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Cargojet Reports Strong Second Quarter Results

Mississauga, ON, July 31, 2019 - Cargojet Inc. ("Cargojet" or the "Corporation") (TSX: CJT, CJT.A) announced today financial results for the quarter ended June 30, 2019.

For the Second Quarter Ended June 30, 2019:

  • Total Revenues were $119.1 million, an increase of $10.1 million or 9.3% versus the previous year
  • Gross Margin was $26.6 million, an increase of $1.1 million or 4.3%  versus the previous year
  • Adjusted EBITDA was $37.5 million, an increase of $8.7 million or 30.2%  versus the previous year
  • Adjusted EBITDAR was $37.8 million, an increase of  $5.7 million or 17.8% versus the previous year

"A strong financial discipline combined with continued strength in our core business allowed us to post another strong Quarter" said Ajay Virmani, President and Chief Executive Officer. "As the courier industry shifts to 7 days-a-week delivery model to accommodate faster service expectations of e-Commerce retailers, we are uniquely positioned to execute on this new model.  We are also finding growing synergistic opportunities in our ad hoc and ACMI charter business that is improving fleet utilization and overall margins. At the heart of our strategy is service excellence and I am extremely proud of Cargojet team that continues to exceed customer expectation by delivering unprecedented on-time performance"”.  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:

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 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.