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.