New Flyer Backlog Increases 70 Percent To $3.1 Billion
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Winnipeg, Manitoba, Canada - November 20, 2007
(TSX:NFI.UN) New Flyer Industries Inc. (“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 new orders for up to 1216 buses for a combined value of over US $670 million. Of these new orders, 466 buses are firm orders and 750 are options. These orders are for a variety of vehicle configurations, including 35-, 40- and 60-foot buses and diesel and diesel hybrid-electric propulsion systems.
The level of activity in 2007 has resulted in a significantly improved backlog position for the year. The total number of orders reported by New Flyer in 2007 is 5102 buses with a value of over US $2.5 billion.
New Flyer’s backlog as of the end of October 2007 was 7743 equivalent production units, which represents an increase of 40% in comparison to the 5,313 equivalent production units in backlog at the start of the year. The value of the order backlog as of the end of October 2007 of US $3.1 billion has increased by 72% compared to the US $1.8 billion backlog at the start of the year. The portion of firm orders included in the backlog has increased to US $1.3 billion (3040 equivalent production units) as of the end of October 2007 from US $0.8 billion (2189 equivalent production units) at the start of the year.
NOTE: All dollar amounts are stated in US currency based on an exchange rate of US $1.00 = Cdn $0.9848 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 www.newflyer.com.
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 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, please contact:
New Flyer Industries Inc.
Glenn Asham
Chief Financial Officer
Tel: 204-224-1251
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