Summary (U.S. Dollars except as noted):
- Fiscal 2016 Revenue of $2.3
billion increased by 47.8% compared to Fiscal 2015.
- Fiscal 2016 Adjusted EBITDA and net earnings were
$289.1 million and $124.9 million increased by 90.8% and 131.7%
compared to Fiscal 2015, respectively.
- Fiscal 2016 earnings per share of $2.10 increased by 116.5% compared to Fiscal
2015.
- Fiscal 2016 Free Cash Flow and dividends declared were
C$216.3 million and C$54.0 million, which increased by 99.7%
and 59.8% compared to Fiscal 2015, respectively. The Free Cash Flow
payout ratio during Fiscal 2016 was 25%.
- Total backlog of 10,187 EUs (valued at $5.23 billion) increased 5.4% during Fiscal
2016.
- Total leverage ratio of 1.94 at end of Fiscal 2016 improved
from the pro forma ratio of 2.91 at end of Fiscal 2015
WINNIPEG, March 22, 2017 /CNW/ - New Flyer
Industries Inc. (TSX:NFI) (TSX:NFI.DB.U) (the "Company"), the
largest transit bus and motor coach manufacturer and parts
distributor in North America,
today announced its results for the 13-week period ended
January 1, 2017 ("2016 Q4") and the
53-week period ended January 1, 2017
("Fiscal 2016"). Full audited financial statements and
Management's Discussion and Analysis (the "MD&A") are available
at the Company's web site at: www.newflyer.com. Unless otherwise
indicated, all monetary amounts in this press release are expressed
in U.S. dollars.
Fiscal 2015 results include acquisition of Motor Coach
Industries ("MCI") from December 18,
2015 to December 27, 2015
only.
Operating Results
|
|
|
|
|
|
|
Transit Bus and
Coach Deliveries
|
2016
|
2015
|
%
|
2016
|
2015
|
%
|
Equivalent units
("EUs")
|
Q4
|
Q4
|
change
|
Fiscal
|
Fiscal
|
change
|
New transit bus
and coach
|
993
|
689
|
44.1%
|
3,511
|
2,480
|
41.6%
|
Pre-owned
coach
|
101
|
3
|
100.0%
|
381
|
3
|
100.0%
|
|
|
|
|
|
|
|
Average EU selling
price (U.S. dollars in thousands)
|
|
|
|
|
|
|
New transit bus
and coach average selling price
|
$
|
525.2
|
$
|
503.2
|
4.4%
|
$
|
517.9
|
$
|
490.6
|
5.6%
|
Pre-owned coach
average selling price
|
98.6
|
163.3
|
(39.6)%
|
122.3
|
163.3
|
(25.1)%
|
|
|
|
|
|
|
|
Consolidated
Revenue
|
2016
|
2015
|
%
|
2016
|
2015
|
%
|
(U.S. dollars in
millions)
|
Q4
|
Q4
|
change
|
Fiscal
|
Fiscal
|
change
|
New transit bus
and coach
|
$
|
521.5
|
$
|
346.7
|
50.4%
|
$
|
1,818.3
|
$
|
1,216.2
|
49.5%
|
Pre-owned
coach
|
10.0
|
0.5
|
100.0%
|
46.6
|
0.5
|
100.0%
|
Transit Bus and
Coach Manufacturing
|
531.5
|
347.2
|
53.1%
|
1,864.9
|
1,216.7
|
53.3%
|
Aftermarket
|
91.1
|
71.7
|
27.0%
|
409.3
|
322.2
|
27.0%
|
Total
Revenue
|
$
|
622.6
|
$
|
418.9
|
48.6%
|
$
|
2,274.2
|
$
|
1,538.9
|
47.8%
|
Revenue from transit bus and coach manufacturing operations for
2016 Q4 increased by 53.1% compared to the 13-week period ended
December 27, 2015 ("2015 Q4").
