MISSISSAUGA, ON, Aug. 11, 2014 /CNW/ - Cargojet Inc. (TSX: CJT, CJT.A) announced today financial results for the second quarter ended June 30, 2014.
For the Second Quarter Ended June 30, 2014:
- Total Revenues were $44.3 million, an increase of $1.6 million or 3.7% versus the previous year.
- Gross Margin was $5.2 million, a decrease of $1.1 million or 17.5% versus the previous year.
- EBITDA was $2.0 million, a decrease of $2.2 million or 52.4% versus the previous year.
"We are extremely encouraged by the continued strong revenue growth and positive trend shown in overall air cargo demand this quarter. One-time start-up costs, including the introduction of new aircraft and resources totaling $2.3M were incurred in the Quarter. These are required to meet the needs of our previously announced major new contract and the expansion of our overnight network in early 2015" says Dr. Ajay K. Virmani, President & Chief Executive Officer.
Cargojet is Canada's leading provider of time sensitive overnight air cargo services and operates a network across North America as well as global air charters.
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.
SOURCE: Cargojet Inc.
For further information: Pauline Dhillon, Vice President Marketing, Public & Government Relations, Tel: (905) 501 7373, [email protected]