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New Flyer sees surge in Q4 revenues

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Paul Soubry, President and CEO of New Flyer

MELISSA TAIT / WINNIPEG FREE PRESS Enlarge Image

Paul Soubry, President and CEO of New Flyer Photo Store

Winnipeg bus builder New Flyer Industries recorded solid increases in revenue, operating profit and net profit during the fourth quarter in what one analyst said was "arguably the best quarter of results we have seen from the company."

Results released Wednesday night show report total revenue of $381.2 million, up 83.2 per cent compared to the fourth quarter of 2012. EBITDA (earnings before interest, taxes, depreciation and amortization) was $36.8 million, up 155 per cent and net profit was $13.7 million, up 9.7 per cent.

Much of the increases are due to the incremental additional work associated with the acquisition of the Orion parts business and the NABI bus and parts businesses.

The increase in fourth quarter revenue primarily resulted from a 64.1 per cent increase in total bus deliveries compared to the same period in 2012 as well as a sales mix with higher average selling prices.

Fiscal 2013 revenue, EBITDA and net earnings were $1.2 billion, $95 million and $27 million, respectively, compared to the same measures in 2012 of $865 million, $61 million and $9.3 million, respectively.

Management anticipates that the first quarter 2014 EBITDA will be significantly less than the fourth quarter of 2013 and will likely also be lower than the first quarter of 2013.

The company estimates that its market share of buses delivered in 2013 was about 43 per cent, an increase from its estimated market share of 32 per cent for 2012. The increase was primarily as a result of the acquisition of NABI in June 2013 and the assignment of the remaining Orion bus sales contracts prior to its departure in December 2012.

New Flyer shares were down five cents in morning trading to $11.42 but are still near the 52-week high of $11.85.

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