TORONTO, Ont., August 12, 2024 – Canada Jetlines Operations Ltd. (Cboe CA: CJET) (“Canada Jetlines” or the “Company”), announced today that Ms. Brigitte Goersch, Mr. Ryan Goepel, Ms. Beth Horowitz and Mr. Shawn Klerer have resigned.
Ms. Brigitte Goersch has also resigned as Chief Executive Officer.
The continuing operations of the Company have been dependent upon the Company's ability to raise adequate financing and to grow the airline to the point where it can commence profitable operations. The Company has historically financed its future requirements through a combination of debt, equity or other facilities. As a result, the Company will need to raise additional capital to continue operations. The Company's board of directors and management is actively working on potential sources of additional capital. Additional details will be provided once available. At this time the airline is continuing operations.
About Canada Jetlines
Canada Jetlines Operations Ltd. (Cboe CA: CJET), trading as “Canada Jetlines,” is a Canadian leisure airline, which also offers charter and ACMI services, committed to providing an exciting travel experience to its passengers. With a growing network of destinations, Canada Jetlines is dedicated to connecting Canadians with some of the world’s most captivating and sought-after locations.
Media Contact:
Erica Dymond
Investor Contact:
Percy Gyara
investor.relations@jetlines.ca
Connect With Us!
Facebook: @CAJetlines
LinkedIn: www.linkedin.com/company/jetlines
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes but is not limited to the Company’s intention to operate as a leisure airline, the number of aircraft it intends to operate, the destinations of intended flights, its growth and the frequency of flights.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the receipt of financing to continue airline operations, the accuracy, reliability and success of Jetlines’ business model; the continued compliance with the terms of governmental approvals; Jetlines concluding definitive agreements for additional aircraft; the success of operations by Jetlines the legislative and regulatory environments of the jurisdictions where Jetlines will carry on business or have operations; the impact of competition and the competitive response to Jetlines’ business strategy; and the availability of aircraft. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks related to, the ability to obtain financing at acceptable terms, the impact of general economic conditions, domestic and international airline industry conditions, the failure of the Company to conclude definitive agreements to acquire additional aircraft, supply chain disruptions causing delays in expected timelines, the impact of the global uncertainty created by COVID-19, future relations with shareholders, volatility of fuel prices, increases in operating costs, terrorism, pandemics, natural disasters, currency fluctuations, interest rates, risks specific to the airline industry, the ability of management to implement Jetlines’ operational strategy, the ability to attract qualified management and staff, labour disputes, regulatory risks, including risks relating to the acquisition of (or compliance with) the necessary licenses from regulatory agencies, and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update any forward-looking information.
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TORONTO, ON, December 7, 2023 – Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”) the premier airline committed to delivering affordable and reliable travel experiences to leisure destinations, is thrilled to announce the launch of its much-anticipated inaugural flight from Toronto Pearson International Airport to Montego Bay, Jamaica.
Commencing Saturday, December 9, 2023, Canada Jetlines will operate the Toronto to Montego Bay route with an initial frequency of 2x weekly (Saturday and Sunday), providing passengers with convenient options to explore the tropical paradise. The airline expects to add a third weekly flight starting in 2024, offering even more flexibility for travelers seeking sun-soaked getaways and memorable experiences.
“The arrival of Canada Jetlines’ inaugural flight into Montego Bay represents a significant milestone for both the airline and Destination Jamaica. With the launch of this new service from Toronto to Montego Bay, we look forward to welcoming even more Canadian travellers this winter season to experience Jamaica’s vibrant tourism offerings and warm island spirit. This new partnership will play a valuable role in helping Jamaica achieve our ambitious target of attracting 500,000 annual visitors from Canada by 2023.” - Hon. Edmund Bartlett, Minister of Tourism, Jamaica
The launch of the Toronto to Montego Bay route not only connects two vibrant cities but also strengthens Canada Jetlines’ commitment to providing diverse and exciting travel options for its valued passengers. “With its vibrant culture, warm hospitality and picturesque landscapes, Jamaica is a destination that captivates the heart and soul. Our commitment to providing affordable and convenient travel options opens the door for Canadians to experience the magic of this tropical paradise. Canada Jetlines is honoured to play a pivotal role in bringing visitors from Toronto to Montego Bay.” – Eddy Doyle, CEO, Canada Jetlines
Passengers on the inaugural flight and subsequent journeys will experience the comfort and convenience of the airline’s modern and well-equipped fleet with extra legroom, and complimentary entertainment.
