Cargojet Announces Strong Second Quarter Results

MISSISSAUGA, ON, Aug. 13, 2012 /CNW/ – Cargojet Inc. (the “Corporation”) (TSX: CJT, CJT.A) announced today financial results for the second quarter ended June 30, 2012.

For the Second Quarter Ended June 30, 2012:

Total Revenues were $40.5 million, a decrease of $0.7 million or 1.7% versus the previous year.
Gross Margin was $7.2 million, a decrease of $0.7 million or 8.9% versus the previous year
EBITDA was $4.5 million, an increase of $1.2 million or 36.4% versus the previous year

“Although we continue to experience soft volume levels on our core overnight network, we are encouraged by strong growth in our ad-hoc and charter revenue streams,” said Ajay Virmani, President and Chief Executive Officer. “A continued focus on operating efficiencies and cost management has resulted in a significant improvement in operating yields and cash flows,” he added.

Cargojet is Canada’s leading provider of time sensitive overnight air cargo services. Cargojet operates its network across North America each business night, utilizing a fleet of thirteen all-cargo aircraft.