News

2022

MISSISSAUGA, ON, September 27, 2022 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) today provided an update on its strategic initiatives and long-term financial targets. 

Today Cargojet is hosting its previously announced Investor Day from 10 a.m. to 12:30 p.m. ET.  A live audio feed of Investor Day will be available via dial-in information announced last week and a replay of the event, along with an updated investor presentation, can be accessed on the Investor Presentation section of Cargojet’s website at: http://cargojet.com/financials-page/.

“We believe our customer-centric focus, industry-leading on-time performance, our team of dedicated professionals and a strong balance sheet will allow us to continue to diversify our portfolio of services and position us well to face emerging macro headwinds,” said Ajay Virmani, President and Chief Executive Officer. “With our third quarter almost complete, our volumes remain stable and in line with our expectations.”

Cargojet is expected to reach a new milestone of a fleet size of 40 aircraft by the end of 2022, allowing it to expand its domestic overnight network to 16 Canadian cities, reaching more than 90% of Canadian population each day. The expanded fleet will also allow Cargojet to serve additional routes on its ACMI network for its strategic customers.

The Corporation is providing the following long-term financial targets for 2026: 

o Total Revenue estimated to be between $1.3 billion to $1.4 billion (2021 Total Revenue $758 million);

o Adjusted EBITDA* estimated between $500 millionand $550 million (2021 Adjusted EBITDA $293 million);

o Adjusted Free Cashflow* estimated between $320million and $360 million (2021 Adjusted Free Cash Flow $160); and 

o Net Debt to Adjusted EBITDA Leverage Ratio* (Net Debt/Adjusted EBITDA) targeted at between 1.50 and 2.50 (2021 Leverage Ratio 1.03).

* Adjusted EBITDA, Adjusted Free Cashflow and Leverage Ratio are non-GAAP financial measures or non-GAAP ratios and are not recognized by IFRS. Please refer to the “Non-GAAP measures” section of this press release for definitions of these non-GAAP financial measures and non-GAAP ratios to the nearest GAAP measure.

All references to “$” in this press release are to Canadian dollars.

Notice on Forward-Looking Statements: 

The 2026 long-term financial targets provided in this news release do not constitute guidance or outlook, but rather are provided for the purpose of assisting the reader in measuring progress toward the Corporation’s objectives. The reader is cautioned that using this information for other purposes may be inappropriate. The Corporation may review and revise these targets as economic, geopolitical, market and regulatory environments change. These targets are used as goals as the Corporation executes on its strategic priorities, and they assume a normal business environment. The Corporation’s ability to achieve these targets is dependent on its success in achieving initiatives and business objectives that are further describedbelow and in the Investor Presentation and on certain materialassumptions, including those discussed below, and are subject to a number of risks and uncertainties. 

Implicit in forward-looking statements in respect of Cargojet’sexpectations for its 2026 long-term financial targets, are certain current assumptions, including assumptions regarding the Corporation’s plans to invest approximately $1.2 billion in growth capital expenditures and expand its fleet to 51 aircraft over the next ~4-5 years; the continuation of the Corporation’s long-term contracts with key customers and on-time performance; the continued diversification of the Corporation’s service offerings and demand for such offerings; the Corporation’s expectations for long-term e-commerce growth trends, reduced passenger belly cargo capacity and production of freighter aircraft; the availability of debt financing; availability of unrestricted air space; availability of jet fuel at costs within historical trends; ongoing impacts from the COVID-19 pandemic and related health and safety protocols; an average currency exchange rate of $1.30 per U.S. dollar in 2023-2026.

These forward-looking statements are based on current expectations and entail various risks and uncertainties. There can be no assurances regarding (a) general economic conditions related to COVID-19 and impacts to consumer discretionary spending and shopping habits; (b) credit, market, currency, commodity market, inflation, interest rates, global supply chains, operational, and liquidity risks generally; (c) geopolitical events; and (d) other risks inherent to Cargojet’s business and/or factors beyond its control which could have a material adverse effect on the Corporation.

Reference should be made to the Corporation’s public filings available at www.sedar.com and at www.cargojet.com, including its most recent Annual Information Form filed with the Canadian securities regulators, its most recent Annual Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (“MD&A”), and its most recent final short form prospectus for a summary of material risks. These risks are not intended to represent a complete list of the risks that could affect the Corporation; however, these risks should be considered carefully. 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 forward-looking statements contained herein describe the Corporation’sexpectations as of the date of this news release and are subject to change after such date. However, Cargojet disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities regulations.

Non-GAAP Financial Measures

Below is a description of certain non-GAAP financial measures and non-GAAP ratios used by the Corporation to provide readers with additional information on its financial and operating performance. Such measures are not recognized measures for financial statement presentation under GAAP, do not have standardized meanings, may not be comparable to similar measures presented by other entities and should not be considered a substitute for or superior to GAAP results.

“Adjusted EBITDA” is defined as earnings before share-based compensation, interest, taxes, depreciation, amortization, and other adjustments. Adjusted EBITDA is calculated as net income or loss excluding the following: depreciation, aircraft heavy maintenance amortization, contract asset amortization, unrealized gains or losses on fair value of cash settled share based payment arrangement, swaps and warrants, 

realized gain or losses on settlement of swaps, interest on long-term debt, deferred income taxes, provision for current income taxes, gain or loss on disposal of property, plant and equipment, impairment of property plant and equipment, unrealized foreign exchange gains or losses, gains or losses on settlement of debts or finance lease liabilities, share based compensation and provision for employee pension. For a reconciliation of historical Adjusted EBITDA, please refer to page 16 of our annual MD&A. 

“Adjusted Free Cash Flow” is defined as Standardized Free Cash Flow as defined by the CPA Canada, less operating cash flows provided from or used in discontinued operations, changes in working capital, plus the provision for current income taxes.For a reconciliation of historical Adjusted Free Cash Flow, please refer to page 16 of our annual MD&A. 

“EBITDA” is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is calculated as net income or loss excluding the following: depreciation, and aircraft heavy maintenance amortization, interest on long-term debt, deferred income taxes and provision for current income taxes. For a reconciliation of historical EBITDA, please refer to page 16 of our annual MD&A. 

“Net Debt to Adjusted EBITDA Leverage Ratio” is a measure of our level of financial leverage and is obtained by dividing Net Debt by Adjusted EBITDA and is measure of the Corporation’s ability to meet its financial obligations. Net Debt is a metric obtained by subtracting cash from debt and lease liabilities and is used to monitor the Corporation’s financial leverage. 

About Cargojet 

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 34 aircraft.

For further information, please contact: Pauline Dhillon, Chief Corporate Officer, Tel: (905) 501-7373, pdhillon@cargojet.com

                                                                                                                                         September 20, 2022               

Mississauga, ONT – Cargojet Inc. (TSX: CJT.UN) will host its first inaugural Investor Day with financial and institutional investors starting at 10:00a.m. Eastern Standard Time, at its hub facility, Hangar C, John C. Munro Airport, Hamilton, Ontario.  Cargojet’s executive leadership will present an updated view of the company’s long term-strategy followed by a live Q & A.

 

Dial in numbers are available for those who are unable to attend in person.

 

                                Local Number:       647 484 0258

                                Toll Free Number:  1 800 289 0720          

                               

Please reference 8806720 as a Participant for the call.

 

To participate in this conference call, please dial the following number(s) approximately five minutes prior to the commencement of the call:

 

Pauline Dhillon

Chief Corporate Officer

Tel: (905) 501 7373 or pdhillon@cargojet.com

September 19, 2022                                                                                                                                                       

Mississauga, ONT – Cargojet Inc. (TSX: CJT.UN) in conjunction with the release of its Third Quarter Financial Results, will host a conference call at 8:30a.m. Eastern Standard Time (5:30a.m. Pacific Daylight Time) on Monday, October 31, 2022. Third Quarter results will be released prior to the market opening on October 31, 2022.  The financial results will be released by newswire as well as filed with SEDAR.  The results will also be available on our website.

 

Ajay K. Virmani, President and Chief Executive Officer, Jamie Porteous, Chief Commercial Officer, and Pauline Dhillon, Chief Corporate Officer, Scott Calver, Chief Financial Officer and Sanjeev Maini, Vice President Finance will review third quarter financial results and corporate developments.

 

To participate in this conference call, please dial the following number(s) approximately five minutes prior to the commencement of the call:

 

                                Local Number:       647 484 0258

                                Toll Free Number:  1 800 289 0720          

                              

Please reference 1754864 as a Participant for the call.

 

Should you be unable to participate, an instant replay will be available until

Thursday, November 10, 2022 by dialing:

 

                                Local Number:        647 436 0148

                                Toll Free Number:  1 888 203 1112           

                                Access Code:            1754864

 

For any one on one calls please contact Sanjeev Maini to coordinate timing.  We look forward to having you participate in our call.

 

Pauline Dhillon

Chief Corporate Officer

Tel: (905) 501 7373 or pdhillon@cargojet.com

September 13, 2022

 

 

Mississauga, ONT – Cargojet once again is excited to announce that it has been awarded the Shipper’s Carrier of Choice Award by the Canadian Shipper magazine, a leading industry publication.  Cargojet continues to surpass shipper expectations as well as the industry benchmark in the total Industry Sector Average and particularly in the key areas of On-time Performance, Leadership in Problem Solving, Ability to Provide Value-Added Services, Customer Service, Quality of Equipment & Operations, Competitive Pricing, and Sustainable Transportation Practices.   Cargojet is the only Canadian Air Cargo carrier to receive this honour for the twentieth  year.

 

“Cargojet continues to exceed the expectations of our customers by delivering a premium product into the marketplace. We remain focused on exceeding our customers expectation and provide them value-added services.  This award is a testament once again to the to the  Cargojet team’s dedication, hard work and loyalty.   Our professional team is the driving force of Cargojet,” says Dr. Ajay K. Virmani, President & CEO.

 

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 30 aircraft.

 

For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

Mississauga, ON, September 1, 2022 – the Board of Directors of Cargojet Inc. has declared a cash dividend of $0.2860 per common voting share and variable voting share for the period from July 1, 2022, to September 30, 2022. The record date for determining shareholders of the Corporation entitled to receive payment of the dividend of the Corporation shall be September 20, 2022, and the payment date for such dividend shall be on or before October 5, 2022. These dividends will be eligible dividends within the meaning of the Income Tax Act (Canada).

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 34 aircraft.

 

For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501-7373
pdhillon@cargojet.com

 

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. Reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Quarterly Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

August 25, 2022

 

 

Mississauga: Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX:CJT) Cargojet announced the successful recertification of its ISO 9001:2015 Quality Standard Accreditation, for the twentieth  consecutive year.  Cargojet is the only air cargo carrier in Canada with this accreditation.

 

“This accreditation reinforces the continuity of the value added, safe, on time and reliable service Cargojet provides to its customers on a daily basis. It includes a review of an organization’s documented quality management system and ongoing audits of our facilities to ensure the quality management systems have been implemented and are effective,” says Dr. Ajay K. Virmani, President and CEO.   “We have once again earned this certification due to the hard and conscientious efforts of our team who continue to surpass our customer’s expectations while maintaining excellence in standards, processes and procedures,” adds Virmani.

 

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 34 aircraft. For further information, please contact:

For further information, please contact

Pauline Dhillon
Chief Corporate Officer

Tel: (905) 501 7373
pdhillon@cargojet.com

Mississauga, ON, July 27, 2022 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the second quarter ended June 30, 2022.

 

Total Revenues for the quarter were $246.6 million compared to second quarter 2021 Revenues of $172.1 million. Gross Margin for the quarter was $61.1 million compared to second quarter 2021 Gross Margin of $54.9 million. Adjusted EBITDA(1) for the quarter was $81.1 million compared to the second quarter 2021 Adjusted EBITDA(1) $67.4 million. Net income for the quarter was $160.9 million (net income of $26.2 million excluding warrant valuation gain) compared to net loss of $11.1 million in 2021 (net income of $23.6 million excluding warrant valuation loss).

 

Total revenue growth of 43.3% (31.9% excluding fuel surcharges) for the quarter compared to prior year reflected a strong contribution from the Domestic network, up 15.0%, ACMI, up 62.4% and All-in Charters, up 23.2% compared to same quarter last year. Continuing its strategic focus on diversification, Cargojet’s Domestic Network Revenue for the quarter now stands at 35.2% of total revenues compared to 43.8% for the same period in 2021.

 

Adjusted Free Cash Flow(1) was $44.8 million for the three-month period ended June 30, 2022 compared to $36.0 million for the same period in 2021.

 

On July 22, 2022, Cargojet established a non-revolving USD $400 million Delayed-Draw Term Loan facility for general corporate purposes including the purchase of aircraft and other capital expenditures. Together with existing undrawn revolver, this brings Cargojet’s total liquidity to appx. $1 billion.

 

Macro uncertainties continue to impact air-cargo supply chains with passenger airlines facing extremely difficult operating conditions. The impact of rapidly shifting schedules and poor on-time performance of passenger airlines has further restricted the ability of cargo shippers to utilize belly space. This, combined with ongoing supply chain challenges, continues to provide opportunities for Cargojet to capture unmet demand in the medium term.

 

Furthermore, despite short term volatility, the secular shift to e-commerce continues to hold steady with demographics led long-term trends continuing to present Cargojet with long term growth opportunities.

 

“Unpredictability of belly space was the reason Cargojet was born over 20 years ago. From the first day of our existence, we have focused on doing just one thing – flying cargo. That’s our sole purpose and mission. We have built a brand that is trusted by our customers to keep its promises and the recent macro events have further strengthened our resolve to stay focused on serving our customers,” said Dr. Ajay Virmani, President and CEO.

 

 

“Yet, we are not immune to the global forces of high inflation, high fuel prices and geo political uncertainties. Therefore, we remain prudent in how we are approaching the next few quarters as we continue to balance investing in growth with maintaining a strong balance sheet,” concluded Dr. Virmani.

 

All references to “$” in this press release are to Canadian dollars.

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 34 aircraft. For further information, please contact:

 

Pauline Dhillon
Chief Corporate Officer

Tel: (905) 501 7373
pdhillon@cargojet.com

 

(1) Non-GAAP Measures

“Adjusted EBITDA”, “Adjusted EBITDAR” and “Adjusted Free Cash Flow” are non-GAAP measures used by the Corporation to provide additional information on its financial and operating performance. Adjusted EBITDA and Adjusted EBITDAR are not recognized measures for financial statement presentation under Canadian GAAP and it does not have standardized meanings and may not be comparable to similar measures presented by other public companies.

Adjusted EBITDA is used by the Corporation to assess earnings before interest, taxes, depreciation, amortization, gain or loss on disposal of capital assets, unrealized foreign exchange gains or losses, unrealized gain or loss on forward foreign exchange contracts, aircraft heavy maintenance amortization, contract asset amortization, gain or loss on cash settled share based payment arrangement related to a financing arrangement, unrealized gain or loss on fair value of total return swap related to a financing arrangement, gain or loss on fair value of stock warrant, loss on settlement of cash settled share based payment arrangement related to a financing arrangement, gain on settlement of total return swap related to a financing, loss on extinguishment of debts, and non-cash employee pension expense, as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets.

The Corporation believes that these alternative measures provide a more consistent basis to compare the performance of the Corporation between the periods. Adjusted EBITDA provide additional information to users of Management’s Discussion and Analysis of Financial condition and Results of Operations (“MD&A”) to enhance their understanding of the Company’s financial performance.

EBITDA and Adjusted EBITDA are reconciled to GAAP operating income (loss) as follows:

 

 

 

 

2022

2021

 

(unaudited)

    (unaudited)

Calculation of EBITDA and Adjusted EBITDA

 

 

Net earnings (loss)

$160.9

$(11.1)

Add:

 

 

Interest

6.0

7.4

Provision of deferred taxes

8.3

10.2

Depreciation of property, plant and equipment

33.6

28.2

EBITDA (1)

208.8

34.7

Add:

 

 

Share-based compensation

3.5

(2.1)

Gain on sale of property, plant and equipment

(0.3)

Unrealized foreign exchange loss (gain)

1.2

(1.7)

Fair value adjustment and amortization on stock warrant

(132.4)

36.1

Loss on extinguishment of debts

Share of loss of associate

0.3

Employee pension

0.4

Adjusted EBITDA (1)

81.1

67.4

 

Adjusted Free Cash Flow is calculated as Standardized Free Cash Flow as defined by CPA Canada, less operating cash flows provided from or used in discontinued operations, changes in working capital, plus the provision for current income taxes. It shows the financial strength of the business.

 

 

 

2022

2021

 

(unaudited)

(unaudited)

 

 

 

Calculation of Standardized Free Cash Flow and Adjusted Free Cash Flow

NET CASH GENERATED FROM OPERATING ACTIVITIES

46.4

54.8

Less: Maintenance capital expenditures (1)

(29.8)

(28.6)

Add: Proceeds from disposal of property, plant and equipment

0.3

Standardized free cash flow(1)

16.9

26.2

Changes in non-cash working capital items and deposits

27.9

9.8

Adjusted free cash flow (1)

$44.8

$36.0

    

  1. EBITDA, Adjusted EBITDA, Adjusted Free Cash Flow and Maintenance Capital Expenditure are non-GAAP financial measures and are not earning measures recognized by IFRS. Prior year amounts have been restated to reflect the revised definitions of Adjusted EBITDA. Please refer to Page 15 of this MD&A for a more detailed discussion.

