New Flyer Awarded a Contract for 90 40-Foot Xcelsior Buses by Milwaukee County Transit
Winnipeg, Manitoba, Canada – February 7, 2013: (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 the Milwaukee County Transit System (“MCTS”) has awarded New Flyer a contract for 90 Xcelsior diesel 40-foot heavy-duty buses.
The contract for 90 Xcelsior XD40 buses contains a firm order of 55 buses with options for an additional 35 buses. MCTS and New Flyer have a longstanding partnership, built over the last 16 years with 691 New Flyer buses built over that time span. With an active fleet size today of approximately 409 buses delivered, MCTS currently operates a 100% New Flyer fleet.
“New Flyer is very proud to be awarded the bid to build transit buses for Milwaukee. We’ve come a long way from our first build with MCTS and we continue to be committed to building and strengthening our relationship with them long into the future,” said Paul Soubry, New Flyer’s President and Chief Executive Officer. “This bus order will be MCTS first experience with New Flyer’s ‘best in class’ Xcelsior model. The Xcelsior delivers improved life cycle savings and a more comfortable transit experience for both the passengers and drivers.”
“We believe that building a reliable and accessible transit fleet is pivotal to community growth, connecting people to jobs and services, and providing accessibility for persons with disabilities, while reducing traffic congestion and carbon footprint,” said Lloyd Grant, Jr., MCTS Managing Director. “We believe that this New Flyer order is aligned with our path to achieving those goals.”
This award was part of the group of firm and option orders for 509 equivalent units received just prior to the end of 2012 noted in the New Flyer press release of January 9, 2013 as included in the New Flyer backlog, but awaiting approval for the issue of a detailed announcement.
The 55 buses are anticipated to begin production in the first quarter of 2013. All buses are expected to be delivered by the summer of 2013.
About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit buses in the United States and Canada. The Company’s three manufacturing facilities – in St. Cloud, MN; Crookston, MN; and Winnipeg, MB – are all ISO 9001, ISO 14001 and OHSAS 18001 certified. The Company currently operates a parts fabrication facility in Elkhart, IN and four parts distribution centers in Erlanger, KY; Fresno, CA; Winnipeg, MB and Brampton, ON. The Company also operates a service center in Arnprior, ON.
With a skilled workforce of over 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 diesel-electric hybrid vehicles. New Flyer has delivered over 32,000 heavy-duty buses in the United States and Canada. All products are supported with an industry-leading, comprehensive parts and service network. Further information is available on New Flyer’s web site at www.www.newflyer.com.
The common shares and convertible unsecured subordinated debentures of New Flyer 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.
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