the Three Month Period Ended June 30, 2009:
    -----------------------------------------------

    -   Total revenues were $39.1 million as compared to $52.1 million for
        the same period in 2008, representing a decrease of $13.0 million or
        25.0%
    -   Direct expenses were $29.8 million as compared to $46.3 million for
        the same period in 2008, representing a decrease of $16.5 million or
        35.6%.
    -   EBITDA was $4.9 million as compared to $1.1 million for the same
        period in 2008, representing an increase of $3.8 million or 345.5%
    -   Total cash distributions were $0.7 million, representing a payout
        ratio of 23.0%
    

    "Through the hard work, dedication and sacrifice of our team, Cargojet
has performed very well this quarter despite lower revenues. Cost containment
measures were very effective in maintaining our margins that were consistent
with the first quarter of 2009. Furthermore, we did not experience the
one-time costs associated with the introduction of new aircraft incurred
during the same period in 2008," said Ajay Virmani, President and Chief
Executive Officer. "We are managing well through this tough economic climate
however we remain very aware of the competitive environment facing our
customers and continue to work very closely with them as their partner. We
will remain focused on being the best overnight air cargo service provider in
North America by consistently delivering reliable and cost effective solutions
to our customers' time sensitive cargo needs," added Virmani.
    The Fund's Consolidated Interim Financial Statements and Management
Discussion and Analysis for the second quarter of 2009 have been released to
the Fund's website at www.cargojet.com and have also been filed with SEDAR.
    Cargojet management will host a conference call at 2:00p.m. Eastern
Daylight Time (11:00 a.m. Pacific Daylight) on Monday, August 17, 2009.

    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-one 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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