Cargojet Income Fund Announces Strong 2006 Fourth Quarter and Year End Results
March 23, 2007
Mississauga, ONT - Cargojet Income Fund (the "Fund") (TSX: CJT.UN) announced today strong financial results for the Fourth Quarter and Year Ended December 31, 2006.
For the Fourth Quarter Ended December 31, 2006:
· Revenues increased to $35.1 million from $32.9 million for the comparative period in 2005, an increase of 6.7%;
· EBITDA increased by $2.7 million or 87.1%, from the comparable period in 2005, to $5.8 million;
· Direct expenses as a percentage of revenue decreased by 11.5% to 71.5% compared to the three-month period ended December 31, 2005;
· Total cash distributions were $2.5 million, or $0.2835 per unit representing a payout ratio of 52%
For the Year Ended December 31, 2006:
· Revenues increased to $134.0 million from $117.9 million for the comparative period in 2005, an increase of 13.7%;
· EBITDA increased by $5.0 million or 35.2%, from the comparable period in 2005, to $19.2 million;
· Direct expenses as a percentage of revenue decreased by 3.5% to 75.1% compared to the year ended December 31, 2005;
· Total cash distributions were $10.0 million, or $1.1144 per unit representing a payout ratio of 67%
“Our most recent financial results are further evidence of Cargojet’s ongoing commitment to profitable revenue growth while maintaining significant cost control measures and delivering the most reliable and value added air cargo service in Canada. This marks another quarter of strong year over year increased revenue and lower costs which have resulted in greater operating margins,” says Ajay Virmani, President and CEO of the Fund. “We have remained focused on being the best overnight air cargo service provider in North America by consistently delivering our customers with a reliable and cost effective solution to their time sensitive cargo needs.”
Cargojet is Canada’s leading provider of time sensitive overnight air cargo service. Cargojet operates its network from coast to coast transporting well over 500,000 pounds (226.8 tonnes) of volumetric time sensitive air cargo to thirteen major cities in Canada each business night.
The Fund’s 2006 Audited Consolidated Year End Financial Statements, and Management’s Discussion and Analysis (“MD&A”) for the three month and twelve month periods ended December 31, 2006 have been released today on the Fund’s website at www.cargojet.com and have also been filed with SEDAR.
Management will host a conference call on Monday March 26, 2007 at 2:00 pm Eastern time to review the release of the 2006 Fourth Quarter and Year End results.
For additional information, please contact:
VP Marketing, Public and Government Relations
905 501 7373 ext 135