MISSISSAUGA, ON, May 7, 2020 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the first quarter ended March 31, 2020.
For the Quarter Ended March 31, 2020:
Total Revenues were $123.0 million, an increase of $12.6 million or 11.4% versus the previous year.
Gross Margin was $32.2 million, an increase of $11.0 million or 51.9% versus the previous year
Adjusted EBITDA was $40.2 million, an increase of $7.9 million or 24.5% versus the previous year
Adjusted EBITDAR was $40.2 million, an increase of $7.6 million or 23.3% versus the previous year
In the first quarter, Cargojet achieved strong year-on-year operating results and free cash-flow. “While our Domestic Overnight Business held its own as e-Commerce maintained its growth trajectory, our diversification strategy to develop and focus on other lines of business such as ACMI and All-in Charters is paying off with strong year-on-year growth with strong contribution to overall margins” said Ajay Virmani, President & CEO.
“I am particularly proud of our team for swinging into action in tackling COVID-19 challenge. We moved swiftly to implement effective safety and security measures to protect our team as well as customers while ensuring that much needed Supply Chain continued the flow for urgent shipments. We activated our business continuity plans by supplementing additional pilots and operational personnel while successfully handling the unplanned surge in all segments of our Business” commented Mr. Virmani.
“While the longer-term implications, and the full impact of COVID-19 remains unknown, Cargojet is working hard and is well positioned to successfully support this new environment both in the short as well as in the long run” concluded Mr. Virmani.
‘Our cargo movements continue to grow and have never been more important,’ EIA says
CBC News · Posted: Apr 13, 2020
The Cargojet flight carrying medical supplies from Shanghai arrived early Monday morning at Edmonton International Airport. (Submitted by Edmonton International Airport)
A cargo flight loaded with medical supplies from China arrived at Edmonton’s airport early Monday morning, almost a month after the facility stopped accepting international passenger flights.
The Cargojet flight, arranged by Alberta Health Services, carried personal protective equipment for front line health-care workers and first responders in the province, according to a news release from the Edmonton International Airport.
The Boeing 767-300F left Shanghai on Sunday.
“Although our passenger movements are substantially down, our cargo movements continue to grow and have never been more important to our community,” Tom Ruth, EIA president and CEO, said in the release.
Canada has been actively seeking medical supplies — including medical masks, gowns and gloves — to ensure a stable supply as demand and profiteers overwhelm global markets.
“Our government is working very hard on an ongoing basis to secure the personal protective equipment required to keep our health care, continuing care and seniors care workers safe,” Municipal Affairs Minister Kaycee Madu said in the release.
The PPE supplies arrived as health professionals in Canada warn that shortages could put the lives of front-line workers at risk.
On March 16, in response to the global coronavirus pandemic, the federal government announced all international passenger flights arriving in Canada were restricted to one of four airports: Toronto, Montreal, Vancouver and Calgary.
According to the release, Edmonton is the only airport community in Canada to be certified by the International Air Transport Association to be involved with the transport of sensitive medical cargo, including pharmaceutical shipments that need strict temperature controls.
“This international designation ensures EIA will continue prospering as a global-scale gateway that will welcome future medical supply flights as well as other essential, time sensitive products,” the release said.
MISSISSAUGA, ON, April 1, 2020 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) is pleased to announce that the Ontario Superior Court of Justice (Commercial List) issued earlier today a final order approving the previously announced plan of arrangement under the Business Corporations Act (Ontario) effecting amendments to Cargojet’s articles of incorporation to align the permitted level of non-Canadian ownership and control of its voting shares within its articles with those prescribed by the new definition of “Canadian” under the Canada Transportation Act (“CTA”) as amended in June 2018.
Prior to the CTA amendments, no more than 25% of the voting interests of a Canadian air carrier could be owned or controlled by non-Canadians. The Government of Canada’s stated purpose in implementing the CTA amendments is to attract more foreign investment and encourage growth in the aviation sector by increasing, from 25% to 49%, the permitted level of foreign ownership of Canadian air carriers. At the same time, the CTA amendments introduced two new limitations on voting ownership and control, by capping the voting rights of single non-Canadians and of the aggregate of non-Canadian air carriers at 25%.