The increase in 2016 Q4 revenue primarily resulted from a 44.1%
increase in total transit bus and coach deliveries compared to 2015
Q4 deliveries and a 4.4% increase in the average selling price of
new transit buses and coaches resulting from a favourable sales mix
(which now includes coaches). The deliveries increased primarily as
a result of the inclusion of MCI's new and pre-owned coaches. The
2016 Q4 new deliveries increased by 216 EUs compared to the
previous quarter, primarily as a result of being able to deliver
motor coaches to New Jersey Transit (with the temporary contract
suspension lifted) and the increased coach deliveries that
typically occur at the end of the year due to favourable tax
treatment of depreciation for private customers. Similarly,
the transit bus and coach revenue for Fiscal 2016 increased by
53.3% compared to 52-week period ended December 27, 2015 ("Fiscal 2015"), primarily as a
result of an increase in transit bus and coach deliveries of 41.6%,
and a 5.6% increase in average selling price of new transit buses
and coaches. Fiscal 2016 also had an extra week compared to
Fiscal 2015. The extra week occurred in the first quarter of Fiscal
2016, during the last calendar week of 2015, a period of above
average deliveries.
Revenue from aftermarket operations in 2016 Q4 increased by
27.0% compared to 2015 Q4 and increased 27.0% in Fiscal 2016
compared to Fiscal 2015 primarily a result of aftermarket revenues
generated by MCI. The pro forma aftermarket business revenue (which
includes MCI) for 2015 Q4 was $98.1
million and $416.7 million for
Fiscal 2015 when also excluding the revenue from the Chicago
Transit Authority mid-life overhaul program. Therefore, the core
aftermarket revenue in 2016 Q4 decreased 7.2% compared to the pro
forma aftermarket revenue for the core business in 2015 Q4, but
remained essentially flat in Fiscal 2016 compared to Fiscal
2015.
|
|
|
|
|
|
|
Consolidated
Adjusted EBITDA
|
2016
|
2015
|
%
|
2016
|
2015
|
%
|
(U.S. dollars in
millions)
|
Q4
|
Q4
|
change
|
Fiscal
|
Fiscal
|
change
|
Transit Bus and
Coach Manufacturing
|
$
|
58.8
|
$
|
31.2
|
88.5%
|
$
|
208.6
|
$
|
90.0
|
131.8%
|
Aftermarket
|
18.0
|
13.4
|
34.3%
|
80.5
|
61.5
|
30.9%
|
Total Adjusted
EBITDA
|
$
|
76.8
|
$
|
44.6
|
72.2%
|
$
|
289.1
|
$
|
151.5
|
90.8%
|
|
|
|
|
|
Adjusted EBITDA %
of revenue
|
|
|
|
|
Transit Bus and
Coach Manufacturing
|
11.1%
|
9.0%
|
2.1%
|
11.2%
|
7.4%
|
3.8%
|
Aftermarket
|
19.8%
|
18.6%
|
1.2%
|
19.7%
|
19.1%
|
0.6%
|
Total
|
12.3%
|
10.6%
|
1.7%
|
12.7%
|
9.8%
|
2.9%
|
Consolidated Adjusted EBITDA increased by 72.2% and 90.8% during
2016 Q4 and Fiscal 2016 respectively, compared to their
corresponding periods in the previous year, which is primarily a
result of increased unit deliveries and improved margins.
Contributors to the increase in margin in the period is a very
favourable sales mix, cost savings synergies relating to the MCI
acquisition, continued cost reductions achieved through the
Company's operational excellence initiatives and integration of MCI
and the full impact from the New Flyer and NABI product
rationalization.
Margins vary significantly between orders due to factors such as
pricing, order size, propulsion system and product type and
components specified by the customer. Management cautions readers
that quarterly Adjusted EBITDA can be volatile and should be
considered over a period of several quarters.
The 2016 Q4 aftermarket operations Adjusted EBITDA increased
34.3% compared to 2015 Q4 as a result of Adjusted EBITDA generated
from MCI's aftermarket business. As well, the Fiscal 2016
aftermarket Adjusted EBITDA increased 30.9% compared to Fiscal
2015. The aftermarket Adjusted EBITDA as a percentage of revenue
for 2016 Q4 has increased 1.2% as compared to 2015 Q4 and increased
by 0.6% when comparing to Fiscal 2016 to Fiscal 2015.
|
|
|
|
|
|
|
Bus and Coach
Adjusted EBITDA per EU delivered
|
2016
|
2015
|
$
|
2016
|
2015
|
$
|
(U.S.
