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CARGOJET Revenue Diversification Strategy Helps Deliver Another Strong Quarter Mississauga , ON , November 1 , 2021 - Cargojet Inc. ( " Cargojet " or the " Corporation " ) ( TSX : CJT ) announced today financial results for the third quarter ended September 30 , 2021 . Total Revenues for the quarter were $ 189.5 million compared to third quarter 2020 Revenues of $ 162.3 million . Gross Margin for the quarter was $ 54 million compared to third quarter 2020 Gross Margin of $ 58.3 million . Adjusted EBITDA and Adjusted EBITDAR for the quarter were $ 70.9 million compared to the third quarter 2020 Adjusted EBITDA and Adjusted EBITDAR of $ 69.8 million . Total revenue growth of 16.8 % for the quarter compared to prior year was led by the ACMI line of business that posted strong revenue growth of 21 % compared to prior year . Cargojet continues to diversify its portfolio and it is more diversified today than the pre - pandemic period . Domestic Network Revenue for this quarter accounted for less than 42 % of total revenues compared to over 54 % for the same quarter in 2019 . Adjusted Free Cash Flow was $ 51.1 million for the three - month period ended September 30 , 2021 compared to $ 59.3 million for the same period in 2020 . " Ocean and ground transportation supply - chains remain clogged across the globe creating short- to - medium term opportunities for air - cargo . We are seeing that reflected in our ACMI business and expect this to extend through the upcoming holiday season " . said Dr. Ajay Virmani , President & CEO . " As economies and businesses re - open , Consumers are keen to step out and experience in- person shopping . But our longer - term outlook for e - Commerce remains strong , particularly given the dramatic uplift in digital adoption over the past 18 months " . further noted Dr. Virmani . " We are also excited about the opportunities emerging in the international air - cargo segment . Over the past few quarters , we have methodically invested in talent , infrastructure and aircrafts necessary to build a strong international business and are beginning to see encouraging results . Our team of dedicated professionals continues to be the driving force of our ongoing success . Each member of our team focuses and delivers customer excellence " . concluded Dr. Virmani .