About Canada Jetlines
Canada Jetlines Operations Ltd. (NEO:CJET), trading as “Canada Jetlines,” is a Canadian leisure airline committed to providing an exciting travel experience to its passengers. With a growing network of destinations, Canada Jetlines is dedicated to connecting Canadians with some of the world’s most captivating and sought-after locations.
More information on Canada Jetlines including its growing list of destinations can be found on www.jetlines.com. You can follow Canada Jetlines on all social media platforms and follow #CanadaJetlines for the latest news and updates.
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TORONTO, ON, December 5, 2023 – Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”) the premier airline committed to delivering affordable and reliable travel experiences to leisure destinations, Canada Jetlines is pleased to announce a significant achievement with its Black Friday week ticket sales. The Company experienced an overwhelming response from eager travelers seeking a winter getaway, marking a historic milestone for the airline.
During this period over 4,000 seats were sold which is five times more than the same period last year. The overwhelming demand underscores the continued trust and preference that travelers and Travel Agents are placing in Canada Jetlines for their travel needs.
“We are thrilled to see such an incredible response from our customers. This record-breaking achievement is a testament to the hard work of our team and the trust customers place in Canada Jetlines. We remain committed to offering affordable and reliable air travel options and we look forward to serving our passengers on their journeys,” said Eddy Doyle, CEO of Canada Jetlines.
The Company also updates that second tranche of the offering with Jetstream Aviation Inc. is expected to close on or before December 29, 2023.
Read lessCanada Jetlines Operations Ltd. (NEO:CJET) (“ Canada Jetlines ” or the “ Company ”) the Canadian leisure airline expands its operations by introducing Jetlines Vacations. This new venture solidifies its commitment to growing a strong, integrated partnership with Travel Agents, providing greater options for their clients and higher commission rates. Canadian travelers will benefit from the expansion of international vacation experiences with direct service from Toronto to destinations like Montego Bay, Jamaica, and Cancun, Mexico, with Orlando, Florida soon to join the growing list of options.
“A holiday away is as Canadian as curling and hockey in winter. We are thrilled to work with top-rated hotels, ground transportation, and activity providers to make the holiday dream come true this winter with Jetlines Vacations,” stated Eddy Doyle, Chief Executive Officer, Canada Jetlines.
Jetlines Vacations is operated by Canada Jetlines, an airline that is quickly building a reputation for exceptional flight experiences with value-based fares. Visit jetlines.com for more information.
What is the process for Travel Agents to make bookings with Jetlines Vacations?
Travel Agents can now book Jetlines Vacations through SIREV, the trusted travel reservation system. For post booking support, Jetlines has a dedicated Contact Centre: 1.866.320.8687
Jetlines Vacations can also be booked through AMADEUS or SABRE.
How do Travel Agents benefit from this opportunity?
As champions of the Travel Agent community, Jetlines Vacations has been established as a dependable and high-quality option for clients of our agency partners. Jetlines Vacations offers market-leading commission rates of 10% available until January 31, 2024. Plus, during the period from November 9th to December 15th, Travel Agents will receive a bonus $25 gift card of their choosing per booking.
About Canada Jetlines
Canada Jetlines Operations Ltd. (NEO:CJET), trading as “Canada Jetlines,” with IATA code AU is an expanding Canadian leisure airline dedicated to delivering exceptional travel experiences. Canada Jetlines operates Jetlines Vacations; with an emphasis on providing an end-to-end experience for travelers.
For more information on Canada Jetlines including its growing list of destinations can be found on www.jetlines.com Follow Canada Jetlines on all social media platforms and follow #CanadaJetlines for the latest news and updates.
Read lessTORONTO, ON, NOVEMBER 7, 2023 – Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”), the dynamic, all-Canadian leisure airline, announces Q3 2023 financial and operating results. All financial figures are in Canadian dollars and in accordance with IFRS as presented in the Company’s financial statements filed on SEDAR+ (sedarplus.ca).
Q3 2023 Financial Results:
• Operating revenues of $13.4 million, a sequential increase of 52.1% compared to Q2 2023.
• Operating income of $804,000, with an operating margin of 6%, a sequential increase of $1.28 million compared to Q2 2023.
• Adjusted EBITDAR* of $1.9 million, a sequential improvement of over $1.6 million compared to Q2 2023
• A positive adjusted EBITDAR margin* of 14.37%.
• A positive net income of $121,000, a sequential improvement of over $1.06 million compared to Q2 2023.
