MISSISSAUGA, ON, Oct. 1, 2020 /CNW/ – Cargojet President and Chief Executive Officer Ajay K. Virmani has been recognized as Strategist of the Year, as well being named one of Canada’s top leaders of 2020 representing the best corporate leadership, innovation, vision and responsibility by the Globe and Mail’s Report on Business. The Strategist of the Year is awarded by the Globe and Mail’s Report of Business team to a CEO whose bold decisions have materially changed and improved the strategic position of his or her business.

“True to his entrepreneurial spirit, Ajay started Cargojet in the thick of 9/11 crisis and in less than 20 years turned it into an air-cargo powerhouse with recognition on the TMX 30 as one of Canada’s top performing stocks two years running. Ajay has been the architect of building Canada’s most efficient overnight air-network that has become the de-facto enabler of next-day e-Commerce. His bold and courageous leadership and relentless focus on employees and customers are at the heart of Cargojet’s success. On behalf of the Cargojet Board, I congratulate Ajay on this remarkable recognition,” said James Crane, Chair of the Board of Directors, Cargojet.

“I am honored to be named to this prestigious list of CEO’s selected by the Globe and Mail. This recognition is a testament to our dedicated and hardworking team of professionals, who work day and night to ensure Canada’s supply chain continues to service Canadians coast to coast. I am also thankful to our customers for their business, partnership and their continued trust and confidence in Cargojet,” said  Dr. Ajay Virmani.

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.

MISSISSAUGA, ON, Sept. 15, 2020 /CNW/ – Cargojet Inc. (“Cargojet”) (TSX: CJT), Canada’s most awarded cargo airline was recognized as the 10^th best performing stock on the 2020 list of TSX30 by the Toronto Stock Exchange.  This program launched in 2019 recognizing the 30 top-performing TSX stocks over a three-year period based on dividend-adjusted share price appreciation.

“We are thrilled to be once again included in this prestigious list that recognizes Canada’s best shareholder value creators. We have always followed a simple principle that the road to shareholder value goes through building a highly engaged workforce that is passionate about looking after our customers,” says Ajay Virmani, President and CEO. “We have followed this guiding principle from the day one of our journey and it remains the foundation of everything we do.  I would like to extend my sincerest thanks and gratitude to Team Cargojet for all of their efforts, hard work and dedication not only to Cargojet but to Canada during these times.”

“This principle was once again tested as the COVID-19 pandemic hit individuals, families and businesses all around the world. After being declared as an essential service, Cargojet employees have worked tirelessly to keep Canada’s supply chains and the e-Commerce packages moving while bringing millions of Personal Protective Equipment (PPE’s) from around the globe to Canada to help our frontline healthcare workers. Our employees have been on the frontlines and are the real heroes with whom I proudly share this honour.”

“We are mindful that this pandemic has also impacted some of the most vulnerable members of our communities. Therefore, in line with our core values of giving back, Cargojet recently announced a contribution of $2.5 million to Cargojet Foundation, with the goal of supporting pandemic and social justice initiatives,” concluded Mr. Virmani:

MISSISSAUGA, ON, August 6, 2020 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the second quarter ended June 30, 2020. Total Revenues for the quarter were $196.1 million compared to second quarter 2019 Revenues of $119.1 million. Gross Margin for the quarter was $90.7 million compared to second quarter 2019 Gross Margin of $26.6 million. Adjusted EBITDA and Adjusted EBITDAR for the quarter were $91.1 million and $91.1 million compared to second quarter 2019 Adjusted EBITDA and Adjusted EBITDAR of $37.5 million and $37.8 million respectively.

Cargojet’s domestic revenues benefited from a strong e-Commerce growth driven by the work-from-home economy that were partially offset by lower B2B volumes, as most non-essential businesses were closed in the early part of the Quarter. We have seen a rebound of B2B volumes late in the Quarter as economies started to re-open across the country. The e-Commerce growth continues to accelerate, in addition to large online retailers, thousands of small and medium sized businesses moved their sales to online channels resulting in strong growth in the B2C Business. As reported by Statistics Canada, in April e-Commerce sales as a percentage of total retail sales doubled to 14% compared to Q1 of 2020 and were up 120% in May compared to May 2019.

