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: www.cargojet.com.