• Third quarter net cash flows from operating activities of $5.3 million, a sequential improvement of over $3.5 million compared to Q2 2023
Eddy Doyle, CEO and President of Jetlines commented on the quarter, “We are extremely pleased to report strong financial results for Q3 2023. It is a rare achievement for an airline to have positive net income in any quarter during its first 12 months of operations. In addition to our Las Vegas and Cancun destinations, we started scheduled service from Toronto to Orlando on October 30th and will be starting Toronto to Montego Bay, Jamaica in December 2023. We are well positioned to service the demand heading into the holiday season.”
Total operating revenue for the third quarter 2023 was $13.4 million compared to $8.8 million in the previous quarter, an increase of 52.1%. The Company continues to grow its Charter and ACMI (Aircraft, Crew, Maintenance, and Insurance) operations, generating $12.28 million in revenue in Q3 2023 compared to $6.34 million in Q2 2023, representing an increase of 93.6%.
Total operating expenses for tQ3 2023 were $12.59 million as compared to $9.23 million in the previous quarter, an increase of 36.4%. This increase was primarily driven by the increase in flight operations.
Total assets increased by 62.4% to $45,247,736 at the end of Q3 2023, from $27,289,573 as of December 31, 2022. This increase is mainly due to the increase in cash generated from operations, as well as an increase in lease assets associated with the now three aircraft, as compared to our two aircraft in December 2022.
Total liabilities increased by 76% to $50,982,110 at the end of Q3 2023, from $28,948,171 as of December 31, 2022. The increase was made up of the liabilities associated with lease liabilities for the three aircraft, as compared to two aircraft in December 2022. The increase is also attributable to an increase in deferred revenue, and an increase in accounts payable and accrued liabilities, explained by the timing of payments and invoices received at the end of the period.
*Adjusted EBITDAR (earnings before interest, taxes, depreciation, amortization and aircraft rent) and adjusted EBITDAR margin are referred to in this news release. Such measures are non-GAAP financial measures, non-GAAP ratios, or supplementary financial measures, are not recognized measures for financial statement presentation under GAAP, do not have standardized meanings, may not be comparable to similar measures presented by other entities and should not be considered a substitute for or superior to GAAP results. Refer to the "Non-GAAP Financial Measures" section of this news release for descriptions of these measures, and for a reconciliation of Canada Jetlines non-GAAP measures used in this news release to the most comparable GAAP financial measure.
Summary of Quarterly Results
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Canada Jetlines Operations Ltd. (NEO:CJET) (“ Canada Jetlines ” or the “ Company ”) the dynamic, all-Canadian leisure airline, announces that it intends to release third quarter 2023 results prior to open of market on Tuesday, November 7th. Company management will then conduct a Webcast (with call in details) to provide a business update and discuss the third quarter results in greater detail at 4 pm ET on Tuesday, November 7th.
Shareholders, analysts and members of the business media are invited to join the conference call and webcast.
When: November 7th, 2023 04:00 PM Eastern Time (US and Canada)
Topic: Canada Jetlines Operations Ltd. - Q3 2023 Earnings Release & Management Update Register in advance for this webinar:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=UipqqYcS
If you prefer to dial in and speak with an operator: Dial Canada/USA Toll Free: 1-800-319-4610 or +1-604-638-5340
After registering, you will receive a confirmation email containing information about joining the webinar.
More information on Canada Jetlines including its growing list of destinations can be found on www.jetlines.com. Follow Canada Jetlines on all social media platforms and follow #CanadaJetlines for the latest news and updates.
Read lessTORONTO, ON, OCTOBER 26, 2023 – Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”) the dynamic, all-Canadian leisure airline, is thrilled to announce its inaugural flight from Toronto Pearson International Airport (YYZ) to Orlando International Airport (MCO). The first flight commences on October 30, 2023, signaling a significant milestone in Canada Jetlines’ mission to provide enhanced leisure travel options for Canadians.
With this new route set to take flight, Canada Jetlines' expanded flight schedule will connect Toronto to the enchanting city of Orlando Florida. Four weekly flights will be available, departing on Mondays, Thursdays, Fridays, and Saturdays. This latest addition to Canada Jetlines' network of destinations joins the ranks of Cancun, Las Vegas and Montego Bay, promising travelers increased accessibility and convenience when planning their getaways.
Orlando, recognized as America's most-visited destination, welcomed a staggering 74 million annual visitors in 2022, showcasing a remarkable 25% increase over the previous year. As the demand for travel evolves, Canada Jetlines aims to cater to the shifting preferences of Canadian travelers by expanding its flight services to meet the needs of sought-after destinations.
