Cargojet Announces Strong Fourth Quarter and Twelve-Month Results

MISSISSAUGA, ON, March 6, 2014 /CNW/ – Cargojet Inc. (the “Corporation”) (TSX: CJT) (CJT.A) announced today financial results for the fourth quarter and twelve-month period ended December 31, 2013.

For the Fourth Quarter Ended December 31, 2013:

Total Revenues were $48.5, an increase of $2.1 million or 4.5% versus the previous year

Gross Margin was $8.7 million, a decrease of $0.1 million or 1.1% versus the previous year

EBITDA was $6.9 million, an increase of $1.5 million or 27.8% versus the previous year

For the Twelve Month Period Ended December 31, 2013:

Total Revenues were $175.4 million, an increase of $6.6 million or 3.9% over the previous year

Gross Margin was $25.4 million, a decrease of $2.9 million or 10.2% versus the previous year

EBITDA was $17.2 million, an increase of $0.3 million or 1.8% versus the previous year
“Cargojet continued to experience strong customer demand on its core overnight network during the quarter and the second half of the year.” said Ajay Virmani, President and Chief Executive Officer. “We are cautious about the speed of the economic recovery and continue to manage our costs very prudently. We are embarking on an exciting new growth chapter in our evolution with the recent successful award of a major new long-term contract with Canada Post and Purolator that will potentially double the size of our business. While we move forward with this expansion our key focus will be on our current customer base to ensure they continue to receive a first class value-added service,” he added.

Cargojet’s Annual and Special meeting will be on April 10th at 1:00P at the TSX Gallery.

Cargojet is Canada’s leading provider of time sensitive overnight air cargo services and carries over 500,000 pounds of cargo each business night. Cargojet operates its network across North America each business night, utilizing a fleet of all-cargo aircraft. Cargojet recently signed an LOI with Air Canada to explore strategic opportunities in both cargo and airline operations within Canada and international markets. For more information, please visit: www.cargojet.com.