New Flyer Industries Inc. (NFI.TO)

Has done fairly well. They are on the right track. Brought in new manager about 3-4 years ago, that was much more production efficiency oriented. Backlog has been growing. Municipalities are investing more and more into mass transit and this company is extremely well-positioned to take advantage of that.

Order book started to pick up in the 2^nd half of 2012. Also announced a very strong order book in January. They are at the mercy of their customers and large orders can sometimes be delayed, which has been part of the issue. Looks like they are smoothing out that process. Made an acquisition of the Daimler buses after they vacated North America. 5.5% yield. Trading at less than 10X next year’s earnings.

Municipal governments being strapped for cash is still a big problem for them. Ironic because there is a lot of unemployment and people use mass transit when they can’t afford to drive. Thinks it is starting to turn around here. Expecting stronger earnings. Nice dividend of about 7%.

Has been a laggard. Had concerns about deferred orders which are book to bill this quarter. Had a dividend decrease that was planned a year ago. 4.8% dividend is safe.

Has struggled as of late. Softer second quarter. It is in good shape. They are at production levels that will allow them to maintain the dividend. As municipalities get funding behind them you will see the order book pick up. 8% dividend.

Stock has been disappointing over the last year or so. At these levels, it is a Hold. Dividend will change in August as that is the anniversary of when they converted from an income trust. The 13% dividend will come down to about 9% but still a very reasonable yield. Order book was up dramatically from what the analysts were looking for.

Bus manufacturer. The problem is that municipal budgets are just not there for new fleets. She has a small Short on this company. She just doesn't see any positive news because of government restraints globally.

Manufacture buses, which they sell to cities in North America. Cities generate their own revenues but they also get revenues from senior governments and in the US, things are not rosy. However this is a cheap stock and the dividend looks sustainable. There are some signs of improvement. Yield of 12.36% which makes him a little nervous.

Will be reducing their dividend in August due to their conversion from an income deposit to a common share. It will still be an 8% yield based on the current stock price. Production is consistent at 36 buses a week and they still have a 3-4 year backlog. Have just announced a strategic partnership with a UK company where they will make a smaller bus.

Suffered badly last year, probably due to their organization. Have announced a strategic review of their business, perhaps a sale is imminent. Dividend is safe, although it will fall in August.