Cargojet Announces Strong Second Quarter 2013

MISSISSAUGA, ON, Aug. 12, 2013 /CNW/ – Cargojet Inc. (TSX: CJT, CJT.A) announced today financial results for the second quarter ended June 30, 2013.

For the Second Quarter Ended June 30, 2013:

Total Revenues were $42.7 million, an increase of $2.2 million or 5.4% versus the previous year.
Gross Margin was $6.3 million, a decrease of $0.9 million or 12.5% versus the previous year
EBITDA was $4.2 million, a decrease of $0.3 million or 6.7% versus the previous year
For the Six Months Ended June 30, 2013:

Total Revenues were $83.4 million, an increase of $2.8 million or 3.5% versus the previous year.
Gross Margin was $11.2 million, a decrease of $1.6 million or 12.5% versus the previous year
EBITDA was $6.9 million, an increase of $0.5 million or 7.8% versus the previous year
“Core overnight and charter revenues have shown some upward trends,” says Ajay K. Virmani, President and Chief Executive Officer. “The major challenge we continue to face is the pricing pressures from the marketplace and we will continue to ensure strict cost control and prudent financial management to ensure our margins stay on plan,” he concluded.

Cargojet is Canada’s leading provider of time sensitive overnight air cargo services and operates a network across North America as well as global air charters.