MISSISSAUGA, ON, Aug. 13 /CNW/ - Cargojet Income Fund (the "Fund")
(TSX: CJT.UN) announced today financial results for the second quarter ended
June 30, 2007.
For the Three Month Period Ended June 30, 2007:
- Revenue increased to $33.8 million from $33.6 million for the three
month period ended June 30, 2006, an increase of 0.6%;
- Core overnight daily cargo revenue increased 5.4% to $0.59 million
per operating day from $0.56 million per operating day for the
comparable three month period in 2006.
- Net earnings remained positive at $1.4 million, equivalent to net
earnings for the comparable three month period in 2006;
- EBITDA was $5.4 million as compared to $5.5 million for the
comparable three-month period in 2006.
For the Six Month Period Ended June 30, 2007:
- Revenues increased to $67.7 million from $64.9 million for the six
month period ended June 30, 2006, an increase of 4.3%;
- Core overnight daily cargo revenue increased 7.3% to $0.59 million
per operating day from $0.55 million per operating day for the
comparable six month period in 2006;
- Net earnings increased by 76.9% to $2.3 million from $1.3 million for
the comparable six month period in 2006;
- EBITDA increased to $9.5 million from $8.9 million for the comparable
six-month period in 2006.
"Strong revenue growth on our core domestic overnight network and on our
International route have more than offset the planned reduction of ACMI
passenger revenues during the period. We continue to focus efforts on
improving yields through a combination of increased revenues and a continuous
focus on lowering operating costs," says Ajay Virmani, President and CEO of
"Cargojet continues to exceed the expectations of our customers by
delivering a premium product into the Canadian marketplace and Cargojet is the
only Canadian Air Cargo carrier to have received the Shipper's Choice Award
for the fifth year," adds Virmani.
Cargojet is Canada's leading provider of time sensitive overnight air
cargo service. Cargojet operates its network from coast to coast transporting
over 550,000 pounds of time sensitive air cargo to thirteen major cities in
Canada each business night.
The Fund's consolidated interim financial statements and Management's
Discussion and Analysis ("MD&A") for the second quarter have been released
today on the Fund's website at www.cargojet.com and have also been filed on
EBITDA is a non-GAAP measure, not recognized by GAAP and does not have a
standardized meaning prescribed by GAAP. Therefore, EBITDA may not be
comparable to similar measures presented by other users. EBITDA should not be
construed as an alternative to net earnings determined in accordance with GAAP
as an indicator of the Fund's performance or to cash flows from operating,
investing and financing activities as a measure of liquidity and cash flows.
The calculation of EBITDA is shown in the MD&A of the Fund for the three month
period ended June 30, 2007 released today on the Fund's website and filed with
For further information:
For further information: please contact: Pauline Dhillon, VP Marketing,
Public & Government Relations, (905) 501-7373 ext 135 or at