WINNIPEG, Feb. 16 /CNW/ - (TSX:NFI.UN) New Flyer Industries Inc. ("NFI")
and New Flyer Industries Canada ULC ("NFI ULC") (together, "New Flyer")
today announced that the sixty-sixth consecutive monthly cash
distribution on the income deposit security ("IDS") of New Flyer in the
amount of $0.0975 will be payable on March 15, 2011, to holders of
record of IDSs at the close of business on February 28, 2011. The IDSs
trade on the Toronto Stock Exchange under the symbol NFI.UN.
Each IDS consists of one common share of NFI (a "common share") and
C$5.53 principal amount of 14% subordinated notes of NFI ULC (the
"subordinated notes"), an indirect subsidiary of NFI. The total
distribution of C$0.0975 per IDS reflects a cash dividend of C$0.03298
per common share and an interest payment of C$0.06452 per C$5.53
principal amount of subordinated notes for the period from February 1,
2011 to February 28, 2011.
All dividends paid by NFI to Canadian residents on the common shares
after December 31, 2005 are designated as "eligible dividends" for
purposes of the enhanced dividend tax credit rules contained in the
Income Tax Act (Canada) and any corresponding provincial and
territorial tax legislation. In addition, unless stated otherwise, all
dividends paid by NFI hereafter on the common shares are designated as
"eligible dividends" for the purpose of such rules.
New Flyer is the leading manufacturer of heavy-duty transit buses in the
United States and Canada and a leading provider of aftermarket
services. New Flyer has the broadest range of products in the
heavy-duty transit bus industry and provides its products and services
to the majority of the largest transit authorities in North America.
This press release may contain forward-looking statements relating to
expected future events and financial and operating results of NFI and
NFI ULC that involve risks and uncertainties. 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, the covenants contained in NFI ULC's
senior credit facility and subordinated note indenture and the other
risks and uncertainties detailed in the disclosure documents filed with
the Canadian securities regulatory authorities. 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.
SOURCE New Flyer Industries Inc.
For further information:
New Flyer Industries Inc.
Glenn Asham, Chief Financial Officer