 

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. Reference should be made to the issuer’s most recent Annual Information Form (AIF) filed with the Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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 Company cautions that the list of risk factors and uncertainties described in the AIF and MD&A is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. The forward-looking information contained herein represents our expectations as of the date hereof (or as the date they are otherwise stated to be made), and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

 

Selected Financial Information and Operating Statistics Highlights

 

The financial and operating highlights for the quarters indicated are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Information and Operating Statistics Highlights

 

 

 

 

 

 

(Canadian dollars in millions, except where indicated)

 

 

 

 

 

 

 

 

Three Month Period Ended

 

Six Month Period Ended

 

 

 

June 30,

 

June 30,

 

 

 

2022

2021

Change

%

 

2022

2021

Change

%

 

 

 

 

 

 

 

 

 

 

 

Revenues

$246.6

$172.1

$74.5

43.3%

 

$480.2

$332.4

$147.8

44.5%

 

Direct expenses

185.5

117.2

68.3

58.3%

 

352.2

232.2

120.0

51.7%

 

Gross margin

61.1

54.9

6.2

11.3%

 

128.0

100.2

27.8

27.7%

 

Gross margin – (%)

24.8%

31.9%

-7.1%

 

 

26.7%

30.1%

-3.4%

 

 

Selling, general and administrative expenses

19.4

15.4

4.0

26.0%

 

37.0

40.1

(3.1)

-7.7%

 

Net finance costs and other gains and losses

(127.8)

40.4

(168.2)

-416.3%

 

(34.9)

(30.1)

(4.8)

-15.9%

 

Share of loss of associate

0.3

0.3

100.0%

 

1.1

1.1

100.0%

 

Earnings (loss) before income taxes

169.2

(0.9)

170.1

18900.0%

 

124.8

90.2

34.6

38.4%

 

Income taxes

8.3

10.2

(1.9)

-18.6%

 

20.2

11.9

8.3

69.7%

 

Net earnings (loss)

160.9

(11.1)

172.0

1549.5%

 

104.6

78.3

26.3

33.6%

 

Earnings (loss) per share

 

 

 

 

 

 

 

 

 

 

 

Basic

9.29

(0.64)

9.93

1551.6%

 

6.04

4.52

1.52

33.6%

 

 

Diluted

9.12

(0.64)

9.76

1525.0%

 

5.93

4.42

1.51

34.2%

 

 

Adjusted (1)

1.51

1.36

0.15

11.0%

 

3.27

1.79

1.48

82.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA (2)

208.8

34.7

174.1

501.7%

 

202.8

162.6

40.2

24.7%

 

EBITDA margin (2)– (%)

84.7%

20.2%

64.5%

 

 

42.2%

48.9%

-6.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA (2)

81.1

67.4

13.7

20.3%

 

164.1

131.6

32.5

24.7%

 

Adjusted EBITDA margin (2)– (%)

32.9%

39.2%

-6.3%

 

 

34.2%

39.6%

-5.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted free cash flow (2)

$44.8

$36.0

$8.8

24.4%

 

$87.5

$71.2

$16.3

22.9%

 

Return on invested capital (3)

11.8%

10.9%

0.9%

 

 

11.1%

11.4%

-0.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

    Operating statistics (4)

 

 

 

 

 

 

 

 

 

 

Operating days (5)

49

50

(1.0)

-2.0%

 

99

100

(1.0)

-1.0%

 

Average domestic network revenue per operating day (6)

1.77

1.51

0.26

17.2%

 

1.70

1.48

0.22

14.9%

 

Block hours (7)

17,872

13,454

4,418

32.8%

 

35,573

26,550

9,023

34.0%

 

 

B757-200

10

9

1

 

10

9

1

 

 

B767-200

4

4

 

4

4

 

 

B767-300

17

15

2

 

17

15

2

 

 

Challenger 601

2

2

 

2

2

 

 

Cessna 750

1

1

 

1

1

 

 

 

34

30

4

13.3%

 

34

30

4

13.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Head count

1,624

1,398

226

16.2%

 

1,624

1,398

226

16.2%

 

  1. Adjusted EPS is not an earning measure recognized by IFRS and is defined as earnings per share from continuing operations before fair value increase (decrease) on stock warrant.
  2. EBITDA, Adjusted EBITDA and Adjusted Free Cash Flow are non-GAAP financial measures and are not earning measures recognized by IFRS. Prior year amounts have been restated to reflect the revised definitions of Adjusted EBITDA. Please refer to the “Non-GAAP measures” section on page 15 of this MD&A for a more detailed discussion and a reconciliation of these non-GAAP financial measures to the nearest GAAP measure.
  3. Return on invested capital is not an earning measure a recognized by IFRS. See page 15 of the MD&A for detailed calculation.
  4. The definitions for the Operating statistics included in this table are provided in the MD&A.
  5. Operating days refer to the Company’s domestic network air cargo network operations that run primarily on Monday to Thursday with a reduced network operating on Friday.
  6. Average domestic network revenue per operating day refers to total domestic network revenues earned by the Company per operating day.
  7. Block hours refers to the total duration of a flight from the time the aircraft releases its brakes when it initially moves from the airport parking area prior to flight, to the time the brakes are set when it arrives at the airport parking area after the completion of the flight.

 

                                                                                                                                                       July 4, 2022

Mississauga, ONT – Cargojet Inc. (TSX: CJT.UN) in conjunction with the release of its Second Quarter Financial Results, will host a conference call at 8:30a.m. Eastern Standard Time (5:30a.m. Pacific Daylight Time) on Wednesday, July 27, 2022. Second Quarter results will be released prior to the market opening on July 27, 2022.  The financial results will be released by newswire as well as filed with SEDAR.  The results will also be available on our website.

 

Ajay K. Virmani, President and Chief Executive Officer, Scott Calver, Chief Financial Officer, Sanjeev Maini, Vice President Finance, Jamie Porteous, Chief Commercial Officer, and Pauline Dhillon, Chief Corporate Officer of Cargojet will review second quarter financial results and corporate developments.

 

To participate in this conference call, please dial the following number(s) approximately five minutes prior to the commencement of the call:

 

                                Local Number:  647 484 0258   

                                Toll Free Number:  1 800 289 0720           

              

Please reference as a Participant of the Cargojet Conference Call.

 

 

Should you be unable to participate, an instant replay will be available until

Saturday August 6th, 2022 by dialing:

 

                                Toll Free Number: 1 888 203 1112            

                                Access Code:      6515203               

 

For any one on one calls please contact Sanjeev Maini to coordinate timing.  We look forward to having you participate in our call.

 

Pauline Dhillon

Chief Corporate Officer

Tel: (905) 501 7373 or pdhillon@cargojet.com

Mississauga, ON, June 20, 2022 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) today announced that it received approval from the Toronto Stock Exchange (“TSX”) to amend its previously-announced normal course issuer bid (“NCIB”) in order to increase the maximum number of common voting shares and variable voting shares (together, the “Shares”) that may be repurchased from 155,000 Shares, or 0.92% of the public float as at April 28, 2022 (the reference date for the NCIB), to 1,500,000 Shares, or 8.91% of the public float as at such date.

 

Cargojet’s Board of Directors believes that, from time to time during the course of the NCIB, the market price of the Shares may not fully reflect the underlying value of the Shares and purchases of Shares pursuant to the NCIB may be a desirable use of funds that will create value for shareholders. Cargojet has a leading position in both its domestic and international business that mitigates risks associated to capacity, pricing to customers and capital expenditures, and allows it to continue to pursue its growth strategies.  

 

Any purchases made under the NCIB, which began on May 4, 2022 and will end no later than May 3, 2023, are made by Cargojet subject to favourable market conditions at the prevailing market price at the time of acquisition through the facilities of the TSX and/or alternative Canadian trading systems.

 

As at April 28, 2022, there were 17,324,258 Shares outstanding. Under the NCIB, other than purchases made under block purchase exemptions, Cargojet may purchase up to 19,583 Shares on the TSX during any trading day, which represents approximately 25% of the average daily trading volume, as calculated in accordance with TSX rules. Any Shares purchased under the NCIB are cancelled.

 

The automatic share purchase plan (“ASPP”) entered into with a designated broker on May 2, 2022 remains unchanged. The ASPP allows for the purchase of Shares under the NCIB at times when the Corporation ordinarily would not be active in the market due to self-imposed trading blackout periods. Outside of these pre-determined blackout periods, Shares are purchased in accordance with management’s discretion

 

About Cargojet

 

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing dedicated, ACMI and international charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 31 cargo aircraft.

 

For further information, please contact:

 

Pauline Dhillon

Chief Corporate Officer

Tel: (905) 501-7373

pdhillon@cargojet.com

Notice on Forward Looking Statement

Certain statements contained herein constitute “forward-looking statements”, including with respect to the Corporation’s intention to purchase Shares under the NCIB and ASPP as described above, the timing and benefits of such purchases, and the increase to the Corporation’s quarterly dividend. 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. Reference should be made to the Corporation’s most recent Annual Information Form filed with the Canadian securities regulators, and it’s most recent Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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 forward-looking statements contained or incorporated by reference in this news release represent Cargojet’s expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and are subject to change after such date. However, Cargojet disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities laws. In the event Cargojet does update any forward-looking statement, no inference should be made that Cargojet will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

 

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.

Mississauga, ON, May 9, 2022 – the Board of Directors of Cargojet Inc. has declared a
cash dividend of $0.2860 per common voting share and variable voting share for the
period from April 1, 2022, to June 30, 2022, an increase of $0.0260 or 10.0% per share
from the previous quarter.


“This increase in the cash dividend reinforces our commitment to return value to our
shareholders,” said Dr. Ajay Virmani, President and Chief Executive Officer. “It is also
consistent with our capital allocation plan to periodically increase cash returns to our
shareholders”, he added.


The dividends will be paid to all shareholders of record as at the close of business on June
20, 2022, and will be payable on or before July 5, 2022. These dividends will be eligible
dividends within the meaning of the Income Tax Act (Canada).


Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all
major cities across North America, providing Dedicated, ACMI and International Charter
services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its
network with its own fleet of 32 aircraft.


For further information, please contact:
Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com


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. Reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Quarterly Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forward looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

Quarterly Dividend to be Increased by 10%

 

Mississauga, ON, May 2, 2022 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) today announced that the Toronto Stock Exchange (“TSX”) has accepted its notice of intention to proceed with a normal course issuer bid (“NCIB”) for a portion of its common voting shares and variable voting shares (together, the “Shares”).  Cargojet also announced today that its Board of Directors has approved a 10% increase to its quarterly dividend. The next quarterly dividend of $0.2860 per Share will be declared in the normal course in June 2022.

 

Normal Course Issuer Bid

 

The Corporation has implemented the NCIB in respect of Shares because it believes that, from time to time over the next twelve months, the market price of the Shares may not fully reflect the underlying value of the Shares and that at such times the purchase of the Shares would be in the best interests of the Corporation. Any purchases made under the NCIB will be made by Cargojet subject to favourable market conditions at the prevailing market price at the time of acquisition through the facilities of the TSX and/or alternative Canadian trading systems.

 

Pursuant to the notices, Cargojet is authorized to purchase up to $15,500,000 (the “Aggregate Limit”) of the Shares in the aggregate during the twelve month period commencing May 4, 2022 and ending May 3, 2023. The Aggregate Limit represents the maximum amount permitted under its credit facilities and the Corporation may fulfill such Aggregate Limit by the repurchase of the Shares as appropriate opportunities arise from time to time. The Corporation intends to acquire up to a maximum of 155,000 Shares, representing approximately 0.89% of its outstanding Shares.

 

As at April 28, 2022, there were 17,324,258 Shares outstanding. Under the NCIB, other than purchases made under block purchase exemptions, Cargojet may purchase up to 19,583 Shares on the TSX during any trading day, which represents approximately 25% of the average daily trading volume of such Shares on the TSX for the most recently completed six calendar months prior to the TSX’s acceptance of the notice of the NCIB. Any Shares purchased under the NCIB will be cancelled.

 

Automatic Share Purchase Plan

 

In connection with the NCIB, the Corporation entered into an automatic share purchase plan (“ASPP”) with a designated broker. Pursuant to the ASPP, the Corporation has instructed the designated broker to make purchases under the NCIB in accordance with the terms of the ASPP. Such purchases will be determined by the designated broker at its sole discretion based on purchasing parameters set by Cargojet in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP. The ASPP has been pre-cleared by the TSX and will be implemented today. All purchases made under the ASPP will be included in computing the number of Shares purchased under the NCIB.

 

About Cargojet

 

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing dedicated, ACMI and international charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 31 cargo aircraft.

 

 

 

For further information, please contact:

 

Pauline Dhillon

Chief Corporate Officer

Tel: (905) 501-7373

pdhillon@cargojet.com

Notice on Forward Looking Statement

Certain statements contained herein constitute “forward-looking statements”, including with respect to the Corporation’s intention to purchase Shares under the NCIB and ASPP as described above, the timing and benefits of such purchases, and the increase to the Corporation’s quarterly dividend. 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. Reference should be made to the Corporation’s most recent Annual Information Form filed with the Canadian securities regulators, and it’s most recent Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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 forward-looking statements contained or incorporated by reference in this news release represent Cargojet’s expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and are subject to change after such date. However, Cargojet disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities laws. In the event Cargojet does update any forward-looking statement, no inference should be made that Cargojet will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

 

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.

 

 

 

Mississauga, ON, May 2, 2022 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the first quarter ended March 31, 2022.

 

Total Revenues for the quarter were $233.6 million compared to first quarter 2021 Revenues of $160.3 million. Gross Margin for the quarter was $66.9 million compared to first quarter 2021 Gross Margin of $45.3 million. Adjusted EBITDA(1) and Adjusted EBITDAR(1) for the quarter were $83.0 million compared to the first quarter 2021 Adjusted EBITDA(1) and Adjusted EBITDAR(1) of $64.2 million. Net loss for the quarter was $56.4 million (net income of $30.4 million excluding warrant valuation loss) compared to net income of $89.4 million in 2021 (net income of $7.5 million excluding warrant valuation gain).

 

Total revenue growth of 45.7% for the quarter compared to prior year reflecting a strong contribution from the All-in Charter segment that benefited from a robust demand for global air-cargo. Domestic network posted 10.3%, ACMI posted 36.2% and the Charter business posted 298.0% growth compared to the same period last year. Domestic Network Revenue for this quarter accounted for less than 37% of total revenues compared to over 47% for the same period in 2021.

 

Adjusted Free Cash Flow(1) was $42.7 million for the three-month period ended March 31, 2022 compared to $35.2 million for the same period in 2021.

 

While the macro environment remains volatile with several uncertainties, Cargojet has been squarely focused on executing its plans. The global supply chains are going through a major change and this large-scale dislocation is also creating demand for air-cargo to selectively meet critical production schedules. Cargojet is well positioned to participate in this emerging opportunity.

 

“Ever since March 2020, we have been constantly adapting to the changing air-cargo landscape. The recent geo-political events have further added pressure on the already strained traditional supply chains but they are also creating new opportunities for air-cargo.” said Dr. Ajay Virmani, President & CEO.

 

“We are acutely aware of the uncertainties and are well positioned to not only tackle them but capitalize wherever new opportunities are emerging. The investments we made in aircraft acquisition, technology and in attracting and retaining top talent are paying off, allowing us to scale up the business in a seamless manner.” concluded Dr. Virmani.

 

All references to “$” in this press release are to Canadian dollars.

 

 

 

 

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 33 aircraft. For further information, please contact

 

Pauline Dhillon
Chief Corporate Officer

Tel: (905) 501 7373
pdhillon@cargojet.com

 

(1) Non-GAAP Measures

“Adjusted EBITDA”, “Adjusted EBITDAR” and “Adjusted Free Cash Flow” are non-GAAP measures used by the Corporation to provide additional information on its financial and operating performance. Adjusted EBITDA and Adjusted EBITDAR are not recognized measures for financial statement presentation under Canadian GAAP and it does not have standardized meanings and may not be comparable to similar measures presented by other public companies.

Adjusted EBITDA is used by the Corporation to assess earnings before interest, taxes, depreciation, amortization, gain or loss on disposal of capital assets, unrealized foreign exchange gains or losses, unrealized gain or loss on forward foreign exchange contracts, aircraft heavy maintenance amortization, contract asset amortization, gain or loss on cash settled share based payment arrangement related to a financing arrangement, unrealized gain or loss on fair value of total return swap related to a financing arrangement, gain or loss on fair value of stock warrant, loss on settlement of cash settled share based payment arrangement related to a financing arrangement, gain on settlement of total return swap related to a financing, loss on extinguishment of debts, and non-cash employee pension expense, as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets.

Adjusted EBITDAR is calculated as Adjusted EBITDA excluding aircraft rents. The Corporation believes that these alternative measures provide a more consistent basis to compare the performance of the Corporation between the periods. Adjusted EBITDA and Adjusted EBITDAR provide additional information to users of Management’s Discussion and Analysis of Financial condition and Results of Operations (“MD&A”) to enhance their understanding of the Company’s financial performance.

Adjusted Free Cash Flow is calculated as Standardized Free Cash Flow as defined by CPA Canada, less operating cash flows provided from or used in discontinued operations, changes in working capital, plus the provision for current income taxes

Reconciliation of non-GAAP Measures, including Adjusted EBITDA, Adjusted EBITDAR and Adjusted Free Cash Flow to GAAP income is provided on page 15 of the MD&A for the three month period ended March 31, 2022.

 

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. Reference should be made to the issuer’s most recent Annual Information Form (AIF) filed with the Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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 Company cautions that the list of risk factors and uncertainties described in the AIF and MD&A is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. The forward-looking information contained herein represents our expectations as of the date hereof (or as the date they are otherwise stated to be made), and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

MISSISSAUGA, ON, APRIL 7, 2022 – Cargojet Inc. (TSX: CJT) (“Cargojet” or the “Company”) announced the voting results from its annual meeting of shareholders held today virtually via live audio webcast.

Shareholders voted in favour of all items of business, including the election of each of the director nominees as follows:

Nominee

Votes For

Votes Withheld

(a)   Dr. Ajay Virmani

(b)   Arlene Dickinson

(c)   Alan Gershenhorn

(d)   Paul Godfrey

(e)   John Webster

10,735,995 (97.57%)

10,471,770 (95.17%)

8,508,887 (77.33%)

9,042,214 (82.17%)

8,440,793 (76.71%)

267,752 (2.43%)

531,977 (4.83%)

2,494,860 (22.67%)

1,961,533 (17.83%)

2,562,954 (23.29%)

 

 

Final voting results on all matters voted on at the meeting will be filed on SEDAR at www.sedar.com.

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 31 cargo aircraft. For further information, please contact:

Pauline Dhillon

Chief Corporate Officer

Tel: (905) 501 7373

pdhillon@cargojet.com

DHL to utilize Cargojet’s entire portfolio of services to support its growth

DHL to receive warrants, with vesting tied to achievement of commercial milestones up to C$2.3 billion in business volume over 7 years

Mississauga, ON, March 29, 2022 – Cargojet Inc. (“Cargojet”) (TSX:CJT) announced today that it has entered into a new long-term strategic agreement (the “Agreement”) with DHL Network Operations (USA) Inc. (“DHL”), an affiliate of Deutsche Post DHL Group (the “Group”) (XETRA:DPW.DE), for a term of five years with a renewal option for an additional two years, to provide air-transportation services for DHL’s global network.

The Agreement is expected to be meaningfully accretive to Cargojet’s earnings and cash flows over time and help Cargojet further diversify its portfolio of services in line with its previously announced strategic goal of achieving a balanced portfolio.

