New Flyer Announces First Quarter 2009 Orders and Backlog



    WINNIPEG, May 1 /CNW/ - New Flyer Industries Inc. (TSX:NFI.UN) ("New
Flyer" or the "Company"), the leading manufacturer of heavy-duty transit buses
in Canada and the United States, announced today that orders received during
the first quarter of 2009 totaled 659 buses (671 equivalent production units
or "EUs") for a total of US $267 million. Of these orders, 304 buses (316 EUs)
are new orders and 335 buses (355 EUs) are exercised options.
    These orders are from both current and new customers and are for a
variety of vehicle configurations and propulsion systems, including 35-, 40-
and 60-foot buses with clean diesel, diesel-electric hybrid and compressed
natural gas ("CNG") propulsion systems. Just under 35% of the EUs representing
these orders (or 233 EUs) are clean-propulsion (e.g., hybrid or natural gas)
vehicles, which is a growing segment of New Flyer's annual production.

    
    Some of the larger orders placed in the quarter include:

    -   Capital Metropolitan Transportation Authority in Austin, TX has
        ordered 40 diesel buses with options for 152 additional buses.

    -   Golden Empire Transit District in Bakersfield, CA has ordered 27
        40-foot CNG buses with options for 50 additional buses.

    -   Edmonton Transit in Edmonton, AB has exercised options to purchase
        121 40-foot diesel buses.

    -   San Diego Metropolitan Transit System in San Diego, CA has exercised
        options to purchase 38 40-foot CNG buses.

    -   Southeastern Pennsylvania Transportation Authority in Philadelphia,
        PA has exercised options to purchase 40 40-foot diesel-electric
        buses.

    -   Maryland Department of Transportation in Baltimore, MD has exercised
        options to purchase 100 40-foot diesel-electric buses.
    

    New Flyer's order backlog as of April 5, 2009 was 9,236 EUs, of which
clean propulsion vehicles represents approximately 76% of New Flyer's total
backlog. This compares to 9,531 EUs in backlog as at December 28, 2008. The
dollar value of the order backlog as of April 5, 2009 was approximately US
$4.0 billion, compared to the US $4.1 billion backlog as of December 28, 2008.
Management attributes this minor decrease in total current backlog to transit
agencies in the US awaiting approval for stimulus funding before converting
options or placing new orders.
    Many transit agencies in the US have or are in the process of submitting
grant applications to access stimulus funding under the American Recovery and
Reinvestment act. The US Federal Transit Administration has advised that the
deadline for transit agency grantees to submit applications for the first
stimulus package is July 1, 2009 and grantees are required to obligate
one-half of their apportionment of funds by September 1, 2009. Projects must
be announced by transit agencies within 360 days of February 17, 2009. The
second deadline to obligate funds is March 15, 2010. Management understands
that grantees have until 2015 to spend the funds. Unobligated funds will
revert back to the US Department of Treasury on September 30, 2010. These
recovered funds will then be redistributed to other transit agencies.

    
    New Flyer's current backlog consists of the following mix of products:

    -------------------------------------------------------------------------
                                               Firm EUs          Options EUs
    -------------------------------------------------------------------------
    40 foot and under buses                       1,583                3,357
    -------------------------------------------------------------------------
    60 foot buses                                   790                3,506
    -------------------------------------------------------------------------
    Total                                         2,373                6,863
    -------------------------------------------------------------------------

    Options included in the backlog expire, if not exercised, as follows:

                         ----------------------------
                         Expiry year       Option EUs
                         ----------------------------
                         2009                     337
                         ----------------------------
                         2010                     573
                         ----------------------------
                         2011                   1,136
                         ----------------------------
                         2012                   1,759
                         ----------------------------
                         2013                   2,915
                         ----------------------------
                         2014                     143
                         ----------------------------
                         Total Options          6,863
                         ----------------------------
    

    During the quarter, New Flyer experienced an increase in inquiries and
requests for information from customers seeking new buses. Currently, there
are approximately 12,000 EUs in New Flyer's new order pipeline or bid universe
for heavy-duty transit buses. New Flyer's new order pipeline includes: bids
that have been submitted, bids currently in process of completion as a result
of a tender, and anticipated bid activity to the end of the year based on
management's understanding of transit customers' fleet procurement plans. This
new order pipeline compares to approximately 7,000 EUs as at December 28,
2008, or an increase of approximately 71%.
    New Flyer's commitment to earth-friendly practices extends beyond
delivering green buses. Earlier in April of this year, New Flyer was named as
one of Canada's Greenest Employers for the second consecutive year by the
editors of Canada's Top 100 Employers project. This designation is awarded to
employers based on earth-friendly initiatives that involve employee
participation and the integration and impact of environmental values. New
Flyer has been certified to ISO 14001 environmental management standard since
2005.

    NOTE: All dollar amounts are stated in US currency based on an exchange
rate of US $1.00 = Cdn $1.23 to calculate the value of the Canadian contracts
in this release.

    
    About New Flyer
    ---------------
    

    New Flyer Industries Inc. ("NFI") is the leading manufacturer of
heavy-duty transit buses in the United States and Canada. The Company's three
facilities -- in Winnipeg, MB, St. Cloud, MN and Crookston, MN - are all ISO
9001, ISO 14001 and OHSAS 18001 certified. With a skilled workforce of
approximately 2,500 employees, NFI is a technology leader, offering the
broadest product line in the industry, including drive systems powered by
clean diesel, LNG, CNG and electric trolley as well as energy-efficient
gasoline-electric and diesel-electric hybrid vehicles. All products are
supported with an industry-leading, comprehensive parts and service network.
NFI's income deposit securities are traded on the Toronto Stock Exchange under
the symbol NFI.UN. Further information is available on Company's web site at
www.newflyer.com.

    
    Forward-Looking Statements
    --------------------------
    

    This press release may contain forward-looking statements relating to
expected future events and financial and operating results of NFI and New
Flyer Industries Canada ULC ("NFI ULC") that involve risks and uncertainties.
Although the forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions, investors
cannot be assured that actual results will be consistent with these
forward-looking statements, and the differences may be material. Actual
results may differ materially from management expectations as projected in
such forward-looking statements for a variety of reasons, including market and
general economic conditions and the other risks and uncertainties discussed in
the materials filed with the Canadian securities regulatory authorities and
available on SEDAR at www.sedar.com. Due to the potential impact of these
factors, NFI and NFI ULC disclaim any intention or obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise, unless required by applicable law.





For further information:

For further information: New Flyer Industries Inc., Glenn Asham, Chief
Financial Officer, Tel: (204) 224-1251


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