“Reduced global air cargo capacity, as a result of extremely reduced passenger flights, led to strong ACMI growth in International markets that we believe will continue for the short and medium term. We also realized strong ad-hoc international charter revenues operating during the period, providing capacity to bring PPE and other medical supplies back from Asia for various government agencies that may not be recurring,” said Ajay Virmani, President & CEO.

“We firmly believe that the real strength of Cargojet is its 1,200 strong team members. As we faced the once-in-a-century challenge of operating our business in a global pandemic, it tested every aspect of our business but what really stood out was the unwavering commitment, hard work and devotion of each one of our team members who rose to the challenge. We remained laser focused on ensuring health and safety of our employees, our customers and the cargo we move. The special measures we put in place in late March have now become the new normal within our operations. These extraordinary measures not only allowed us to operate safely, they were instrumental in helping us exceed customer expectations with record on-time performance during these unprecedented times,” commented Mr. Virmani.

“We are continuing to monitor the impact of COVID-19 but believe it will be several quarters before we fully understand its short and long-term implications. Cargojet continues to show resilience and operating leverage as it handles a significant surge in volumes. At the same time, we are continuing to use increased cash flows to pay down debt and we continue to make investments to ensure that we can participate in the growth opportunities being presenting to us,” concluded Mr. Virmani.

MISSISSAUGA, ON, Aug. 6, 2020 /CNW/ – Cargojet today announced that it is contributing $2.5 million to the Cargojet Foundation with the goal of supporting three key initiatives:

1. Direct support to local healthcare communities in fighting COVID 19 – From helping health care institutions better prepare to cope with a potential second wave to enabling vaccination as soon as a safe vaccine is available, the initiative will identify and fund the most compelling needs for the healthcare community such as testing, treatment and research.
2. Support measures to combat racial inequality by helping under privileged communities and social justice incentives. 
3. Support the most vulnerable groups of our society that are particularly hard hit by the ongoing pandemic.

“This pandemic has exposed several weak spots in our society. From the limitations of the healthcare system to the fragility of life for the most vulnerable members of our communities” noted Mr. Ajay Virmani, President and CEO of Cargojet.

“Cargojet is proud to have one of the most diverse workforces in the country but what has become even more important is to raise the collective bar. There is more we can do to support racial equality in professions where ethnic minorities form a much smaller portion of workforce. Therefore, supporting those who may not have the opportunity to pursue certain careers at an early education stage is vitally important.”

“While we have been able to operate our business and maintain every job and growing, we are acutely aware that many other businesses are not in the same situation. Therefore, supporting our communities and giving back is an essential part of who we are as a company” concluded Mr. Virmani.

MISSISSAUGA, ON, July 24, 2020 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) is pleased to announce the successful closing of the issue and sale of an additional $15 million aggregate principal amount of 5.25% listed senior unsecured hybrid debentures (the “Debentures”) pursuant to the exercise in full of the over-allotment option granted to the syndicate of underwriters, co-led by RBC Capital Markets, CIBC Capital Markets and Scotiabank, in connection with the Corporation’s recently completed bought deal offering of $100 million aggregate principal amount of Debentures (the “Offering”).

Together with the Debentures issued on July 16, 2020, Cargojet will have issued a total of C$115,000,000 aggregate principal amount of the Debentures.  

The Debentures bear interest at a rate of 5.25% per annum, payable semi-annually in arrears on June 30 and December 31 of each year, commencing December 31, 2020, and will mature on June 30, 2026.

The Offering was made pursuant to a final short form prospectus dated July 9, 2020, and the Debentures are traded on the Toronto Stock Exchange under the symbol “CJT.DB.F”.

The Corporation intends to use the net proceeds from the closing of the over-allotment option to pay down the Corporation’s revolving credit facility and to free up capacity to fund future anticipated capital expenditures, including the purchase of aircraft.

The securities issued pursuant to the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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.

/NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

MISSISSAUGA, ON, July 20, 2020 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) is pleased to announce that it has amended its syndicated committed revolving credit facility in order to, among other things, increase the revolving credit limit from $510 to $600 million and to extend the maturity date to July 16, 2025.  

