back to 2008 Press Releases

Cargojet Income Fund Announces Continued Strong Revenue Growth in First Quarter Results

Mississauga, ONT, May 13, 2008 - Cargojet Income Fund (the "Fund") TSX: CJT.UN) announced today financial results for the First Quarter ended March 31, 2008.

For the Three Month Period Ended March 31, 2008:

• Revenues increased to $46.8 million from $33.8 million for the comparable period in 2007, an increase of 38.5%;
• Direct expenses increased to $39.5 million from $25.2 million for the comparable period in 2007, an increase of 56.7%;
• EBITDA decreased by $0.4 million or 9.8% from the comparable period in 2007, to $3.7 million;

“Our most recent financial results indicate another quarter of strong year over year revenue growth.  This is a direct result of the increase in our core overnight, ACMI operations, Cargojet Regional and fuel surcharges as a result of rising fuel costs.  Although EBITDA margins are lower in the quarter from historical levels, we are confident the investment related to the start-up and transition for the planned introduction of new aircraft, further development of our regional business and the new ACMI routes provide opportunities for the Fund,” says Ajay Virmani, President and Chief Executive Officer.  “We remain focused on being the best overnight air cargo service provider in North America by consistently delivering our customers with a reliable, cost effective and value added solutions to their time sensitive air cargo needs.  This is an exciting year of growth opportunities for the Fund as we position ourselves for the future.”

The Fund’s consolidated interim financial statements and Management’s Discussion and Analysis (“MD&A”) for the first quarter of 2008 have been released to the Fund’s website at www.cargojet.com and have also been filed with SEDAR.

Cargojet management will host a conference call at 2:00p.m. Eastern Daylight Time (11:00 a.m. Pacific Daylight) on Tuesday, May 13, 2008.

Cargojet is Canada's leading provider of time sensitive overnight air cargo services. Cargojet operates its network across North America, transporting over 840,000 pounds of time sensitive air cargo each business night, utilizing a fleet of twenty all-cargo aircraft.

For additional information, please contact: Pauline Dhillon, VP Marketing, Public and Government Relations at (905) 501-7373 ext 135 or at pdhillon@cargojet.com.

Notice on Forward Looking Statements:

Certain statements contained herein constitute "forward-looking statements".  Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business.  Forward-looking statements may include words such as "plans," "intends," "anticipates," "should," "estimates," "expects," "believes," "indicates," "targeting," "suggests" and similar expressions.  These forward-looking statements are based on current expectations and entail various risks and uncertainties.  Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate.  The issuer assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.