WINNIPEG, Jan. 17, 2013 /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 the New York City Transit (NYCT) and the
MTA Bus Company (MTABC) (together, "MTA") have approved the purchase of
29 additional compressed natural gas ("CNG") 40-foot heavy-duty buses.
The first 14 of the 29 buses will be purchased from a current NYCT
contract signed on August 20, 2010. The original contract contained
340 option buses and after exercising these 14 options, 76 options will
remain in New Flyer's total backlog. The remaining 15 buses will be
purchased under a Daimler Buses North America, Inc. (Orion) contract
that was assigned to New Flyer on July 25, 2012 for MTABC. The
assignment included 74 buses with 30 additional options of which, 15
options will remain in New Flyer's total backlog.
The combined NYCT and MTABC fleet consists of over 5,600 transit buses
and express coaches covering nearly 300 routes, making it the largest
transit fleet in the United States. New Flyer has built and delivered
over 1,400 buses for NYCT since 1996, including 550 buses in CNG and
diesel bus configurations over the past 2 years.
"We are thrilled that NYCT continues to exercise their options with New
Flyer for additional buses and we believe it reflects directly on the
quality and performance of our industry leading buses," said Paul
Soubry, President and CEO of New Flyer. "New Flyer is the market leader
in the production of CNG transit buses with nearly 20 years of proven
technology and demonstrated reliability with over 4,700 in operation."
This award was part of the group of firm and option orders for 509 EUs
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.
Production of these 29 buses for NYCT is expected to begin in January
2013 with completion of delivery anticipated by beginning of the second
quarter 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 2,000 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.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.
SOURCE: New Flyer Industries Inc.