Cargojet Inc. (Cargojet Airways) (Hamilton) announced today financial results for the first quarter ended March 31, 2013 .
For the First Quarter Ended March 31, 2013:
Total Revenues were $40.7 million, an increase of $0.6 million or 1.5% versus the previous year.
Gross Margin was $4.9 million, a decrease of of $0.6 million or 10.9% versus the previous year
EBITDA was $2.7 million (all amounts in Canadian dollars), an increase of $0.8 million or 42.1% versus the previous year
“We are very pleased with the improvement in financial and operating results, as compared to the previous year, despite two less operating days in the quarter”, said Ajay K. Virmani, President and Chief Executive Officer. “We continue to see modest improvements in demand and volumes from all revenue sectors, although overall yields and pricing remain under pressure”. “We will continue to manage our cost prudently and gain efficiencies where available”, he concluded.
Copyright Photo: Rainer Bexten. Boeing 767-223 (F) C-FMCJ (msn 22316) makes a stop at Cologne/Bonn.
American Airlines (Dallas/Fort Worth) will soon make a decision on whether it will proceed with the proposed merger with US Airways (Phoenix). The two airlines have issued this joint statement which brings a probable merger one step closer with a new agreement between its pilots:
American Airlines and US Airways, with participation of committee counsel for the Unsecured Creditors Committee, are pleased that they have completed discussions with the Allied Pilots Association and US Airline Pilots Association intended to develop a framework for the terms of employment for pilots, as well as a process for pilot integration, in the event of a merger between AA and US during restructuring. This memorandum of understanding was approved by the Allied Pilots Association’s Board of Directors and by USAPA’s Board of Pilot Representatives. This memorandum of understanding will assist all of the stakeholders, including the Boards of AMR and US Airways, in making an informed decision as to whether a merger should ultimately be pursued. The MOU is one of several elements to be considered before a decision on a merger can be made. Details regarding the MOU are still covered by the terms of a non-disclosure agreement so they cannot be further disclosed at this time.
American Airlines’ board of directors meets next week to consider its course of action. Read the analysis by Reuters: CLICK HERE
Top Copyright Photo: Michael B. Ing. The Boeing 767-200s of both airlines are likely to be retired fairly soon if a merger is accomplished. American’s Boeing 767-223 ER N324AA (msn 22325) is mainly assigned to the transcontinental routes and is pictured departing from Los Angeles International Airport.
Bottom Copyright Photo: Bruce Drum. A decision will have to made about US Airways’ membership in the Star Alliance if a merger is pursued. Boeing 757-2B7 N935UW 9msn 27201) arrives at Las Vegas.
American Airlines‘ (Dallas/Fort Worth) pilots union, the Allied Pilots Association, has rejected the final contract offer from management by a 11 to 5 vote and sent the contract to the members. Barring a reversal by the pilots, the decision of a contract now rests with the bankruptcy court judge. Judge Sean Lane is expected to rule on management’s motion to void all labor contracts and impose tentative terms tomorrow (June 22) according to this report by Reuters.