MISSISSAUGA, ON, May 7, 2012 /CNW/ - Cargojet Inc. (the "Corporation") (TSX: CJT, CJT.A) announced today financial results for the first quarter ended March 31, 2012.
For the First Quarter Ended March 31, 2012:
- Total Revenues were $40.1 million, a decrease of $1.0 million or 2.4% versus the previous year.
- Gross Margin was $5.5 million, a decrease of $1.8 million or 24.7% versus the previous year
- EBITDA was $1.9 million, a decrease of $2.4 million or 55.8% versus the previous year
"The trend in lower overall core overnight volumes that began mid-year 2011 continues into this year and has directly impacted yields", said Ajay Virmani, President and Chief Executive Officer. "Overall charter activity remains strong and we continue to focus on strict cost controls and revenue enhancements, while remaining cautious about the speed of economic recovery", he added.
Cargojet is Canada's leading provider of time sensitive overnight air cargo services. Cargojet operates its network across North America each business night, utilizing a fleet of twelve 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. Reference should be made to the issuer's most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Quarterly Financial Statements and Notes thereto and related Management's Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
For further information:
Vice President Marketing, Public & Government Relations
Tel: (905) 501 7373