Cargojet Announces Stronger Fourth Quarter and Twelve-Month Results

MISSISSAUGA, ON, March 8, 2013 /CNW/ – Cargojet Inc. (TSX: CJT, CJT.A) announced today financial results for the fourth quarter and twelve-month period ended December 31, 2012.

For the Fourth Quarter Ended December 31, 2012:

Total Revenues were $46.4 million, an increase of $3.5 million or 8.2% versus the previous year.
Gross Margin was $8.8 million, an increase of $1.7 million or 23.9% versus the previous year
EBITDA was $5.4 million, an increase of $2.2 million or 68.8% versus the previous year
For the Twelve Months Ended December 31, 2012:

Total Revenues were $168.8 million, an increase of $3.3 million or 2.0% versus the previous year.
Gross Margin was $28.3 million, a decrease of $1.5 million or 5.0% versus the previous year
EBITDA was $16.9 million, an increase of $1.7 million or 11.2% versus the previous year
“We are very pleased with our financial results, as we continue to operate in a challenging economic environment,” said Ajay Virmani, President and Chief Executive Officer. “Lower costs and greater efficiencies have combined with stronger core overnight and charter revenues, to provide for a strong finish to the year,” he added. “We are encouraged by the volume growth in the last half of the year and will continue to focus on new revenue opportunities and continued prudent cost management as we move forward into 2013”.

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.