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CARGOJET Favourable Macro Trends Continue to Drive Strong Performance Mississauga , ON , Aug 3 , 2021 - Cargojet Inc. ( " Cargojet ” or the “ Corporation " ) ( TSX : CJT ) announced today financial results for the second quarter ended June 30 , 2021 . Total Revenues for the quarter were $ 172.1 million compared to second quarter 2020 Revenues of $ 196.1 million . Gross Margin for the quarter was $ 54.9 million compared to second quarter 2020 Gross Margin of $ 90.7 million . Adjusted EBITDA and Adjusted EBITDAR for the quarter were $ 67.4 million compared to the second quarter 2020 Adjusted EBITDA and Adjusted EBITDAR of $ 80.2 million . Revenue growth excluding Charter line of business was a solid 30 % . Prior year's Charter revenues reflect a significant one - time benefit due to dedicated charter flights for government agencies to bring Personal Protective Equipment ( PPE ) from China to Canada . Going forward we expect a more normalized revenue growth in our Charter business . Adjusted Free Cash Flow was $ 36.0 million for the three - month period ended June 30 , 2021 compared to $ 55.7 million for the same period in 2020 . " We are encouraged to see rising vaccination rates in Canada and the gradual re - opening of the economy . One of the newest macro trends we are observing is Hybrid . Be it return to office or shopping habits ; we are seeing consumers adopt a hybrid approach to many aspects of their lives . Even after the economies re - open , we expect consumers to maintain e - commerce in their shopping mix for a vast array of products , setting a new higher baseline for volumes to grow from " . said Dr. Ajay Virmani , President & CEO . " Over the past 15 months , supply chains have become more resilient and consumers have gotten used to a wide variety of products being available to them on next - day or even the same - day delivery . To fulfil this need for speed , shippers are expected to increase the air - cargo component in their supply chain mix . On the B2B front , we are still not seeing the full recovery as businesses remained closed due to government restrictions for the most part of second quarter ” . further noted Dr. Virmani . " We continue to make progress on our international growth strategy . Having demonstrated the value add of dedicated air - cargo service to customers who initially signed up for shorter term commitments , we are starting to see greater stickiness for certain international segments despite the re - opening of certain passenger air routes . The international air - cargo market still remains tight and continues to present opportunities for our ACMI and Charter businesses " . concluded Dr. Virmani .