Cargojet announced today financial results for the second quarter ended June 30, 2016.
For the Second Quarter Ended June 30, 2016:
Total Revenues were $79.3 million, an increase of $4.1 million or 5.5% versus quarter two of the previous year.
Gross Margin was $20.9 million, an increase of $13.6 million or 186.3% versus quarter two of the previous year.
Adjusted EBITDA was $22.5 million, an increase of $15.9 million or 240.9% versus quarter two of the previous year.
Adjusted EBITDAR was $26.9 million, an increase of $11.2 million or 71.3% versus quarter two of the previous year.
“Our record financial and operating results for the quarter reflect our fleet optimization efforts and the elimination of one-time transition costs as we successfully completed the transformation to our new overnight network.” said Ajay Virmani, President and Chief Executive Officer. “While organic growth remains flat, we are encouraged by the improvements in yields and continued prudent management of our operating costs including ongoing capacity management.” he added.
Cargojet is Canada’s leading provider of time sensitive overnight air cargo services and carries over 1,300,000 pounds of cargo each business night. Cargojet operates its network across North America each business night, utilizing a fleet of all-cargo aircraft.