Cargojet Announces Strong Second Quarter Results

Cargojet Inc. (the "Corporation") (TSX: CJT, CJT.A) announced today financial results for the second quarter ended June 30, 2012.

For the Second Quarter Ended June 30, 2012:

    Total Revenues were $40.5 million, a decrease of $0.7 million or 1.7% versus the previous year.
    Gross Margin was $7.2 million, a decrease of $0.7 million or 8.9% versus the previous year
    EBITDA was $4.5 million, an increase of $1.2 million or 36.4% versus the previous year

"Although we continue to experience soft volume levels on our core overnight network, we are encouraged by strong growth in our ad-hoc and charter revenue streams," said Ajay Virmani, President and Chief Executive Officer.  "A continued focus on operating efficiencies and cost management has resulted in a significant improvement in operating yields and cash flows," he added.

Cargojet is Canada's leading provider of time sensitive overnight air cargo services. Cargojet operates its network across North America each business night, utilizing a fleet of thirteen all-cargo aircraft.

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.

SOURCE: Cargojet Inc.

P. Dhillon
Vice President Marketing, Public & Government Relations
Tel: (905) 501 7373
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