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Bombardier Announces Financial Results for the First Quarter Ended March 31, 2014

MONTREAL, QUEBEC -- (Marketwired) -- 05/01/14 -- Bombardier Inc. (TSX: BBD.A)(TSX: BBD.B)(OTCQX: BDRBF)

(All amounts in this press release are in U.S. dollars unless otherwise indicated. This press release contains both IFRS and non-GAAP measures. Non-GAAP measures are defined and reconciled to the most comparable IFRS measures in the Corporation's MD&A. See Caution regarding non-GAAP measures at the end of this press release.)


--  Revenues of $4.4 billion, compared to $4.3 billion for the same period
    last fiscal year

--  EBIT before special items(1) of $219 million, or 5.0% of revenues,
    compared to $240 million, or 5.5%, for the same period last fiscal year

--  Adjusted net income(1) of $151 million (adjusted EPS(1) of $0.08),
    compared to $156 million (adjusted EPS of $0.08) for the same period
    last fiscal year

--  Free cash flow usage(1) of $915 million, compared to a usage of $590
    million for the same period last fiscal year, including a net investment
    of $500 million in PP&E and intangible assets

--  Available short-term capital resources of $3.9 billion, including cash
    and cash equivalents of $2.5 billion as at March 31, 2014, compared to
    $4.8 billion and $3.4 billion, respectively, as at December 31, 2013

--  Record backlog of $76.9 billion as at March 31, 2014, compared to $69.7
    billion as at December 31, 2013


(1)  See Caution regarding non-GAAP measures at the end of this press
     release.

Bombardier today reported its financial results for the first quarter ended March 31, 2014. Revenues totalled $4.4 billion for the quarter, compared to $4.3 billion for the same period last fiscal year.

For the first quarter ended March 31, 2014, earnings before financing expense, financing income and income taxes (EBIT) was $207 million, or 4.8% of revenues, compared to $240 million, or 5.5%, for the same period last fiscal year. EBIT before special items totalled $219 million, or 5.0% of revenues, compared to $240 million, or 5.5%, for the same period last fiscal year.

Net income totalled $115 million, or earnings per share (EPS) of $0.06, compared to $148 million or $0.08 for the same period the previous year. On an adjusted basis, net income amounted to $151 million, or EPS of $0.08, for the first quarter ended March 31, 2014, compared to $156 million, or $0.08, for the same period the previous fiscal year.

For the three-month period ended March 31, 2014, free cash flow usage (cash flows from operating activities less net additions to property, plant and equipment (PP&E) and intangible assets) amounted to $915 million, compared to a usage of $590 million for the same period last year. As at March 31, 2014, available short-term capital resources of $3.9 billion included cash and cash equivalents of $2.5 billion ($4.5 billion and $3.0 billion on a pro forma basis) (1), compared to $4.8 billion and $3.4 billion, respectively as at December 31, 2013. The overall backlog reached $76.9 billion as at March 31, 2014, compared to $69.7 billion as at December 31, 2013.

"We're satisfied with our first quarter results and we're on track to meet our full-year guidance for 2014," said Pierre Beaudoin, President and Chief Executive Officer, Bombardier Inc. "We achieved important milestones such as the successful maiden flight of the Learjet 85 in April and we received a record $8 billion of new orders at Bombardier Transportation."

"Our continued investment in a leading portfolio of products is paying off, as demonstrated by our record backlog of $76.9 billion which sets the stage for strong revenue growth over a five-year horizon," concluded Mr. Beaudoin.

As part of a pro-active management of liquidity and maturities, in March 2014, Bombardier extended the availability periods of Bombardier Aerospace and Bombardier Transportation's letter of credit facilities and its unsecured revolving credit facilities by one year each. In April 2014, Bombardier issued, an aggregate of $1.8 billion of unsecured Senior Notes, comprised of $600 million due April 2019 and $1.2 billion due October 2022. The net proceeds will be used to refinance approximately $1.3 billion of existing debt and for general corporate purposes.

As a result of this transaction, Bombardier has improved its financial flexibility by extending by approximately one year the weighted average maturity of its debt to 7.1 years and adding approximately $500 million to its available short-term capital resources.


