WINNIPEG, March 18 /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 1,253 buses (1,549 equivalent
production units or "EUs") for a combined value of over US $603 million. Of
these orders, 874 buses (918 EUs) are new orders and 379 (631 EUs) are
exercised options. These orders are for a variety of vehicle configurations,
including 35-, 40- and 60-foot buses and diesel, hybrid-electric, and
compressed natural gas (CNG) propulsion systems.
The largest of these recent new orders was awarded by Metropolitan
Transit System in San Diego, CA totaling $151 million, which included 50
40-foot CNG buses with options for an additional 300 buses as well as an order
for 12 35-foot gasoline-electric hybrid buses with options for an additional
Southwest Ohio Regional Transit Authority (SORTA) in Cincinnati, OH
awarded New Flyer an order totaling $101 million for 24 40-foot clean diesel
buses with options for an additional 270 buses. The award also included an
order for six diesel hybrid buses. This contract represents the first order
New Flyer has received from SORTA.
Other bus orders recently awarded to New Flyer include:
- Chicago Transit Authority in Chicago, IL has exercised options for
150 60-foot hybrid buses (300 EUs).
- Regional Transportation Commission of Southern Nevada in Las Vegas,
NV has ordered 47 40-foot CNG buses with options for an additional
- Mississauga Transit in Mississauga, ON has ordered 69 40-foot diesel
- Calgary Transit in Calgary, AB has exercised options for 20 60-foot
(22 EUs) and 30 40-foot clean diesel buses.
- TransLink in Vancouver, BC has exercised options for 42 60-foot
hybrid buses (84 EUs).
- Oahu Transit in Honolulu, HI has ordered 10 60-foot hybrid buses
(20 EUs) with options for an additional 20 buses.
- Hamilton Street Railway in Hamilton, ON has exercised options for
22 40-foot clean diesel buses.
- Other new contracts and exercised options total 143 buses (197 EUs).
New Flyer's backlog as of the end of February 2008 was 7,478 EUs, which
represents an increase of 41% in comparison to the 5,313 EUs in backlog at
January 1, 2007. The value of the order backlog as of the end of February 2008
of US $3.05 billion has increased by 69% compared to the US $1.8 billion
backlog at the start of 2007. The portion of firm orders included in the
backlog has increased to US $1.39 billion as of the end of February 2008 from
US $0.8 billion at January 1, 2007.
NOTE: All dollar amounts are stated in US currency based on an exchange
rate of US $1.00 = Cdn $0.98 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 2,200 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