dollars)
|
Q4
|
Q4
|
change
|
Fiscal
|
Fiscal
|
change
|
Transit bus and
coach manufacturing Adjusted EBITDA (in millions)
|
$
|
58.8
|
$
|
31.2
|
$
|
27.6
|
$
|
208.6
|
$
|
90.0
|
$
|
118.6
|
New transit bus
and coach deliveries (EUs)
|
993
|
689
|
304
|
3,511
|
2,480
|
1,031
|
Bus and Coach
Adjusted EBITDA per new EU delivered (in thousands)
|
$
|
59.2
|
$
|
45.3
|
$
|
13.9
|
$
|
59.4
|
$
|
36.3
|
$
|
23.1
|
|
|
|
|
|
|
|
Pre-owned coaches are sold effectively at break even and
therefore the related deliveries are not included in the
calculation of transit bus and coach Adjusted EBITDA per new EU
delivered.
The transit bus and coach manufacturing Adjusted EBITDA per EU
delivered in 2016 Q4 has increased by $13.9
thousand compared to 2015 Q4. The pro forma Adjusted EBITDA
per EU delivered in 2015 Q4 was $56.3
thousand, the acquisition of MCI having increased Adjusted
EBITDA per EU by $11.0 thousand. The
remaining increase of $2.9 thousand
of Adjusted EBITDA per EU delivered in 2016 Q4 compared to 2015 Q4
is a result of margin enhancements.
Similarly, the transit bus and coach manufacturing Adjusted
EBITDA per EU delivered in Fiscal 2016 has increased by
$23.1 thousand compared to Fiscal
2015. The pro forma Adjusted EBITDA per EU delivered in Fiscal 2015
was $44.4 thousand, the acquisition
of MCI having increased Adjusted EBITDA per EU by $8.1 thousand. The remaining increase of
$15.0 thousand of Adjusted EBITDA per
EU delivered in Fiscal 2016 compared to Fiscal 2015 is a result of
margin enhancements, contributed by higher sales price, cost
savings synergies relating to the acquisition and integration of
MCI, cost reductions as a result of the full impact from the New
Flyer and NABI rationalization, on-going continuous improvement
efforts and a favourable sales mix.
|
|
|
|
|
|
|
Net
earnings
|
2016
|
2015
|
$
|
2016
|
2015
|
$
|
(U.S. dollars in
millions)
|
Q4
|
Q4
|
change
|
Fiscal
|
Fiscal
|
change
|
Earnings from
operations
|
$
|
61.2
|
$
|
24.0
|
$
|
37.2
|
$
|
216.6
|
$
|
92.9
|
$
|
123.7
|
Non-cash
loss
|
(1.4)
|
(0.9)
|
(0.5)
|
(1.8)
|
(3.0)
|
1.2
|
Interest income (expense)
|
3.6
|
(3.5)
|
7.1
|
(21.0)
|
(14.2)
|
(6.8)
|
Income tax
expense
|
(21.9)
|
(5.5)
|
(16.4)
|
(68.9)
|
(21.8)
|
(47.1)
|
Net
earnings
|
$
|
41.5
|
$
|
14.1
|
$
|
27.4
|
$
|
124.9
|
$
|
53.9
|
$
|
71.0
|
Net earnings per
share (basic)
|
$
|
0.68
|
$
|
0.25
|
$
|
0.43
|
$
|
2.10
|
$
|
0.97
|
$
|
1.13
|
Net earnings during 2016 Q4 increased by 194.5% compared to 2015
Q4, primarily as a result of improved Earnings from Operations
offset by the increase in income tax expense. This resulted in net
earnings per Share in 2016 Q4 of $0.68 compared to $0.25 per Share generated during 2015 Q4.
Similarly, net earnings for Fiscal 2016 increased by 131.7%
compared to Fiscal 2015.
Liquidity
|
|
|
|
|
|
|
Free Cash Flow and
Declared Dividends
|
2016
|
2015
|
%
|
2016
|
2015
|
%
|
(CAD dollars in
millions)
|
Q4
|
Q4
|
change
|
Fiscal
|
Fiscal
|
Change
|
Free Cash
Flow
|
$
|
45.1
|
$
|
47.4
|
(4.9)%
|
$
|
216.3
|
$
|
108.3
|
99.7%
|
Declared
dividends
|
$
|
14.9
|
$
|
8.6
|
73.3%
|
$
|
54.0
|
$
|
33.8
|
59.8%
|
The Company generated Free Cash Flow of C$45.1 million during 2016 Q4, a decrease of 4.9%
compared to C$47.4 million in 2015
Q4. The Company declared dividends in 2016 Q4 of C$14.9 million, an increase of 73.3% compared to
C$8.6 million in 2015 Q4 primarily as
a result of conversion of the 6.25% convertible unsecured
subordinated debentures of the Company ("Debentures") by the
holders to common shares of the Company ("Shares") and the 53%
cumulative increase in the annual dividend rate during Fiscal
2016. There were 5.6 million Shares issued as a result of
Debenture conversions during Fiscal 2016. As at January 1, 2017, approximately 88% of the
original $65 million of Debentures
issued had been converted to Shares at a conversion price of
$10 per Share. The remaining
Debentures will mature on June 30,
2017.
