Cargojet Announces Stronger Third Quarter Results
MISSISSAUGA, ON, Nov. 12, 2012 /CNW/ - Cargojet Inc. (TSX: CJT, CJT.A) announced today financial results for the third quarter ended September 30, 2012.
For the Third Quarter Ended September 30, 2012:
-- Total Revenues were $41.8 million, an increase of $1.5 million or 3.7% versus the previous year. -- Gross Margin was $6.8 million, a decrease of $0.8 million or 10.5% versus the previous year -- EBITDA was $5.1 million, an increase of $0.7 million or 15.9% versus the previous year "Strong growth in our air cargo charter revenue streams and the expansion of our overnight network in Eastern Canada, has allowed us to offset continued weakness in our core overnight revenues during the Quarter," said Ajay Virmani, President and Chief Executive Officer. "Prudent cost management and operating efficiencies have resulted in significant improvements to operating yields and cash flows," he added. 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. Pauline Dhillon Vice President Marketing, Public & Government Relations Tel: (905) 501 7373 email@example.com SOURCE: Cargojet Inc. To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/November2012/12/c6656.html CO: Cargojet Inc. ST: Ontario NI: AIR ERN -0- Nov/12/2012 11:15 GMT