Under the Agreement, Cargojet will provide ACMI, CMI, charter, and aircraft dry lease services to DHL to support DHL’s international requirements for Europe and North, South, Central and Latin America, as well as Asia. Cargojet utilizes 12 freighters to service DHL’s current requirements.  DHL intends to add 5 additional B-767 freighters during the 2022-23 timeframe to fulfill DHL’s anticipated network requirements. Additionally, DHL intends to be Cargojet’s inaugural launch customer for the state-of-the-art B-777 wide body long-range cargo aircraft, which are expected to be deployed in late 2023 or early 2024.

“Earning the trust and confidence of Deutsche Post DHL Group is a remarkable milestone in Cargojet’s journey. We are even more excited about the opportunity to add value and earn the right to be a long-term strategic partner each and every day.” said Chief Executive Officer Dr. Ajay Virmani. “This strategic partnership is a real tribute to our people who have worked extremely hard all through the pandemic while maintaining the industry best on-time performance and flexibility that has allowed us to earn this business”.

Cargojet’s international and ACMI growth will be led and managed by its international team of specialists while Cargojet’s current core team will continue to focus on delivering excellence within its existing and growing domestic network. As the Cargojet fleet grows and it benefits from the scale of operation, Cargojet remains committed to providing cost effective, flexible and competitive air-cargo services to all customers.

“DHL’s international aviation network is a true competitive differentiator and an enabler of growth for our customers. Cargojet’s “customer first” culture has added flexibility and resilience to our network,” said Travis Cobb, EVP, Global Network Operations & Aviation, DHL Express. “A longer-term strategic alignment with Cargojet will bring additional capacity and allow us to continue delivering the highest levels of service quality to the market.”

“Cargojet is an important aviation partner of DHL in North America and we see this expansion of our relationship further strengthening intra-regional and intercontinental links to and from this region,” said Mike Parra, CEO, DHL Express Americas. “Its versatile cargo fleet and high on-time reliability positions us well to further capitalize on the dynamically growing e-commerce market, in particular. This step builds on the significant investments we have made in DHL’s aviation capacity and capabilities over the last two years in the Americas.”

In addition, to align interests and strengthen the long-term strategic relationship, Cargojet will issue to DHL warrants to acquire up to 9.5 percent of Cargojet’s outstanding voting shares (on a non-diluted basis as of the date hereof) at a price of C$158.92 per share (based on the 20-day volume weighted average trading price immediately prior to the date hereof) over a period of seven years, with vesting tied to the delivery by DHL of up to C$2.3 billion[1] in business volume during the same term.

Management will be hosting at conference call Tuesday, March 29, 2022, at 9:00am est.

Dial in Numbers:

Canada:         647 484 0475

USA:               888 394 8218

Reference:    Cargojet Conference Call

Additional Information

Cargojet intends to file a material change report in connection with the transactions contemplated by this news release, which will be available under its corporate profile on SEDAR at www.sedar.com. In connection therewith, a copy of the warrant certificate will be filed with the applicable Canadian securities regulators on SEDAR.

 

Cargojet has received conditional listing approval from the Toronto Stock Exchange to list an aggregate of 1,645,000 variable voting shares issuable upon the full vesting of the warrants, representing 9.5% of Cargojet’s voting shares on a non-diluted basis.

 

The summary of the key terms of the warrants contained herein and in the to-be-filed material change report are expressly qualified in their entirety by the full text of the as filed warrant certificate.

About DHL:

DHL is the leading global brand in the logistics industry. Our DHL divisions offer an unrivalled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air and ocean transport to industrial supply chain management. With about 380,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global sustainable trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, engineering, manufacturing & energy, auto-mobility and retail, DHL is decisively positioned as “The logistics company for the world”.

DHL is part of Deutsche Post DHL Group. The Group generated revenues of more than 81 billion euros in 2021. With sustainable business practices and a commitment to society and the environment, the Group makes a positive contribution to the world. Deutsche Post DHL Group aims to achieve zero-emissions logistics by 2050.

About Cargojet:

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing dedicated, ACMI and international charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 31 cargo aircraft.

For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501-7373
pdhillon@cargojet.com

Notice on Forward Looking Statements

Certain statements contained herein constitute “forward-looking statements”, including with respect to the expectation that the Agreement will be meaningfully accretive to Cargojet’s earnings and cash flows over time as well as create other benefits and opportunities, including to diversify Cargojet’s portfolio as described above; the addition of 5 B-767 freighters during the 2022-23 timeframe; the deployment of B-777 cargo aircrafts in late 2023 or early 2024 and DHL’s intention to be the inaugural launch customer; benefits from the scale of operation and commitment to providing cost effective, flexible and competitive air-cargo services to all customers; the performance-based vesting of the warrants to be issued to DHL; and the listing of the underlying shares on the Toronto Stock Exchange. 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. Although Cargojet believes that the forward-looking statements in this press release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors that could cause actual results to differ materially from management’s expectations and plans as set forth in such forward-looking statements, including, without limitation, the following factors, many of which are beyond Cargojet’s control and the effects of which can be difficult to predict: (a) the failure to achieve the financial and other anticipated benefits from the Agreement on the timeline contemplated or otherwise; (b) the uncertainties and risks related to the ongoing COVID-19 pandemic, including variants of concern, and impacts related to government responses and restrictions, health and safety measures, supply chain disruptions, the effectiveness and availability of vaccines, and the extent of the impact of the pandemic on consumer spending habits, the competitive landscape, and overall economic conditions; (c) credit, market, currency, operational, capital expenditures, liquidity and funding risks generally, including changes in economic conditions, inflation, interest rates, exchange rates or tax rates; (d) risks and uncertainties relating to retail, e-commerce growth, labour, technology, changes in law or regulation, competition, and business generally; and (e) other risks inherent to the Cargojet’s business and/or factors beyond its control which could have a material adverse effect on Cargojet. In addition, reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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. Cargojet assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason, other than as required by applicable securities laws. In the event Cargojet does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

[1] Being the C$ equivalent of approximately US$1.8 billion, using an exchange rate of 1.2518 at close of business on March 28,2022.

 

March 16, 2022                                                                                                                                                       

Mississauga, ONT – Cargojet Inc. (TSX: CJT.UN) in conjunction with the release of its First Quarter Financial Results, will host a conference call at 8:30a.m. Eastern Standard Time (5:30a.m. Pacific Daylight Time) on Monday, May 2, 2022.  First Quarter results will be released prior to the market opening on Monday, May 2, 2022.  The financial results will be released by newswire as well as filed with SEDAR.  The results will also be available on our website.

 

Dr. Ajay Virmani, President and Chief Executive Officer, Jamie Porteous, Chief Strategy Officer,  Pauline Dhillon, Chief Corporate Officer, and Sanjeev Maini, Interim Chief Financial Officer of Cargojet will review first quarter financial results and corporate developments.

 

To participate in this conference call, please dial the following number(s) approximately five minutes prior to the commencement of the call:

 

                                Local Number:                 647 484 0258

                                Toll Free Number:           1 800 289 0720

Please reference as a Participant of the Cargojet Conference Call.

 

 

Should you be unable to participate, an instant replay will be available until

Thursday, May 12, 2022 by dialing:

 

                                Local Number:                  647 436 0148

                                Toll Free Number:           1 888 203 1112

                                Access Code:                      2469039#

 

For any one on one calls please contact Sanjeev Maini to coordinate timing.  We look forward to having you participate in our call.

 

Pauline Dhillon

Chief Corporate Officer

Tel: (905) 501 7373 or pdhillon@cargojet.com

Mississauga, ON, March 14, 2022 – the Board of Directors of Cargojet Inc. has declared a cash dividend of $0.2600 per common voting share and variable voting share for the period from January 1, 2022, to March 31, 2022. The record date for determining shareholders of the Corporation entitled to receive payment of the dividend of the Corporation shall be March 21, 2022, and the payment date for such dividend shall be on or before April 5, 2022. These dividends will be eligible dividends within the meaning of the Income Tax Act (Canada).

 

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 31 aircraft.

 

For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501-7373
pdhillon@cargojet.com

 

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. Reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Quarterly Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

Revenue Diversification Strategy Continues to Deliver

 

Mississauga, ON, March 7, 2022 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the fourth quarter and year ended December 31, 2021.

 

Total Revenues for the quarter were $235.9 million compared to fourth quarter 2020 Revenues of $187.1 million. Gross Margin for the quarter was $76.7 million compared to fourth quarter 2020 Gross Margin of $69.3 million. Adjusted EBITDA(1) and Adjusted EBITDAR(1) for the quarter were $90.5 million compared to the fourth quarter 2020 Adjusted EBITDA(1) and Adjusted EBITDAR(1) of $87 million. Net income for the quarter was $102.0 million (net income of $33.4 million excluding warrant valuation gain) compared to net loss of $20.5 million in 2020 (net income of $27.4 million excluding warrant valuation loss).

 

Total Revenues for the year were $757.8 million compared to 2020 Revenues of $668.5 million. Gross Margin for the year was $230.9 million compared to 2020 Gross Margin of $250.5 million. Adjusted EBITDA(1) and Adjusted EBITDAR(1) for the year were $293.1 million compared to the 2020 Adjusted EBITDA(1) and Adjusted EBITDAR(1) of $281.7 million. Net income for the year was $167.4 million (net income of $88.4 million excluding warrant valuation gain) compared to net loss of $87.8 million in 2020 (net income of $90.1 million excluding warrant valuation loss).

 

Total revenue growth of 26.1% for the quarter compared to prior year reflected the results of our previously announced diversification strategy that is helping deliver a balanced portfolio growth where each line of business is a strong contributor. Domestic network posted 18.2%, ACMI posted 26.6% and the Charter business posted 54.6% growth compared to the same period last year. Domestic Network Revenue for this quarter accounted for less than 45% of total revenues compared to over 47% for the same period in 2020.

 

Adjusted Free Cash Flow(1) was $38.0 million for the three-month period ended December 31, 2021 compared to $52.1 million for the same period in 2020.

 

As we begin to prepare for the post-pandemic world, Cargojet now has a substantially larger base of business to build upon compared to its pre-pandemic size and scale. Building on the strong foundation of our domestic overnight network, we are aggressively diversifying to take advantage of the emerging growth opportunities.” said Dr. Ajay Virmani, President & CEO.

 

A prolonged pandemic has triggered structural changes in the aviation industry over the past two years. With a dramatic reduction in cross-border passenger air travel, significant belly cargo capacity has been taken out of the global supply chain. At the same time, the pandemic has accelerated demand for e-commerce at an unprecedented rate, creating even more demand for air cargo services. While dedicated air cargo operators have tried to step up their services to meet demand in the short term, there remains a significant gap in the worldwide air lift capacity compared to the demand that is expected to persist in the medium term. As major passenger airlines shed their larger wide body fleets of B747s and A380s in favour of smaller, more fuel-efficient aircraft, Cargojet expects the reduction in resulting belly cargo capacity to become a longer-term structural shift. Cargojet’s strategy to grow its international footprint continues to take advantage of this structural shift.

 

Growth and success will require top talent and we are building a dedicated international team. At the same time, we will continue to have our current top talent stay focused on delivering exceptional service to our growing domestic network customers.” concluded Dr. Virmani.

 

All references to “$” in this press release are to Canadian dollars.

 

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 31 aircraft. For further information, please contact

 

Pauline Dhillon
Chief Corporate Officer

Tel: (905) 501 7373
pdhillon@cargojet.com

 

(1) Non-GAAP Measures

“Adjusted EBITDA”, “Adjusted EBITDAR” and “Adjusted Free Cash Flow” are non-GAAP measures used by the Corporation to provide additional information on its financial and operating performance. Adjusted EBITDA and Adjusted EBITDAR are not recognized measures for financial statement presentation under Canadian GAAP and it does not have standardized meanings and may not be comparable to similar measures presented by other public companies.

Adjusted EBITDA is used by the Corporation to assess earnings before interest, taxes, depreciation, amortization, gain or loss on disposal of capital assets, unrealized foreign exchange gains or losses, unrealized gain or loss on forward foreign exchange contracts, aircraft heavy maintenance amortization, contract asset amortization, gain or loss on cash settled share based payment arrangement related to a financing arrangement, unrealized gain or loss on fair value of total return swap related to a financing arrangement, gain or loss on fair value of stock warrant, loss on settlement of cash settled share based payment arrangement related to a financing arrangement, gain on settlement of total return swap related to a financing, loss on extinguishment of debts, and non-cash employee pension expense, as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets.

Adjusted EBITDAR is calculated as Adjusted EBITDA excluding aircraft rents. The Corporation believes that these alternative measures provide a more consistent basis to compare the performance of the Corporation between the periods. Adjusted EBITDA and Adjusted EBITDAR provide additional information to users of Management’s Discussion and Analysis of Financial condition and Results of Operations (“MD&A”) to enhance their understanding of the Company’s financial performance.

Adjusted Free Cash Flow is calculated as Standardized Free Cash Flow as defined by CPA Canada, less operating cash flows provided from or used in discontinued operations, changes in working capital, plus the provision for current income taxes

Reconciliation of non-GAAP Measures, including  Adjusted EBITDA, Adjusted EBITDAR and Adjusted Free Cash Flow to GAAP income is provided on page 16 of the MD&A for the three and twelve months ended December 31, 2021.

 

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. Reference should be made to the issuer’s most recent Annual Information Form (AIF) filed with the Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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 Company cautions that the list of risk factors and uncertainties described in the AIF and MD&A is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. The forward-looking information contained herein represents our expectations as of the date hereof (or as the date they are otherwise stated to be made), and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

MISSISSAUGA, ON, FEBRUARY 7, 2022 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today that the annual general meeting of shareholders (the “Meeting”) will be held in a virtual only format via live audio webcast on Thursday, April 7th, 2022 at 1:00 p.m. EST.

The virtual Meeting is being held in light of the unprecedented public health impact of the coronavirus disease, also known as COVID-19, and to mitigate risks to the health and safety of our communities, shareholders, employees and other stakeholders. Shareholders will not be able to attend the Meeting in person.

Registered shareholders and duly appointed proxyholders will be able to attend the Meeting, submit questions and vote, all in real time, online at https://web.lumiagm.com/235395381. Non-registered shareholders (being shareholders who hold their Cargojet voting shares through a broker, investment dealer, bank, trust company, custodian, nominee or other intermediary) who have not duly appointed themselves as proxyholders will be able to attend the Meeting as guests, but guests will not be able to vote at the Meeting. Further details, including the business to be conducted at the Meeting and how to attend and vote at the virtual Meeting, will be available in the Corporation’s management information circular relating to the Meeting, to be mailed to shareholders and filed on SEDAR in advance of the Meeting in accordance with applicable regulatory requirements.

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 31 Cargo aircraft. For further information, please contact:

 

Pauline Dhillon

Chief Corporate Officer

Tel: (905) 501-7373

pdhillon@cargojet.com

January 12, 2022                                                     

Mississauga, ONT – Cargojet Inc (TSX: CJT.UN) in conjunction with the release of its Fourth Quarter and Year End 2021 Financial Results, will host a conference call at 8:30a.m. Eastern Standard Time (5:30a.m. Pacific Daylight Time) on Monday March 7, 2022. Fourth quarter and Year End 2021 results will be released, prior to the market opening on Monday, March 7, 2022.  The financial results will be released by newswire as well as filed with SEDAR.  The results will also be available on our website.

 

Ajay K. Virmani, President and Chief Executive Officer, Jamie Porteous Chief Strategy Officer, Pauline Dhillon Chief Corporate Officer and Sanjeev Maini interim Chief Financial Officer of Cargojet will review fourth quarter financial results and corporate developments.

 

To participate in this conference call, please dial the following number(s) approximately five minutes prior to the commencement of the call:

 

                                Local Number:                 647 794 1825

                                Toll Free Number:           1 800 263 0877

Please reference as a Participant of the Cargojet Conference Call.

 

Should you be unable to participate, an instant replay will be available until

Thursday, March 17, 2022 by dialing:

 

                                Local Number:                  647 436 0148

                                Toll Free Number:           1 888 203 1112

                                Access Code:                      #1828923

 

For any one- on- one calls please contact John Kim to coordinate timing.  We look forward to having you participate in our call.

 

Pauline Dhillon

Chief Corporate Officer

Tel: (905) 501 7373 or pdhillon@cargojet.com

MISSISSAUGA, ON, January 10, 2022 – Cargojet (“CJT”) announced today the early renewal and extension of the Air Cargo Services Agreement with two major domestic customers. The agreements will run for a three-year term and contain two (2) one year renewal options. The original agreements were due for renewal in 2021 and in July 2022. This is another example of customers continuing to secure long-term capacity on Cargojet’s air cargo network considering structural shifts in the nature of supply chains which are leading to significant growth in demand for time-sensitive air cargo services across Canada.

 

Cargojet will continue to be the exclusive provider of the overnight air cargo services in Canada for these customers. The total revenues represented by these contract renewals are estimated over $150 million during the term of the new agreements, including the extension options.  

 

“Cargojet is extremely pleased to have been successful in extending the exclusive domestic air cargo service agreements with two strong Canadian logistics providers. The confidence that our customers place in Cargojet is a testament to the high level of reliability and cost-effective air cargo services that we have consistently provided over the past twenty-years”, said Dr. Ajay Virmani President and CEO of Cargojet.  “We will continue to work closely with all of our customers to provide the most flexible; the most reliable and the most scalable air cargo network in Canada”, concluded Mr. Virmani.

 

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 31 Cargo aircraft. For further information, please contact

 

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

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. Reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and it’s most recent Annual Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

2021

Mississauga, ON, November 15, 2021 – The Board of Directors of Cargojet Inc. has declared a cash dividend of $0.2600 per common voting share and variable voting share for the period from October 1, 2021 to December 31, 2021. The record date for determining shareholders of the Corporation entitled to receive payment of the dividend of the Corporation shall be December 20, 2021 and the payment date for such dividend shall be on or before January 5, 2022. These dividends will be eligible dividends within the meaning of the Income Tax Act (Canada).

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 31 aircraft.

For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501-7373
pdhillon@cargojet.com

Mississauga, ON, November 1, 2021 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the third quarter ended September 30, 2021.

 

Total Revenues for the quarter were $189.5 million compared to third quarter 2020 Revenues of $162.3 million. Gross Margin for the quarter was $54 million compared to third quarter 2020 Gross Margin of $58.3 million. Adjusted EBITDA and Adjusted EBITDAR for the quarter were $70.9 million compared to the third quarter 2020 Adjusted EBITDA and Adjusted EBITDAR of $69.8 million.

