Cargojet Income Fund Announces Strong First Quarter Results

    MISSISSAUGA, ON, May 7 /CNW/ - Cargojet Income Fund (the "Fund") TSX:
CJT.UN) announced today financial results for the first quarter ended March
31, 2009.

    For the Three Month Period Ended March 31, 2009:

    -   Total revenues were $42.2 million as compared to $46.8 million for
        the same period in 2008, representing a decrease of $4.6 million or

    -   Direct expenses were $32.2 million as compared to $39.5 million for
        the same period in 2008, representing a decrease of $7.3 million or

    -   EBITDA was $6.4 million as compared to $3.7 million for the same
        period in 2008, representing an increase of $2.7 million or 73.0%.

    -   Total cash distributions were $1.8 million, representing a payout
        ratio of 39%.

    "This represents another strong quarter of positive financial and
operating results and is a testament to the rigorous cost controls, successful
fleet renewal program that we implemented late last year and the continued
hard work, dedication and sacrifice of the entire Cargojet team", said Ajay
Virmani, President and Chief Executive Officer. "Continuing economic
uncertainty in 2009 makes it important for us to continue to focus on matching
capacity to meet customer demand and containing costs. We 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 first quarter of 2009 have been released to
the Fund's website at and have also been filed with SEDAR.
    Cargojet management will host a conference call at 2:00p.m. Eastern
Daylight Time (11:00 a.m. Pacific Daylight) on Thursday, May 7, 2009.
    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 thirty-four 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

For further information:

For further information: Pauline Dhillon, VP Marketing, Public and
Government Relations, (905) 501-7373 ext 135,

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