Cargojet Announces Strong Third Quarter 2014 Results

MISSISSAUGA, ON, Nov. 10, 2014 /CNW/ – Cargojet Inc. (TSX: CJT, CJT.A) announced today financial results for the third quarter ended September 30, 2014.

For the Third Quarter Ended September 30, 2014:

Total Revenues were $47.2 million, representing an increase of $3.8 million or 8.8% versus the previous year.
Gross Margin was $4.0 million, a decrease of $1.6 million or 28.6% versus the previous year.
EBITDA before one-time costs was $5.7 million, an increase of $2.4 million or 73% versus the previous year. EBITDA after one-time costs related to the start of a major new contract was negative $0.1 million for the period.
“Very strong customer demand continued in the Quarter. e-Commerce volumes continue to be a strong driver of demand and we are expecting a very robust peak period to end the year”, says Dr. Ajay K. Virmani, President & Chief Executive Officer. “One-time startup costs, as we ramp up for our expanded domestic overnight network in 2015, were in line with expectations during the period”, he added.

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.