 

Total revenue growth of 16.8% for the quarter compared to prior year was led by the ACMI line of business that posted strong revenue growth of 21% compared to prior year. Cargojet continues to diversify its portfolio and it is more diversified today than the pre-pandemic period. Domestic Network Revenue for this quarter accounted for less than 42% of total revenues compared to over 54% for the same quarter in 2019.

 

Adjusted Free Cash Flow was $51.1 million for the three-month period ended September 30, 2021 compared to $59.3 million for the same period in 2020.

“Ocean and ground transportation supply-chains remain clogged across the globe creating short-to-medium term opportunities for air-cargo. We are seeing that reflected in our ACMI business and expect this to extend through the upcoming holiday season”. said Dr. Ajay Virmani, President & CEO.

“As economies and businesses re-open, Consumers are keen to step out and experience in-person shopping. But our longer-term outlook for e-Commerce remains strong, particularly given the dramatic uplift in digital adoption over the past 18 months”. further noted Dr. Virmani.

“We are also excited about the opportunities emerging in the international air-cargo segment. Over the past few quarters, we have methodically invested in talent, infrastructure and aircrafts necessary to build a strong international business and are beginning to see encouraging results.  Our team of dedicated professionals continues to be the driving force of our ongoing success.  Each member of our team focuses and delivers customer excellence”. concluded Dr. Virmani.

 

 

 

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 31 aircraft. For further information, please contact

Pauline Dhillon
Chief Corporate Officer

Tel: (905) 501 7373
pdhillon@cargojet.com

 

October 27, 2021

 

Mississauga, – Cargojet has recently renewed its International Air Transport Association (IATA) Operational Safety Audit (IOSA) registration.  IOSA is an internationally recognized and accepted evaluation system designed to assess the operational management and control systems of an airline. IOSA uses internationally recognized quality audit principles to conduct audits in a standardized and consistent manner.

IATA’s mission is to represent, lead and serve the airline industry. Its members comprise some 290 of the world’s leading passenger and cargo airlines – representing 83 percent of total air traffic. Cargojet is very proud to be the only Canadian air cargo carrier that is a full member of IATA.

“The audit is an in-depth look at the practices and standards of the airline with the end goal of meeting a common, worldwide standard for safety in everything we do, our audit team have once again done a tremendous job in working with the auditors to demonstrate conformance with IOSA standards” according to Dr. Ajay K. Virmani, President & CEO.  “We fully support the continuous updating of standards to reflect regulatory revisions and the evolution of best practices within the worldwide airline industry under the continuing stewardship of IATA”, adds Virmani.

We want to thank our team of dedicated professionals for their continuous efforts and dedication to Cargojet.

Cargojet is Canada’s leading provider of time sensitive premium overnight air cargo services and carries over 1,300,000 pounds of cargo each business night. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations, utilizing a fleet of 28 all-cargo aircraft.

 

For further information, please contact:

 

Pauline Dhillon

Chief Corporate Officer

Tel: (905) 501-7373

pdhillon@cargojet.com

October 6, 2021                                                                                                                                                               

Mississauga, ONT – Cargojet Inc. (TSX: CJT.UN) in conjunction with the release of its Third Quarter Financial Results, will host a conference call at 8:30a.m. Eastern Standard Time (5:30a.m. Pacific Daylight Time) on Monday, November 1, 2021. Third Quarter results will be released prior to the market opening on November 1, 2021.  The financial results will be released by newswire as well as filed with SEDAR.  The results will also be available on our website.

 

Ajay K. Virmani, President and Chief Executive Officer, Jamie Porteous, Chief Commercial Officer, and Pauline Dhillon, Chief Corporate Officer and Sanjeev Maini Interim Chief Financial Officer of Cargojet will review third quarter financial results and corporate developments.

 

To participate in this conference call, please dial the following number(s) approximately five minutes prior to the commencement of the call:

 

                                Local Number:       647 496 0229

                                Toll Free Number:  1 800 377 1217          

                              

Please reference 751369 as a Participant for the call.

 

Should you be unable to participate, an instant replay will be available until

Thursday, November 11, 2021 by dialing:

 

                                Local Number:        647 436 0148

                                Toll Free Number:  1 888 203 1112           

                                Access Code:            3491156        

 

For any one on one calls please contact Sanjeev Maini Kim to coordinate timing.  We look forward to having you participate in our call.

 

Pauline Dhillon

Chief Corporate Officer

Tel: (905) 501 7373 or pdhillon@cargojet.com

September 13, 2021

 

 

 

 

Mississauga: Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX:CJT) Cargojet announced the successful recertification of its ISO 9001:2015 Quality Standard Accreditation, for the ninetieth consecutive year.  Cargojet is the only air cargo carrier in Canada with this accreditation.

 

“This accreditation reinforces the continuity of the value added, safe, on time and reliable service Cargojet provides to its customers on a daily basis. It includes a review of an organization’s documented quality management system and ongoing audits of our facilities to ensure the quality management systems have been implemented and are effective,” says Dr. Ajay K. Virmani, President and CEO.   “We have once again earned this certification due to the hard and conscientious efforts of our team who continue to surpass our customer’s expectations while maintaining excellence in standards, processes and procedures,” adds Virmani.

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 30 aircraft.

For further information, please contact

Pauline Dhillon
Chief Corporate Officer

Tel: (905) 501 7373
pdhillon@cargojet.com

Mississauga, ON, September 7, 2021 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced the appointment of Vito Cerone, as Senior Vice President, International effective immediately.

 

Prior to joining Cargojet, Vito was most recently the Vice President, Cargo Sales & Commercial Strategy at Air Canada where he oversaw the optimization of all global sales and commercial activities. As a senior executive, with over 30 years in the aviation industry, Vito held several senior leadership roles within the Cargo business. Prior to moving to Cargo, Vito spent 12 years in various commercial roles with the passenger segment of Air Canada.

 

Reporting directly to the CEO, Vito will be responsible to lead and implement Cargojet’s International expansion. Vito will also be responsible for growing Cargojet’s Charter, ACMI and Interline partnerships. 

 

We have gone through a dramatic shift in our business over the past 18 months that has created new and exciting growth opportunities. Building on the success of a strong domestic network and the acquisition of seven (7) Boeing 767 and four (4) 777-300 freighters, Cargojet is rapidly moving forward on building a synergistic international business and we are thrilled to welcome Vito to the Cargojet family. Vito is a recognized leader in the global logistics industry and highly respected for his global relationships and commercial acumen.” said Ajay Virmani, President and Chief Executive Officer.  

 

Vito will be based at Cargojet’s headquarters in Mississauga, Ontario as well Carojet’s Montreal offices as he leads a team of sales and marketing professionals.

 

Vito holds a bachelor’s degree from Concordia University.

 

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 28 Cargo aircraft. For further information, please contact

 

Pauline Dhillon
Chief Corporate Officer

Tel: (905) 501 7373
pdhillon@cargojet.com

 

Cargojet “is rapidly moving forward to execute on its growth strategy to capture additional e-commerce volumes and international air freight opportunities through an expanded fleet,” it said in its statement.

The fleet expansion will consist of bringing in five B767 freighters, announced earlier, to begin arriving in the third quarter of 2021 with one additional freighter arriving every quarter thereafter.

Two of these will be deployed to its domestic network “to meet projected e-commerce growth and add stand-by capacity,” while the other three will be used for international routes “to select strategic destinations to capture emerging growth opportunities beginning Q4 2021.”

Mississauga, ON, August 10, 2021 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today that it has completed a strategic minority investment in Greensboro, North Carolina headquartered cargo airline 21Air LLC (21Air) with corporate offices in Miami, Florida.

 

21Air is certified by the Federal Aviation Administration (FAA) as a Part-121 air carrier presently operating a fleet of five (5) Boeing 767 all cargo aircraft. 

 

21Air provides Charter, ACMI, and CMI services to major air cargo consolidators, freight forwarders, couriers, and global integrators, including Cargojet. 

 

“My relationship with Dr. Ajay Virmani goes back over twenty years, and we have accomplished a lot together with our teams. We are honored to have Cargojet as our partners and look forward to growing 21 Air into a major player in the international cargo space, “says Jim Crane, Chairman 21Air. 

“This transaction is in line with Cargojet’s previously announced international growth strategy. This investment further demonstrates our ambition to build a more diversified and robust global footprint with strategic partnerships.” commented Dr. Ajay Virmani, President and CEO.

 

As a result of this investment, Cargojet will acquire a 25% interest in 21Air and will continue to collaborate with 21Air on mutually beneficial opportunities in this expanding air cargo market. 

 

 

 

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 30 aircraft. For further information, please contact

 

Pauline Dhillon
Chief Corporate Officer

Tel: (905) 501 7373
pdhillon@cargojet.com

 

Mississauga, ON, August 9, 2021 – the Board of Directors of Cargojet Inc. has declared a cash dividend of $0.2600 per common voting share and variable voting share for the period from July 1, 2021 to September 30, 2021. The record date for determining shareholders of the Corporation entitled to receive payment of the dividend of the Corporation shall be September 20, 2021 and the payment date for such dividend shall be on or before October 5, 2021. These dividends will be eligible dividends within the meaning of the Income Tax Act (Canada).

 

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 30 aircraft.

 

For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501-7373
pdhillon@cargojet.com

Mississauga, ONT – Cargojet once again is excited to announce that it has been awarded the Shipper’s Carrier of Choice Award by the Canadian Shipper magazine, a leading industry publication.  Cargojet continues to surpass shipper expectations as well as the industry benchmark in the total Industry Sector Average and particularly in the key areas of On-time Performance, Leadership in Problem Solving, Ability to Provide Value-Added Services, Customer Service, Quality of Equipment & Operations, Competitive Pricing, and Sustainable Transportation Practices.   Cargojet is the only Canadian Air Cargo carrier to receive this honour for the nineteenth year.

 

“Cargojet continues to exceed the expectations of our customers by delivering a premium product into the marketplace. We remain focused on exceeding our customers expectation and provide them value-added services.  This award is a testament once again to the to the  Cargojet team’s dedication, hard work and loyalty.   Our professional team is the driving force of Cargojet,” says Dr. Ajay K. Virmani, President & CEO.

 

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 30 aircraft.

 

For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

 

 

Mississauga, ON, Aug [3], 2021 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the second quarter ended June 30, 2021.

 

Total Revenues for the quarter were $172.1 million compared to second quarter 2020 Revenues of $196.1 million. Gross Margin for the quarter was $54.9 million compared to second quarter 2020 Gross Margin of $90.7 million. Adjusted EBITDA and Adjusted EBITDAR for the quarter were $67.4 million compared to the second quarter 2020 Adjusted EBITDA and Adjusted EBITDAR of $80.2 million.

 

Revenue growth excluding Charter line of business was a solid 30%. Prior year’s Charter revenues reflect a significant one-time benefit due to dedicated charter flights for government agencies to bring Personal Protective Equipment (PPE) from China to Canada. Going forward we expect a more normalized revenue growth in our Charter business.

 

Adjusted Free Cash Flow was $36.0 million for the three-month period ended June 30, 2021 compared to $55.7 million for the same period in 2020.

 

“We are encouraged to see rising vaccination rates in Canada and the gradual re-opening of the economy. One of the newest macro trends we are observing is Hybrid. Be it return to office or shopping habits; we are seeing consumers adopt a hybrid approach to many aspects of their lives. Even after the economies re-open, we expect consumers to maintain e-commerce in their shopping mix for a vast array of products, setting a new higher baseline for volumes to grow from”. said Dr. Ajay Virmani, President & CEO.

 

“Over the past 15 months, supply chains have become more resilient and consumers have gotten used to a wide variety of products being available to them on next-day or even the same-day delivery. To fulfil this need for speed, shippers are expected to increase the air-cargo component in their supply chain mix. On the B2B front, we are still not seeing the full recovery as businesses remained closed due to government restrictions for the most part of second quarter”. further noted Dr. Virmani.

 

“We continue to make progress on our international growth strategy. Having demonstrated the value add of dedicated air-cargo service to customers who initially signed up for shorter term commitments, we are starting to see greater stickiness for certain international segments despite the re-opening of certain passenger air routes. The international air-cargo market still remains tight and continues to present opportunities for our ACMI and Charter businesses”. concluded Dr. Virmani.

 

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 30 aircraft. For further information, please contact

 

Pauline Dhillon
Chief Corporate Officer

Tel: (905) 501 7373
pdhillon@cargojet.com

 

Non-GAAP Measures

“Adjusted EBITDA” and “Adjusted EBITDAR” are non-GAAP measures used by the Corporation to provide additional information on its financial and operating performance. Adjusted EBITDA and Adjusted EBITDAR are not recognized measures for financial statement presentation under Canadian GAAP and it does not have standardized meanings and may not be comparable to similar measures presented by other public companies.

Adjusted EBITDA is used by the Corporation to assess earnings before interest, taxes, depreciation, amortization, gain or loss on disposal of capital assets, unrealized foreign exchange gains or losses, unrealized gain or loss on forward foreign exchange contracts, aircraft heavy maintenance amortization, contract asset amortization, gain or loss on cash settled share based payment arrangement related to a financing arrangement, unrealized gain or loss on fair value of total return swap related to a financing arrangement, gain or loss on fair value of stock warrant, loss on settlement of cash settled share based payment arrangement related to a financing arrangement, gain on settlement of total return swap related to a financing, loss on extinguishment of debts, and non-cash employee pension expense, as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets. Adjusted EBITDAR is calculated as Adjusted EBITDA excluding aircraft rents. The Corporation believes that these alternative measures provide a more consistent basis to compare the performance of the Corporation between the periods. Adjusted EBITDA and Adjusted EBITDAR provide additional information to users of Management’s Discussion and Analysis of Financial condition and Results of Operations (“MD&A”) to enhance their understanding of the Company’s financial performance.

Reconciliation of non-GAAP EBITDA, Adjusted EBITDA and Adjusted EBITDAR to GAAP income is provided on page 14 of the MD&A for the three and six months ended June 30, 2021

 

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. Reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and it’s most recent Annual Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

 

July 5, 2021

Mississauga, ONT – Cargojet Inc. (TSX: CJT.UN) in conjunction with the release of its Second Quarter Financial Results, will host a conference call at 8:30a.m. Eastern Standard Time (5:30a.m. Pacific Daylight Time) on Tuesday, August 3, 2021. Second Quarter results will be released prior to the market opening on August 3, 2021.  The financial results will be released by newswire as well as filed with SEDAR.  The results will also be available on our website.

Ajay K. Virmani, President and Chief Executive Officer,  Sanjeev Maini, Interim Chief Financial Officer, Jamie Porteous, Chief Commercial Officer, and Pauline Dhillon, Chief Corporate Officer of Cargojet will review second quarter financial results and corporate developments.

To participate in this conference call, please dial the following number(s) approximately five minutes prior to the commencement of the call:

Local Number:  647 484 0478

Toll Free Number:  1 800 289 0438

 

Please reference as a Participant of the Cargojet Conference Call.

 

Should you be unable to participate, an instant replay will be available until

Friday, August 13, 2021 by dialing:

Toll Free Number: 1 888 203 1112

Access Code:     9331672

For any one on one calls please contact Sanjeev Maini to coordinate timing.  We look forward to having you participate in our call.

Pauline Dhillon

Chief Corporate Officer

Tel: (905) 501 7373 or pdhillon@cargojet.com

Mississauga, ON, June 15, 2021 – the Board of Directors of Cargojet Inc. has declared a cash dividend of $0.2600 per common voting share and variable voting share for the period from April 1, 2021 to June 30, 2021. The record date for determining shareholders of the Corporation entitled to receive payment of the dividend of the Corporation shall be June 22, 2021 and the payment date for such dividend shall be on or before July 5, 2021. These dividends will be eligible dividends within the meaning of the Income Tax Act (Canada).

 

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 29 cargo aircraft.

 

For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501-7373
pdhillon@cargojet.com

 

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. Reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Quarterly Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

Mississauga, ON, May 3, 2021 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the first quarter ended March 31, 2021.

 

Total Revenues for the quarter were $160.3 million compared to first quarter 2020 Revenues of $123.0 million. Gross Margin for the quarter was $45.3 million compared to first quarter 2020 Gross Margin of $32.2 million. Adjusted EBITDA and Adjusted EBITDAR for the quarter were $64.2 million compared to the first quarter 2020 Adjusted EBITDA and Adjusted EBITDAR of $44.6 million.

 

Adjusted Free Cash Flow of $35.2 million for the three-month period ended March 31, 2021 compared to $29.8 million for the same period in 2020 increased $5.4 million or 18.1%.

 

“With a fundamental shift in consumer shopping habits in several key categories, Cargojet has spent the last few quarters laying the foundation to capture the next phase of e-Commerce growth. We strengthened our balance sheet, invested in fleet expansion, broadened our portfolio of services and are investing in attracting and retaining top talent.” said Dr. Ajay Virmani, President  & CEO.

 

“What was previously a consumer led shift to digital is now rapidly becoming a merchant led shift, accelerating the move to e-Commerce even further. Our highly focused and professional team continues to work closely with our customers to support their changing needs while maintaining the best on-time performance in the industry” noted Dr.Virmani.

 

“With shifting supply chains, triggered by a significant reset of the international passenger routes, we also see opportunities to expand and diversify on select international lanes. We also continue to focus on growing our ACMI and Charter business as cargo capacity remains in high demand and we are constantly adapting to maintain our leadership position”. concluded Dr. Virmani.

 

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 28 Cargo aircraft. For further information, please contact

 

Pauline Dhillon
Chief Corporate Officer

Tel: (905) 501 7373
pdhillon@cargojet.com

 

Non-GAAP Measures

“Adjusted EBITDA” and “Adjusted EBITDAR” are non-GAAP measures used by the Corporation to provide additional information on its financial and operating performance. Adjusted EBITDA and Adjusted EBITDAR are not recognized measures for financial statement presentation under Canadian GAAP and it does not have standardized meanings and may not be comparable to similar measures presented by other public companies.