The Company generated Free Cash Flow of C$216.3 million during Fiscal 2016 which
increased 99.7% compared to C$108.3
million in Fiscal 2015. The Company's declared dividends in
Fiscal 2016 of C$54.0 million
increased 59.8% compared to C$33.8
million in Fiscal 2015. The Fiscal 2016 Free Cash Flow
payout ratio (declared dividends divided by Free Cash Flows) is
25.0% compared to 31.2% in Fiscal 2015.
The January 1, 2017 liquidity
position of $268.1 million is
comprised of $255.1 million available
under the revolving portion of the Credit Facility (the "Revolver")
and $13.0 million of cash, compared
to a liquidity position of $255.6
million at October 2, 2016.
The liquidity has improved $12.5
million or 4.9% during 2016 Q4. The increased liquidity
during 2016 Q4 relates to improved cash flow from operations during
the period. As at January 1, 2017
there were $77.0 million of direct
borrowings and $10.9 million of
outstanding letters of credit related to the $343.0 million Revolver.
The Company's total leverage ratio (defined as net indebtedness
excluding Debentures, divided by Adjusted EBITDA) of 1.94 at
January 1, 2017 improved from the pro
forma ratio of 2.91 at December 27,
2015. The pro forma adjustment represents MCI's full year
Adjusted EBITDA for Fiscal 2015. As at January 1, 2017, the Company was in compliance
with its covenant that requires the total leverage ratio to be less
than 4.00.
Outlook
The Company's annual operating plan for the 52-weeks ended
December 31, 2017 ("Fiscal 2017") is
focused on maintaining and growing its leading market position in
the heavy-duty transit bus and motor coach markets and aftermarket
parts distribution through enhanced competitiveness.
The Company expects to deliver approximately 3,650 EUs of new
transit buses and motor coaches during Fiscal 2017, an increase of
4% from Fiscal 2016 based on a very healthy order backlog, bid
universe and management's belief that the procurement activity by
public transit agencies throughout the U.S. and Canada for both transit buses and motor
coaches should remain robust.
Management took the necessary time to evaluate MCI and assess
the various scenarios before determining further strategic actions
to pursue longer term synergies and improved competitiveness. With
the customized nature of the public market, and the increasing U.S.
content requirements under U.S. legislation, significant
procurement synergies resulting from sourcing leverage are not
easily attainable. Any material sourcing changes must take into
consideration an evaluation from several perspectives, including:
current supplier agreements, customer specified components, bus
reliability and performance, and aftermarket serviceability and
spare parts implications.
As a result of the year long evaluation, the Company announced a
decision to appoint presidents of the various operating businesses.
Effective January 1, 2017,
Wayne Joseph became President,
Transit Bus Business, Ian Smart
became President, Motor Coach Business and Brian Dewsnup became President, Aftermarket
Parts Business for both New Flyer and MCI. These strategic
leadership changes align organizational structure and capital
deployment plans to create the best environment for customer
support, enhanced competitiveness and growth. To build customer
focus, Mr. Smart (MCI) and Mr. Joseph (New Flyer) will be
responsible for all aspects of original equipment manufacturer
("OEM") design, engineering, purchasing, sales and marketing,
production and operations. Formerly managed within the MCI
aftermarket business, the six MCI service centers (soon to be
seven), field service teams, warranty and the technical call
center, which assists operators, technicians and drivers around the
clock, will now be managed by MCI's Motor Coach Business. The
change in customer and field support reporting has been very
successful at New Flyer, and going forward the Motor Coach Business
at MCI will also own the support and reliability of the products it
designs and builds.
