New Flyer Closes 2008 with Record US $4.1 Billion Backlog

    WINNIPEG, Jan. 15 /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 total new
orders reported during fiscal 2008 totaled 4,815 buses (6,690 equivalent
production units or "EUs") for a total of US $2.78 billion in orders. This
reflects a win rate of 64% of tenders in which New Flyer participated. These
orders are for a variety of vehicle configurations, including 35-, 40- and
60-foot buses with clean diesel, diesel-electric hybrid, gasoline-electric
hybrid and compressed natural gas (CNG) propulsion systems. In addition, these
orders are from both current and new customers.
    New Flyer's order backlog as of December 28, 2008 was 9,531 EUs, which
represents an increase of 38% in comparison to the 6,916 EUs in backlog at
January 1, 2008. The value of the order backlog as of December 28, 2008 of US
$4.1 billion has increased by 44% compared to the US $2.8 billion backlog at
the start of 2008. Given current market conditions, management does not expect
cancellations in orders.
    A breakdown of the percentage of the total backlog of 9,531 EUs available
for conversion to firm orders is shown in the table below.

                                                               CNG and Other
    Bus Length             Hybrid Electric        Diesel        Alternatives
    ----------             ---------------        ------        ------------
    40' and under                21%               18%               13%
    60' articulated              43%                4%                1%

    Firm orders included in the order backlog as of December 28, 2008 totaled
US $ 1.2 billion or 2,498 equivalent units which is consistent with the
January 1, 2008 firm orders of US $1.2 billion or 2,844 equivalent units.
    As of December 28, 2008, options included in the order backlog totaled US
$2.9 billion or 7,033 equivalent units. In comparison options included in the
January 1, 2008 order backlog totaled US $1.6 billion or 4,072 equivalent
units. The Company is pleased to report that 99.5% of available options at the
beginning of Fiscal 2008 were either exercised or remain available for future
conversion to firm orders. Options included in the December 28, 2008 order
backlog available for exercise by year are shown below.

    Year                 EU Options Available
    ----                 --------------------
    2009                         686
    2010                         755
    2011                       1,102
    2012                       1,580
    2013                       2,910

    Currently, there are a total of 9,852 EUs in the order pipeline for
heavy-duty transit buses for 2009; these include bids that have been
submitted, bids currently in process, and anticipated bid activity to the end
of the year based on transit customers' fleet procurement plans.

    NOTE: All dollar amounts are stated in US currency based on an exchange
    rate of US $1.00 = Cdn $1.21 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 2,400 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

    Forward-Looking Statements

    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 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

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