Cargojet expects that its amended articles will be filed and become effective on or about April 3, 2020. Further details regarding the amendments are set out in the management information circular of Cargojet dated February 26, 2020 and in Cargojet’s news release of the same date which are available on SEDAR under Cargojet’s profile at www.sedar.com.
Cargojet is Canada’s leading provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations. Cargojet owns a fleet of 26 aircraft.
MISSISSAUGA, ON, March 30, 2020 /CNW/ – Cargojet Inc. (TSX: CJT) (“Cargojet” or the “Company”) announced the voting results from its annual and special meeting of shareholders held today virtually via live audio webcast.
Shareholders elected each of the director nominees as follows:
Nominee
Votes For
Votes Withheld
(a) James Crane
9,329,677 (96.52%)
336,060 (3.48%)
(b) Ajay Virmani
9,476,318 (98.04%)
189,419 (1.96%)
(c) Arlene Dickinson
8,655,842 (89.55%)
1,009,895 (10.45%)
(d) Paul Godfrey
8,812,198 (91.17%)
853,539 (8.83%)
(e) John Webster
9,045,121 (93.58%)
620,616 (6.42%)
Shareholders also voted in favour of all items of business, including the special resolution adopting the previously announced plan of arrangement effecting amendments to Cargojet’s articles of amalgamation to increase the limits of foreign ownership and control of its voting shares to those permitted by amendments made to the Canada Transportation Act in 2018. The implementation of these amendments, which are described in Cargojet’s February 26, 2020 news release, remains subject to final approval of the Ontario Superior Court of Justice (Commercial List) at a hearing scheduled for Wednesday, April 1, 2020.
Final voting results on all matters voted on at the meeting will be filed on SEDAR at www.sedar.com.
Cargojet is Canada’s leading provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations. Cargojet owns a fleet of 26 aircraft.
MISSISSAUGA, ON, March 19, 2020 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX:CJT) announced today a set of extra-ordinary measures to help customers manage higher volumes and keep the flow of goods moving within and across Canada and the USA.
COVID-19 pandemic has changed lives for all Canadians as we know it. The situation remains fluid and families and businesses are adjusting to this new reality on a day-by-day basis. The need to keep the supply-chains moving is more critical than ever. As physical stores either temporarily shut down or limit their hours, Canadians are increasingly depending on delivery services to fulfil their essential needs.
Cargojet is a critical service provider in the Canadian supply chain and is experiencing significantly higher demand and volumes from e-Commerce and health care and essential supplies. We are taking several significant steps to ensure that we can continue to play an important role in fulfilling this increased overall demand. As a result, we are announcing the following measures:
Health and Safety of our Team: Given the nature of our business, substantially all of our team cannot work from home. Therefore, first and foremost, keeping our team safe and healthy is vital to maintaining our operations. Many of them are facing unexpected child-care needs due to school closures, higher prices of daily essentials, shortages and worries about groceries and other daily costs. We are taking immediate steps to help alleviate some of these worries by adding a temporary daily cash allowance and additional benefits support for every Cargojet team member.
Hygiene, Safety and Security of Cargo: We have rolled out enhanced health checks at each of our facilities and are working with our teams to increase cleaning, sanitizing and disinfecting procedures throughout our network including our aircraft, cargo containers, packages and facilities. We are following public health guidelines of frequent hand-washing and social distancing to keep our teams safe and productive.
Adjusting capacity to serve Domestic and Transborder needs: We are redeploying aircraft that are currently serving International scheduled and charter routes back to our Canadian Overnight network and to support the integrated supply chains of Canada-USA-Mexico routes which are essential to maintain timely access to essential supplies. We are preparing to handle additional volumes through our day time flights in case volumes exceed the overnight network capacity on certain key routes. We are well equipped and planning to handle any surge in volumes should that be necessary by adjusting schedules and routes.
Northern Communities: Our network supports key gateways to the Northern communities some of which are only accessible by Air. With significant curtailment in passenger airline capacities, moving cargo to the Northern communities is even more important. We are paying special attention to ensuring that supply-chains to Northern communities remain strong.