Adjusted EBITDA is used by the Corporation to assess earnings before interest, taxes, depreciation, amortization, gain or loss on disposal of capital assets, unrealized foreign exchange gains or losses, unrealized gain or loss on forward foreign exchange contracts, aircraft heavy maintenance amortization, contract asset amortization, gain or loss on cash settled share based payment arrangement related to a financing arrangement, unrealized gain or loss on fair value of total return swap related to a financing arrangement, share based compensation, gain or loss on fair value of stock warrant, loss on settlement of cash settled share based payment arrangement related to a financing arrangement, gain on settlement of total return swap related to a financing arrangement, gain or loss on fair value adjustment of swap related to a share based compensation arrangement, gain or loss on settlement of swap related to a share based compensation arrangement, gain or loss on extinguishment of debts or finance leases, and non-cash employee pension expense, as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets. Adjusted EBITDAR is calculated as Adjusted EBITDA excluding aircraft rents. The Corporation believes that these alternative measures provide a more consistent basis to compare the performance of the Corporation between the periods. Adjusted EBITDA and Adjusted EBITDAR provide additional information to users of Management’s Discussion and Analysis of Financial condition and Results of Operations (“MD&A”) to enhance their understanding of the Company’s financial performance.

The Corporation excluded the impact of share based compensation and related swap arrangements to measure its Adjusted EBITDA and Adjusted EBITDAR that must be recognized under IFRS.  The excluded amounts are subject to volatility in the Corporation’s stock price or may not necessarily be reflective of Corporation’s underlying operating performance. Prior year Adjusted EBITDA and Adjusted EBITDAR calculations are adjusted to reflect this change.

Reconciliation of non-GAAP EBITDA, Adjusted EBITDA and Adjusted EBITDAR to GAAP income is provided on page 14 of the MD&A for the three months ended March 31, 2021.

 

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. Reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and it’s most recent Annual Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

Mississauga, ON, April 7, 2021- Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today that its Chief Financial Officer, John Kim, will retire at the end of May 31, 2021.

Although Mr. Kim has announced his retirement, he will continue to operate as a consultant to the Corporation with focus on Capital Markets and Investor Relations and to ensure a smooth transition. The Corporation named Mr. Sanjeev Maini, its current Vice President of Finance as the interim CFO while it conducts a formal search process. Mr. Maini has been with the company since inception and prior to being promoted as Vice President, Finance served as the Controller of the Corporation and is well equipped to support Cargojet’s ambitious growth strategy.

“We wish John the very best in his future endeavors and sincerely thank him for his many contributions during his tenure at Cargojet,” said Dr. Ajay Virmani, President and CEO of Cargojet. “John was instrumental in helping the Corporation navigate during its early years of growth and successfully delivered several projects”.

“I am fortunate to have been part of such a talented team, and want to thank the Board and the investment community for their support all through my tenure. Although I am retiring from my active role, I am committed to ensuring a smooth transition and will remain fully engaged on capital markets and investor relation areas during this process.” said John Kim.

Cargojet is working through a formal search process to identify a permanent replacement and expects to conclude it by the second quarter.

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 28 Cargo aircraft.

For further information, please contact :

Pauline Dhillon
Chief Corporate Officer

Tel: (905) 501 7373
pdhillon@cargojet.com
 

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. Reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and it’s most recent Annual Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement. 

Mississauga, ON, April 7, 2021- Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today that its Chief Financial Officer, John Kim, will retire at the end of May 31, 2021.

Although Mr. Kim has announced his retirement, he will continue to operate as a consultant to the Corporation with focus on Capital Markets and Investor Relations and to ensure a smooth transition. The Corporation named Mr. Sanjeev Maini, its current Vice President of Finance as the interim CFO while it conducts a formal search process. Mr. Maini has been with the company since inception and prior to being promoted as Vice President, Finance served as the Controller of the Corporation and is well equipped to support Cargojet’s ambitious growth strategy.

“We wish John the very best in his future endeavors and sincerely thank him for his many contributions during his tenure at Cargojet,” said Dr. Ajay Virmani, President and CEO of Cargojet. “John was instrumental in helping the Corporation navigate during its early years of growth and successfully delivered several projects”.

“I am fortunate to have been part of such a talented team, and want to thank the Board and the investment community for their support all through my tenure. Although I am retiring from my active role, I am committed to ensuring a smooth transition and will remain fully engaged on capital markets and investor relation areas during this process.” said John Kim.

Cargojet is working through a formal search process to identify a permanent replacement and expects to conclude it by the second quarter.

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 28 Cargo aircraft.

For further information, please contact :

Pauline Dhillon
Chief Corporate Officer

Tel: (905) 501 7373
pdhillon@cargojet.com
 

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. Reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and it’s most recent Annual Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement. 

Cargojet Inc. (“Cargojet”) (TSX: CJT) announced today that it has entered into a new Air Transportation Services Agreement with Amazon Canada Fulfillment Services, ULC (“Amazon”). 

Under the agreement, Cargojet will expand upon its existing commercial relationship with Amazon. As part of this arrangement, Cargojet will operate two Amazon-owned B767-300BDSF aircraft as part of the Amazon Air network on a CMI basis within Canada starting mid-2021. Cargojet expects the agreement to generate additional revenue growth to Cargojet’s earnings and cash flows over time. The agreement has a four-year term with three successive two-year renewal options.

“We are very excited to expand our long-term relationship of providing a portfolio of services which support the rapid growth of e-Commerce in Canada.  This new four-year Agreement with renewal options is a testament to our relentless focus on exceeding customer expectations,” said Dr. Ajay Virmani, President and CEO Cargojet. 

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 27 Cargo aircraft.

For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

 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 of the Corporation. 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. Reference should be made to the issuer’s public filings available at www.sedar.com and at www.cargojet.com, including its most recent Annual Information Form filed with Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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 Corporation assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason, other than as required by applicable securities laws. In the event the Corporation does update any forward-looking statement, no inference should be made that the Corporation will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

 

MISSISSAUGA, ON, MARCH 30, 2021 – Cargojet Inc. (TSX: CJT) (“Cargojet” or the “Company”) announced the voting results from its annual meeting of shareholders held today virtually via live audio webcast.

Shareholders voted in favour of all items of business, including the election of each of the director nominees as follows:

Nominee 

Votes For

Votes Withheld

  1. (a) Ajay Virmani
  2. (b) Arlene Dickinson
  3. (c) Alan Gershenhorn 
  4. (d) Paul Godfrey 
  5. (e) John Webster

10,614,893 (97.45%)

10,775,954 (98.93%)

10,554,844 (96.90%)

9,358,335 (85.92%)

9,645,095 (88.55%)

277,635 (2.55%)

116,574 (1.07%)

337,684 (3.10%)

1,534,193 (14.08%)

1,247,433 (11.45%)

Final voting results on all matters voted on at the meeting will be filed on SEDAR at www.sedar.com.

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 28 cargo aircraft. For further information, please contact: 

Pauline Dhillon 

Chief Corporate Officer

Tel: (905) 501 7373

pdhillon@cargojet.com

Mississauga, ONT – Cargojet Inc. (TSX: CJT.UN) in conjunction with the release of its First Quarter Financial Results, will host a conference call at 8:30a.m. Eastern Standard Time (5:30a.m. Pacific Daylight Time) on Monday, May 3, 2021.  First Quarter results will be released prior to the market opening on Monday, May 3, 2021.  The financial results will be released by newswire as well as filed with SEDAR.  The results will also be available on our website.

Dr. Ajay Virmani, President and Chief Executive Officer, John Kim, Chief Financial Officer, Jamie Porteous, Chief Commercial Officer, and Pauline Dhillon, Chief Corporate Officer of Cargojet will review first quarter financial results and corporate developments.

To participate in this conference call, please dial the following number(s) approximately five minutes prior to the commencement of the call:

Local Number:647 490 5367

Toll Free Number:1 800 367 2403

Please reference as a Participant of the Cargojet Conference Call.

Should you be unable to participate, an instant replay will be available until

Thursday, May 13, 2021 by dialing:

Local Number:647 436 0148

Toll Free Number:1 888 203 1112

Access Code:9114394#

For any one on one calls please contact John Kim to coordinate timing.  We look forward to having you participate in our call.

Pauline Dhillon

Chief Corporate Officer

Tel: (905) 501 7373 or pdhillon@cargojet.com

Mississauga, ON, March 17, 2021 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) is pleased to announce that Mr. Alan Gershenhorn has been appointed to its board of directors (the “Board”) effective today and will stand for election at the Corporation’s Annual Meeting of Shareholders scheduled to be held on Tuesday, March 30, 2021 (the “Meeting”).

Mr. James R. Crane has resigned from the Board in line with best corporate governance practices in order to pursue a business venture in the US with whom Cargojet has a significantly expanding commercial relationship. The Board thanks Mr. Crane for his invaluable leadership and contribution to the Corporation. As lead director, Mr. Paul Godfrey will act as interim independent chair of the Board.

“During his three years as Chair, Jim’s leadership and advise has guided the Board and Cargojet to achieve tremendous growth and success while significantly strengthening its governance practices,” said Dr. Ajay Virmani, President and Chief Executive Officer. “We sincerely thank Jim for his time, advise and contribution to Cargojet.”

“I am also thrilled to be welcoming Alan Gershenhorn to Cargojet’s Board. Alan’s industry knowledge, strategic insights, and global perspective will serve Cargojet well,” noted Dr. Virmani.

Mr. Gershenhorn brings over 40 years of experience in U.S. and international enterprise logistics to the Board. During his 39-year tenure at United Parcel Service, Inc. (“UPS”), the world’s largest package delivery company, Mr. Gershenhorn served in several significant leadership positions, including most recently as Executive Vice President and Chief Commercial Officer through June 2018. At UPS, Mr. Gershenhorn directed strategy, mergers and acquisitions, marketing, sales, public affairs, communications, and key growth strategies globally across the organization. Mr. Gershenhorn is currently a Principal of Horn Strategy Partners, LLC, which provides strategy and business development advisory services to technology and logistics businesses. A more comprehensive biography of Mr. Gershenhorn can be found below.

Mr. Gershenhorn is not considered independent under applicable securities laws. The Board remains comprised of a majority of independent directors and all committees of the Board remain comprised entirely of independent directors.

Important Shareholder Information Concerning the Meeting
Cargojet is relying on the discretionary authority granted to management in the Management Information Circular of the Corporation dated March 3, 2021 (the “Circular”) to substitute Mr. Gershenhorn as a director nominee in place of Mr. Crane.

Management of the Corporation recommends that the shareholders vote FOR the election of Mr. Gershenhorn as a director of the Corporation at the Meeting.

Shareholders are reminded that due to the unprecedented public health impact of the global COVID-19 pandemic, Cargojet will hold the Meeting in a virtual only format, which will be conducted via live audio webcast. Shareholders will not be able to physically attend the Meeting. Please read the instructions in the Circular regarding how to vote at, or attend, the Meeting and how to appoint a third party proxyholder. Please note that shareholders attending the Meeting must be connected to the internet at all times during the Meeting in order to be able to vote when balloting commences.

To vote for the election of Mr. Gershenhorn as a director of the Corporation at the Meeting, shareholders are directed to treat the election boxes for Mr. Crane on the form of proxy or voting instruction form, as applicable, as election boxes for Mr. Gershenhorn. For greater certainty, all votes cast in support of or withheld from Mr. Crane shall be treated as votes cast in support of or withheld from Mr. Gershenhorn.
Registered shareholders who have already executed and submitted the form of proxy enclosed in the Circular who wish to change their vote may do so by:

  • completing a proxy form that is dated later than the proxy form being revoked and mailing or faxing it to Computershare Investor Services Inc., the Corporation’s transfer agent, so that it is received before 1:00 p.m. (Toronto time) on March 26, 2021;
  • sending a revocation notice in writing to the Corporate Secretary of the Corporation at its registered office so that it is received at any time up to and including the last business day before the date of the Meeting. The notice can be provided by the shareholder or the authorized attorney of such shareholder;
  • requesting from the chair of the Meeting in writing that your proxy be revoked; or
  • voting by online ballot on the matters put forth at the Meeting after using the 15-digit Control Number provided to registered shareholders to login to the Meeting and accepting the terms and conditions. Voting by online ballot at the Meeting will revoke any and all previously submitted proxies for the MeetingIf a registered shareholder does not vote by online ballot at the Meeting, any previously submitted proxies will not be revoked and will continue to be counted by our transfer agent in tabulating the vote with respect to the matters put forth at the Meeting.

A non-registered shareholder (being a shareholder who holds their shares through a broker, investment dealer, bank, trust company, custodian, nominee or other intermediary) may revoke a voting instruction or proxy authorization form given to an intermediary at any time by written notice to the intermediary, except that an intermediary may not act on a revocation of a voting instruction or proxy authorization form that is not received by the intermediary in sufficient time prior to the Meeting. Non-registered shareholders who have not duly appointed themselves as proxyholders will be able to attend the Meeting as guests, but will not be able to vote at the Meeting. If you are a non-registered shareholder and wish to vote at the Meeting, you have to appoint yourself as proxyholder. Please see the Circular for further instructions.

Shareholders who have already executed and submitted the form of proxy enclosed in the Circular and who DO NOT wish to change their vote need take NO FURTHER ACTION.

The Circular has been mailed to shareholders and is available for viewing on SEDAR. Except as described above, the Circular remains unchanged from the version that was mailed to the shareholders of the Corporation and previously filed on SEDAR.

Additional Biographical Information Concerning Alan Gershenhorn
Mr. Gershenhorn brings over 40 years of experience in U.S. and international enterprise logistics to the Board. During his 39-year tenure at UPS, Mr. Gershenhorn served in several significant leadership positions, including most recently as Executive Vice President and Chief Commercial Officer through June 2018. At UPS, Mr. Gershenhorn directed strategy, mergers and acquisitions, marketing, sales, public affairs, communications, and key growth strategies globally across the organization. Mr. Gershenhorn is currently a Principal of Horn Strategy Partners, LLC, which provides strategy and business development advisory services to technology and logistics businesses. In addition to Mr. Gershenhorn’s role as Executive Vice President and Chief Commercial Officer of UPS, he served as a member of the UPS Management Committee, which directs global strategy and day-to-day operations, for over a decade, and led numerous transformational programs during his tenure. Mr. Gershenhorn previously served in other significant UPS leadership positions with both global and regional responsibilities including Chief Sales and Marketing Officer, Senior Vice President, and President UPS International; President UPS Supply Chain Solutions Global Transportation and Shared Services; President Supply Chain Solutions Europe, Asia, Middle East, and Africa; and President UPS Canada. In addition to his corporate responsibilities at UPS, Mr. Gershenhorn served as a Trustee of the UPS Foundation, a charitable organization which promotes environmental sustainability, volunteerism, community safety, and equity and inclusion, and was a delegate of the World Business Council for Sustainable Development. Mr. Gershenhorn serves on the boards of Beacon Roofing Supply, Inc., the largest publicly traded distributor of roofing materials and complementary building products in the United States and Canada, and Transportation Insight, Worldwide Express, and Ascend Transport Group, which are privately held enterprise logistics companies, and acts in an advisory role to 8VC, a venture capital firm. Mr. Gershenhorn is also currently the Chairman and Chief Executive Officer of Logistics Innovation Technologies Corp., a special purpose acquisition company focusing on opportunities in the global logistics industry. Logistics Innovation Technologies has recently filed a registration statement with the U.S. Securities and Exchange Commission but there is currently no public market for its securities nor does it have any operating business. Mr. Gershenhorn holds a degree in finance from the University of Houston. He is 62 years of age and a resident of Alpharetta, Georgia, USA.

About Cargojet
Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 27 Cargo aircraft.

For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

Mississauga, ON, March 4, 2021 – the Board of Directors of Cargojet Inc. has declared a cash dividend of $0.2600 per common voting share and variable voting share for the period from January 1, 2021 to March 31, 2021, an increase of $0.0260 or 11.1% per share from the previous quarter.

“In recognition of our 2020 results and our strengthened financial position, our Board has voted to increase the dividend” said Dr. Ajay Virmani, President and Chief Executive Officer. “We remain committed to prudently manage our cashflows and will continue to strike the right balance between investing in growth and returning cash to shareholders”, he added.

Cargojet has a long history of providing value to its shareholders through regular dividend increases. This also marks the 16th consecutive year Cargojet has paid dividends or cash distributions.

The record date for determining shareholders of the Corporation entitled to receive payment of the dividend of the Corporation shall be March 19, 2021 and the payment date for such dividend shall be on or before April 5, 2021. These dividends will be eligible dividends within the meaning of the Income Tax Act (Canada).

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 28 cargo aircraft.

For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

Notice on Forward-Looking Statements:
Certain statements contained herein, including statements related to the completion of the Offering and use of net proceeds of the Offering, 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. Reference should be made to the issuer’s public filings available at www.sedar.com and at www.cargojet.com, including its most recent Annual Information Form filed with the Canadian securities regulators, its most recent Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), and the short form prospectus to be filed in connection with the Offering, for a summary of material risks. These risks are not intended to represent a complete list of the risks that could affect the issuer; however, these risks should be considered carefully. 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 forward-looking statements contained herein describe the issuer’s expectations at the date of this news release and, accordingly, are subject to change after such date. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Readers are cautioned not to place undue reliance on these forward-looking statements.

 

 

Mississauga, ON, March 1, 2021 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the fourth quarter and year ended December 31, 2020.

Total Revenues for the quarter were $187.1 million compared to fourth quarter 2019 Revenues of $139.7 million. Gross Margin for the quarter was $69.3 million compared to fourth quarter 2019 Gross Margin of $41.6 million. Adjusted EBITDA and Adjusted EBITDAR for the quarter were $81.9 million compared to the fourth quarter 2019 Adjusted EBITDA and Adjusted EBITDAR of $47.2 million.

2020 was a transformational year and the key highlights include:

  1. Total Revenues for the year were $668.5 million compared $486.6 million in 2019.
  2. Highly diversified revenue growth with each line of business posting record gains vs. prior year:
    1. Domestic overnight accounted for 45% of revenues;
    2. ACMI accounting for 20% of revenues;
    3. All-in-Charters accounting for 18% of revenues
  3. Gross Margin for the year was $250.5 million compared to $119.2 million in 2019.
  4. Adjusted EBITDA and Adjusted EBITDAR for the year were $291.4 million compared to $156.0 million and $156.8 million respectively for 2019.
  5. Adjusted Free cash flow for the year $196.8 million.
  6. Available liquidity of $525 million from Cargojet’s committed 5-year revolving $600 million credit facility. 100% of the facility is available at March 1, 2021.
  7. Reduction in net-debt of $63 million.
  8. Overall leverage at 2.0X Adjusted EBITDAR.
  9. Fleet size increased to 28 all-cargo aircrafts.
  10. Operated a record 52,225 flight block hours in 2020 vs.35,704 in 2019 an increase of 46.3%.

