New Flyer Industries Inc.'s board of directors approved a 12.9% increase in the annual dividend rate from CAD 0.62 to CAD 0.70 per common share, and revised its policy to pay dividends on a quarterly basis.

The company announced that subject to the dividend being declared by the board of directors in March 2016, the first quarterly dividend on the common shares in the amount of CAD 0.175 per share is expected to be payable on April 15, 2016, to holders of record at the close of business on March 31, 2016.