Increasing co-ordination with customers: We are communicating on a daily basis with our key customers to ensure that we have the necessary capacity, schedules and service levels to meet the increased demand to supply essential air cargo services.
Cargojet is very well-prepared and is doing everything possible to keep the critical supply-chains moving within Canada and on our Transborder services. Everyone on the Cargojet Team is fully committed and proud to be working diligently to provide these essential services to our customers and ultimately to those that need it most.
MISSISSAUGA, ON, Feb. 26, 2020 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today that it will seek shareholder approval at its 2020 annual and special meeting of shareholders to amend its articles of incorporation to increase the limits of foreign ownership and control of its voting shares to those permitted by amendments made to the Canada Transportation Act (CTA) in 2018. The amendments to its articles will be undertaken by way of a court supervised and shareholder approved statutory plan of arrangement.
Prior to the CTA amendments, no more than 25% of the voting interests of a Canadian air carrier could be owned or controlled by non-Canadians. The Government of Canada’s stated purpose in implementing the CTA amendments is to attract more foreign investment and encourage growth in the aviation sector by increasing, from 25% to 49%, the permitted level of foreign ownership of Canadian air carriers. At the same time, the CTA amendments introduced two new limitations on voting ownership and control, by capping the voting rights of single non-Canadians and of the aggregate of non-Canadian air carriers at 25%.
Completion of the plan of arrangement is subject to shareholder approval and approval of the Ontario Superior Court of Justice (Commercial List). Full details regarding the plan of arrangement will be included in the management information circular which will be made available to Cargojet’s shareholders in connection with the shareholder meeting scheduled for March 30, 2020.
Cargojet is Canada’s leading provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations. Cargojet owns a fleet of 26 aircraft.
MISSISSAUGA, ON, Feb. 20, 2020 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the fourth quarter and year ended December 31, 2019.
For the Fourth Quarter Ended December 31, 2019:
Total Revenues were $139.7 million, an increase of $7.1 million or 5.4% versus the previous year. Revenue growth excluding fuel surcharges and other pass through costs was 9.2%
Gross Margin was $41.6 million, an increase of $4.5 million or 12.1% versus the previous year
Adjusted EBITDA was $47.2 million, an increase of $7.0 million or 17.4% versus the previous year
Adjusted EBITDAR was $47.2 million, an increase of $4.9 million or 11.6% versus the previous year
For the Year Ended December 31, 2019:
Total Revenues were $486.6 million, an increase of $31.7 million or 7.0% versus the previous year. Revenue growth excluding fuel surcharges and other pass through costs was 9.9%
Gross Margin was $119.2 million, an increase of $6.9 million or 6.1% versus the previous year
Adjusted EBITDA was $156.0 million, an increase of $28.0 million or 21.9% versus the previous year
Adjusted EBITDAR was $156.8 million, an increase of $18.9 million or 13.7% versus the previous year
“Cargojet continued to produce strong revenue and EBITDA growth in 2019,” said Ajay Virmani, President and Chief Executive Officer. “We remain focused on executing our strategy and are driving growth in each of our lines of business. Once again, we handled record volumes for 2019 peak season while delivering exceptional service to our customers. Our efforts to prudently manage costs are yielding better margins and we continue to optimize our fleet utilization. Cargojet team once again delivered a strong quarter making us incredibly proud of their dedication and hard work.” he added.
Cargojet is Canada’s leading provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations. Cargojet owns a fleet of 26 aircraft.
Non-GAAP Measures
“Adjusted EBITDA” and “Adjusted EBITDAR” are non-GAAP measures used by the Corporation to provide additional information on its financial and operating performance. Adjusted EBITDA and Adjusted EBITDAR are not recognized measures for financial statement presentation under Canadian GAAP and it does not have standardized meanings and may not be comparable to similar measures presented by other public companies.
