Fourth Quarter Revenue Up 37.9% EBITDA Up 19% MISSISSAUGA, ON, March 7 /CNW/ - Cargojet Income Fund (the "Fund") TSX: CJT.UN) announces financial results for the Fourth Quarter and Year Ended December 31, 2007. For the Fourth Quarter Ended December 31, 2007: ----------------------------------------------- - Revenues increased by 37.9% to $48.4 million from $35.1 million for the comparable period in 2006; - EBITDA increased by 19.0% to $6.9 million from the comparable period in 2006, an increase of $1.1 million; - Total cash distributions were $2.6 million, or $0.2892 per trust unit, representing a payout ratio of 61% For the Year Ended December 31, 2007: ------------------------------------- - Revenues increased by 12.8% to $151.1 million from $134.0 million for the comparable period in 2006; - EBITDA increased by 12.5% to $21.6 million from the comparable period in 2006, an increase of $2.4 million; - Total cash distributions were $10.3 million, or $1.1549 per trust unit, representing a payout ratio of 72% "These strong financial results demonstrate Cargojet's ongoing commitment to profitable revenue growth while delivering the most reliable and value added air cargo service in Canada. This marks another quarter of strong year over year revenue and operating margin increases, and is a testament to the dedication and commitment of each member of the Cargojet team," says Ajay Virmani, President and CEO of the Fund. "We have remained focused on being the best overnight air cargo service provider in North America by consistently delivering our customers with a reliable and cost effective solution to their time sensitive cargo needs," adds Virmani. The Fund's 2007 Audited Consolidated Year End Financial Statements, Fourth Quarter results and Management's Discussion and Analysis ("MD&A") have been released to the Fund's website at and have also been filed with SEDAR. Management will host a conference call on Friday March 7, 2008 at 2:30 pm Eastern time to review the release of the 2007 Fourth Quarter and Year End results. Cargojet is Canada's leading provider of time sensitive overnight air cargo services. Cargojet operates its network across North America, transporting over 840,000 pounds of time sensitive air cargo each business night, utilizing a fleet of twenty-two. %SEDAR: 00022068E
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For further information: Pauline Dhillon, VP Marketing, Public and Government Relations at (905) 501-7373 ext 135 or at pdhillon@cargojet.com
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