Eddy Doyle, the Chief Executive Officer of Canada Jetlines, expressed the Company's excitement, stating, "Canada Jetlines is thrilled to introduce this exciting new route between Toronto and Orlando, further solidifying our commitment to making travel accessible and enjoyable for our passengers. We eageraly anticipate connecting even more Canadians with the incredible experiences that Orlando has to offer."
This flight, signifies a significant stride forward for Canada Jetlines, aligning with the Company's strategy to meet the growing demand for travel to leisure destinations.
More information on Canada Jetlines including its growing list of destinations can be found on www.jetlines.com. You can follow Canada Jetlines on all social media platforms and follow #CanadaJetlines for the latest news and updates.
Read lessTORONTO, ON, OCTOBER 5, 2023 – Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”), Canada’s friendly leisure airline, is pleased to announce that it has closed the first tranche of its non-brokered private placement with a single arm’s length investor to raise a total of $13,500,001 (the
“Offering”). The Offering consists of common shares (each a “Share”) issued at $0.1721252 per Share. The investor is Jetstream Aviation Inc. the (“Investor” or “Jetstream”) which is a Canadian corporation.
The closing of the first tranche of the Offering resulted in the Investor purchasing 19,598,017 Shares, equal to approximately 19.9% of the issued and outstanding shares of the Company, for an aggregate purchase price of $3,373,313. The Shares issued in the first tranche of the Offering are subject to a hold period that
expires on February 6, 2024.
The completion of the second tranche and third tranche of the Offering shall require shareholder approval under the rules and policies of Exchange as it will result in the creation of a new “control person”. The Company intends to obtain shareholder approval for the second and third tranche at a special meeting of
shareholders that has been scheduled for November 14, 2023 in Ontario (the “Meeting”).
Assuming shareholder approval is obtained, the second tranche is scheduled to close two business days after the Meeting. The second tranche will see the Investor purchase an additional 29,416,635 Shares, equal to approximately 15% of the then issued and outstanding shares of the Company (approximately 35%
in the aggregate), for an aggregate purchase price of $5,063,344.
Assuming shareholder approval is obtained, the third tranche is scheduled to close sixty calendar days after the Meeting. The third tranche will see the Investor purchase an additional 29,416,635 Shares, equal to approximately 15% of the then issued and outstanding shares of the Company (approximately 50% in the
aggregate), for an aggregate purchase price of $5,063,344.
Upon completion of all three tranches of the Offering, the Investor will hold 78,431,287 Shares of the Company representing approximately 50% of the current issued and outstanding shares of the Company.
As part of the transaction, the Investor will have the right to nominate two directors to the Board of Directors of the Company. The first director will be nominated concurrent with the closing of the second tranche of the Offering. The second director will be nominated concurrent with the closing of the third tranche of the Offering.
The Company intends to use the net proceeds of the Offering for aircraft acquisition, general corporate and working capital purposes. The closing of the Offering is subject to customary closing conditions, including the receipt of the approval of the Exchange. No brokerage commissions or finder’s fees are payable in connection with the Offering.
As a result of the closing of the first tranche of the Offering, Jetstream holds a total of 19,598,017 Shares, which represents approximately 19.9% of the Company's issued and outstanding Shares. Upon closing of the second and third tranches of the Offering, Jetstream will hold 78,431,287 Shares of the Company
representing approximately 50% of the issued and outstanding shares of the Company at such time.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration
or an applicable exemption from U.S. registration requirements.
About Canada Jetlines
Canada Jetlines Operations Ltd. (NEO: CJET) is a value-focused leisure airline that flies to high-demand sunny destinations. CJET's three revenue streams offer diversified growth potential: passenger revenue, chartered/ACMI flights, and Jetlines vacations. Jetlines vacations expand cash flow through ancillary
revenue streams, including hotels, land, cruise, transfer and insurance plus destination co-operative marketing support. Currently operating 3 Airbus A320s, CJET is targeting to reach a fleet of 15 aircrafts by 2025. For more information about Canada Jetlines, including its growing list of destinations, please visit
www.jetlines.com. Follow Canada Jetlines on all social media platforms and follow #CanadaJetlines for the
latest news and updates.
About Jetstream
Jetstream Aviation Inc. is a private corporation focused on investments in the aviation space. Jetstream is acquiring the securities in the Offering described herein for investment purposes. Depending on market conditions and other factors, Jetstream may from time to time acquire and/or dispose of securities of the Company or continue to hold its current position.