“2020 reminded us of the old saying that adversity builds character. From the start of the pandemic, to our business being declared an essential service, to building unprecedented safety protocols to keep our employees safe while keeping the nation’s supply chains moving, Cargojet demonstrated unparalleled resilience.” said Dr. Ajay Virmani, President & CEO. “Each one of our team members understood that with major parts of our economy under lock-down, Cargojet must rise to the challenge of meeting unprecedented demand in e-commerce volumes that our customers were expecting us to fly.” Commented Dr. Virmani.

“We were truly humbled by the trust and faith shown by our customers in Cargojet especially during one of the most challenging times in our history” further noted Dr.Virmani.

“As the economy slowly re-opens, we expect B2B e-commerce to return back to pre-pandemic levels. At the same time, with a strong customer base and a healthy balance sheet, we are now embarking on the next phase of our growth by capturing international cargo opportunities. The disruption caused by vastly reduced passenger airline belly capacity has created new opportunities in international cargo that we are well positioned to go after.” concluded Dr. Virmani.

About Cargojet
Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 28 Cargo aircraft. For further information, please contact

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

Non-GAAP Measures
“Adjusted EBITDA” and “Adjusted EBITDAR” are non-GAAP measures used by the Corporation to provide additional information on its financial and operating performance. Adjusted EBITDA and Adjusted EBITDAR are not recognized measures for financial statement presentation under Canadian GAAP and it does not have standardized meanings and may not be comparable to similar measures presented by other public companies.

Adjusted EBITDA is used by the Corporation to assess earnings before interest, taxes, depreciation, amortization, gain or loss on disposal of capital assets, unrealized foreign exchange gains or losses, unrealized gain or loss on forward foreign exchange contracts, aircraft heavy maintenance amortization, contract asset amortization, gain or loss on cash settled share based payment arrangement related to a financing arrangement, unrealized gain or loss on fair value of total return swap related to a financing arrangement, gain or loss on fair value of stock warrant, loss on settlement of cash settled share based payment arrangement related to a financing arrangement, gain on settlement of total return swap related to a financing, loss on extinguishment of debts, and non-cash employee pension expense, as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets. Adjusted EBITDAR is calculated as Adjusted EBITDA excluding aircraft rents. The Corporation believes that these alternative measures provide a more consistent basis to compare the performance of the Corporation between the periods. Adjusted EBITDA and Adjusted EBITDAR provide additional information to users of Management’s Discussion and Analysis of Financial condition and Results of Operations (“MD&A”) to enhance their understanding of the Company’s financial performance.

Reconciliation of non-GAAP EBITDA, Adjusted EBITDA and Adjusted EBITDAR to GAAP income is provided on page 15 of the MD&A for the three and twelve months ended December 31, 2020.

Notice on Forward-Looking Statements:
Certain statements contained herein, including statements related to the completion of the Offering and use of net proceeds of the Offering, 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. Reference should be made to the issuer’s public filings available at www.sedar.com and at www.cargojet.com, including its most recent Annual Information Form filed with the Canadian securities regulators, its most recent Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), and the short form prospectus to be filed in connection with the Offering, for a summary of material risks. These risks are not intended to represent a complete list of the risks that could affect the issuer; however, these risks should be considered carefully. 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 forward-looking statements contained herein describe the issuer’s expectations at the date of this news release and, accordingly, are subject to change after such date. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Readers are cautioned not to place undue reliance on these forward-looking statements.

 

 

Mississauga, ON, February,10, 2021 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today a comprehensive plan for its fleet and route expansion to meet domestic and international growth opportunities starting 2021 and beyond.

Having successfully raised $365 million, earlier this month, through an equity raise to pay off debt and acquire new aircraft, Cargojet is rapidly moving forward to execute on its growth strategy to capture additional e-Commerce volumes and international air-freight opportunities through an expanded fleet.

“Fast changing global supply chains and e-commerce trends present a unique opportunity for Cargojet to substantially grow its international business from an opportunistic add-on to a long-term, sustainable growth driver” said Dr. Ajay Virmani, President and CEO. “Having successfully grown our domestic network with a solid market-share and diversifying into ACMI and Charter Services, building a new growth pillar through international business is a natural next step for us”.

Cargojet’s fleet expansion will consist of:

  1. Five Boeing 767 freighters, announced earlier, will begin arriving in 2021 with the first freighter arriving in Q3 of this year with one additional freighter arriving every quarter thereafter. Two of these aircraft will be deployed within its domestic network to meet projected e-Commerce growth and add stand-by capacity while the remaining three freighters will be used for international routes to select strategic destinations to capture emerging growth opportunities beginning Q4, 2021.
  1. Two Boeing 777 freighters will be arriving in 2023 with Cargojet having the option to add two more B777s in 2024. The first two of these freighters will be deployed for long haul Asian routes and Emerging South Asian markets strategically integrated with Cargojet’s domestic network and in addition, they will serve and connect seamlessly with select European and South-Central and North American cities.
  1. Cargojet expects all of its fleet to have fully completed its major regular and heavy maintenance by the end of Q3, 2021. This will enable Cargojet to begin international service to select cities in Europe and South-Central and North America starting Q4, 2021 utilizing its existing fleet and add capacity as new freighters come on-line.

With this expanded fleet, Cargojet will be better positioned to meet the growth expectations of its customers and build on its strong domestic network covering 15 major cities everyday while selectively adding International destinations that will strategically position Cargojet to service fast growing domestic and cross-border e-Commerce and urgent-cargo opportunities. In addition, Cargojet will continue to explore and focus on additional growth opportunities in the vast US market.

About Cargojet
Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 27 Cargo aircraft. For further information, please contact

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

Notice on Forward-Looking Statements:
Certain statements contained herein, including statements related to the completion of the Offering and use of net proceeds of the Offering, 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. Reference should be made to the issuer’s public filings available at www.sedar.com and at www.cargojet.com, including its most recent Annual Information Form filed with the Canadian securities regulators, its most recent Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), and the short form prospectus to be filed in connection with the Offering, for a summary of material risks. These risks are not intended to represent a complete list of the risks that could affect the issuer; however, these risks should be considered carefully. 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 forward-looking statements contained herein describe the issuer’s expectations at the date of this news release and, accordingly, are subject to change after such date. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Readers are cautioned not to place undue reliance on these forward-looking statements.

 

 

Mississauga, ON, March 1, 2021 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the fourth quarter and year ended December 31, 2020.

Total Revenues for the quarter were $187.1 million compared to fourth quarter 2019 Revenues of $139.7 million. Gross Margin for the quarter was $69.3 million compared to fourth quarter 2019 Gross Margin of $41.6 million. Adjusted EBITDA and Adjusted EBITDAR for the quarter were $81.9 million compared to the fourth quarter 2019 Adjusted EBITDA and Adjusted EBITDAR of $47.2 million.

2020 was a transformational year and the key highlights include:

  1. Total Revenues for the year were $668.5 million compared $486.6 million in 2019.
  2. Highly diversified revenue growth with each line of business posting record gains vs. prior year:
    1. Domestic overnight accounted for 45% of revenues;
    2. ACMI accounting for 20% of revenues;
    3. All-in-Charters accounting for 18% of revenues
  3. Gross Margin for the year was $250.5 million compared to $119.2 million in 2019.
  4. Adjusted EBITDA and Adjusted EBITDAR for the year were $291.4 million compared to $156.0 million and $156.8 million respectively for 2019.
  5. Adjusted Free cash flow for the year $196.8 million.
  6. Available liquidity of $525 million from Cargojet’s committed 5-year revolving $600 million credit facility. 100% of the facility is available at March 1, 2021.
  7. Reduction in net-debt of $63 million.
  8. Overall leverage at 2.0X Adjusted EBITDAR.
  9. Fleet size increased to 28 all-cargo aircrafts.
  10. Operated a record 52,225 flight block hours in 2020 vs.35,704 in 2019 an increase of 46.3%.

“2020 reminded us of the old saying that adversity builds character. From the start of the pandemic, to our business being declared an essential service, to building unprecedented safety protocols to keep our employees safe while keeping the nation’s supply chains moving, Cargojet demonstrated unparalleled resilience.” said Dr. Ajay Virmani, President & CEO. “Each one of our team members understood that with major parts of our economy under lock-down, Cargojet must rise to the challenge of meeting unprecedented demand in e-commerce volumes that our customers were expecting us to fly.” Commented Dr. Virmani.

“We were truly humbled by the trust and faith shown by our customers in Cargojet especially during one of the most challenging times in our history” further noted Dr.Virmani.

“As the economy slowly re-opens, we expect B2B e-commerce to return back to pre-pandemic levels. At the same time, with a strong customer base and a healthy balance sheet, we are now embarking on the next phase of our growth by capturing international cargo opportunities. The disruption caused by vastly reduced passenger airline belly capacity has created new opportunities in international cargo that we are well positioned to go after.” concluded Dr. Virmani.

About Cargojet
Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 28 Cargo aircraft. For further information, please contact

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

Non-GAAP Measures
“Adjusted EBITDA” and “Adjusted EBITDAR” are non-GAAP measures used by the Corporation to provide additional information on its financial and operating performance. Adjusted EBITDA and Adjusted EBITDAR are not recognized measures for financial statement presentation under Canadian GAAP and it does not have standardized meanings and may not be comparable to similar measures presented by other public companies.

Adjusted EBITDA is used by the Corporation to assess earnings before interest, taxes, depreciation, amortization, gain or loss on disposal of capital assets, unrealized foreign exchange gains or losses, unrealized gain or loss on forward foreign exchange contracts, aircraft heavy maintenance amortization, contract asset amortization, gain or loss on cash settled share based payment arrangement related to a financing arrangement, unrealized gain or loss on fair value of total return swap related to a financing arrangement, gain or loss on fair value of stock warrant, loss on settlement of cash settled share based payment arrangement related to a financing arrangement, gain on settlement of total return swap related to a financing, loss on extinguishment of debts, and non-cash employee pension expense, as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets. Adjusted EBITDAR is calculated as Adjusted EBITDA excluding aircraft rents. The Corporation believes that these alternative measures provide a more consistent basis to compare the performance of the Corporation between the periods. Adjusted EBITDA and Adjusted EBITDAR provide additional information to users of Management’s Discussion and Analysis of Financial condition and Results of Operations (“MD&A”) to enhance their understanding of the Company’s financial performance.

Reconciliation of non-GAAP EBITDA, Adjusted EBITDA and Adjusted EBITDAR to GAAP income is provided on page 15 of the MD&A for the three and twelve months ended December 31, 2020.

Notice on Forward-Looking Statements:
Certain statements contained herein, including statements related to the completion of the Offering and use of net proceeds of the Offering, 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. Reference should be made to the issuer’s public filings available at www.sedar.com and at www.cargojet.com, including its most recent Annual Information Form filed with the Canadian securities regulators, its most recent Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), and the short form prospectus to be filed in connection with the Offering, for a summary of material risks. These risks are not intended to represent a complete list of the risks that could affect the issuer; however, these risks should be considered carefully. 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 forward-looking statements contained herein describe the issuer’s expectations at the date of this news release and, accordingly, are subject to change after such date. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Readers are cautioned not to place undue reliance on these forward-looking statements.

 

 

                                                                                                                                                       July 5, 2021                 

Mississauga, ONT – Cargojet Inc. (TSX: CJT.UN) in conjunction with the release of its Second Quarter Financial Results, will host a conference call at 8:30a.m. Eastern Standard Time (5:30a.m. Pacific Daylight Time) on Tuesday, August 3, 2021. Second Quarter results will be released prior to the market opening on August 3, 2021.  The financial results will be released by newswire as well as filed with SEDAR.  The results will also be available on our website.

 

Ajay K. Virmani, President and Chief Executive Officer,  Sanjeev Maini, Interim Chief Financial Officer, Jamie Porteous, Chief Commercial Officer, and Pauline Dhillon, Chief Corporate Officer of Cargojet will review second quarter financial results and corporate developments.

 

To participate in this conference call, please dial the following number(s) approximately five minutes prior to the commencement of the call:

 

                                Local Number:  647 484 0478     

                                Toll Free Number:  1 800 289 0438           

               

Please reference as a Participant of the Cargojet Conference Call.

 

 

Should you be unable to participate, an instant replay will be available until

Friday, August 13, 2021 by dialing:

 

                                Toll Free Number: 1 888 203 1112            

                                Access Code:     9331672               

 

For any one on one calls please contact Sanjeev Maini to coordinate timing.  We look forward to having you participate in our call.

 

Pauline Dhillon

Chief Corporate Officer

Tel: (905) 501 7373 or pdhillon@cargojet.com

Mississauga, ON, February,10, 2021 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today a comprehensive plan for its fleet and route expansion to meet domestic and international growth opportunities starting 2021 and beyond.

Having successfully raised $365 million, earlier this month, through an equity raise to pay off debt and acquire new aircraft, Cargojet is rapidly moving forward to execute on its growth strategy to capture additional e-Commerce volumes and international air-freight opportunities through an expanded fleet.

“Fast changing global supply chains and e-commerce trends present a unique opportunity for Cargojet to substantially grow its international business from an opportunistic add-on to a long-term, sustainable growth driver” said Dr. Ajay Virmani, President and CEO. “Having successfully grown our domestic network with a solid market-share and diversifying into ACMI and Charter Services, building a new growth pillar through international business is a natural next step for us”.

Cargojet’s fleet expansion will consist of:

  1. Five Boeing 767 freighters, announced earlier, will begin arriving in 2021 with the first freighter arriving in Q3 of this year with one additional freighter arriving every quarter thereafter. Two of these aircraft will be deployed within its domestic network to meet projected e-Commerce growth and add stand-by capacity while the remaining three freighters will be used for international routes to select strategic destinations to capture emerging growth opportunities beginning Q4, 2021.
  1. Two Boeing 777 freighters will be arriving in 2023 with Cargojet having the option to add two more B777s in 2024. The first two of these freighters will be deployed for long haul Asian routes and Emerging South Asian markets strategically integrated with Cargojet’s domestic network and in addition, they will serve and connect seamlessly with select European and South-Central and North American cities.
  1. Cargojet expects all of its fleet to have fully completed its major regular and heavy maintenance by the end of Q3, 2021. This will enable Cargojet to begin international service to select cities in Europe and South-Central and North America starting Q4, 2021 utilizing its existing fleet and add capacity as new freighters come on-line.

With this expanded fleet, Cargojet will be better positioned to meet the growth expectations of its customers and build on its strong domestic network covering 15 major cities everyday while selectively adding International destinations that will strategically position Cargojet to service fast growing domestic and cross-border e-Commerce and urgent-cargo opportunities. In addition, Cargojet will continue to explore and focus on additional growth opportunities in the vast US market.

About Cargojet
Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 27 Cargo aircraft. For further information, please contact

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

Notice on Forward-Looking Statements:
Certain statements contained herein, including statements related to the completion of the Offering and use of net proceeds of the Offering, 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. Reference should be made to the issuer’s public filings available at www.sedar.com and at www.cargojet.com, including its most recent Annual Information Form filed with the Canadian securities regulators, its most recent Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), and the short form prospectus to be filed in connection with the Offering, for a summary of material risks. These risks are not intended to represent a complete list of the risks that could affect the issuer; however, these risks should be considered carefully. 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 forward-looking statements contained herein describe the issuer’s expectations at the date of this news release and, accordingly, are subject to change after such date. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Readers are cautioned not to place undue reliance on these forward-looking statements.

 

 

MISSISSAUGA, ON, FEBRUARY 9, 2021 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today that the annual general meeting of shareholders (the “Meeting”) will be held in a virtual only format via live audio webcast on Tuesday March 30, 2021 at 1:00 p.m. (Toronto time).

The virtual Meeting is being held in light of the unprecedented public health impact of the coronavirus disease 2019, also known as COVID-19, and to mitigate risks to the health and safety of our communities, shareholders, employees and other stakeholders. Shareholders will not be able to attend the Meeting in person.

Registered shareholders and duly appointed proxyholders will be able to attend the Meeting, submit questions and vote, all in real time, online at https://web.lumiagm.com/262421544. Non-registered shareholders (being shareholders who hold their Cargojet voting shares through a broker, investment dealer, bank, trust company, custodian, nominee or other intermediary) who have not duly appointed themselves as proxyholders will be able to attend the Meeting as guests, but guests will not be able to vote at the Meeting. Further details, including the business to be conducted at the Meeting and how to attend and vote at the virtual Meeting, will be available in the Corporation’s management information circular relating to the Meeting, to be mailed to shareholders and filed on SEDAR in advance of the Meeting in accordance with applicable regulatory requirements.

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 27 Cargo aircraft.

For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

MISSISSAUGA, ON, February 5, 2021 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) is pleased to announce the successful closing of the issue and sale of an additional 71,500 common voting shares (“Common Voting Shares”) and/or variable voting shares (“Variable Voting Shares” and, together with the Common Voting Shares, the “Shares”) of Cargojet at a price of C$213.25 per Share (the “Offering Price”) for aggregate gross proceeds to Cargojet of C$15,247,375 pursuant to the partial exercise of the over-allotment option granted to the syndicate of underwriters, co-led by Scotiabank, CIBC Capital Markets, RBC Capital Markets, J.P. Morgan Securities Canada Inc., Morgan Stanley Canada Limited and BMO Capital Markets, in connection with the Corporation’s recently completed $350 million bought deal equity offering (the “Offering”).

Together with the Shares issued on February 1, 2021, Cargojet will have issued a total of 1,713,500 Shares pursuant to the Offering for aggregate gross proceeds to Cargojet of C$365,403,875.

The Offering was made pursuant to a final short form prospectus dated January 25, 2021 (the “Prospectus”), and the Shares are traded on the Toronto Stock Exchange under the symbol “CJT”. As further described in the Prospectus, the Company intends to apply the net proceeds of the Offering to purchase freighter aircraft, expand domestic capacities and facilities, pursue U.S. and international growth strategy and repay indebtedness.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities issued pursuant to the Offering have not been, and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or under any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 27 Cargo aircraft.

For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

Notice on Forward-Looking Statements:
Certain statements contained herein, including statements related to the completion of the Offering and use of net proceeds of the Offering, 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. Reference should be made to the issuer’s public filings available at www.sedar.com and at www.cargojet.com, including its most recent Annual Information Form filed with the Canadian securities regulators, its most recent Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), and the short form prospectus to be filed in connection with the Offering, for a summary of material risks. These risks are not intended to represent a complete list of the risks that could affect the issuer; however, these risks should be considered carefully. 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 forward-looking statements contained herein describe the issuer’s expectations at the date of this news release and, accordingly, are subject to change after such date. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Readers are cautioned not to place undue reliance on these forward-looking statements.

