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Cargojet Announces Strong Third Quarter Results

Mississauga, ON, November 13, 2017 - Cargojet Inc. ("Cargojet" or the "Corporation") (TSX: CJT, CJT.A) announced today financial results for the quarter ended September 30, 2017.

For the Quarter Ended September 30, 2017:

  • Total Revenues were $89.4 million, an increase of $8.7 million or 10.8% versus the previous year
  • Gross Margin was $24.7 million, an increase of $3.9 million or 18.8% versus the previous year
  • Adjusted EBITDA was $25.4 million, an increase of $0.1 million or 0.4% versus the previous year
  • Adjusted EBITDAR was $28.2 million, a decrease of $1.2 million or 4.1% versus the previous year

"We are very pleased with the financial and operating results produced during the Quarter." said Ajay Virmani, President and Chief Executive Officer.  "The significant increase in revenues and gross margin over the previous year was the result of the successful execution of our strategy to improve the utilization of our aircraft assets and to maximize margins.  We continue to prudently manage our operating costs and look for further route network optimization opportunities," added Mr. Virmani.

Cargojet is Canada's leading provider of time sensitive overnight air cargo services and carries approximately 1,300,000 pounds of cargo each business night. Cargojet operates its network across North America each business night, utilizing a fleet of 18 all-cargo aircraft. The Corporation operates over 12,000 flight legs yearly and has a team of over 800 dedicated professionals. For more information, please visit:

For further information, please contact:

Pauline Dhillon
Executive Vice President Marketing, Government & Public Relations
Tel: (905) 501 7373


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.