MISSISSAUGA, ON, Dec. 8, 2020 /CNW/ - Cargojet Inc.
("Cargojet" or the "Corporation") (TSX: CJT) formally announced
today the expansion of its dedicated ACMI aircraft agreement with
DHL Express with the addition of three international routes.
The new routes are operated by three (3) dedicated B767-300F
Cargojet freighter aircraft between Hamilton, Canada; DHL Express hub in Cincinnati, Ohio; and continuing to
Monterrey, Mexico; and the
United Kingdom.
These routes were initially started in April 2020 and October
2020 on a temporary basis, as global demand for dedicated
air cargo services soared as a result of the Covid-19 pandemic and
the resulting reduction in belly cargo capacity in passenger
aircraft. Cargojet was well-positioned to assist DHL Express in
quickly adding required cargo capacity and is very pleased to
transition these routes to longer-term arrangements to provide
dedicated air cargo capacity to DHL. This brings the total
dedicated ACMI aircraft operated by Cargojet for DHL Express to
nine aircraft.
"We are very pleased to continue to grow our long-standing
relationship with DHL globally and look forward to continue to
provide DHL and its customers with exceptional on-time performance
and service levels," said Ajay K.
Virmani, President and CEO for Cargojet.
"DHL Express welcomes the opportunity to expand its relationship
with long-time partner Cargojet to help support our commitment to
our customers and meet ever-growing demands for capacity and
shipment growth, especially on these critical transatlantic lanes,"
said Jon Olin, VP of Aviation for
DHL Express Americas. "Cargojet has proven itself to be a safe,
reliable and dedicated air operator for the company."
About Cargojet
Cargojet is Canada's leading
provider of time sensitive premium air cargo services to all major
cities North America, provides
Dedicated ACMI and International Charter services and carries over
25,000,000 pounds of cargo weekly. Cargojet operates its network
with its own fleet of 27 Cargo aircraft.
For further information, please contact:
Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com
DHL is the leading global brand in the logistics industry. Our
DHL divisions offer an unrivalled portfolio of logistics services
ranging from national and international parcel delivery, e-commerce
shipping and fulfillment solutions, international express, road,
air and ocean transport to industrial supply chain management. With
about 380,000 employees in more than 220 countries and territories
worldwide, DHL connects people and businesses securely and
reliably, enabling global sustainable trade flows. With specialized
solutions for growth markets and industries including technology,
life sciences and healthcare, engineering, manufacturing &
energy, auto-mobility and retail, DHL is decisively positioned as
"The logistics company for the world".
DHL is part of Deutsche Post DHL Group. The Group generated
revenues of more than 63 billion
euros in 2019. With sustainable business practices and a
commitment to society and the environment, the Group makes a
positive contribution to the world. Deutsche Post DHL Group aims to
achieve zero-emissions logistics by 2050.
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, unrealized gain or loss on forward foreign exchange
contracts, aircraft heavy maintenance amortization, contract asset
amortization, gain or loss on cash settled share based payment
arrangement related to a financing arrangement, unrealized gain or
loss on fair value of total return swap related to a financing
arrangement, gain or loss on fair value of stock warrant, loss on
settlement of cash settled share based payment arrangement related
to a financing arrangement, gain on settlement of total return swap
related to a financing, loss on extinguishment of debts, and
non-cash employee pension expense, 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 14 of the MD&A for
the three and six months ended September 30,
2020.
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.
SOURCE Cargojet Inc.