 

 

MISSISSAUGA, ON, February 1, 2021 /CNW/ – Cargojet Inc. (“Cargojet” or the “Company”) (TSX: CJT) is pleased to announce that it has closed its previously announced offering of 1,642,000 common voting shares (“Common Voting Shares”) and/or variable voting shares (“Variable Voting Shares” and, together with the Common Voting Shares, the “Shares”) of Cargojet at a price of C$213.25 per Share (the “Offering Price”) for aggregate gross proceeds to Cargojet of C$350,156,500 (the “Offering”). The Offering was made pursuant to a final short form prospectus dated January 25, 2021 (the “Prospectus”).

The Company intends to apply the net proceeds of the Offering to fund the following strategic priorities:

(a) Expand Domestic Capacity and Facilities. The COVID-19 pandemic has generally increased demand for Cargojet’s domestic air cargo services due to the dramatic increase in e-commerce activity. The Company intends to use a portion of the net proceeds of the Offering, along with cash on hand and drawings on its revolving credit facility, to fund growth capital expenditures and acquisition of five B767 freighter aircraft for re-delivery in 2021/2022 (with the last delivery in 2023) (approximately $200.0 million), as well as investments in a new hanger and additional landbased facility infrastructure in Canada. The infrastructure investments will support additional ecommerce volumes, driven by the ongoing pandemic, that are expected to establish a new higher baseline going forward.

(b) Pursue U.S. and International Growth Strategy. The COVID-19 pandemic has significantly increased demand for Cargojet’s international air cargo services. Air cargo capacity has been severely constrained due to the reduction of passenger aircraft operating on international routes and it is uncertain when such capacity will return to pre-pandemic levels. Furthermore, U.S. and international air cargo growth opportunities have emerged as a result of rapidly evolving global supply chains and a lack of air cargo capacity in key markets. The Company intends to use a portion of the net proceeds of the Offering, along with cash on hand and drawings on its revolving credit facility, to capitalize on potential strategic investments in the U.S. and the acquisition of two long-range B-777 freighter aircraft for international routes for re-delivery in late 2023 and the first half of 2024. The Company estimates the cost of each B-777 freighter aircraft to be approximately $75.0 million.

(c) Repay Indebtedness. The Company intends to use a portion of the net proceeds of the Offering to discharge aircraft financing leases, including associated balloon payments, for six aircraft maturing in the next twelve months (approximately $89.3 million) and retire the outstanding balance under its credit facility ($98.9 million as of the date hereof, including letters of credit), which is primarily used to finance the working capital requirements and capital expenditures of the Company.

The Shares were offered by Scotiabank, CIBC Capital Markets, RBC Capital Markets, J.P. Morgan Securities Canada Inc., Morgan Stanley Canada Limited and BMO Capital Markets acting as co-leads and joint bookrunners, on behalf of a syndicate of underwriters (collectively, the “Underwriters”). The Company has granted to the Underwriters an over-allotment option, exercisable in whole or in part, at any time until 30 days following the closing of the Offering, to purchase up to an additional 246,300 Shares at the Offering Price, on the same terms and conditions as the Offering. – 2 – This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities issued pursuant to the Offering have not been, and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or under any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 27 Cargo aircraft.

For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

Notice on Forward-Looking Statements:
Certain statements contained herein, including statements related to the completion of the Offering and use of net proceeds of the Offering, 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. Reference should be made to the issuer’s public filings available at www.sedar.com and at www.cargojet.com, including its most recent Annual Information Form filed with the Canadian securities regulators, its most recent Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), and the short form prospectus to be filed in connection with the Offering, for a summary of material risks. These risks are not intended to represent a complete list of the risks that could affect the issuer; however, these risks should be considered carefully. 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 forward-looking statements contained herein describe the issuer’s expectations at the date of this news release and, accordingly, are subject to change after such date. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Readers are cautioned not to place undue reliance on these forward-looking statements.

 

Mississauga, ONT – Cargojet Inc  (TSX: CJT.UN) in conjunction with the release of its Fourth Quarter and Year End 2020 Financial Results, will host a conference call at 8:30a.m. Eastern Standard Time (5:30a.m. Pacific Daylight Time) on Monday March 1, 2021. Fourth quarter and Year End 2020 results will be released, prior to the market opening on Monday, March 1, 2021.  The financial results will be released by newswire as well as filed with SEDAR.  The results will also be available on our website.

Ajay K. Virmani, President and Chief Executive Officer, John Kim, Chief Financial Officer, Jamie Porteous Chief Commercial Officer, and Pauline Dhillon Chief Corporate Officer of Cargojet will review fourth  quarter financial results and corporate developments.

To participate in this conference call, please dial the following number(s) approximately five minutes prior to the commencement of the call:

Local Number:
647 794 4605
Toll Free Number:
1 800 239 9838

                 Please reference as a Participant of the Cargojet Conference Call.

Should you be unable to participate, an instant replay will be available until
Thursday, March 11, 2021 by dialing:

Local Number:
647 436 0148
Toll Free Number:
1 888 203 1112
Access Code:   
#6013390

For any one- on- one calls please contact John Kim to coordinate timing.  We look forward to having you participate in our call.

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

 

Mississauga, ON, January 12, 2021 – Cargojet Inc. (“Cargojet” or the “Company”) (TSX: CJT) is pleased to announce that it has entered into an agreement with Scotiabank, CIBC Capital Markets, RBC Capital Markets, J.P. Morgan Securities Canada Inc., Morgan Stanley Canada Limited and BMO Capital Markets acting as co-leads and joint bookrunners, on behalf of a syndicate of underwriters (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 1,642,000 common voting shares (“Common Voting Shares”) and/or variable voting shares (“Variable Voting Shares” and, together with the Common Voting Shares, the “Shares”) of Cargojet at a price of C$213.25 per Share (the “Offering Price”) for aggregate gross proceeds to Cargojet of C$350,156,500 (the “Offering”).

Cargojet has also granted the Underwriters an over-allotment option to purchase up to an additional 246,300 Shares at the Offering Price, on the same terms and conditions, exercisable, in whole or in part, at any time for a period of 30 days following the closing of the Offering. If this option is exercised in full, an additional C$52,523,475 in gross proceeds will be raised pursuant to the Offering and the aggregate gross proceeds of the Offering will be C$402,679,975.

In line with previously stated strategic priorities to invest in growth opportunities and continue to pay down debt, the net proceeds from the Offering will be used to fund the following:

  1. Expand Domestic Capacity and Facilities. The COVID-19 pandemic has generally increased demand for Cargojet’s domestic air cargo services due to the dramatic increase in e-commerce activity. The Company intends to use a portion of the net proceeds of the Offering to fund growth capital expenditures including the acquisition of five B-767 freighter aircraft for delivery in 2021/2022, as well as investments in a new hanger and additional land-based facility infrastructure in Canada. The infrastructure investments will support additional e-commerce volumes, driven by the ongoing pandemic, that are expected to establish a new higher baseline going forward.
  2. Pursue U.S. and International Growth Strategy. The COVID-19 pandemic has significantly increased demand for Cargojet’s international air cargo services. Air cargo capacity has been severely constrained due to the reduction of passenger aircraft operating on international routes and it is uncertain when such capacity will return to pre-pandemic levels. Furthermore, U.S. and international air cargo growth opportunities have emerged as a result of rapidly evolving global supply chains and a lack of air cargo capacity in key markets. The Company intends to use a portion of the net proceeds of the Offering to capitalize on potential strategic investments in the U.S. and the acquisition of two long-range B-777 freighter aircraft for international routes for delivery in 2023.
  3. Repay Indebtedness. The Company plans to use a portion of the net proceeds of the Offering to discharge finance leases, including associated balloon payments, on six aircraft maturing in fiscal 2021 and fully pay down outstanding revolver balances. The Company remains committed to maintaining a strong balance sheet to support its long-term growth strategy and capitalize on new domestic and international growth opportunities.

The Company completed the year experiencing record volumes during the peak season, consistent with previously disclosed expectations, and delivered approximately 99% on time performance to its customers. Cargojet plans to announce fourth quarter and 2020 year-end results in early March 2021.

The Shares will be offered by way of a preliminary short form prospectus in all provinces and territories of Canada. The Shares may also be offered by private placement in the United States to qualified institutional buyers pursuant to Rule 144A under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”). Purchasers who are Canadians as defined in the Canada Transportation Act (“Qualified Canadians”) will receive Common Voting Shares and purchasers who are not Qualified Canadians will receive Variable Voting Shares.

The Offering is expected to close on or about February 1, 2021 and is subject to customary regulatory approvals, including the approval of the Toronto Stock Exchange and the securities regulatory authorities.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities to be offered have not been, and will not be registered under the U.S. Securities Act or under any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

About Cargojet
Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 27 Cargo aircraft.

For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

Notice on Forward-Looking Statements:
Certain statements contained herein, including statements related to the completion of the Offering and use of net proceeds of the Offering, 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. Reference should be made to the issuer’s public filings available at www.sedar.com and at www.cargojet.com, including its most recent Annual Information Form filed with the Canadian securities regulators, its most recent Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), and the short form prospectus to be filed in connection with the Offering, for a summary of material risks. These risks are not intended to represent a complete list of the risks that could affect the issuer; however, these risks should be considered carefully. 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 forward-looking statements contained herein describe the issuer’s expectations at the date of this news release and, accordingly, are subject to change after such date. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Readers are cautioned not to place undue reliance on these forward-looking statements.

2020

Mississauga, ON, December 8, 2020 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) formally announced today the expansion of its dedicated ACMI aircraft agreement with DHL Express with the addition of three international routes.  The new routes are operated by three (3) dedicated B767-300F Cargojet freighter aircraft between Hamilton, Canada; DHL Express hub in Cincinnati, Ohio; and continuing to Monterrey, Mexico; and the United Kingdom.

These routes were initially started in April 2020 and October 2020 on a temporary basis, as global demand for dedicated air cargo services soared as a result of the Covid-19 pandemic and the resulting reduction in belly cargo capacity in passenger aircraft. Cargojet was well-positioned to assist DHL Express in quickly adding required cargo capacity and is very pleased to transition these routes to longer-term arrangements to provide dedicated air cargo capacity to DHL. This brings the total dedicated ACMI aircraft operated by Cargojet for DHL Express to nine aircraft.
“We are very pleased to continue to grow our long-standing relationship with DHL globally and look forward to continue to provide DHL and its customers with exceptional on-time performance and service levels,” said Ajay K. Virmani, President and CEO for Cargojet.

“DHL Express welcomes the opportunity to expand its relationship with long-time partner Cargojet to help support our commitment to our customers and meet ever-growing demands for capacity and shipment growth, especially on these critical transatlantic lanes,” said Jon Olin, VP of Aviation for DHL Express Americas. “Cargojet has proven itself to be a safe, reliable and dedicated air operator for the company.”

About Cargojet
Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities North America, provides Dedicated ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 27 Cargo aircraft.
For further information, please contact:


Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

DHL is the leading global brand in the logistics industry. Our DHL divisions offer an unrivalled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air and ocean transport to industrial supply chain management. With about 380,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global sustainable trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, engineering, manufacturing & energy, auto-mobility and retail, DHL is decisively positioned as “The logistics company for the world”.

DHL is part of Deutsche Post DHL Group. The Group generated revenues of more than 63 billion euros in 2019. With sustainable business practices and a commitment to society and the environment, the Group makes a positive contribution to the world. Deutsche Post DHL Group aims to achieve zero-emissions logistics by 2050.

Media Contact:
Deutsche Post DHL Group
Media Relations Americas
Pamela Duque
Phone: 954-614-6809
E-mail: pamela.duque@dhl.com

Non-GAAP Measures
“Adjusted EBITDA” and “Adjusted EBITDAR” are non-GAAP measures used by the Corporation to provide additional information on its financial and operating performance. Adjusted EBITDA and Adjusted EBITDAR are not recognized measures for financial statement presentation under Canadian GAAP and it does not have standardized meanings and may not be comparable to similar measures presented by other public companies.
Adjusted EBITDA is used by the Corporation to assess earnings before interest, taxes, depreciation, amortization, gain or loss on disposal of capital assets, unrealized foreign exchange gains or losses, unrealized gain or loss on forward foreign exchange contracts, aircraft heavy maintenance amortization, contract asset amortization, gain or loss on cash settled share based payment arrangement related to a financing arrangement, unrealized gain or loss on fair value of total return swap related to a financing arrangement, gain or loss on fair value of stock warrant, loss on settlement of cash settled share based payment arrangement related to a financing arrangement, gain on settlement of total return swap related to a financing, loss on extinguishment of debts, and non-cash employee pension expense, as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets. Adjusted EBITDAR is calculated as Adjusted EBITDA excluding aircraft rents. The Corporation believes that these alternative measures provide a more consistent basis to compare the performance of the Corporation between the periods. Adjusted EBITDA and Adjusted EBITDAR provide additional information to users of Management’s Discussion and Analysis of Financial condition and Results of Operations (“MD&A”) to enhance their understanding of the Company’s financial performance.
Reconciliation of non-GAAP EBITDA, Adjusted EBITDA and Adjusted EBITDAR to GAAP income is provided on page 14 of the MD&A for the three and six months ended September 30, 2020.

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. Reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and it’s most recent Annual Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

MISSISSAUGA, ON, Nov. 30, 2020 /CNW/ – Cargojet (“Cargojet” or the “Corporation”) (TSX: CJT) said today that during the permitted open period, Dr. Ajay Virmani, President and Chief Executive Officer, sold 445,000 common voting shares held through The Virmani Family Trust. The sale was facilitated by a consortium of Canadian investment dealers (RBC Capital Markets, Scotiabank and CIBC Capital Markets) through a block trade arrangement.

After this sale, Dr. Virmani will continue to retain 54% of his current holdings in Cargojet (including equity awards). “The ongoing pandemic tested our resilience, our business model and our ability to adapt to a rapidly changing environment. As a key enabler of e-Commerce and ensuring that essential goods keep moving, Cargojet has found a renewed sense of purpose. I am thrilled to be leading Cargojet at this historic moment and continue to hold a meaningful equity stake as we build the next phase of our growth story,” said Dr. Ajay Virmani, President and CEO.

The proceeds from the sale of shares are intended for diversification, estate planning and to fund Dr. Virmani’s family foundation for charitable giving.

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 27 Cargo aircraft.

For further information, please contact:
Pauline Dhillon
Chief Corporate Officer Executive Vice President
Tel: (905) 501 7373
pdhillon@cargojet.com

 

Mississauga, ON, November 25, 2020 – Cargojet Inc. (“Cargojet”) (TSX: CJT) announced comprehensive plans to handle record volumes for the upcoming peak season that typically starts with Black Friday and ends in early January. This year’s peak season is particularly unique given the ongoing challenges of COVID-19 and the recent lock-downs in several parts of the country.

The surge in volumes that started in March/April of this year has already exceeded typical peak season volumes. With holiday shopping now shifting into high gear, and based on our customers’ forecasts we expect to handle even greater volumes in the coming weeks. This peak is expected to be like none other.

According to Statistics Canada, e-Commerce retail sales for March to September grew from $21.5 Billion in 2019 to $36.2 Billion in 2020, a whopping $14.7 Billion or 68% increase. This trend is expected to accelerate for the peak shopping season. The recent survey conducted by the largest national package delivery service showed that almost 80% of Canadians shopped online in the past year and 48% plan on spending mostly or exclusively online this holiday season. Given the increasing uncertainty around regional lock-downs, thousands of small businesses have shifted to on-line sales channels. According to one of the largest online merchant platforms,  thousands of small businesses have opened online store-fronts for the first time and are eager to participate in the holiday season.

Cargojet is taking unprecedented measures to meet the expected surge in volumes while maintaining its industry leading on-time performance.

  • Health and Safety: Cargojet took early measures to institute new processes including extra safety and hygiene measures to keep its employees, aircraft cabins and customer cargo safe. Those measures have proven extremely effective and have become the standard operating procedure all across Cargojet’s network.
  • Additional Staffing: Cargojet is adding additional Pilots, Ground Handling staff, and Maintenance teams to ensure that our network continues to perform at peak performance.
  • Adding an Aircraft: Introduced two additional B767-300F aircraft into Cargojet service in 2020  and most recently on November 09th, 2020 to meet  peak season growth demands.
  • Adding Capacity: Introduced additional flights each Friday, Saturday and Sunday and during the daytime, creating approximately 20% additional  capacity. This has improved utilization of our existing aircraft fleet.
  • Increased Customer Coordination: Introduced hourly, and daily monitoring of customer volumes through our 24/7 control room at our Hamilton National hub.

There is no doubt this peak will be like none other but Cargojet has proven starting with the surge in volumes in March of this year that it has a robust team, a highly flexible fleet and the ability to adapt, handle and succeed in meeting customer expectations in the face of unprecedented challenges.  
Cargojet knows its customers are counting on it and the entire Cargojet team is looking forward to delivering yet another successful peak season for all of its customers.

About Cargojet
Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated ACMI and International Charter services and carries over 25,000,000   pounds of cargo weekly. Cargojet operates its network with its own fleet of 27 Cargo aircraft. For further information, please contact:

Pauline Dhillon
Chief Corporate Officer Executive Vice President
Tel: (905) 501 7373
pdhillon@cargojet.com

Mississauga, ON, November 12 2020 – the Board of Directors of Cargojet Inc. has declared a cash dividend of $0.2340 per common voting share and variable voting share for the period from October 1, 2020 to December 31, 2020. The record date for determining shareholders of the Corporation entitled to receive payment of the dividend of the Corporation shall be December 21, 2020 and the payment date for such dividend shall be on or before January 5, 2021. These dividends will be eligible dividends within the meaning of the Income Tax Act (Canada).

Cargojet is Canada’s leading provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations.  Cargojet owns a fleet of 28 aircraft.

For further information, please contact:
Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

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. Reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and it’s most recent Annual Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

 

Mississauga, ON, November 3, 2020 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the third quarter ended September 30, 2020. Total Revenues for the quarter were $162.3 million compared to third quarter 2019 Revenues of $117.4 million. Gross Margin for the quarter was $58.3 million compared to third quarter 2019 Gross Margin of $29.8 million. Adjusted EBITDA and Adjusted EBITDAR for the quarter were $78.1 million and $78.1 million respectively compared to the third quarter 2019 Adjusted EBITDA and Adjusted EBITDAR of $39.1 million and $39.3 million respectively.

