August 17, 2009 / 8:32 PM / 9 years ago

UPDATE 1-New Flyer Industries Q2 loss widens, to cut jobs

* Q2 net loss $14.7 mln vs $10.7 mln yr ago

* Consolidated revenue up 5 pct

* Says to cut workforce by about 13 pct in US, Canada

* Says to close certain facilities by year end

* Liquidity position decreases to $33.9 mln as at July 5

Aug 17 (Reuters) - Bus maker New Flyer Industries Inc NFI_u.TO posted a wider quarterly loss, hurt by increased non-cash charges, and said it would cut about 13 percent of its workforce in the United States and Canada and shutdown some facilities to mitigate effects of an order deferral.

For the second quarter, the company reported a net loss of $14.7 million, compared with $10.7 million a year earlier.

Consolidated revenue was up 5 percent at $273.5 million. Bus-manufacturing revenue rose 5 percent to $246.1 million.

Distributable cash rose 8 percent to C$19.9 million, or 40 Canadian cents per unit.

The company had said a U.S. customer order for 140 diesel-electric hybrid articulated buses had been deferred indefinitely as a result of delays in the customer receiving state funding.

New Flyer said it will cut its unionized workforce by up to about 270 positions and salaried workforce by up to about 50 positions.

The company also plans to shutdown its facilities in Winnipeg, Crookston and St. Cloud during the last two weeks of the year, it said.

The company said its liquidity position decreased to $33.9 million as at July 5 from $70.7 million as at Dec. 28, 2008.

Units of the company closed at C$8.18 Monday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Vinu Pilakkott)

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