Cargojet Income Fund Announces Exceptional Third Quarter Results

MISSISSAUGA, ON, Nov. 12 /CNW/ - Cargojet Income Fund (the "Fund") TSX: CJT.UN) announced today financial results for the third quarter ended September 30, 2009.

    
    For the Three Month Period Ended September 30, 2009:

    -   Total revenues were $41.4 million as compared to $53.1 million for
        the same period in 2008, representing a decrease of $11.7 million or
        22.0%.

    -   Direct expenses were $30.8 million as compared to $45.6 million for
        the same period in 2008, representing a decrease of $14.8 million or
        32.5%.

    -   EBITDA was $5.4 million as compared to $3.1 million for the same
        period in 2008, representing an increase of $2.3 million or 74.2%.

    -   Total cash distributions were $0.7 million as compared to
        $1.8 million for the same period in 2008, a decrease of 61.1%.
    

"Our Team at Cargojet has performed very well this quarter despite lower revenues. Cost containment measures were very effective in maintaining our margins consistent with the first half of 2009," 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 our customers with a reliable and cost effective solution to their time sensitive cargo needs," added Virmani.

The Fund's consolidated interim financial statements and Management Discussion and Analysis for the third quarter of 2009 have been released to the Fund's website at www.cargojet.com and have also been filed with SEDAR.

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

SOURCE Cargojet Inc.

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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