Adjusted EBITDA is used by the Corporation to assess earnings before interest, taxes, depreciation, amortization, gain or loss on disposal of capital assets, unrealized foreign exchange gains or losses, gain or loss on forward foreign exchange contracts, gain or loss on cash settled share based payment arrangement, loss on extinguishment of debt, employee pension, aircraft heavy maintenance expenditures, heavy maintenance deposits and non-cash pension expenses as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets. Adjusted EBITDAR is calculated as Adjusted EBITDA excluding aircraft rents. The Corporation believes that these alternative measures provide a more consistent basis to compare the performance of the Corporation between the periods. Adjusted EBITDA and Adjusted EBITDAR provide additional information to users of Management’s Discussion and Analysis of Financial condition and Results of Operations (“MD&A”) to enhance their understanding of the Company’s financial performance.
Reconciliation of non-GAAP EBITDA, Adjusted EBITDA and Adjusted EBITDAR to GAAP income is provided on page 15 of the MD&A for the three months and year ended December 31, 2019.
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 it’s most recent Annual Consolidated 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.
List includes tech companies, an airline giant, dollar stores and a label maker
Dollarama Inc., Air Canada and Alimentation Couche-Tard Inc. are among the top 10 Canadian stocks over the past decade.Postmedia/National Post
Victor Ferreira December 31, 2019
The last decade produced the longest-running bull market in history, but the fruits were not shared evenly. While U.S. markets soared, the S&P/TSX Composite Index underperformed, weighed down by the poor showings from energy and materials stocks. Nevertheless, there were a handful of companies here at home that rewarded investors handsomely — if they were savvy enough to hold them for the full 10 years. Now that the decade has come to a close, here’s a look back at the 10 S&P/TSX Composite Index stocks that netted investors the highest returns, including dividends.
Boyd Group Income Fund: 4,247 per cent
Investors likely wouldn’t expect this level of return from an autobody-shop conglomerate based in Winnipeg, but the Boyd Group has stealthily become one of the TSX’s best growth stocks. As the decade began, the company was riddled in debt and trading just above $5. When Brock Bulbuck took over as chief executive in 2010, the company pivoted to a consolidation strategy and its stock — now trading above $200 — hasn’t looked back.
Constellation Software Inc: 4,064 per cent
Like Boyd, Constellation is a consolidator with an aggressive growth-by-acquisition strategy that sees it gobble up small tech startups in niche markets. The stock has risen steadily since 2010 — so steadily, in fact, that it has suffered through only one 20 per cent decline during the entire 10 years.
Air Canada: 3,663 per cent
In 2012, Air Canada was trading at a little more than a dollar and, weighed down by a toxic balance sheet, appeared to be heading for a second bankruptcy. But since then chief executive Calin Rovinescu has overseen a remarkable turnaround, eliminating a multi-billion dollar pension deficit, transforming the airline into an international carrier and bringing the company’s books back into the black. The stock has taken flight, too, touching the $50 mark in November.
Cargojet Inc.: 1,555 per cent
The overnight cargo airline has been one of the runaway success stories of the past decade. Once an income fund that traded below $10, it has ridden the rise of e-commerce to new heights, signing a billion-dollar deal with Canada Post and most recently, entering into a partnership with Amazon.com Inc. It ends the decade on a high note, trading above $100.
InterRent Real Estate Invest Trust: 1,442 per cent
InterRent’s formula is a simple one. The apartment REIT buys older and mismanaged units on the cheap in Toronto, Ottawa and Montreal and completely renovates them, allowing it to charge much more in rent than the buildings’ previous owners. Although REITs are typically conservative investments, the upward trajectory of InterRent’s stock mirrors the growth the company has made in the past decade, more than doubling the number of units it owns and operates.
Alimentation Couche-Tard Inc. Class B: 1,186 per cent
Couche-Tard has become the second-largest convenience store operator in the world in the last decade and has done so mostly through consolidation. Its largest deal in the M&A market was sealed in 2017, when it acquired CST Brands Inc. for US$4.4 billion and added another 2,000 stores across the U.S. and Eastern Canada to its books. And chief executive Brian Hannasch isn’t done there. Though a recent US$7.7 billion offer for Australia-based Caltex Australia Ltd. was rejected, there are sure to be more on the way.
