Cargojet Announces Stronger Third Quarter Results

MISSISSAUGA, ON, Nov. 12, 2012 /CNW/ – Cargojet Inc. (TSX: CJT, CJT.A) announced today financial results for the third quarter ended September 30, 2012.

For the Third Quarter Ended September 30, 2012:

Total Revenues were $41.8 million, an increase of $1.5 million or 3.7% versus the previous year.
Gross Margin was $6.8 million, a decrease of $0.8 million or 10.5% versus the previous year
EBITDA was $5.1 million, an increase of $0.7 million or 15.9% versus the previous year
“Strong growth in our air cargo charter revenue streams and the expansion of our overnight network in Eastern Canada, has allowed us to offset continued weakness in our core overnight revenues during the Quarter,” said Ajay Virmani, President and Chief Executive Officer. “Prudent cost management and operating efficiencies have resulted in significant improvements to operating yields and cash flows,” he added.

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.