Cargojet up dividend payouts

[727driver]

Looks like CJT wants to give more money to shareholders. It sure looks like all that cost cutting in 2010 was pretty effective. Lets hope they don't go back to the employees again and demand more for less like last time so they can to keep up those higher payouts that shareholders will be expecting should things slowdown with oil at $106/barrel.

Cargojet Increases Dividend by 7.1%

MISSISSAUGA, ON, March 2 /CNW/ - Cargojet Inc. (the "Corporation") (TSX: CJT, CJT.A) announced today that its Board of Directors adopted a dividend policy which increases the annualized dividend rate by 7.1% from $0.504 to $0.540 per common voting share and variable voting common share effective April 1, 2011 to be paid in quarterly amounts of $0.135 per share.

Cargojet will begin paying dividends on a quarterly basis starting with the three-month period ending June 30, 2011. Cargojet management expects that the first quarterly dividend for the three-month period ending June 30, 2011 will be payable on or before the 5th day of July 2011, for all shareholders of record as at the close of business on June 20, 2011. Such quarterly dividends will only be payable as and when declared by Cargojet's Board and there is no entitlement to any dividend prior thereto.

Also today, the Cargojet Board announced a cash dividend of $0.042 per share for the period from March 1, 2011 to March 31, 2011. The dividend will be paid to all shareholders of record as at the close of business on March 31, 2011 and will be payable on or before April 15, 2011.

Cargojet is Canada's leading provider of time sensitive overnight air cargo services. Cargojet operates its network across North America, transporting over 750,000 pounds of time sensitive air cargo each business night, utilizing a fleet of thirteen all-cargo aircraft.