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Cargojet has recently renewed its IATA Operational Safety Audit (IOSA) registration. IOSA is an internationally recognized and accepted evaluation system designed to assess the operational management and control systems of an airline. IOSA uses internationally recognized quality audit principles to conduct audits in a standardized and consistent manner.
IATA’s mission is to represent, lead and serve the airline industry. Its members comprise some 290 of the world’s leading passenger and cargo airlines — representing 82 per cent of scheduled international air traffic. Cargojet is the only Canadian air cargo carrier that is a full member of IATA.
“The audit is an in-depth look at the practices and standards of the airline with the end goal of meeting a common, worldwide standard for safety in everything we do, our audit team have once again done a tremendous job in working with the auditors to demonstrate conformance with IOSA standards,” said Ajay K. Virmani, president and CEO. “We fully support the continuous updating of standards to reflect regulatory revisions and the evolution of best practices within the worldwide airline industry under the continuing stewardship of IATA.”
Cargojet is Canada’s leading provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations, utilizing a fleet of 26 all-cargo aircraft.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) and adjusted earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (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, gain or loss on forward foreign exchange contracts, gain or loss on cash settled share based payment arrangement, loss on extinguishment of debt, employee pension, aircraft heavy maintenance expenditures, heavy maintenance deposits and non-cash pension expenses as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets. Adjusted EBITDAR is calculated as adjusted EBITDA excluding aircraft rents. The corporation believes that these alternative measures provide a more consistent basis to compare the performance of the corporation between the periods. Adjusted EBITDA and adjusted EBITDAR provide additional information to users of management’s discussion and analysis (MD&A) of financial condition and results of operations to enhance their understanding of the company’s financial performance.
Reconciliation of non-GAAP EBITDA, adjusted EBITDA and adjusted EBITDAR to GAAP income is provided in the corporation’s MD&A.