WINNIPEG, Feb. 3, 2014 /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") has awarded New Flyer a firm contract for 276 heavy-duty 40-foot Xcelsior® clean diesel powered buses. The contract is valued at $138 million.
NYCT and MTA Bus Company (together, "MTA") comprise the largest transit agency in North America with over 5,700 transit buses in their fleet of which approximately 1000 or 17% are New Flyer buses. Over the last three years, New Flyer has delivered 668 transit buses or 758 equivalent units ("EUs") to MTA with both clean-diesel and natural gas propulsions systems in 40- and 60-foot configurations. In 2013 alone New Flyer built 118 buses or 138 EUs for MTA.
Paul Soubry, New Flyer's President and Chief Executive Officer, announced, "We are very proud to have been awarded yet another opportunity to build buses for the NYCT, the largest bus operator in America." Soubry added, "NYCT has among the harshest and most demanding operating profile of any transit agency in North America, so continued contract awards to New Flyer reaffirms our Xcelsior, offering world-class quality and industry leading product support with comprehensive warranty, service and lifetime customer care is meeting our customers needs."
Production of the 276 Xcelsior® buses is expected to begin in the third quarter of 2014 with the delivery of four pilot buses. All production buses are to be completed by the fourth quarter of 2015.
About New Flyer
New Flyer, with its subsidiary NABI Bus, LLC, 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 including drive systems powered by: clean diesel, natural gas, electric trolley, diesel-electric hybrid and now all-electric buses. All buses are supported by an industry-leading comprehensive warranty and support program, and service network. New Flyer and its subsidiary NABI Parts, LLC also operate the transit industry's most sophisticated aftermarket parts organization, sourcing parts from hundreds of different suppliers and providing support for all types of heavy-duty 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. Further information is available on New Flyer's web site at 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.
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