Cargojet Announces Strong First Quarter

MISSISSAUGA, ON, May 6, 2013 /CNW/ – 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.