WINNIPEG, June 26 /CNW/ - New Flyer Industries Inc. (TSX:NFI.UN) ("New
Flyer" or the "Company"), the leading manufacturer of heavy-duty transit
vehicles in Canada and the United States, announced today that it has received
orders over the last three months for up to 1,234 buses (1,567 equivalent
production units or "EUs") for a combined value of over US $706 million. Of
these orders, 1,108 buses (1,406 EUs) are new orders and 126 (161 EUs) are
exercised options. When combined with orders reported in a March press
release, New Flyer has announced a total of 2,487 bus orders (3,116 EUs)
valued at over US $1.3 billion in 2008.
These orders are for a variety of vehicle configurations, including 35-,
40- and 60-foot buses with clean diesel, electric trolley, hybrid, and
compressed natural gas (CNG) and liquefied natural gas (LNG) propulsion
systems. These orders represent virtually every propulsion system available on
the market today.
Tri-Met in Portland, OR has ordered 40 40-foot clean diesel buses with
options for 160 additional buses.
TransLink in Vancouver, BC has ordered 24 60-foot electric trolley buses
(48 EUs) and exercised options for 10 60-foot electric trolley buses (20 EUs).
Valley Metro in Phoenix, AZ has ordered a total of up to 379 buses (firm
and options), including 40' and 60' vehicles across diesel, CNG and LNG fuel
types (385 EUs).
The Greater Cleveland Regional Transit Authority Board of Directors in
Cleveland, OH has approved additional options for 20 60-foot hybrid buses
Other new contracts and options total 593 buses (822 EUs).
New Flyer's backlog as of the end of May 2008 was 8,233 EUs, which
represents an increase of 19% in comparison to the 6,916 EUs in backlog at
January 1, 2008. The value of the order backlog as of the end of May 2008 of
US $3.45 billion has increased by 23% compared to the US $2.8 billion backlog
at the start of 2008. The portion of firm orders included in the backlog has
increased to US $1.3 billion as of the end of May 2008 from US $1.2 billion at
January 1, 2008.
NOTE: All dollar amounts are stated in US currency based on an exchange
rate of US $1.00 = Cdn $0.9882 to calculate the value of the Canadian
contracts in this release.
About New Flyer
New Flyer 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 2,300 employees, New
Flyer 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. New Flyer'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
This press release may contain forward-looking statements relating to
expected future events and financial and operating results of New Flyer 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, New Flyer 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