(1)  Gives effect to the April 2014 debt issuance.

Bombardier Aerospace

Bombardier Aerospace's revenues amounted to $2.1 billion for the three-month period ended March 31, 2014, compared to $2.3 billion for the same period last fiscal year. EBIT totalled $93 million, or 4.5% of revenues for the first quarter, compared to $101 million, or 4.5%, last fiscal year. EBIT before special items totalled $105 million, or 5.0% of revenues, for the first quarter ended March 31, 2014, compared to $101 million, or 4.5%, last fiscal year. Free cash flow usage amounted to $545 million (including net additions to PP&E and intangible assets of $484 million) for the first quarter ended March 31, 2014, compared to a usage of $461 million (including net additions to PP&E and intangible assets of $503 million) for the same period last fiscal year.

Bombardier Aerospace delivered a total of 56 aircraft during the first quarter ended March 31, 2014, compared to 53 for the same period last fiscal year, and received 91 net orders, compared to 28 for the same period last fiscal year.

In Commercial Aircraft, Bombardier Aerospace received a total of 17 firm orders for Q400 NextGen turboprops from six customers, from North America, the Middle East and Asia-Pacific. It also signed a firm order with Al Qahtani Aviation Company from the Kingdom of Saudi Arabia for 16 CS300 aircraft, valued at $1.2 billion based on list price, with options for an additional 10. As of today, the group has signed firm orders and other agreements for a total of 447 CSeries aircraft with 18 customers and operators in 15 countries, including 203 firm orders.

The CSeries aircraft program continues to make solid progress. The results of testing thus far, including testing at the climatic chamber at Eglin Air Force Base in Florida, are in line with our expectations. We have expanded the flight envelope to the maximum operating altitude of 12,497 metres (41,000 feet) and the maximum operating speed of Mach 0.82 (871 km/h). In the coming weeks, the fourth CSeries flight test vehicle (FTV4) is expected to complete its first flight.

During the first quarter, Business Aircraft signed a firm order with an undisclosed customer for three Global 6000, two Global 7000 and three Global 8000 business jets, for a total value of $537 million based on list prices. On April 9, the maiden flight of the first Learjet 85 flight test vehicle was successfully completed. Additional flights have since occurred and proceeded as expected and no major issues were identified. An update on the entry-into-service date will be provided once the review of the flight test program timeline has been completed.

Bombardier Aerospace's backlog reached a record level of $38.5 billion as at March 31, 2014, compared to $37.3 billion, as at December 31, 2013.

Bombardier Transportation

Bombardier Transportation's revenues amounted to $2.3 billion for the three-month period ended March 31, 2014, compared to $2.1 billion for the same period last year, an increase of 7% excluding currency impacts. EBIT totalled $114 million, or 5.0% of revenues, compared to $139 million, or 6.7%, for the same quarter the previous year. Free cash flow usage totalled $256 million for the quarter ended March 31, 2014, compared to a usage of $73 million for the same period last fiscal year.

New orders reached $8.0 billion (book-to-bill ratio of 3.5), compared to $2.0 billion for the same quarter last fiscal year, bringing the order backlog to a new record level at $38.4 billion as at March 31, 2014, compared to $32.4 billion as at December 31, 2013.

During the first quarter, the group received the following significant orders. As part of a consortium, Bombardier Transportation signed a contract with the State of Queensland, Australia, for the New Generation Rollingstock Project. Its share of the contract, consisting of the supply of electrical multiple units, the construction of a purpose-built maintenance depot and 30 years of fleet maintenance services, is valued at approximately $2.7 billion. The group signed a contract with Transport for London, U.K., to provide 65 nine-car AVENTRA trains and a new purpose-built depot for the London Crossrail project. The contract, which also includes fleet maintenance, is valued at approximately $2.1 billion. A contract was signed with Transnet Freight Rail, South Africa, for the delivery of 240 TRAXX locomotives valued at approximately $1.2 billion and finally, San Francisco Bay Area Rapid Transit District (BART), U.S., exercised an option for 365 additional rail cars, valued at approximately $639 million, bringing the total firm orders to 775 cars for a value of approximately $1.5 billion.


