For the Fourth Quarter Ended December 31, 2012:
- Total Revenues were $46.4 million, an increase of $3.5 million or 8.2% versus the previous year.
- Gross Margin was $8.8 million, an increase of $1.7 million or 23.9% versus the previous year
- EBITDA was $5.4 million, an increase of $2.2 million or 68.8% versus the previous year
For the Twelve Months Ended December 31, 2012:
- Total Revenues were $168.8 million, an increase of $3.3 million or 2.0% versus the previous year.
- Gross Margin was $28.3 million, a decrease of $1.5 million or 5.0% versus the previous year
- EBITDA was $16.9 million, an increase of $1.7 million or 11.2% versus the previous year
"We are very pleased with our financial results, as we continue to operate in a challenging economic environment," said Ajay Virmani, President and Chief Executive Officer. "Lower costs and greater efficiencies have combined with stronger core overnight and charter revenues, to provide for a strong finish to the year," he added. "We are encouraged by the volume growth in the last half of the year and will continue to focus on new revenue opportunities and continued prudent cost management as we move forward into 2013".
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.