Cargojet Announces Strong Fourth Quarter and Year End Results

MISSISSAUGA, ON, March 9, 2015 /CNW/ – Cargojet Inc. (the “Corporation”) (TSX: CJT, CJT.A) announced today financial results for the fourth quarter and twelve-month period ended December 31, 2014.

For the Fourth Quarter Ended December 31, 2014:

Total Revenues were $57.1, an increase of $8.6 million or 17.7% versus the previous year
Gross Margin was $5.8 million, a decrease of $2.8 million or 32.6% versus the previous year
Adjusted EBITDA before one-time costs was $8.2 million, an increase of $1.3 million or 18.8% versus the previous year. Adjusted EBITDA net of one-time costs was $0.4 million.
For the Twelve Month Period Ended December 31, 2014:

Total Revenues were $192.4 million, an increase of $17.0 million or 9.7% over the previous year
Gross Margin was $18.8 million, a decrease of $6.6 million or 26.0% versus the previous year
Adjusted EBITDA before one-time costs was $20.1 million, an increase of $2.9 million or 16.9% versus the previous year. Adjusted EBITDA net of one-time costs was $4.0 million.

“Cargojet achieved its ninth consecutive quarter of revenue growth due to continued strong customer demand for its premium air cargo services.” said Ajay Virmani, President and Chief Executive Officer. “Strong overall economic growth and e-commerce related shipping led to record average daily volumes (pounds) handled in December. One-time costs related to the planned expansion of our core overnight network in March 2015, for a major customer, were in line with our planned expenditures.” he added.

Cargojet is Canada’s leading provider of time sensitive overnight air cargo services and carries over 1,000,000 pounds of cargo each business night. Cargojet operates its network across North America each business night, utilizing a fleet of all-cargo aircraft. For more information, please visit: www.cargojet.com.