FINANCIAL HIGHLIGHTS
(in millions of U.S. dollars, except per share amounts)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three-month periods ended
 March 31                                2014                          2013
----------------------------------------------------------------------------
                       BA        BT     Total        BA        BT     Total
----------------------------------------------------------------------------

Results of
 operations
Revenues         $  2,089  $  2,265  $  4,354  $  2,258  $  2,081  $  4,339
Cost of sales       1,802     1,959     3,761     1,951     1,772     3,723
----------------------------------------------------------------------------
Gross margin          287       306       593       307       309       616
SG&A                  157       181       338       158       186       344
R&D                    40        36        76        42        28        70
Share of income
 of joint
 ventures and
 associates             -       (22)      (22)        -       (44)      (44)
Other expense
 (income)             (15)       (3)      (18)        6         -         6
----------------------------------------------------------------------------
EBIT before
 special
 items(1)             105       114       219       101       139       240
Special
 items(2)              12         -        12         -         -         -
----------------------------------------------------------------------------
EBIT             $     93  $    114       207  $    101  $    139       240
Financing
 expense                                   51                            75
Financing
 income                                   (17)                          (40)
----------------------------------------------------------------------------
EBT                                       173                           205
Income taxes                               58                            57
----------------------------------------------------------------------------
Net income                           $    115                      $    148
----------------------------------------------------------------------------
----------------------------------------------------------------------------
EPS (basic and
 diluted; in
 dollars)                            $   0.06                      $   0.08
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Supplemental
 information
----------------------------------------------------------------------------
EBIT before
 special
 items(1)        $    105  $    114  $    219  $    101  $    139  $    240
Amortization           63        30        93        61        30        91
----------------------------------------------------------------------------
EBITDA before
 special
 items(1)        $    168  $    144  $    312  $    162  $    169  $    331
----------------------------------------------------------------------------
----------------------------------------------------------------------------
On an adjusted
 basis
----------------------------------------------------------------------------
Adjusted net
 income(1)                           $    151                      $    156
Adjusted EPS
 (in
 dollars)(1)                         $   0.08                      $   0.08
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Cash flows from
 operating
 activities      $    (61) $   (240)           $     42  $    (62)
Net additions
 to PP&E and
 intangible
 assets              (484)      (16)               (503)      (11)
----------------------------------------------------------------------------
Segmented free
 cash flow(1)    $   (545) $   (256) $   (801) $   (461) $    (73) $   (534)
Net income
 taxes and net
 interest paid                           (114)                          (56)
----------------------------------------------------------------------------
Free cash flow
 usage(1)                            $   (915)                     $   (590)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

BA: Bombardier Aerospace; BT: Bombardier Transportation


(1)  Non-GAAP financial measure. Refer to the Non-GAAP financial measures
     and Liquidity and capital resources sections of the Corporation's MD&A
     for definitions of these metrics and reconciliation to the most
     comparable IFRS measures.

(2)  The special items relate to a $22-million expense for the previously
     announced workforce reduction of approximately 1,700 positions,
     located mostly in Canada and the U.S., and a $10-million gain
     following the successful resolution of a litigation in connection with
     Part IV of the Quebec Income Tax Act, the Tax on Capital.

SELECTED FINANCIAL INFORMATION

Bombardier Aerospace


Total aircraft deliveries
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                          Three-month periods ended March 31
----------------------------------------------------------------------------
(in units)                                               2014           2013
----------------------------------------------------------------------------
Business aircraft                                          43             39
Commercial aircraft                                        13             13
Amphibious aircraft                                         -              1
----------------------------------------------------------------------------
                                                           56             53
----------------------------------------------------------------------------
----------------------------------------------------------------------------



