Cargojet reports an expanded profit for its second quarter

Cargojet Inc. (Cargojet Airways) (Hamilton, ON) has announced its financial results for the second quarter ending on June 30, 2015.

For the Second Quarter Ended June 30, 2015 :

Total Revenues were $75.2 million (all amounts are in Canadian dollars), an increase of $30.9 million or 69.6% versus the previous year

Gross Margin was $7.3 million, an increase of $2.1 million or 39.3% versus the previous year

Adjusted EBITDA before one-time costs was $10.9 million, an increase of $6.5 million or 147.7% versus the previous year. Adjusted EBITDA net of one-time costs was $6.6 million .

Adjusted EBITDAR before one-time costs was $20.0 million , an increase of 115.1% versus the previous year. Adjusted EBITDAR net of one-time costs was $15.7 million .

“Cargojet has successfully completed the integration of its new major customer in 2015, which has contributed to revenue growth in the Quarter,” said Ajay Virmani , President and Chief Executive Officer.

“Overall customer demand for Cargojet’s primary overnight network services and its air cargo charter services were softer than expected in the Quarter and we continue to match capacity to actual demand, in order to keep operating costs in line”, he added.

“One-time costs related to the expansion of our core overnight network that started in March 2015 , for a major customer were in line with our planned expenditures,” he added.

Cargojet is Canada’s leading provider of time sensitive overnight air cargo services and carries over 1,000,000 pounds of cargo each business night. Cargojet operates its network across North America each business night, utilizing a fleet of all-cargo aircraft consisting of 6 Boeing 767-300 ER, 3 Boeing 767-200 ER, 5 Boeing 757-200 and 9 Boeing 727-200F aircraft.