Cargojet Announces Third Quarter Results

MISSISSAUGA, ON, Nov. 12, 2013 /CNW/ – Cargojet Inc. (TSX: CJT, CJT.A) announced today financial results for the third quarter ended September 30, 2013.

For the Third Quarter Ended September 30, 2013:

Total Revenues were $43.4 million, an increase of $1.6 million or 3.8% versus the previous year.
Gross Margin was $5.6 million, a decrease of $1.2 million or 17.6% versus the previous year
EBITDA was $3.4 million, a decrease of $1.7 million or 33.3% versus the previous year
For the Nine Months Ended September 30, 2013:

Total Revenues were $126.9 million, an increase of $4.5 million or 3.7% versus the previous year.
Gross Margin was $16.8 million, a decrease of $2.8 million or 14.3% versus the previous year
EBITDA was $10.3 million, an decrease of $1.1 million or 9.6% versus the previous year

“We continue to experience strong growth in core overnight demand and revenues, yet this was partially offset due to unforeseen aircraft maintenance, flight operations training and operating costs in the Quarter,” says Ajay K. Virmani, President and Chief Executive Officer. “We will continue to focus on strict cost and expense controls and expect that profitability will improve as customer demand continues to grow,” 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.