Revision to New Flyer's Fourth Quarter 2014 Orders and Backlog Release

WINNIPEG, Jan. 16, 2015 /CNW/ - (TSX:NFI) (TSX:NFI.DB.U) New Flyer Industries Inc. ("New Flyer" or the "Company"), announces certain revisions to its release issued on January 13, 2015 regarding the Company's deliveries, order activity and status of backlog for the fourth fiscal quarter ended December 28, 2014 ("Q4 2014"). Management has subsequently determined that an error was inadvertently made in calculating the number of deliveries of equivalent units ("EUs") for Q4 2014 and the number of deliveries was understated by 74 EUs. As a result, the following revisions to the previously reported information are being made:

• The deliveries for Q4 2014 are 680 EUs, compared to the 606 EUs previously reported;
• The Book-to-Bill ratio for the twelve months ended December 28, 2014 is 101%, compared to the 104% previously reported;
• The backlog as at December 28, 2014 is 6,745 EUs, compared to the 6,819 EUs previously reported; and
• The value of the backlog as at December 28, 2014 is $3.39 billion, compared to $3.43 billion previously reported.

As a result of the increase in EUs delivered, the tables in the January 13, 2015 release describing the Company's total backlog and backlog composition are restated as follows:

Total Backlog	Firm Orders  (EUs)	Options (EUs)	Total (EUs)
Ending backlog at Q3 2014	2,023	4,216	6,239
New orders in Q4 2014	596	729	1,325
Options exercised in Q4 2014	163	(163)	-
Deliveries in Q4 2014	(680)	-	(680)
Cancelled/expired options in Q4 2014	-	(139)	(139)
Ending Backlog at Q4 2014	2,102	4,643	6,745

Total Backlog	Firm Orders	Options	Total
	(EUs)	(EUs)	(EUs)
30, 35 and 40-foot buses	1,458	2,741	4,199
60-foot articulated buses	644	1,902	2,546
Total Backlog at Q4 2014	2,102	4,643	6,745

NOTE: All dollar amounts are stated in U.S. currency based on an exchange rate of U.S. $1.00 = CAD $ 1.1623 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 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.

Forward-Looking Statements
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: [phone]