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Cargojet Inc. (the “Corporation”) has announced financial results for the fourth quarter and twelve-month period ended Dec. 31, 2013.
For the fourth quarter ended Dec. 31, 2013:
- Total revenues were $48.5, an increase of $2.1 million or 4.5 per cent versus the previous year
- Gross margin was $8.7 million, a decrease of $0.1 million or 1.1 per cent versus the previous year
- EBITDA was $6.9 million, an increase of $1.5 million or 27.8 per cent versus the previous year
For the twelve month period ended Dec. 31, 2013:
- Total revenues were $175.4 million, an increase of $6.6 million or 3.9 per cent over the previous year
- Gross margin was $25.4 million, a decrease of $2.9 million or 10.2 per cent versus the previous year
- EBITDA was $17.2 million, an increase of $0.3 million or 1.8 per cent versus the previous year
“Cargojet continued to experience strong customer demand on its core overnight network during the quarter and the second half of the year.” said Ajay Virmani, president and chief executive officer. “We are cautious about the speed of the economic recovery and continue to manage our costs very prudently. We are embarking on an exciting new growth chapter in our evolution with the recent successful award of a major new long-term contract with Canada Post and Purolator that will potentially double the size of our business. While we move forward with this expansion our key focus will be on our current customer base to ensure they continue to receive a first class value-added service,” he added.
Cargojet’s Annual and Special meeting will be on April 10th at 1:00P at the TSX Gallery.
