Cubic Second Quarter 2002 Earnings Up 30 Percent
SAN DIEGO, May 1, 2002 (BUSINESS WIRE) -- San Diego-based Cubic Corporation
(AMEX: CUB) today reported a 30 percent increase in net income on a sales
increase of 13 percent for the second quarter of fiscal 2002 compared to the
same quarter in fiscal 2001. The company notes that per share amounts reported
for the quarter reflect the April 30, 2002 three-for-one stock split.
Sales for the quarter increased 13 percent to $138,493,000 from $122,826,000 for
the second quarter of fiscal 2001. Net income for the quarter was 30 percent
higher than net income for the second quarter of last year, $6,441,000 or 24
cents per share (72 cents on a pre-split basis) for 2002, compared to $4,965,000
or 19 cents per share in 2001.
Net income for the first half of 2002 was $12,132,000 or 45 cents per share
($1.36 on a pre-split basis) on sales of $262,370,000, compared to $9,634,000 or
36 cents per share on sales of $243,160,000 in the prior year.
Of the increase in net income for the quarter, $437,000 (2 cents per share) is
the result of the new accounting rules related to goodwill implemented in fiscal
2002; and of the increase in net income for the first half of 2002, $873,000 (3
cents per share) is attributed to the new accounting rules for goodwill.
The company`s 8 percent increase in revenue for the first half of the year
compared to 2001 was due to higher sales from the defense segment, particularly
sales of communications and electronics products and growth from the
computerized battlefield simulation business. In addition to the sales increase,
improved gross profit margins in the defense business resulted in a considerable
improvement in operating profits.
"For the first half of 2002, both the company`s defense and transportation
segments reported strong results with the improvement compared to last year
coming from the defense segment," said Cubic President and Chief Executive
Officer Walter J. Zable.
The company`s total backlog, including unfunded customer orders increased to
$1,218,000,000 at March 31, 2002, compared to $1,095,000,000 at September 30,
2001 and $1,035,000,000 at March 31, 2001. Included in the backlog amounts was
funded backlog of $817,000,000 at March 31, 2002, $738,000,000 at September 30,
2001 and $765,000,000 at March 31, 2001.
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 produces instrumented air and ground combat
training systems for both the U. S. and allied military forces. In addition, the
defense group produces avionics, data links, and communications systems, and
provides support for military simulations and battle command training, and
provides product logistical support.
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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