Cargojet Announces Second Quarter Results

MISSISSAUGA, ON, Aug. 11, 2014 /CNW/ – Cargojet Inc. (TSX: CJT, CJT.A) announced today financial results for the second quarter ended June 30, 2014.

For the Second Quarter Ended June 30, 2014:

Total Revenues were $44.3 million, an increase of $1.6 million or 3.7% versus the previous year.
Gross Margin was $5.2 million, a decrease of $1.1 million or 17.5% versus the previous year.
EBITDA was $2.0 million, a decrease of $2.2 million or 52.4% versus the previous year.

“We are extremely encouraged by the continued strong revenue growth and positive trend shown in overall air cargo demand this quarter. One-time start-up costs, including the introduction of new aircraft and resources totaling $2.3M were incurred in the Quarter. These are required to meet the needs of our previously announced major new contract and the expansion of our overnight network in early 2015” says Dr. Ajay K. Virmani, President & Chief Executive Officer.

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.