Read lessTORONTO, ON, SEPTEMBER 28, 2023 – Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”), Canada’s friendly leisure airline, is pleased to announce that it intends to undertake a non-brokered private placement with a single arm’s length investor to raise $13,500,001 (the “Offering”). The Offering consists of common shares (each a “Share”) issued at $0.1721252 per Share. The investor is Jetstream Aviation Inc. the (“Investor” or “Jetstream”) which is a Canadian corporation.
The Offering is scheduled to close in three separate tranches. The first settlement will occur within two business days of the approval of the Neo Exchange Inc. (the “Exchange”) subject to the satisfaction of other closing conditions. This first tranche will see the Investor purchase 19,598,017 Shares, equal to approximately 19.9% of the issued and outstanding shares of the Company, for an aggregate purchase price of $3,373,313.
The completion of the second tranche and third tranche shall require shareholder approval under the rules and policies of Exchange as it will result in the creation of a new “control person”. The Company intends to obtain shareholder approval for the second and third tranche at a special meeting of shareholders that will be scheduled promptly to occur in Ontario (the “Meeting”).
Assuming shareholder approval is obtained, the second tranche is scheduled to close two business days after the Meeting. The second tranche will see the Investor purchase 29,416,635 Shares, equal to approximately 15% of the current issued and outstanding shares of the Company, for an aggregate purchase price of $5,063,344.
Assuming shareholder approval is obtained, the third tranche is scheduled to close sixty calendar days after the Meeting. The third tranche will see the Investor purchase 29,416,635 Shares, equal to approximately 15% of the current issued and outstanding shares of the Company, for an aggregate purchase price of $5,063,344. Upon completion of all three tranches of the Offering, the Investor will hold 78,431,287 Shares of the Company representing approximately 50% of the current issued and outstanding shares of the Company.
As part of the transaction, the Investor will have the right to nominate two directors to the Board of Directors of the Company. The first director will be nominated concurrent with the closing of the second tranche of the Offering. The second director will be nominated concurrent with the closing of the third tranche of the Offering.
The Company intends to use the net proceeds of the Offering for aircraft acquisition, general corporate and working capital purposes. The closing of the Offering is subject to customary closing conditions, including the receipt of the approval of the Exchange. No brokerage commissions or finder’s fees are payable in connection with the Offering.
Jetstream does not currently hold any Shares. Upon closing of the first tranche of the Offering, Jetstream will hold a total of 19,598,017 Shares, which will represent approximately 19.9% of the Company's issued and outstanding Shares. Upon closing of the second and third tranches of the Offering, Jetstream will hold 78,431,287 Shares of the Company representing approximately 50% of the issued and outstanding shares of the Company at such time.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
About Canada Jetlines
Canada Jetlines Operations Ltd. (NEO: CJET) is a value-focused leisure airline that flies to high-demand sunny destinations. CJET's three revenue streams offer diversified growth potential: passenger revenue, chartered/ACMI flights, and Jetlines vacations. Jetlines vacations expand cash flow through ancillary revenue streams, including hotels, land, cruise, transfer and insurance plus destination co-operative marketing support. Currently operating 3 Airbus A320s, CJET is targeting to reach a fleet of 15 aircrafts by 2025. For more information about Canada Jetlines, including its growing list of destinations, please visit www.jetlines.com. Follow Canada Jetlines on all social media platforms and follow #CanadaJetlines for the latest news and updates.
About Jetstream
Jetstream Aviation Inc. is a private corporation focused on investments in the aviation space.
Jetstream is acquiring the securities in the Offering described herein for investment purposes. Depending on market conditions and other factors, Jetstream may from time to time acquire and/or dispose of securities of the Company or continue to hold its current position.
A copy of the early warning report required to be filed with the applicable securities commission in connection with the transaction will be available on SEDAR+ at www.sedarplus.com and can be obtained by contacting Gurdev Singh at 416.888.1906. Jetstream's address is set out below.
Jetstream Contact Information:
Jetstream Aviation Inc.
167 Don Minaker Drive
Brampton ON L6P 2V7
Canada
Read lessTORONTO, ON, AUG 23, 2023 – Canada Jetlines Operations Ltd. (NEO: CJET) is pleased to announce the launch of an expanded winter flight schedule offering great choice to exciting sun destinations.Starting this autumn, travellers can experience Canada Jetlines’ comfortable and convenient flights between Toronto and Montego Bay, Jamaica, and Orlando – in addition to existing services to Cancun, Mexico, and Las Vegas.