The combination of the MCI and New Flyer aftermarket parts
businesses, training and publications into one business under the
direction of Mr. Dewsnup solidifies the Company as the largest
transit bus and motor coach parts supplier in North America, with a goal of a common
platform to improve the Company's inventory utilization and
delivery performance.
Management believes that growth in the motor coach and transit
bus aftermarket parts market will be in the range of zero to 2% in
2017. This expectation is due to a number of factors such
as:
- the increase in new motor coach and bus deliveries in recent
years to medium and large operators has resulted in enhanced fleet
replacement, creating somewhat of a dampening effect on the
aftermarket business, and
- overall transit bus and motor coach fleet size and utilization
remain fairly consistent, which drives demand for routine
preventive maintenance and repair.
While overall industry aftermarket growth is anticipated to be
relatively flat, the Company continues to focus on enhancing
customer service levels, growing its market share and improving
efficiency, profitability and working capital utilization.
During Fiscal 2016, the Company began investing in MCI's
facilities and information technology to harmonize them with New
Flyer, along with a company-wide transformation to enhance MCI's
Quality-at-the-Source, "zero defect" production culture. Further
investments in Fiscal 2017 are planned with respect to service
centers, support infrastructure and next generation product
development; such as a battery-electric coach and a 35-foot J-model
coach.
The Company's financial performance during first quarter of
Fiscal 2017 will be based on 13-weeks whereas compared to the first
quarter of Fiscal 2016 which included 14-weeks. The extra week in
Fiscal 2016 is a result of the Company's floating year-end. The
extra week occurred during the last week during December
2015. First quarter deliveries have historically been lower
compared to fourth quarter deliveries.
Conference Call
A conference call for analysts and interested listeners will be
held on Thursday March 23, 2017 at
3:00 p.m. (ET). The call-in
number for listeners is 888-231-8191, 647-427-7450 or 403-451-9838.
A live audio feed of the call will also be available at:
http://event.on24.com/r.htm?e=1357886&s=1&k=8A588337916B37E826E3E9268DB08B27
A replay of the call will be available from 6:00 p.m. (ET) on March
23, 2017 until 11:59 p.m. (ET)
on March 30, 2017. To access
the replay, call 855-859-2056 or 416-849-0833 and then enter pass
code number 62332684. The replay will also be available on
New Flyer's web site at www.newflyer.com.
Non-IFRS Measures
"Earnings from Operations" refer to earnings before interest,
income taxes and unrealized foreign exchange losses or gains on
non-current monetary items. "Adjusted EBITDA" consists of earnings
before interest, income taxes, depreciation, amortization and other
non-cash charges and certain other non-recurring charges as set out
in the MD&A. "Free Cash Flow" means net cash generated by
operating activities adjusted for changes in non-cash working
capital items, interest paid, interest expense, income taxes paid,
current income tax expense, effect of foreign currency rate on
cash, past service cost, defined benefit funding, non-recurring
transitional costs relating to business acquisitions, costs
associated with assessing strategic and corporate initiatives,
product rationalization costs, defined benefit expense, cash
capital expenditures, fair value adjustment to MCI's inventory and
deferred revenue, gain received on total return swap settlement,
proportion of the total return swap realized and principal payments
on capital leases. Management believes Earnings from
Operations, Adjusted EBITDA and Free Cash Flow are useful measures
in evaluating the performance of the Company. However, Earnings
from Operations, Adjusted EBITDA and Free Cash Flow are not
recognized earnings measures and do not have standardized meanings
prescribed by International Financial Reporting Standards ("IFRS")
and may not be comparable to similarly titled measures used by
other issuers. Readers are cautioned that Earnings from Operations
and Adjusted EBITDA should not be construed as an alternative to
net earnings or loss determined in accordance with IFRS as an
indicator of the Company's performance, and Free Cash Flow should
not be construed as an alternative to cash flows from operating,
investing and financing activities determined in accordance with
IFRS, as a measure of liquidity and cash flows. A reconciliation of
Adjusted EBITDA and Free Cash Flow to net earnings and cash flow
from operations, respectively, is provided in the MD&A.
About the Company
The Company is the largest transit bus and motor coach
manufacturer and parts distributor in North America with fabrication, manufacturing,
distribution and service centers in Canada and the
United States and employs approximately 5,000 team
members.
