Cargojet Increases Quarterly Dividend by 10%

MISSISSAUGA, ON, Nov. 7, 2023 /CNW/ - The Board of Directors of Cargojet Inc. has declared a cash dividend of $0.3146 per common voting share and variable voting share for the period from October 1, 2023, to December 31, 2023, an increase of $0.0286 or 10.0% per share from the previous quarter.

"This increase in the cash dividend reinforces our commitment to return value to our shareholders," said Dr. Ajay Virmani, President and Chief Executive Officer.  "It is also consistent with our capital allocation plan to periodically increase cash returns to our shareholders", he added.

The dividends will be paid to all shareholders of record as at the close of business on December 20, 2023, and will be payable on or before January 5, 2024.  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 air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its cargo network with its own fleet of 39 aircraft.

Notice on Forward Looking Statements:

Certain statements contained herein constitute "forward-looking statements", including with respect to the Corporation's intention to reduce planned capital expenditures and operating costs, to strengthen strategic customer relationships, 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 (AIF) 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 Corporation cautions that the list of risk factors and uncertainties described in the AIF and MD&A is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. The forward-looking information contained herein represents our expectations as of the date hereof (or as the date they are otherwise stated to be made), and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under 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.

Pauline Dhillon, Chief Corporate Officer, Tel: [phone], [email protected]