“We’re delighted to announce the expansion of our winter flight schedule, providing travellers with a wider range of options to escape the cold and experience unforgettable destinations and holiday options," stated Canada Jetlines CEO, Eddy Doyle. "With our expanded schedule and exceptional service, travellers can look forward to convenient and hassle-free journeys with Jetlines, to sought after destinations including Cancun, Las Vegas, Montego Bay and Orlando."
Toronto – Montego Bay – Toronto
Beginning November 5, 2023, Canada Jetlines will offer weekend service between Toronto and Montego Bay on its 174-seat Airbus A320 aircraft. From January, service will be increased to x3 flights per week, offering travellers the perfect choice to explore all that Montego Bay and Jamaica has to offer.
Toronto – Orlando – Toronto
Starting October 30, 2023, Canada Jetlines will introduce flights between Toronto and Orlando International Airport taking eager travellers to central Florida’s famous theme parks and beaches with x4 flights weekly.
Toronto – Cancun – Toronto
Canada Jetlines’ popular year-round service to Cancun, Mexico, currently operating twice weekly, will increase to x3 weekly on October 6, 2023 before going to x4 weekly flights in February in time for the popular school holidays period. During the New Years period, additional flights will also be made available.
Toronto – Las Vegas – Toronto
Canada Jetlines’ early autumn schedule has it returning to the bright lights and excitement of Las Vegas with x2 flights weekly on Thursdays and Sundays, effective August 31, 2023. From October, services will increase to x3 flights per week, giving glitz and glamour-seeking travellers even more reasons to make Las Vegas their next trip.
More information on Canada Jetlines, including its growing list of destinations can be found on www.jetlines.com. Tickets for the expanded winter flight schedule are now available for booking on the Canada Jetlines website or through preferred travel partners. Be sure to follow Canada Jetlines on social media platforms below or follow #CanadaJetlines for the latest news and updates.
Read lessTORONTO, ON, AUGUST 14, 2023 – Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”) today reported second quarter 2023 interim financial results. All financial figures are in Canadian dollars and in accordance with IFRS as presented in the interim financial statements.
Second Quarter 2023 Interim Financial Results
Total operating revenues for the second quarter 2023 were $8.8 million as compared to $5.1 million in the previous quarter, an increase of 72.8%. The Company continues to increase the operation of charter and ACMI (Aircraft, Crew, Maintenance, and Insurance) flights generating $6.34 million this quarter as compared to $3.38 million in the previous quarter, representing an increase of 87.5%.
Total operating expenses for the second quarter 2023 were $9.23 million as compared to $8.15 million in the previous quarter, an increase of 13%. Increases were primarily driven by increased flying activity.
Total assets increased to $27,860,429 at the end of the current quarter from $27,289,573 as at December 31, 2022. The minor increase in total assets is primarily attributable to an increase in current assets that was partially offset by a decrease in Right-of-use assets due to depreciation.
Total liabilities increased to $33,753,436 at the end of the current quarter from $28,948,171 as at December 31, 2022. The increase was made up of the liabilities associated with an increase in deferred revenue and an increase in accounts payable and accrued liabilities, explained by the timing of payments and invoices received at the end of the period.
Summary of Quarterly Results
|
|
June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
|
Revenue |
$8,808,521 |
$5,097,249 |
$3,237,680 |
|
Income (loss) and comprehensive income (loss) |
($940,006) |
($3,618,816) |
($4,528,552) |
|
Earnings (loss) per share (basic and diluted) |
($0.01) |
($0.05) |
($0.06) |
|
Total assets |
$27,860,429 |
$28,366,094 |
$27,289,573 |
|
Total liabilities |
$33,753,436 |
$33,351,536 |
$28,948,171 |
Management Commentary
Eddy Doyle, CEO and President of Jetlines commented: “We are pleased to report that several key milestones were achieved in Q2 2023. The Company has achieved exceptional flying hours in Q2 2023 as compared to Q1 2023, an increase of 265% and a 72.8% increase in its operating revenue. Canada Jetlines also took delivery of its 3rd aircraft at the end July 2023. The Company intends to add up to two additional aircraft to its fleet in 2023 and continue to grow its schedule, with the upcoming fall/winter season, and grow its Charter/ACMI business.”
Liquidity
The Company ended the quarter with $5.1 million in current assets, an increase of $2 million compared to December 31, 2022. The increase is mainly due to the increase in cash balance.