Enghouse Systems Ltd.: 1,167 per cent
If you haven’t heard of Enghouse Systems, you aren’t alone. With a focus on enterprise communications software they aren’t in the public eye, but that is of little concern to investors who have reaped a tidy four-digit return over the past decade. The $2.6-billion software company operates like Constellation Software though on a smaller scale, making multiple acquisitions per year to fuel its incredible growth story.
Dollarama Inc.: 1,096 per cent
Dollarama IPO’d in the wake of the financial crisis and has thrived due to a significant portion of its customer base now being made up of middle-class consumers. In 2014, the stock gained close to 60 per cent on the back of the news that the discount chain would be pursuing an expansion strategy that would see its store count boosted by 50 per cent. Dollarama had 800 stores then and now operates over 1,200.
CCL Industries Inc. Class B: 1,036 per cent
Investing thousands of dollars in a label-maker doesn’t sound too exciting for an investor with their eyes on the latest cutting-edge tech companies — that is, until they see that that label maker has returned more than 1,000 per cent in the past decade. CCL calls itself the world’s largest label maker and has been able to accomplish that feat through acquisitions that have seen it more than double its revenues since 2014. The company also pays out a quarterly dividend, which now stands at 17 cents per common share.
Premium Brands Holdings Corp.: 970 per cent
In little more than three years between 2015 and 2018, Premium Brands netted investors close to 400 per cent in returns. Like many of the top performers on this list, the food manufacturer actively pursued acquisitions while also offering investors a quarterly dividend of 52 cents per common share as of the end of September 2019. After reaching its all-time high of just over $120 in April 2018, the stock declined by more than 40 per cent in the next eight months and has yet to retest its prior levels more than a year later.
MISSISSAUGA, ON, Nov. 4, 2019 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT, CJT.A) announced today strong financial results for the quarter ended September 30, 2019.
For the Third Quarter Ended September 30, 2019:
Total Revenues were $117.4 million, an increase of $3.3 million or 2.9% versus previous year.
Domestic Network Revenues were up 5.5% and ACMI revenues increased 33.3% versus the previous year.
Gross Margin was $29.8 million, an increase of $3.2 million or 12.0% versus previous year.
Adjusted EBITDA was $39.1 million, an increase of $7.6 million or 24.1% versus previous year.
Adjusted EBITDAR was $39.3 million, an increase of $5.6 million or 16.6% versus previous year
“Cargojet remains focused on its strategic priorities and during Q3 we executed several of these initiatives,” said Dr. Ajay Virmani, President and Chief Executive Officer. “Our domestic network continues to benefit from overall e-Commerce growth in Canada with revenues up 5.5% versus the previous year,” he added. “And I am particularly pleased that our strategy to diversify and focus on higher margin ACMI dedicated aircraft business has resulted in 33.3% revenue growth. As we enter the peak shipping season, our team will be focused on continuing to meet our customers’ capacity requirements while delivering the best customer experience for this holiday season,” concluded Dr. Virmani.
Cargojet is Canada’s leading provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations. Cargojet owns a fleet of 26 aircraft.
MISSISSAUGA, ON, Sept. 4, 2019 /CNW/ – Cargojet has recently renewed its IATA Operational Safety Audit (IOSA) registration. IOSA is an internationally recognized and accepted evaluation system designed to assess the operational management and control systems of an airline. IOSA uses internationally recognized quality audit principles to conduct audits in a standardized and consistent manner.
IATA’s mission is to represent, lead and serve the airline industry. Its members comprise some 290 of the world’s leading passenger and cargo airlines – representing 82 percent of scheduled international air traffic. Cargojet is very proud to be the only Canadian air cargo carrier that is a full member of IATA.
“The audit is an in-depth look at the practices and standards of the airline with the end goal of meeting a common, worldwide standard for safety in everything we do, our audit team have once again done a tremendous job in working with the auditors to demonstrate conformance with IOSA standards” according to Ajay K. Virmani, President & CEO. “We fully support the continuous updating of standards to reflect regulatory revisions and the evolution of best practices within the worldwide airline industry under the continuing stewardship of IATA”, adds Virmani.
Cargojet is Canada’s leading provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations, utilizing a fleet of 26 all-cargo aircraft.
