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:
- 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.
- Support measures to combat racial inequality by helping under privileged communities and social justice incentives.
- 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.
About Cargojet Foundation
Cargojet Foundation, a registered charitable entity, was launched last year with the core mandate of supporting the most vulnerable members of the communities we live and work all across Canada. The Foundation will raise funds through Cargojet employee giving campaigns and through special events designed to engage broader partners of Cargojet network. Cargojet's $2.5 million donation will allow the Foundation to expand its core mandate to address issues surfaced by the pandemic.
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.
"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 months ended June 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.
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