[For archival purposes—this PR was issued after the close on 2/2/12 and covers the fiscal quarter ending 12/31/11. The share price is up 3% since this PR was issued.
CUB does not issue sales or EPS guidance and does not hold quarterly CC’s.]
›Cubic Corp. Reports Higher Sales and Earnings and Record Backlog for the Quarter Ended December 31, 2011
SAN DIEGO, CA--(Marketwire -02/02/12)- Cubic Corporation (NYSE: CUB) today reported earnings and sales for the quarter ended December 31, 2011. Sales for the first fiscal quarter were $318.7 million compared to $284.4 million last year, an increase of 12 percent. Net income attributable to Cubic shareholders increased by 8 percent to $21.4 million (80 cents per share) this year compared to $19.9 million (74 cents per share) last year.
Operating income increased by 4 percent in the first fiscal quarter to $28.2 million, compared to $27.2 million last year. Cash flows used in operations were $38.4 million primarily due to increases in accounts receivable caused by increased sales.
Other income in the first quarter this year included a net foreign currency exchange gain of $1.9 million, before taxes. The effective tax rate increased to 29.1 percent for this fiscal quarter compared to 27.0 percent for the same quarter last year. The increase in the effective rate was primarily due to the retroactive reinstatement of the U.S. research and development credit in 2010, which reduced the income tax provision by $1.5 million for the quarter ended December 31, 2010. In contrast, the expiration of this credit during this fiscal year increased the effective rate for the quarter ended December 31, 2011.
Total backlog was a record high $3.184 billion at December 31, 2011 compared to $2.837 billion at September 30, 2011, the Company's previous high backlog. During the quarter ended December 31, 2011, Cubic Transportation Systems signed a contract with the Chicago Transit Authority (CTA) to design, build, operate and maintain CTA's next-generation open payment fare system which added $454 million to backlog as of December 31, 2011[#msg-70419168].
The company continues to maintain a strong liquidity position, ending the period with $308.0 million in cash and short-term investments, and total debt of only $11.8 million.
Cubic Corporation is the parent company of three major business segments: defense systems, mission support services and transportation systems. Cubic Defense Systems is a leading provider of realistic combat training systems and defense electronics. Mission Support Services is a leading provider of training, operations, maintenance, technical and other support services for U.S. and allied military and security forces. Cubic Transportation Systems is the world's leading provider of automated fare collection systems and services for public transit authorities. For more information about Cubic, see the company's Web site at www.cubic.com.‹
News 
Market Data 
Discover 
