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Cubic Corp. Reports Third Quarter 2003 Increases in Sales, Earnings and Backlog SAN DIEGO, Aug 5, 2003 (BUSINESS WIRE) -- San Diego-based Cubic Corp. (AMEX: CUB) today reported third quarter 2003 increases in sales, earnings and backlog. Sales for the quarter were $157.9 million compared to $148.2 million for the same period in 2002. Net income for the third quarter was $10.1 million or 38 cents per share compared to $7.1 million or 27 cents per share last year. Operating income for the quarter increased by 29 percent to $13.3 million from $10.3 million in the third quarter of last year, with improved results in both the company`s defense and transportation segments. There was also an after tax gain of $1.6 million or 6 cents per share from the sale of a building used by the company`s United Kingdom operation, which was recently replaced by a more modern facility. For the first three quarters of fiscal year 2003, sales were up 15 percent to $473.4 million from $410.6 million in 2002. Net income was up 46 percent for the first three quarters of fiscal 2003 to $28 million or $1.05 per share, from $19.3 million or 72 cents per share in 2002. Operating income increased by 25 percent for the first three quarters of fiscal 2003 to $34.3 million from $27.5 million for the same period in 2002. Sales of unneeded real estate added 20 cents per share in the nine months. Total backlog at the end of the third quarter increased to $1,435,500,000 from $1,343,200,000 at the end of the second quarter and $1,165,200,000 at September 30, 2002. Funded backlog at June 30, 2003 was $950,200,000, compared to $776,800,000 at September 30, 2002. Not included in the company`s backlog (funded or unfunded) are two major U.S. Government indefinite delivery, indefinite quantity (IDIQ) contracts that Cubic received in the third quarter of 2003. One of them is an exclusive 10-year contract to provide next-generation air combat training technology with a ceiling value of $525 million. The second, which includes four other companies, is a 5-year IDIQ contract with a total value of up to $1.26 billion aimed at reducing threats from weapons of mass destruction. Cubic Transportation Systems designs and manufactures automatic fare collection systems for public mass transit, including rail and buses throughout the world. The Cubic Defense Applications group provides realistic combat training systems for military forces as well simulation, force modernization, educational services, operations & maintenance and manufacturing services. The group also supplies products and systems for C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance & Reconnaissance) applications, search and rescue avionics and radio communications for military and civil markets. For more information about Cubic, see the company`s Web site at www.cubic.com. In addition to historical matters, this release contains forward-looking statements which are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These forward-looking statements involve predictions of future results. Investors are cautioned that forward-looking statements involve risks and uncertainties which may affect the company`s business and prospects. These include the effects of politics on negotiations and business dealings with government entities, economic conditions in the various countries in which the company does or hopes to do business, competition and technology changes in the defense and transit industries, and other competitive and technological factors. |
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| Autor (Datum des Eintrages): | frank55 (06.08.03 21:07:26) |
| Beitrag: | 95 von 143 (ID:10361825) |
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