Cargojet :: Press Releases

back to 2009 Press Releases

Cargojet Income Fund Announces Strong First Quarter Results

Mississauga, ONT, May 07, 2009 - Cargojet Income Fund (the "Fund") TSX: CJT.UN) announced today financial results for the first quarter ended March 31, 2009.

For the Three Month Period Ended March 31, 2009:

Total revenues were $42.2 million as compared to $46.8 million for the same period in 2008, representing a decrease of $4.6 million or 9.8%.
Direct expenses were $32.2 million as compared to $39.5 million for the same period in 2008, representing a decrease of $7.3 million or 18.5%.
EBITDA was $6.4 million as compared to $3.7 million for the same period in 2008, representing an increase of $2.7 million or 73.0%.
Total cash distributions were $1.8 million, representing a payout ratio of 39%.

“This represents another strong quarter of positive financial and operating results and is a testament to the rigorous cost controls, successful fleet renewal program that we implemented late last year and the continued hard work, dedication and sacrifice of the entire Cargojet team”, said Ajay Virmani, President and Chief Executive Officer. “Continuing economic uncertainty in 2009 makes it important for us to continue to focus on matching capacity to meet customer demand and containing costs. We remain 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,” added Virmani.

The Fund’s consolidated interim financial statements and Management Discussion and Analysis for the first quarter of 2009 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 Thursday, May 7, 2009.

Cargojet is Canada's leading provider of time sensitive overnight air cargo services. Cargojet operates its network across North America, transporting over 750,000 pounds of time sensitive air cargo each business night, utilizing a fleet of thirty-four all cargo aircraft.

P. Dhillon
Vice President Marketing, Public & Government Relations
Tel: (905) 501 7373
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. Reference should be made to the issuer's most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Quarterly Financial Statements and Notes thereto and related Management's Discussion and Analysis (MD&A), for a summary of major risks. 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, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

site design by the 4th Drawer Media