MISSISSAUGA, ON, March 9, 2017 /CNW/ - Cargojet Inc. ("Cargojet" or the "Corporation") (TSX: CJT, CJT.A) announced today financial results for the fourth quarter and year ended December 31, 2016.
For the Fourth Quarter Ended December 31, 2016:
- Total Revenues were $94.1 million, an increase of $9.8 million or 11.6% versus the previous year
- Gross Margin was $27.5 million, an increase of $8.3 million or 43.2% versus the previous year
- Adjusted EBITDA was $27.9 million, an increase of $9.1 million or 48.4% versus the previous year
- Adjusted EBITDAR was $32.3 million, an increase of $6.5 million or 25.2% versus the previous year
For the Year Ended December 31, 2016:
- Total Revenues were $331.0 million, an increase of $42.0 million or 14.5% over the previous year
- Gross Margin was $85.8 million, an increase of $47.5 million or 124.0% versus the previous year
- Adjusted EBITDA was $93.1 million, an increase of $57.1 million or 158.6% versus the previous year
- Adjusted EBITDAR was $113.3 million, an increase of $45.0 million or 65.9% versus the previous year
"We are pleased with the financial results achieved in the fourth quarter and full year 2016." said Ajay Virmani, President and Chief Executive Officer. "Our continued focus on optimizing our core overnight network and controlling our operating costs is reflected in these positive financial results. We will continue to grow our schedule as we explore further opportunities to optimize utilization of our aircraft fleet and network", he added.
Cargojet is Canada's leading provider of time sensitive overnight air cargo services and carries approximately 1,300,000 pounds of cargo each business night. Cargojet operates its network across North America each business night, utilizing a fleet of 20 all-cargo aircraft. Cargojet operates over 12,000 flight legs annually and has a team of over 800 dedicated professionals across Canada. For more information, please visit: www.cargojet.com.
"Adjusted EBITDA" and "Adjusted EBITDAR" are non-GAAP measures used by the Corporation to provide additional information on its financial and operating performance. Adjusted EBITDA and Adjusted EBITDAR are not recognized measures for financial statement presentation under Canadian GAAP and it does not have standardized meanings and may not be comparable to similar measures presented by other public companies.
Adjusted EBITDA is used by the Corporation to assess earnings before interest, taxes, depreciation, amortization, gain or loss on disposal of capital assets, unrealized foreign exchange gains or losses, gain or loss on forward foreign exchange contracts, gain or loss on cash settled share based payment arrangement, loss on extinguishment of debt, employee pension, aircraft heavy maintenance expenditures and heavy maintenance deposits as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets. Adjusted EBITDAR is calculated as Adjusted EBITDA excluding aircraft rents. The Corporation believes that these alternative measures provide a more consistent basis to compare the performance of the Corporation between the periods. Adjusted EBITDA and Adjusted EBITDAR provide additional information to users of Management's Discussion and Analysis of Financial condition and Results of Operations ("MD&A") to enhance their understanding of the Company's financial performance.
Reconciliation of non-GAAP EBITDA, Adjusted EBITDA and Adjusted EBITDAR to GAAP income is provided on page 19 of the MD&A for the three months and year ended December 31, 2016.
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 it's most recent Annual Consolidated 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, Executive Vice President Marketing, Government & Public Relations, Tel: (905) 501 7373, [email protected]