Current liabilities increased from $8.2 million at December 31, 2022 to $13.1 million, mainly due to an increase of $0.8 million in accounts payable and accrued liabilities. In addition, there is a $4 million increase in deferred revenue for cash collected in terms of future flying.
Based on the Company’s working capital position, the Company will need to raise additional capital to support its business plan. The Company is seeking additional capital in the form of debt, convertible debt or equity in order to further invest in the business and facilitate the continued growth of the fleet, including the acquisition of additional leased aircraft, as well as additional working capital.
This news release should be read in conjunction with Canada Jetlines’ condensed interim consolidated financial statements for the six-month period ended June 30, 2023 and Management’s Discussion and Analysis available at www.sedarplus.com.
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TORONTO, ON, AUGUST 10, 2023 – Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”) announces that it intends to release second quarter 2023 results after close of market on Monday, August 14th and will be hosting a Zoom webinar to provide a business update and discuss the second quarter results and provide a management update the same day.
Shareholders and members of the business media are invited to a Zoom webinar.
When: August 14, 2023 04:00 PM Eastern Time (US and Canada)
Topic: Canada Jetlines Operations Ltd. – Q2 2023 Earnings Release & Management Update
Register in advance for this webinar:
https://events.zoom.us/e/view/lj1DuOjpRm6i2OuZYvmaBw#FEATUREDNEWSLINKS5_20230808
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Read lessTORONTO, ON, AUGUST 2, 2023 – Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”) is pleased to provide an update on key operating metrics with the aim to provide timely information to its shareholders.
Following its press release of June 28, 2023, where Canada Jetlines announced an increase of 265 percent in hours flown in Q2, 2023 over the hours flown in Q1 2023, the Company is pleased to announce a new record of hours flown in July 2023 with 622 block hours flown in the month.
“We are pleased with the success the airline keeps achieving on this key operating metric and, with the addition of our third aircraft in August, we are well positioned to meet the strong demand we have seen in the market,” says Eddy Doyle, Chief Executive Officer of Canada Jetlines. “Later this month, we will provide an update on our fall and winter schedule and announce new scheduled leisure destinations.”
Canada Jetlines will also be announcing its Q2, 2023 financial results on or before August 14, 2023.
Read lessTORONTO, ON, JULY 31, 2023 – Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”) is pleased to announce that it has taken delivery of its third Airbus A320 aircraft, which has been provided by a global aviation lessor providing aircraft and capital to the world’s airlines.
“Canada Jetlines is executing on its previously-announced fleet growth plan with the addition of its third aircraft,” stated Canada Jetlines CEO, Eddy Doyle. “The arrival during summer season is great timing to support our existing customers and continue the Company’s growth plans as we look forward to our busy winter season. The expansion of Jetlines’ fleet will enable scheduled service expansion to new leisure destinations, fulfilling our commitment to customers and agency clients to becoming a premier choice of leisure airline.”
The aircraft is an Airbus A320-200, with Canadian registry C-GCJK, equipped with two CFM56-5B4/3 engines. Passenger amenities include galley provisions for hot and cold buy on board refreshments, the installation of Jetlines’ complimentary Flymingo wireless inflight entertainment system and a USB charger for personal electronic devices.
More information on Canada Jetlines including its growing list of destinations can be found on www.jetlines.com. Follow Canada Jetlines on all social media platforms and follow #CanadaJetlines for the latest news and updates.
Read lessTORONTO, ON, July 6, 2023 – Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”) is pleased to announce that it has signed a 6-month contract with FlyAllways, a Caribbean airline based in Suriname, where FlyAllways will charter Canada Jetlines to provide weekly flights between Toronto and Georgetown, Guyana. Commencement of flying is expected to start in Q3 2023 subject to Guyanese government approval.
“We are looking forward to this partnership with FlyAllways. We know that there is a substantial demand for the Toronto/Georgetown market, and we believe FlyAllways, and the Canadian tour operator that they have partnered with, will be successful with the introduction of this route,” said Eddy Doyle President and CEO Canada Jetlines. In addition to our regular schedule flying, we have experienced strong demand for charter and ACMI/wet-lease flying, and the flight hours contemplated in this contract will keep one of our aircraft fully utilized.”
Canada Jetlines currently operates scheduled air service and Charter Operations to many Canadian and International destinations. Canada Jetlines’ flights can be booked via Jetlines.com or contact your favorite Travel Agency.
Read lessTORONTO, ON, June 28th, 2023 – Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”) is pleased to provide an update on key operating metrics with the aim to provide timely information to its shareholders.
