WINNIPEG, Jan. 21, 2015 /CNW/ - (TSX: NFI) (TSX: NFI.DB.U) New Flyer Industries Inc. ("New Flyer" or the "Company"), the leading manufacturer of heavy-duty transit buses in the United States and Canada, announced today that New York City Transit Authority ("NYCT") awarded New Flyer a federally funded contract for 120 heavy-duty 40 and 60-foot Xcelsior® buses (195 equivalent units or "EUs"). This order was included in New Flyer's fourth quarter backlog in the January 13, 2015 press release.
The contract is valued at $80 million and includes a firm order for 45 XD40 (45 EUs) and 75 XD60 (150 EUs) Xcelsior clean diesel powered buses. This award follows on from the most recent award in January 2014 for 276 buses, which are currently in production.
NYCT and MTA Bus Company (together, "MTA") comprise the largest transit agency in North America with over 5,700 transit buses in their fleet and an annual ridership of nearly 2.7 billion. New Flyer began building buses for MTA more than two decades ago and to date have built nearly 1,500 buses, of which 977 are actively in service for MTA today.
"We are very proud to have been awarded yet another opportunity to build buses for the MTA," said Paul Soubry, New Flyer's President and Chief Executive Officer. "With more than 17% of their fleet now comprised of New Flyer, we look forward to building on our successful partnership. With the support of both NYCT and MTA Bus Company, New Flyer has enhanced our New York state supply base and increased our New York state content."
About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit buses in the United States and Canada. The Company is the industry technology leader and offers the broadest product line of transit buses including drive systems powered by: clean diesel, natural gas, diesel-electric hybrid, electric trolley and now, battery-electric. All buses are supported by an industry-leading comprehensive warranty and support program, and service network. New Flyer also operates the industry's most sophisticated aftermarket parts organization, sourcing parts from hundreds of different suppliers and providing support for all types of transit buses.
The New Flyer group of companies employ over 3,000 team members with manufacturing, fabrication, parts distribution and service centers in both Canada and the United States. Over 32,000 New Flyer and NABI heavy-duty transit buses are in operation today. Further information is available on New Flyer's website at http://www.newflyer.com
The common shares and convertible unsecured subordinated debentures of the Company are traded on the Toronto Stock Exchange under the symbols NFI and NFI.DB.U, respectively.
This press release may contain forward-looking statements relating to expected future events and financial and operating results of the Company 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 economic conditions of and funding availability for customers to purchase buses and to purchase parts or services, customers may not exercise options to purchase additional buses, the ability of customers to terminate contracts for convenience 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, the Company disclaims 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: Jon Koffman, Investor Relations, Tel: 204-224-6672