Cargojet Reports Strong First Quarter Results
Mississauga, ON, May 6, 2019 - Cargojet Inc. ("Cargojet" or the "Corporation") (TSX: CJT, CJT.A) announced today financial results for the quarter ended March 31, 2019.
For the First Quarter Ended March 31, 2019:
- Total Revenues were $110.4 million, an increase of $11.2 million or 11.3% versus the previous year
- Gross Margin was $21.2 million, a decrease of $1.9 million or -8.2% versus the previous year
- Adjusted EBITDA was $32.3 million, an increase of $4.8 million or 17.5% versus the previous year
- Adjusted EBITDAR was $32.6 million, an increase of $2.8 million or 9.4% versus the previous year
"We are very pleased with Cargojet’s financial and operating results during the past Quarter" said Ajay Virmani, President and Chief Executive Officer. "We continue to benefit as the primary enabler of e-Commerce growth in Canada and to also grow our ad-hoc and ACMI charter business globally. Our entire Cargojet team continues to be strongly focused on prudent cost management; profitable revenue growth and to providing consistent and reliable service levels to our customers and adding value to our shareholders," he concluded.
Cargojet is Canada's leading provider of time sensitive overnight air cargo services and carries over 1,300,000 pounds of cargo each business night. Cargojet operates its network across North America each business night, utilizing a fleet of all-cargo aircraft. For more information, please visit: www.cargojet.com.
For further information, please contact:Pauline Dhillon
Executive Vice President Marketing, Government & Public 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 it’s most recent Annual Consolidated 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.