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CARGOJET Cargojet continues strong momentum as it reports Q1 , 2021 Mississauga , ON , May 3 , 2021 - Cargojet Inc. ( " Cargojet ” or the “ Corporation " ) ( TSX : CJT ) announced today financial results for the first quarter ended March 31 , 2021 . Total Revenues for the quarter were $ 160.3 million compared to first quarter 2020 Revenues of $ 123.0 million . Gross Margin for the quarter was $ 45.3 million compared to first quarter 2020 Gross Margin of $ 32.2 million . Adjusted EBITDA and Adjusted EBITDAR for the quarter were $ 64.2 million compared to the first quarter 2020 Adjusted EBITDA and Adjusted EBITDAR of $ 44.6 million . Adjusted Free Cash Flow of $ 35.2 million for the three - month period ended March 31 , 2021 compared to $ 29.8 million for the same period in 2020 increased $ 5.4 million or 18.1 % . " With a fundamental shift in consumer shopping habits in several key categories , Cargojet has spent the last few quarters laying the foundation to capture the next phase of e - Commerce growth . We strengthened our balance sheet , invested in fleet expansion , broadened our portfolio of services and are investing in attracting and retaining top talent . ” said Dr. Ajay Virmani , President & CEO . " What was previously a consumer led shift to digital is now rapidly becoming a merchant led shift , accelerating the move to e - Commerce even further . Our highly focused and professional team continues to work closely with our customers to support their changing needs while maintaining the best on - time performance in the industry " noted Dr. Virmani . " With shifting supply chains , triggered by a significant reset of the international passenger routes , we also see opportunities to expand and diversify on select international lanes . We also continue to focus on growing our ACMI and Charter business as cargo capacity remains in high demand and we are constantly adapting to maintain our leadership position " . concluded Dr. Virmani . About Cargojet 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 network with its own fleet of 28 Cargo aircraft . For further information , please contact Pauline Dhillon Chief Corporate Officer Tel : ( 905 ) 501 7373 pdhillon@cargojet.com 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