Through its Canadian and U.S. subsidiaries, NFI ULC and NFAI,
the Company is North America's
heavy-duty transit bus leader and offers a high quality transit bus
product line (Xcelsior® and MiDi® models),
incorporating the broadest range of drive systems available,
including: clean diesel, natural gas, diesel-electric hybrid,
electric-trolley and now battery-electric. New Flyer actively
supports over 42,000 heavy-duty transit buses (New Flyer, NABI and
Orion) currently in service.
Through its Canadian and U.S. subsidiaries, Motor Coach
Industries Limited and Motor Coach Industries, Inc., the Company is
the leader in motor coaches in Canada and the U.S., MCI offers a J-model
which is the industry's best-selling intercity coach for 12
consecutive years, and the D-model, the industry's best-selling
coach line in North American motor coach history. MCI is also
the exclusive distributor of the Setra S417 and S407 in
the United States and
Canada. MCI actively supports over 28,000 MCI motor coaches
currently in service and offers 24-hour roadside assistance 365
days a year.
The Company also operates North
America's most comprehensive aftermarket parts organization
providing support for all types of transit buses and motor
coaches. All New Flyer's transit buses and MCI's coaches are
supported by an industry-leading comprehensive warranty, service
and support network.
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
Certain statements in this press release are "forward‑looking
statements", which reflect the expectations of management regarding
the Company's future growth, results of operations, performance and
business prospects and opportunities. The words "believes",
"anticipates", "plans", "expects", "intends", "projects",
"forecasts", "estimates" and similar expressions are intended to
identify forward‑looking statements. These forward‑looking
statements reflect management's current expectations regarding
future events and operating performance and speak only as of the
date of this press release. Forward-looking statements involve
significant risks and uncertainties, should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not or the times
at or by which such performance or results will be achieved. A
number of factors could cause actual results to differ materially
from the results discussed in the forward-looking statements. Such
differences may be caused by factors which include, but are not
limited to, availability of funding to the Company's customers to
purchase transit buses and coaches and to exercise options and to
purchase parts or services at current levels or at all, aggressive
competition and reduced pricing in the industry, material losses
and costs may be incurred as a result of product warranty issues
and product liability claims, changes in Canadian or United States tax legislation, the
absence of fixed term customer contracts and the suspension or the
termination of contracts by customers for convenience, the current
U.S federal "Buy-America" legislation, U.S. Disadvantaged Business
Enterprise Program requirements, local content and job creation
bidding preferences and requirements under Canadian content
policies may change and/or become more onerous, trade policies in
the United States and Canada may undergo significant change,
potentially in a manner materially adverse to the Company,
production delays may result in liquidated damages under the
Company's contracts with its customers, the Company's ability to
execute its planned production targets as required for current
business and operational needs, currency fluctuations could
adversely affect the Company's financial results or competitive
position in the industry, the Company may not be able to maintain
performance bonds or letters of credit required by its existing
contracts or obtain performance bonds and letters of credit
required for new contracts, third party debt service obligations
may have important consequences to the Company, the covenants
contained in the Company's senior credit facility and the indenture
governing its Debentures could impact the ability of the Company to
fund dividends and take certain other actions, interest rates could
change substantially and materially impact the Company's
profitability, the dependence on limited sources of supply, the
timely supply of materials from suppliers, the possibility of
fluctuations in the market prices of the pension plan investments
and discount rates used in the actuarial calculations will impact
pension expense and funding requirements, the Company's
profitability and performance can be adversely affected by
increases in raw material and component costs, the availability of
labour could have an impact on production levels, new products must
be tested and proven in operating conditions and there may be
limited demand for such new products from customers, the Company
may have difficulty selling pre-owned coaches and realizing
expected resale values, the ability of the Company to successfully
execute strategic plans and maintain profitability, risks related
to acquisitions, joint ventures, and other strategic relationships
with third parties and the ability to successfully integrate
acquired businesses and assets into the Company's existing business
and to generate accretive effects to income and cash flow as a
result of integrating these acquired businesses and assets. The
Company cautions that this list of factors is not exhaustive. These
factors and other risks and uncertainties are discussed in its
press releases and materials filed with the Canadian securities
regulatory authorities and available on SEDAR at www.sedar.com.
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. These forward‑looking statements are
made as of the date of this press release and the Company assumes
no obligation to update or revise them to reflect new events or
circumstances, except as required by applicable securities
laws.
SOURCE New Flyer Industries Inc.