Total aircraft net orders
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three-month
 periods ended                  March 31, 2014                March 31, 2013
----------------------------------------------------------------------------
                   Gross                   Net   Gross                   Net
(in units)        orders Cancellations  orders  orders Cancellations  orders
----------------------------------------------------------------------------
Business
 aircraft             55           (9)      46      36           (9)      27
Commercial
 aircraft             44           (1)      43       4           (3)       1
Amphibious
 aircraft              2             -       2       -             -       -
----------------------------------------------------------------------------
                     101          (10)      91      40          (12)      28
----------------------------------------------------------------------------
----------------------------------------------------------------------------



Book-to-bill ratio(1)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                          Three-month periods ended March 31
----------------------------------------------------------------------------
                                                       2014             2013
----------------------------------------------------------------------------
Business aircraft                                       1.1              0.7
Commercial aircraft                                     3.3              0.1
----------------------------------------------------------------------------
Total                                                   1.6              0.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1)  Defined as net orders received over aircraft deliveries, in units.


Order backlog
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                       As at
----------------------------------------------------------------------------
(in billions of dollars)                   March 31, 2014  December 31, 2013
----------------------------------------------------------------------------
Aircraft programs                       $            35.2  $            33.9
Long-term maintenance and spares
 support agreements                                   2.9                2.9
Military Aviation Training                            0.4                0.5
----------------------------------------------------------------------------
                                        $            38.5  $            37.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Bombardier Transportation


Revenues by geographic region
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                          Three-month periods ended March 31
----------------------------------------------------------------------------
                                                  2014                  2013
----------------------------------------------------------------------------
Europe(1)                        $       1,521     67% $   1,399         67%
North America                              422     19%       371         18%
Asia-Pacific(1)                            180      8%       212         10%
Rest of world(1) (2)                       142      6%        99          5%
----------------------------------------------------------------------------
                                 $       2,265    100% $   2,081        100%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1)  The increase in Europe reflects a positive currency impact of $55
     million for the first quarter ended March 31, 2014, while the
     variances in Asia-Pacific and Rest of world reflect negative currency
     impacts of $8 million and $6 million, respectively.

(2)  The Rest of world region includes South America, Central America,
     Africa, the Middle East and the CIS.


Order intake and book-to-bill ratio
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                          Three-month periods ended March 31
----------------------------------------------------------------------------
Order intake (in billions of dollars)                       2014        2013
----------------------------------------------------------------------------
Rolling stock                                         $      5.0  $      1.1
Services                                                     2.6         0.6
System and signalling                                        0.4         0.3
----------------------------------------------------------------------------
                                                      $      8.0  $      2.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Book-to-bill ratio(1)                                        3.5         0.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1)  Ratio of new orders over revenues.


Order backlog
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                       As at
----------------------------------------------------------------------------
(in billions of dollars)                   March 31, 2014  December 31, 2013
----------------------------------------------------------------------------
Rolling stock                           $            24.8  $            21.1
Services                                              9.6                7.4
System and signalling                                 4.0                3.9
----------------------------------------------------------------------------
                                        $            38.4  $            32.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------

DIVIDENDS ON COMMON SHARES

Class A and Class B Shares

A quarterly dividend of $0.025 Cdn per share on Class A Shares (Multiple Voting) and of $0.025 Cdn per share on Class B Shares (Subordinate Voting) is payable on June 30, 2014 to the shareholders of record at the close of business on June 13, 2014.

Holders of Class B Shares (Subordinate Voting) of record at the close of business on June 13, 2014 also have a right to a priority quarterly dividend of $0.000390625 Cdn per share.

DIVIDENDS ON PREFERRED SHARES

Series 2 Preferred Shares

A monthly dividend of $0.0625 Cdn per share on Series 2 Preferred Shares has been paid on February 15, March 15 and April 15, 2014.

Series 3 Preferred Shares

A quarterly dividend of $0.195875 Cdn per share on Series 3 Preferred Shares is payable on July 31, 2014 to the shareholders of record at the close of business on July 11, 2014.

Series 4 Preferred Shares

A quarterly dividend of $0.390625 Cdn per share on Series 4 Preferred Shares is payable on July 31, 2014 to the shareholders of record at the close of business on July 11, 2014.

About Bombardier

Bombardier is the world's only manufacturer of both planes and trains. Looking far ahead while delivering today, Bombardier is evolving mobility worldwide by answering the call for more efficient, sustainable and enjoyable transportation everywhere. Our vehicles, services and, most of all, our employees are what make us a global leader in transportation.