The credit facility is co-led by Royal Bank of Canada, CIBC and Bank of Nova Scotia. Other lenders include National Bank, Bank of Montreal, Laurentian Bank of Canada and ATB Financial.

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.

From Cargojet Inc

MISSISSAUGA, ON, July 7, 2020 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX:CJT) Cargojet announced the successful recertification of its ISO 9001:2015 Quality Standard Accreditation, for the eighteenth consecutive year.  Cargojet is the only air cargo carrier in Canada with this accreditation.

“This accreditation reinforces the continuity of the value added, safe, on time and reliable service Cargojet provides to its customers on a daily basis. It includes a review of an organization’s documented quality management system and ongoing audits of our facilities to ensure the quality management systems have been implemented and are effective,” says Dr. Ajay K. Virmani, President and CEO.   “We have once again earned this certification due to the hard and conscientious efforts of our team who continue to surpass our customer’s expectations while maintaining excellence in standards, processes and procedures,” adds Virmani.

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. 

From Cargojet Inc

MISSISSAUGA, ON, June 22, 2020 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT, CJT.A) is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by RBC Capital Markets, CIBC Capital Markets and Scotiabank under which the underwriters have agreed to purchase C$100 million aggregate principal amount of listed senior unsecured hybrid debentures due June 30, 2026 (the “Debentures”) at a price of C$1,000 per Debenture (the “Offering”). Cargojet has also granted the underwriters an option to purchase up to an additional C$15 million aggregate principal amount of Debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following closing of the Offering. The Offering is expected to close on or about July 16, 2020.

The Debentures will be direct, senior unsecured obligations of the Corporation and will rank subordinate to all existing and future senior secured and other secured indebtedness of the Corporation, and will rank pari passu with all existing and future senior unsecured, and other unsecured and unsubordinated indebtedness of the Corporation. The Debentures will rank pari passu with the Corporation’s 5.75% listed senior unsecured hybrid debentures due April 30, 2024 and the Corporation’s 5.75% listed senior unsecured hybrid debentures due April 30, 2025. The Debentures will bear interest at a rate of 5.25% per annum, payable semi-annually in arrears on June 30 and December 31 of each year, with the first interest payment on December 31, 2020. The December 31, 2020 interest payment will represent accrued interest from the closing of the Offering, to but excluding December 31, 2020. The Debentures will mature on June 30, 2026 (the “Maturity Date”).

(more…)

From Cargojet Inc

MISSISSAUGA, ON, May 28, 2020 /CNW/ – Cargojet once again is excited to announce that it has been awarded the Shipper’s Carrier of Choice Award by the Canadian Shipper magazine, a leading industry publication.  Cargojet continues to surpass shipper expectations as well as the industry benchmark in the total Industry Sector Average and particularly in the key areas of On-time Performance, Leadership in Problem Solving, Ability to Provide Value-Added Services, Customer Service, Quality of Equipment & Operations, Competitive Pricing, and Sustainable Transportation Practices. Cargojet’s total aggregate score was 166.49 which was measured against the overall 2019 benchmark of excellence of 153. Cargojet is the only Canadian Air Cargo carrier to receive this honour for the eighteenth year.

“Cargojet continues to exceed the expectations of our customers by delivering a premium product into the marketplace. We remain focused on exceeding our customers expectation and provide them value-added services.  This award is a testament to the  Cargojet team’s dedication, hard work and loyalty.   Our professional team is truly the driving force of Cargojet,” says Dr. Ajay K. Virmani, President & CEO.

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. 

From Cargojet Inc

MISSISSAUGA, ON, May 11, 2020 /CNW/ – The Board of Directors of Cargojet Inc. has declared a cash dividend of $0.2340 per common voting share and variable voting share for the period from April 1, 2020 to June 30, 2020. The dividends will be paid to all shareholders of record as at the close of business on June 19, 2020 and will be payable on or before July 6, 2020. These dividends will be eligible dividends within the meaning of the Income Tax Act (Canada).

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.

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.