Cargojet Announces Third Quarter Results

MISSISSAUGA, ON, Nov. 12, 2013 /CNW/ - Cargojet Inc. (TSX: CJT, CJT.A) announced today financial results for the third quarter ended September 30, 2013.

For the Third Quarter Ended September 30, 2013:

• Total Revenues were $43.4 million, an increase of $1.6 million or 3.8% versus the previous year.
• Gross Margin was $5.6 million, a decrease of $1.2 million or 17.6% versus the previous year
• EBITDA was $3.4 million, a decrease of $1.7 million or 33.3% versus the previous year

For the Nine Months Ended September 30, 2013:

• Total Revenues were $126.9 million, an increase of $4.5 million or 3.7% versus the previous year.
• Gross Margin was $16.8 million, a decrease of $2.8 million or 14.3% versus the previous year
• EBITDA was $10.3 million, an decrease of $1.1 million or 9.6% versus the previous year

"We continue to experience strong growth in core overnight demand and revenues, yet this was partially offset due to unforeseen aircraft maintenance, flight operations training and operating costs in the Quarter," says Ajay K. Virmani, President and Chief Executive Officer.  "We will continue to focus on strict cost and expense controls and expect that profitability will improve as customer demand continues to grow," he concluded.

Cargojet is Canada's leading provider of time sensitive overnight air cargo services and operates a network across North America as well as global air charters.

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.

SOURCE Cargojet Inc.