Bombardier is headquartered in Montreal, Canada. Our shares are traded on the Toronto Stock Exchange (BBD) and we are listed on the Dow Jones Sustainability World and North America indices. In the fiscal year ended December 31, 2013, we posted revenues of $18.2 billion. News and information are available at bombardier.com or follow us on Twitter @Bombardier.

AVENTRA, Bombardier, CS300, CSeries, Global, Global 6000, Global 7000, Global 8000, Learjet, Learjet 85, NextGen, Q400, TRAXX, and The Evolution of Mobility are trademarks of Bombardier Inc. or its subsidiaries.

The Management's Discussion and Analysis and the interim consolidated financial statements are available at ir.bombardier.com.

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements, which may involve, but are not limited to: statements with respect to our objectives, guidance, targets, goals, priorities, our market and strategies, financial position, beliefs, prospects, plans, expectations, anticipations, estimates and intentions; general economic and business outlook, prospects and trends of an industry; expected growth in demand for products and services; product development, including projected design, characteristics, capacity or performance; expected or scheduled entry-into-service of products and services, orders, deliveries, testing, lead times, certifications and project execution in general; our competitive position; and the expected impact of the legislative and regulatory environment and legal proceedings on our business and operations. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "anticipate", "plan", "foresee", "believe", "continue", "maintain" or "align", the negative of these terms, variations of them or similar terminology. By their nature, forward-looking statements require us to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. While we consider our assumptions to be reasonable and appropriate based on information currently available, there is a risk that they may not be accurate. For additional information with respect to the assumptions underlying the forward-looking statements made in this press release refer to the respective Guidance and forward-looking statements sections in Overview, Bombardier Aerospace and Bombardier Transportation sections in the Management's Discussion and Analysis ("MD&A") in the Corporation's financial report for the fiscal year ended December 31, 2013.

Certain factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include risks associated with general economic conditions, risks associated with our business environment (such as risks associated with the financial condition of the airline industry and rail industry, political instability and force majeure), operational risks (such as risks related to developing new products and services; fixed-price commitments and production and project execution; doing business with partners; product performance warranty and casualty claim losses; regulatory and legal proceedings; the environment; dependence on certain customers and suppliers; human resources), financing risks (such as risks related to liquidity and access to capital markets, retirement benefit plan risk, exposure to credit risk, certain restrictive debt covenants, financing support provided for the benefit of certain customers and reliance on government support) and market risks (such as risks related to foreign currency fluctuations, changing interest rates, decreases in residual values and increases in commodity prices). For more details, see the Risks and uncertainties section in Other in the MD&A of the Corporation's financial report for the fiscal year ended December 31, 2013. Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward-looking statements. The forward-looking statements set forth herein reflect our expectations as at the date of this press release and are subject to change after such date. Unless otherwise required by applicable securities laws, we expressly disclaim any intention, and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

CAUTION REGARDING NON-GAAP MEASURES

This press release is based on reported earnings in accordance with International Financial Reporting Standards (IFRS). Reference to generally accepted accounting principles (GAAP) means IFRS, unless indicated otherwise. This press release is also based on non-GAAP financial measures including EBITDA, EBIT and EBITDA before special items, adjusted net income, adjusted earnings per share and free cash flow. These non-GAAP measures are mainly derived from the interim consolidated financial statements, but do not have a standardized meaning prescribed by IFRS; therefore, others using these terms may calculate them differently. Management believes that providing certain non-GAAP performance measures, in addition to IFRS measures, provides users of our financial reports with enhanced understanding of our results and related trends and increases transparency and clarity into the core results of our business. Refer to the Non-GAAP financial measures and Liquidity and capital resources sections in Overview and Analysis of results sections in Aerospace and Transportation in the Corporation's MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.

Contacts:
Isabelle Rondeau
Director, Communications
Bombardier Inc.
+514 861 9481

Shirley Chenier
Senior Director, Investor Relations
Bombardier Inc.
+514 861 9481

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