Cargojet Announces Strong First Quarter
Mississauga, ON, May 6, 2013 – Cargojet Inc. (TSX: CJT, CJT.A) announced today financial results for the first quarter ended March 31, 2013.
For the First Quarter Ended March 31, 2013:
- Total Revenues were $40.7 million, an increase of $0.6 million or 1.5% versus the previous year.
- Gross Margin was $4.9 million, a decrease of of $0.6 million or 10.9% versus the previous year
- EBITDA was $2.7 million, an increase of $0.8 million or 42.1% versus the previous year
“We are very pleased with the improvement in financial and operating results, as compared to the previous year, despite two less operating days in the quarter”, said Ajay K. Virmani, President and Chief Executive Officer. “We continue to see modest improvements in demand and volumes from all revenue sectors, although overall yields and pricing remain under pressure”. “We will continue to manage our cost prudently and gain efficiencies where available”, he concluded.
Cargojet is Canada's leading provider of time sensitive overnight air cargo services and operates a network across North America as well as global air charters.
For further information:
Vice President Marketing, Public & Government Relations
Tel: (905) 501 7373
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.