Cargojet Announces Strong Fourth Quarter and Twelve-Month Results
Mississauga, ON, March 6, 2014 - Cargojet Inc. (the "Corporation") (TSX: CJT, CJT.A) announced today financial results for the fourth quarter and twelve-month period ended December 31, 2013.
For the Fourth Quarter Ended December 31, 2013:
- Total Revenues were $48.5, an increase of $2.1 million or 4.5% versus the previous year
- Gross Margin was $8.7 million, a decrease of $0.1 million or 1.1% versus the previous year
- EBITDA was $6.9 million, an increase of $1.5 million or 27.8% versus the previous year
For the Twelve Month Period Ended December 31, 2013:
- Total Revenues were $175.4 million, an increase of $6.6 million or 3.9% over the previous year
- Gross Margin was $25.4 million, a decrease of $2.9 million or 10.2% versus the previous year
- EBITDA was $17.2 million, an increase of $0.3 million or 1.8% versus the previous year
"Cargojet continued to experience strong customer demand on its core overnight network during the quarter and the second half of the year." said Ajay Virmani, President and Chief Executive Officer. "We are cautious about the speed of the economic recovery and continue to manage our costs very prudently. We are embarking on an exciting new growth chapter in our evolution with the recent successful award of a major new long-term contract with Canada Post and Purolator that will potentially double the size of our business. While we move forward with this expansion our key focus will be on our current customer base to ensure they continue to receive a first class value-added service," he added.
Cargojet's Annual and Special meeting will be on April 10th at 1:00P at the TSX Gallery.
Cargojet is Canada's leading provider of time sensitive overnight air cargo services and carries over 500,000 pounds of cargo each business night. Cargojet operates its network across North America each business night, utilizing a fleet of all-cargo aircraft. Cargojet recently signed an LOI with Air Canada to explore strategic opportunities in both cargo and airline operations within Canada and international markets. For more information, please visit: www.cargojet.com
For further information, please contact:
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.