While the business conditions remain highly volatile due to continuing effects of the pandemic, the Team at Cargojet has remained disciplined in staying focused on continuing to serve its customers with the highest level of on-time performance and protecting its employees with additional safety measures. The extra-ordinary safety measures have proven crucial for Cargojet to be able to operate safely with record volumes and record hours of flying.

With back-to-back strong quarters, Cargojet generated $59.3 million in free Adjusted Free Cash Flow during Q3 and $144.8 million for the nine months ending September 30, 2020, allowing it to further reduce its overall leverage to 2.1X twelve months trailing EBITDAR.

“There is no doubt that Cargojet’s Domestic Overnight Network continues to benefit from the elevated levels of e-Commerce, but we are equally focused on ensuring that we are building strong long-term growth in our ACMI and Charter businesses. We are also continuing to invest in growth opportunities while prudently strengthening our Balance Sheet with an overall reduction of $92 million in net-debt on a year-to-date basis”.

“Although we have been operating at near peak level volumes for the past two quarters, it is vitally important that we do everything we can to support our customers during the upcoming holiday season. As a result, we are deploying additional resources all across our network to ensure that we play our part in delivering a successful holiday season for all our customers.” said Dr. Ajay Virmani, President & CEO.

“One thing that has clearly differentiated us is our people. We are so incredibly proud of the work each one of our team members are doing on a daily basis. We see stories of heroic effort every night from ramp and maintenance staff to our pilots who are all going well beyond the call of duty and operating safely to serve our customers during these challenging times.” Commented Dr. Virmani.

“We are closely monitoring the changing shopping habits and shipping trends in the domestic and international markets and spending the necessary time to understand and adapt to the new dynamics. While we face some uncertain climate in the near future, we believe the key to success will be resilience and adaptability.” concluded Dr. Virmani.

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations.  Cargojet owns a fleet of 27 aircraft. For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

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. Reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and it’s most recent Annual Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

 

Mississauga, ONT – Cargojet Inc. (TSX: CJT.UN) in conjunction with the release of its Third Quarter Financial Results, will host a conference call at 8:30a.m. Eastern Standard Time (5:30a.m. Pacific Daylight Time) on Tuesday, November 3, 2020. Third Quarter results will be released prior to the market opening on November 3, 2020.  The financial results will be released by newswire as well as filed with SEDAR.  The results will also be available on our website.

Ajay K. Virmani, President and Chief Executive Officer, John Kim, Chief Financial Officer, Jamie Porteous, Chief Commercial Officer, and Pauline Dhillon, Chief Corporate Officer of Cargojet will review third quarter financial results and corporate developments.

To participate in this conference call, please dial the following number(s) approximately five minutes prior to the commencement of the call:

Local Number:
647 490 5367
Toll Free Number:
1 800 367 2403

Please reference as a Participant of the Cargojet Conference Call.

Should you be unable to participate, an instant replay will be available until Friday, November 13, 2020 by dialing:

Local Number:
647 436 0148
Toll Free Number:
1 888 203 1112 
Access Code:
1644944

For any one on one calls please contact John Kim to coordinate timing.  We look forward to having you participate in our call.

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

 

Mississauga, ONT – Cargojet President and Chief Executive Officer Ajay K. Virmani has been recognized as Strategist of the Year, as well being named one of Canada’s top leaders of 2020 representing the best corporate leadership, innovation, vision and responsibility by the Globe and Mail’s Report on Business.  The Strategist of the Year is awarded by the Globe and Mail’s Report of Business team to a CEO whose bold decisions have materially changed and improved the strategic position of his or her business.

“True to his entrepreneurial spirit, Ajay started Cargojet in the thick of 9/11 crisis and in less than 20 years turned it into an air-cargo powerhouse with recognition on the TMX 30 as one of Canada’s top performing stocks two years running. Ajay has been the architect of building Canada’s most efficient overnight air-network that has become the de-facto enabler of next-day e-Commerce. His bold and courageous leadership and relentless focus on employees and customers are at the heart of Cargojet’s success. On behalf of the Cargojet Board, I congratulate Ajay on this remarkable recognition”, said James Crane, Chair of the Board of Directors, Cargojet.

“I am honored to be named to  this prestigious list of CEO’s selected by the Globe and Mail. This recognition is a testament to our dedicated and hardworking team of professionals, who work day and night to ensure Canada’s supply chain continues to service Canadians coast to coast. I am also thankful to our customers for their business, partnership and their continued trust and confidence in Cargojet.” said  Dr. Ajay Virmani.

Cargojet is Canada’s leading provider of time sensitive overnight air cargo services and carries over 1,300,000 pounds of cargo each business night. Cargojet operates its network across North America each business night, utilizing a fleet of all-cargo aircraft. 

For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

 

Mississauga, ON, Tuesday September 15, 2020 – Cargojet Inc. (“Cargojet”) (TSX: CJT), Canada’s most awarded cargo airline was recognized as the 10th best performing stock on the 2020 list of TSX30 by the Toronto Stock Exchange.  This program launched in 2019 recognizing the 30 top-performing TSX stocks over a three-year period based on dividend-adjusted share price appreciation.

“We are thrilled to be once again included in this prestigious list that recognizes Canada’s best shareholder value creators. We have always followed a simple principle that the road to shareholder value goes through building a highly engaged workforce that is passionate about looking after our customers,” says Ajay Virmani, President and CEO. “We have followed this guiding principle from the day one of our journey and it remains the foundation of everything we do.  I would like to extend my sincerest thanks and gratitude to Team Cargojet for all of their efforts, hard work and dedication not only to Cargojet but to Canada during these times.”

“This principle was once again tested as the COVID-19 pandemic hit individuals, families and businesses all around the world. After being declared as an essential service, Cargojet employees have worked tirelessly to keep Canada’s supply chains and the e-Commerce packages moving while bringing millions of Personal Protective Equipment (PPE’s) from around the globe to Canada to help our frontline healthcare workers. Our employees have been on the frontlines and are the real heroes with whom I proudly share this honour.”

“We are mindful that this pandemic has also impacted some of the most vulnerable members of our communities. Therefore, in line with our core values of giving back, Cargojet recently announced a contribution of $2.5 million to Cargojet Foundation, with the goal of supporting pandemic and social justice initiatives,” concluded Mr. Virmani:

About Cargojet
Cargojet is Canada’s leading provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations.  Cargojet owns a fleet of 26 aircraft. For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

 

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. Reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Quarterly Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forwardlooking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

 

Mississauga, ON, August 10 2020 – the Board of Directors of Cargojet Inc. has declared a cash dividend of $0.2340 per common voting share and variable voting share for the period from July 1, 2020 to September 30, 2020. The record date for determining shareholders of the Corporation entitled to receive payment of the dividend of the Corporation shall be September 21, 2020 and the payment date for such dividend shall be on or before October 5, 2020. These dividends will be eligible dividends within the meaning of the Income Tax Act (Canada).

Cargojet is Canada’s leading provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations. Cargojet owns a fleet of 26 aircraft.

For further information, please contact:

Pauline Dhillon
Executive Vice President
Tel: (905) 501 7373
pdhillon@cargojet.com

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. Reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Quarterly Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forwardlooking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

 

Mississauga, ON, August 6, 2020 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the second quarter ended June 30, 2020. Total Revenues for the quarter were $196.1 million compared to second quarter 2019 Revenues of $119.1 million. Gross Margin for the quarter was $90.7 million compared to second quarter 2019 Gross Margin of $26.6 million. Adjusted EBITDA and Adjusted EBITDAR for the quarter were $91.1 million and $91.1 million compared to second quarter 2019 Adjusted EBITDA and Adjusted EBITDAR of $37.5 million and $37.8 million respectively.

Cargojet’s domestic revenues benefited from a strong e-Commerce growth driven by the work-from-home economy that were partially offset by lower B2B volumes, as most non-essential businesses were closed in the early part of the Quarter.  We have seen a rebound of B2B volumes late in the Quarter as economies started to re-open across the country. The e-Commerce growth continues to accelerate, in addition to large online retailers, thousands of small and medium sized businesses moved their sales to online channels resulting in strong growth in the B2C Business. As reported by Statistics Canada, in April e-Commerce sales as a percentage of total retail sales doubled to 14% compared to Q1 of 2020 and were up 120% in May compared to May 2019.

“Reduced global air cargo capacity, as a result of extremely reduced passenger flights, led to strong ACMI growth in International markets that we believe will continue for the short and medium term. We also realized strong ad-hoc international charter revenues operating during the period, providing capacity to bring PPE and other medical supplies back from Asia for various government agencies that may not be recurring.” said Ajay Virmani, President & CEO.

“We firmly believe that the real strength of Cargojet is its 1,200 strong team members. As we faced the once-in-a-century challenge of operating our business in a global pandemic, it tested every aspect of our business but what really stood out was the unwavering commitment, hard work and devotion of each one of our team members who rose to the challenge. We remained laser focused on ensuring health and safety of our employees, our customers and the cargo we move. The special measures we put in place in late March have now become the new normal within our operations. These extraordinary measures not only allowed us to operate safely, they were instrumental in helping us exceed customer expectations with record on-time performance during these unprecedented times.” commented Mr. Virmani.

“We are continuing to monitor the impact of COVID-19 but believe it will be several quarters before we fully understand its short and long-term implications. Cargojet continues to show resilience and operating leverage as it handles a significant surge in volumes. At the same time, we are continuing to use increased cash flows to pay down debt and we continue to make investments to ensure that we can participate in the growth opportunities being presenting to us.” concluded Mr. Virmani.

About Cargojet
Cargojet is Canada’s leading provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations.  Cargojet owns a fleet of 26 aircraft.

For further information, please contact:

Pauline Dhillon
Executive Vice President
Tel: (905) 501 7373
pdhillon@cargojet.com

Non-GAAP Measures
“Adjusted EBITDA” and “Adjusted EBITDAR” are non-GAAP measures used by the Corporation to provide additional information on its financial and operating performance. Adjusted EBITDA and Adjusted EBITDAR are not recognized measures for financial statement presentation under Canadian GAAP and it does not have standardized meanings and may not be comparable to similar measures presented by other public companies.

Adjusted EBITDA is used by the Corporation to assess earnings before interest, taxes, depreciation, amortization, gain or loss on disposal of capital assets, unrealized foreign exchange gains or losses, unrealized gain or loss on forward foreign exchange contracts, aircraft heavy maintenance amortization, contract asset amortization, gain or loss on cash settled share based payment arrangement related to a financing arrangement, unrealized gain or loss on fair value of total return swap related to a financing arrangement, gain or loss on fair value of stock warrant, loss on settlement of cash settled share based payment arrangement related to a financing arrangement, gain on settlement of total return swap related to a financing, loss on extinguishment of debts, and non-cash employee pension expense, as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets. Adjusted EBITDAR is calculated as Adjusted EBITDA excluding aircraft rents. The Corporation believes that these alternative measures provide a more consistent basis to compare the performance of the Corporation between the periods. Adjusted EBITDA and Adjusted EBITDAR provide additional information to users of Management’s Discussion and Analysis of Financial condition and Results of Operations (“MD&A”) to enhance their understanding of the Company’s financial performance.

Reconciliation of non-GAAP EBITDA, Adjusted EBITDA and Adjusted EBITDAR to GAAP income is provided on page 14 of the MD&A for the three and six months ended June 30, 2020.

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. Reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and it’s most recent Annual Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

 

August 6, 2020, Mississauga, Ontario – Cargojet today announced that it is contributing $2.5 million to the Cargojet Foundation with the goal of supporting three key initiatives:

  1. Direct support to local healthcare communities in fighting COVID 19 – From helping health care institutions better prepare to cope with a potential second wave to enabling vaccination as soon as a safe vaccine is available, the initiative will identify and fund the most compelling needs for the healthcare community such as testing, treatment and research.
  2. Support measures to combat racial inequality by helping under privileged communities and social justice incentives. 
  3. Support the most vulnerable groups of our society that are particularly hard hit by the ongoing pandemic.

“This pandemic has exposed several weak spots in our society. From the limitations of the healthcare system to the fragility of life for the most vulnerable members of our communities” noted Mr. Ajay Virmani, President and CEO of Cargojet.
“Cargojet is proud to have one of the most diverse workforces in the country but what has become even more important is to raise the collective bar. There is more we can do to support racial equality in professions where ethnic minorities form a much smaller portion of workforce. Therefore, supporting those who may not have the opportunity to pursue certain careers at an early education stage is vitally important.”
“While we have been able to operate our business and maintain every job and growing, we are acutely aware that many other businesses are not in the same situation. Therefore, supporting our communities and giving back is an essential part of who we are as a company” concluded Mr. Virmani.

About Cargojet Foundation
Cargojet Foundation, a registered charitable entity, was launched last year with the core mandate of supporting the most vulnerable members of the communities we live and work all across Canada. The Foundation will raise funds through Cargojet employee giving campaigns and through special events designed to engage broader partners of Cargojet network. Cargojet’s $2.5 million donation will allow the Foundation to expand its core mandate to address issues surfaced by the pandemic.

About Cargojet
Cargojet is Canada’s leading provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations.  Cargojet owns a fleet of 26 aircraft.

For further information, please contact:

Pauline Dhillon
Executive Vice President
Tel: (905) 501 7373
pdhillon@cargojet.com

Non-GAAP Measures
“Adjusted EBITDA” and “Adjusted EBITDAR” are non-GAAP measures used by the Corporation to provide additional information on its financial and operating performance. Adjusted EBITDA and Adjusted EBITDAR are not recognized measures for financial statement presentation under Canadian GAAP and it does not have standardized meanings and may not be comparable to similar measures presented by other public companies.

Adjusted EBITDA is used by the Corporation to assess earnings before interest, taxes, depreciation, amortization, gain or loss on disposal of capital assets, unrealized foreign exchange gains or losses, unrealized gain or loss on forward foreign exchange contracts, aircraft heavy maintenance amortization, contract asset amortization, gain or loss on cash settled share based payment arrangement related to a financing arrangement, unrealized gain or loss on fair value of total return swap related to a financing arrangement, gain or loss on fair value of stock warrant, loss on settlement of cash settled share based payment arrangement related to a financing arrangement, gain on settlement of total return swap related to a financing, loss on extinguishment of debts, and non-cash employee pension expense, as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets. Adjusted EBITDAR is calculated as Adjusted EBITDA excluding aircraft rents. The Corporation believes that these alternative measures provide a more consistent basis to compare the performance of the Corporation between the periods. Adjusted EBITDA and Adjusted EBITDAR provide additional information to users of Management’s Discussion and Analysis of Financial condition and Results of Operations (“MD&A”) to enhance their understanding of the Company’s financial performance.

Reconciliation of non-GAAP EBITDA, Adjusted EBITDA and Adjusted EBITDAR to GAAP income is provided on page 14 of the MD&A for the three months ended June 30, 2020.

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. Reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and it’s most recent Annual Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

 

 

MISSISSAUGA, ON, July 24, 2020 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) is pleased to announce the successful closing of the issue and sale of an additional $15 million aggregate principal amount of 5.25% listed senior unsecured hybrid debentures (the “Debentures”) pursuant to the exercise in full of the over-allotment option granted to the syndicate of underwriters, co-led by RBC Capital Markets, CIBC Capital Markets and Scotiabank, in connection with the Corporation’s recently completed bought deal offering of $100 million aggregate principal amount of Debentures (the “Offering”).

Together with the Debentures issued on July 16, 2020, Cargojet will have issued a total of C$115,000,000 aggregate principal amount of the Debentures.

The Debentures bear interest at a rate of 5.25% per annum, payable semi-annually in arrears on June 30 and December 31 of each year, commencing December 31, 2020, and will mature on June 30, 2026.

The Offering was made pursuant to a final short form prospectus dated July 9, 2020, and the Debentures are traded on the Toronto Stock Exchange under the symbol “CJT.DB.F”.

The Corporation intends to use the net proceeds from the closing of the over-allotment option to pay down the Corporation’s revolving credit facility and to free up capacity to fund future anticipated capital expenditures, including the purchase of aircraft.

The securities issued pursuant to the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Cargojet is Canada’s leading provider of time-sensitive overnight air cargo services and carries over 1,300,000 pounds of cargo each business night. Cargojet operates its network across North America each business night, utilizing a fleet of all-cargo aircraft.

Notice on Forward-Looking Statements:

Certain statements contained herein, including statements related to the use of the net proceeds from the closing of the over-allotment option, 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. Reference should be made to the Corporation’s public filings available at www.sedar.com and at www.cargojet.com, including its most recent Annual Information Form filed with the Canadian securities regulators, its most recent Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), and the final short form prospectus filed in connection with the Offering, for a summary of material risks. These risks are not intended to represent a complete list of the risks that could affect the Corporation; however, these risks should be considered carefully. – 2 – Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if the Corporation’s estimates or assumptions prove inaccurate. The forward-looking statements contained herein describe the Corporation’s expectations at the date of this news release and, accordingly, are subject to change after such date. The Corporation assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason, other than as required by applicable securities laws. In the event the Corporation does update any forward-looking statement, no inference should be made that the Corporation will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Readers are cautioned not to place undue reliance on these forward-looking statements.

For further information:

Pauline Dhillon
Executive Vice President
Tel: (905) 501 7373
pdhillon@cargojet.com

 

Mississauga, ONT – Cargojet Inc. (TSX: CJT.UN) in conjunction with the release of its First Quarter Financial Results, will host a conference call at 8:30a.m. Eastern Standard Time (5:30a.m. Pacific Daylight Time) on Thursday, August 6, 2020. Second Quarter results will be released prior to the market opening on August 6, 2020.  The financial results will be released by newswire as well as filed with SEDAR.  The results will also be available on our website.

Ajay K. Virmani, President and Chief Executive Officer, John Kim, Chief Financial Officer, Jamie Porteous, Chief Commercial Officer, and Pauline Dhillon, Executive Vice President of Cargojet will review second quarter financial results and corporate developments.

To participate in this conference call, please dial the following number(s) approximately five minutes prior to the commencement of the call:

Local Number: 647 490 5367
Toll Free Number: 1 800 367 2403
Access Code: 7997921

Please reference as a Participant of the Cargojet Conference Call.

Should you be unable to participate, an instant replay will be available until Sunday, August 16, 2020 by dialing:

Local Number: 647 436 0148
Toll Free Number: 1 888 203 1112
Access Code: 7997921

For any one on one calls please contact John Kim to coordinate timing.  We look forward to having you participate in our call.

Pauline Dhillon
Executive Vice President
Tel: (905) 501 7373
pdhillon@cargojet.com