Mr. Ajay Virmani reports

CARGOJET ANNOUNCES EXCEPTIONAL FIRST QUARTER RESULTS

Cargojet Inc. has released its financial results for the first quarter ended March 31, 2016.

For the first quarter ended March 31, 2016:

• Total revenues were $76.9-million, an increase of $22.8-million or 42.1 per cent versus the previous year.
• Gross margin was $16.6-million, an increase of $15.6-million versus the previous year.
• Adjusted earnings before interest, taxes, depreciation and amortization before one-time costs were $18.5-million, an increase of $11.2-million or 153.4 per cent versus the previous year. Adjusted EBITDA net of one-time cost was $17.4-million, an increase of $18.2-million versus the previous year.

"Our financial and operating results for the quarter were very strong, as we complete the first full transformational year of our business," said Ajay Virmani, president and chief executive officer. "Although Canadian economic indicators continue to limit organic growth, we are focused on seeking new revenue opportunities and to managing our operating costs by prudently matching capacity to meet actual demand."

We seek Safe Harbor.