New Flyer wins First Place and Grand Prize Award in APTA's 30th Annual AdWheel Awards competition in the category of Special Event/ Public Relations/Awareness Special Event for its Earth Day Awareness Campaign.


New Flyer's Garden of Giving was planted on May 25, 2009 at the Winnipeg headquarters. Produce was donated to a local charity.
On August 11, 2009 New Flyer participated in the construction of several homes as part of Habitat for Humanity Adopt A Day Program in Winnipeg, Manitoba.


Highlights:

  • New Flyer corrects financial statements due to error in reporting future income tax provision in the third quarter of 2006
  • Error impacts reported net earnings (loss) but does not affect previously reported Cash Flow, Adjusted EBITDA, or Distributable Cash
  • Annual financial statements for 2006 to be released as scheduled on March 27, 2007

WINNIPEG, March 22, 2007 - New Flyer Industries Inc. (“NFI”) (TSX:NFI.UN), the leading manufacturer of heavy-duty transit buses in Canada and the United States, today announced a correction of its financial results and those of its subsidiary, New Flyer Holdings, Inc. ("New Flyer" or the "Company") for the 13-week period ("2006 Q3") and the 39-week period (“2006 YTD”) ended October 1, 2006 . Full restated financial statements and Management's Discussion and Analysis (the "MD&A") are available on the Company's website under Investor Relations/Financial Reports. All amounts referred to in this press release are in US dollars.

In the course of determining the tax provision for the year ended December 31, 2006, the Company has determined that a calculation error was made in recording the future income tax provision in the Company’s 2006 Third Quarter financial statements. The Company has restated the 2006 Q3 and 2006 YTD Consolidated Statement of Operations and Retained Earnings by recording an incremental charge to net earnings for future income taxes of $4.5 million for both 2006 Q3 and 2006 YTD periods. This resulted in a restated net loss for 2006 Q3 of $0.9 million and restated net earnings for 2006 YTD of $17.3 million. This adjustment to earnings results in a reduction in future income tax assets and retained earnings reported on the Company’s Consolidated Balance Sheet of $4.5 million from amounts previously reported. This adjustment had no affect on the cash flows, Adjusted EBITDA and Distributable Cash previously reported by the Company.

NFI’s financial statements were also affected by the 2006 Q3 error in New Flyer’s financial statements. As a result of the reduced net earnings reported by the Company, NFI’s net earnings (loss) has been charged an incremental $4.5 million for income (loss) from equity accounted investments both for 2006 Q3 and 2006 YTD in NFI’s Statement of Operations and Retained Earnings. This results in NFI reporting a loss of $0.8 million ($0.04 per share) for 2006 Q3 and earnings of $17.1 million ($0.85 per share) for 2006 YTD. The investment in New Flyer Holdings, Inc. and retained earnings, as reported on the Balance Sheet of NFI, has been reduced by $4.5 million as a result of restating earnings as noted above. This adjustment had no affect on the previously reported cash flows of NFI.

New Flyer plans to release its 2006 annual financial statements as scheduled on March 27, 2007.

 Non-GAAP Measures

 Adjusted EBITDA consists of earnings before interest, income taxes, depreciation, amortization and other non-cash charges adjusted for IPO related costs and certain other non-recurring charges as set out in the MD&A. Management believes Adjusted EBITDA and Distributable Cash (as defined below) are useful measures in evaluating the performance of the Company. Specifically, management believes that Adjusted EBITDA is the appropriate measure from which to make adjustments to determine "Distributable Cash" (being Adjusted EBITDA decreased for maintenance capital expenditures, principal payments on capital leases, interest on the Company's credit facility and capital leases, interest on New Flyer Industries Canada ULC's subordinated notes (not forming part of IDSs) and cash taxes). Adjusted EBITDA and Distributable Cash are not earnings measures recognized under GAAP and do not have standardized meanings as prescribed by GAAP. Therefore, Adjusted EBITDA and Distributable Cash may not be comparable to similar measures presented by other entities. Investors are cautioned that Adjusted EBITDA and Distributable Cash should not be construed as an alternative to net income or loss determined in accordance with GAAP as an indicator of New Flyer's performance or to cash flows from operating, investing and financing activities as measures of liquidity and cash flows.

 About New Flyer

 New Flyer is the leading manufacturer of heavy-duty transit buses in Canada and the United States. 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 2,100 employees, New Flyer is a technology leader in the heavy-duty transit market, 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 of New Flyer's products are supported by an industry-leading, comprehensive parts and service network. New Flyer's Income Deposit Securities are listed on the Toronto Stock Exchange under the symbol NFI.UN.

 Forward-Looking Statements

 This press release may contain "forward-looking statements", which reflect the expectations of management regarding New Flyer Industries Inc.’s and the Company's future growth, results of operations, performance and business prospects and opportunities.  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. These factors and other risks and uncertainties are discussed in the Company's materials filed with the Canadian securities regulatory authorities and are available on SEDAR at www.sedar.com.

 Although any 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 neither New Flyer Industries Inc. nor the Company assumes any obligation to update or revise them to reflect new events or circumstances.

For further information:
Glenn Asham
Chief Financial Officer
Tel: (204) 224-1251
E-mail: investor@newflyer.com