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Cubic Corp. -- AMEX: CUB -- Reports Fiscal 2002 First Quarter Earnings Up 22 Percent SAN DIEGO, Jan 31, 2002 (BUSINESS WIRE) -- Cubic Corp. (AMEX: CUB) today announced that net income for the first quarter of fiscal 2002 increased 22 percent to $5.7 million or 64 cents a share from $4.7 million or 52 cents a share for the same quarter the prior year. The company reported sales of $123.9 million, compared to sales of $120.3 million for the same period last year. Operating profits (before interest, taxes and corporate items) for the company`s two major segments, defense and transportation, increased to $7.9 million for the quarter from $5.1 million for the first quarter of last year. Taking into account that $661,000 of this increase resulted from new accounting rules for goodwill, on a comparable basis operating profits increased by 36 percent from the same period last year. All of the gains in operating income came from the defense segment, although the transportation group continued to provide more than half of total operating profits. The after-tax impact of the change in accounting for goodwill was about 5 cents per share. On the other hand, the company noted that last year`s first quarter profits were helped by a $1.4 million pre-tax gain from the sale of marketable securities, which was not repeated in the first quarter of 2002. The company`s defense segment generated a 15 percent increase in sales, mostly from its data link and training systems product lines. Improvement in operating profits for the segment came from the ground and air combat training systems business, most significantly because operating profits from the first quarter of fiscal 2001 had been reduced by costs related to a cancelled purchase request for an air combat training program in Australia. Transportation segment sales for the quarter were lower than the same period last year, because of an anticipated lower level of activity on the Prestige contract in London and decreased revenues from contracts in the Far East, which are now nearing completion. Operating profits in the segment were down $300,000 due to a provision of $900,000 in the quarter for severance costs due to a planned plant closing in western England. The company is in the process of purchasing a new facility near London in order to bring operations closer to its key customers. These events do not reflect a decline in business prospects, but rather a move to gain greater efficiency by bringing operations together into one facility and in closer proximity to key customers. The acquisition of this building is indicative of management`s optimistic view of the long-term prospects for transportation systems business in Europe. "We are optimistic of the long-term prospects for the company," said Cubic Corp. President and CEO Walter J. Zable. "We expect a good pick up in new business this year, which should position us for growth in sales and earnings over the next few years." Total backlog at December 31, 2001, including unfunded customer orders, was $1,102,000,000, compared to $1,029,000,000 at December 31, 2000. Included in the amounts above was funded backlog of $762,000,000 at December 31, 2001, compared to $760,000,000 at December 31, 2000. Cubic Transportation Systems designs and manufactures automatic fare collection systems for public mass transit, including rail and buses throughout the world. The Cubic Defense Group provides 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. 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. CUBIC CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED) (amounts in thousands, except per share data) Three Months Ended December 31, 2001 2000 ---------- ---------- Revenues: Sales $123,877 $120,334 Other income 1,278 3,375 ---------- ---------- 125,155 123,709 ---------- ---------- Costs and expenses: Cost of sales 93,301 94,493 Selling, general and administrative expenses 20,067 19,258 Research and development 2,605 2,005 Interest 891 884 ---------- ---------- 116,864 116,640 ---------- ---------- Income before income taxes 8,291 7,069 Income taxes 2,600 2,400 Net income $5,691 $4,669 ========== ========== Basic and diluted net income per common share $0.64 $0.52 ========== ========== Average shares of common stock outstanding 8,907 8,907 ========== ========== CUBIC CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands) December 31, September 30, 2001 2001 (Unaudited) (See note below) ---------------- ---------------- ASSETS Current assets: Cash and cash equivalents $ 83,198 $ 76,837 Marketable securities, available-for-sale 604 584 Accounts receivable 133,888 141,516 Inventories 38,613 30,386 Deferred income taxes and other current assets 26,172 26,783 ---------------- ---------------- Total current assets 282,475 276,106 ---------------- ---------------- Property, plant and equipment -- net 33,149 33,376 Goodwill, less amortization 18,836 18,927 Other assets 12,723 12,938 ---------------- ---------------- $ 347,183 $ 341,347 ================ ================ LIABILITIES AND SHAREHOLDERS` EQUITY Current liabilities: Trade accounts payable $ 11,057 $ 11,889 Customer advances 29,181 30,479 Other current liabilities 43,921 42,205 Income taxes payable 10,314 10,321 ---------------- ---------------- Total current liabilities 94,473 94,894 ---------------- ---------------- Long-term debt 50,000 50,000 Deferred compensation 6,219 5,558 Shareholders` equity: Common stock 234 234 Additional paid-in capital 12,123 12,123 Retained earnings 226,786 221,095 Accumulated other comprehensive loss (6,589) (6,494) Treasury stock at cost (36,063) (36,063) ---------------- ---------------- 196,491 190,895 ---------------- ---------------- $ 347,183 $ 341,347 ================ ================ Note: The balance sheet at September 30, 2001 has been derived from the audited financial statements at that date. CONTACT: Cubic Corp., San Diego Kelly Williams, 858/505-2378 URL: http://www.businesswire.com Today`s News On The Net - Business Wire`s full file on the Internet with Hyperlinks to your home page. Copyright (C) 2002 Business Wire. All rights reserved. KEYWORD: CALIFORNIA INDUSTRY KEYWORD: AEROSPACE/DEFENSE COMPUTERS/ELECTRONICS TRANSPORTATION EARNINGS SOURCE: Cubic Corp. |
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| aus der Diskussion: | grossauftrag für cubic |
| Autor (Datum des Eintrages): | frank55 (01.02.02 21:19:17) |
| Beitrag: | 23 von 143 (ID:5490450) |
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