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Cubic Corp. Reports Strong Earnings Growth SAN DIEGO, Dec 13, 2001 (BUSINESS WIRE) -- Cubic Corp. (AMEX: CUB) today reported strong earnings growth for fiscal 2001. Earnings (after tax, profit sharing and bonus payments) for the fiscal year ended Sept. 30, 2001 were $20,842,000 or $2.34 per share, compared to $674,000 or $0.08 per share for fiscal 2000. Fourth quarter 2001 earnings were $5,884,000 or $0.66 per share, compared to a fourth quarter 2000 loss of $12,723,000 or $1.42 per share. Last year`s fourth quarter loss was due primarily to a reserve recorded on one contract. Due to the unusual nature of last year`s fourth quarter, perhaps a more meaningful comparison for fiscal 2001 is that this year`s income of $20,842,000 or $2.34 per share is an increase of 49 percent from 1999, when net income was $14,008,000 or $1.57 per share. For the fiscal year ended Sept. 30, 2001, total sales were $501,679,000, compared to $531,516,000 in 2000. Sales in the fourth quarter were $131,230,000 in 2001, compared to $138,121,000 in 2000. Defense segment sales for fiscal 2001 grew slightly for the year, primarily due to the company`s data link products and computerized battlefield simulation business, while transportation segment sales were somewhat lower in fiscal 2001 because of delays in new contract awards, customer requested production delays in San Francisco, and anticipated revenue declines in London and New York. The company reports that earnings should continue to improve steadily over the next few years and bookings are expected to increase in fiscal 2002, which should result in the resumption of sales growth going into fiscal 2003. Total backlog was $1,095,000,000 at Sept. 30, 2001, compared to $1,071,000,000 at Sept. 30, 2000. Cubic`s funded backlog at the end of fiscal 2001 was $738,000,000 compared to $802,000,000 at the end of the prior year. The company reports a positive outlook as the nation puts resources into homeland security and the war against terrorism. Cubic`s technologies, both on the defense and transportation sides of the company, have never been more in demand, and the company`s competitive position in both markets is very strong with operations running more efficiently, as reflected in the improved earnings. The Cubic Defense Group produces instrumented air and ground combat training systems, battle command training, simulations and simulation support for U.S. and allied military forces. The Group also produces high technology avionics, data links and communications products for government and commercial customers, and provides a wide range of technical and logistics services. The corporation`s other major segment, Cubic Transportation Systems, designs and manufactures automatic fare collection systems -- including the most advanced smart card system -- for public mass transit authorities worldwide. 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 (13.12.01 18:34:10) |
| Beitrag: | 12 von 143 (ID:5112813) |
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