Canada Jetlines experienced strong demand for its services in Q2 2023 with a high utilization rate for its fleet of two Airbus 320 aircraft. The Company forecasts to have operated 1,518 block hours in Q2 2023 which will end on June 30th. This represents an increase of 265 percent over the 571 hours flown in Q1 2023. Canada Jetlines third aircraft is on schedule to be delivered by the end of July 2023, subject to satisfaction of all conditions precedent to delivery.
In addition, the Company has recently obtained its foreign Air Operator certificate from the Jamaican government. Further Transport Canada has added North Atlantic operations to its certificate that will allow it to operate numerous charter flights to Greenland this summer. The Company is in the process of obtaining its European Third Country Operator (TCO) certificate which is expected to be completed in Q3 2023, allowing the Company to bid on wet-lease contracts for the busy European summer season next year.
“We are very pleased with this significant growth in flying hours and high aircraft utilization. We continue to see strong demand and very positive reception in the industry for the quality of the service we provide. This is thanks to the commitment and dedication of our employees to service excellence.” said Eddy Doyle President and CEO Canada Jetlines.
Canada Jetlines’ flights can be booked via Jetlines.com or contact your favorite Travel Agency.
Read lessCanada Jetlines Operations Ltd. (NEO: CJET) (“ Canada Jetlines ” or the “ Company ”) is pleased to announce the appointment of. Charles McKee to lead the company’s commercial activities, effective June 28, 2023. Mr. McKee is an experienced executive across the travel space, with chief marketing and revenue responsibilities in the travel technology, airline, hotel and national destination marketing sectors.
“Charles brings with him more than 30-years of experience with leading travel companies, in marketing, branding, sales and revenue management. He is an excellent addition to the Canada Jetlines team and will focus on growing brand awareness, distribution channels, and sales and revenue growth for the company,” said Canada Jetlines’ Chief Executive Officer and President, Eddy Doyle.
Mr. McKee’s most recent corporate assignment was SVP, Commercial Products, for Sabre Corporation. There he led a global team in solution design and management of the revenue optimization and pricing, network planning, data and analytics, and low-cost carrier reservation platform products for the world's best airline and agency customers.
His prior work has included Executive Director, Markey Int’l, a boutique investment and advisory group focused on the travel space; chief commercial officer roles at Radisson Hotel Group Americas and lastminute.com; chief marketing roles at Delta Hotels & Resorts, Malaysia Airlines, and Air Canada; and senior leadership roles at the Canadian Tourism Commission and Virgin Atlantic Airways. Mr. McKee has worked in Tokyo, Hong Kong, Kuala Lumpur, New York and London, before moving to Canada two decades ago. Mr. McKee graduated from Harvard University with an honours degree in East Asian studies.
Mr. McKee will take over as the lead of Canada Jetlines’ commercial department. The Company’s existing Chief Commercial Officer, Mr. Duncan Bureau, will be departing the Company to pursue other opportunities. Mr. Bureau assisted the Company with its start-up and the launch of several commercial systems and integration into distribution platforms. The Company would like to thank Mr. Bureau for his contributions to the Company and wishes him well in his next endeavors.
Read lessCanada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines”) the new all-Canadian, leisure airline, is proud to announce the Travel Industry Council of Ontario (“TICO”) has provided approval to the carrier’s subsidiary Canada Jetlines Vacations Ltd. as a travel retailer and travel wholesaler under the Travel Industry Act, 2022.
TICO is mandated by the Ontario government to administer the Ontario Travel Industry Act, 2002 and Ontario Regulation 26/05 which governs approximately 2,100 travel retailers and travel wholesalers registered in Ontario – providing Canadian travelers with confidence from their stamp of approval.
A recent survey of Ontario consumers found that 82% of respondents think it’s important that the travel agency or website they are booking with is regulated. TICO ensures all registered agencies and websites are safe, reliable, and provide customer protections and benefits.
“Canada Jetlines Vacations is thrilled to officially receive approval from the highly respected TICO organization,” stated Duncan Bureau, CCO, Canada Jetlines. “We look forward to offering our passengers the resources, and consumer protection benefits to create a safe and efficient travel experience as a TICO-registered company.
Formed in 1997, TICO is a not-for-profit corporation wholly financed by Ontario-registered travel agents and wholesalers. It administers the Travel Industry Act, 2002 and the Ontario Travel Industry Compensation Fund. Please visit TICO’s website at www.tico.ca for more information.
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