Cargojet Income Fund Announces Positive Second Quarter Results
August 13, 2007
Mississauga, ONT - Cargojet Income Fund (the “Fund”) (TSX: CJT.UN) announced today financial results for the second quarter ended June 30, 2007.
For the Three Month Period Ended June 30, 2007:
· Revenue increased to $33.8 million from $33.6 million for the three month period ended June 30, 2006, an increase of 0.6%;
· Core overnight daily cargo revenue increased 5.4% to $0.59 million per operating day from $0.56 million per operating day for the comparable three month period in 2006.
· Net earnings remained positive at $1.4 million, equivalent to net earnings for the comparable three month period in 2006;
· EBITDA was $5.4 million as compared to $5.5 million for the comparable three-month period in 2006.
For the Six Month Period Ended June 30, 2007:
· Revenues increased to $67.7 million from $64.9 million for the six month period ended June 30, 2006, an increase of 4.3%;
· Core overnight daily cargo revenue increased 7.3% to $0.59 million per operating day from $0.55 million per operating day for the comparable six month period in 2006;
· Net earnings increased by 76.9% to $2.3 million from $1.3 million for the comparable six month period in 2006;
· EBITDA increased to $9.5 million from $8.9 million for the comparable six-month period in 2006.
“Strong revenue growth on our core domestic overnight network and on our International route have more than offset the planned reduction of ACMI passenger revenues during the period. We continue to focus efforts on improving yields through a combination of increased revenues and a continuous focus on lowering operating costs,” says Ajay Virmani, President and CEO of the Fund.
“Cargojet continues to exceed the expectations of our customers by delivering a premium product into the Canadian marketplace and Cargojet is the only Canadian Air Cargo carrier to have received the Shipper’s Choice Award for the fifth year”, adds Virmani.
Cargojet is Canada's leading provider of time sensitive overnight air cargo service. Cargojet operates its network from coast to coast transporting over 550,000 pounds of time sensitive air cargo to thirteen major cities in Canada each business night.
The Fund’s consolidated interim financial statements and Management’s Discussion and Analysis (“MD&A”) for the second quarter have been released today on the Fund’s website at www.cargojet.com and have also been filed on SEDAR.
EBITDA is a non-GAAP measure, not recognized by GAAP and does not have a standardized meaning prescribed by GAAP. Therefore, EBITDA may not be comparable to similar measures presented by other users. EBITDA should not be construed as an alternative to net earnings determined in accordance with GAAP as an indicator of the Fund’s performance or to cash flows from operating, investing and financing activities as a measure of liquidity and cash flows. The calculation of EBITDA is shown in the MD&A of the Fund for the three month period ended June 30, 2007 released today on the Fund’s website and filed with SEDAR.
For additional information, please contact
Pauline Dhillon, VP Marketing, Public & Government Relations
905 501 7373 ext 135 or at email@example.com