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Cubic Reports Increases in 2003 Second Quarter Profits, Sales and Backlog SAN DIEGO, May 6, 2003 (BUSINESS WIRE) -- San Diego-based Cubic Corp. (AMEX: CUB) today reported that net income for the second quarter of 2003 increased 75 percent compared to the second quarter in fiscal 2002, with sales up 21 percent from the same period last year. In addition, a surge of new contract bookings in the second quarter of 2003 resulted in a 20 percent increase in the company`s funded backlog from the end of last year. Net income for the quarter was $11.2 million or 42 cents per share on sales of $167.2 million, compared to $6.4 million or 24 cents per share on sales of $138.5 million in 2002. In addition to experiencing improvement in both its defense and transportation segments, Cubic benefited from a gain on the sale of a San Diego-area property no longer being used by the company. The real estate sale accounted for approximately $3.7 million in profits after applicable income taxes. Without this gain, net income was up 17 percent for the quarter compared to the second quarter of last year. Net income for the first half of 2003 was up 48 percent, to $17.9 million or 67 cents per share on sales of $315.5 million, compared to last year`s net income of $12.1 million, or 45 cents per share on sales of $262.4 million. Without the real estate gain, net income was up 22 percent for the first six months of 2003 compared to the same period last year. Sales Sales for Cubic`s defense segment were up 14 percent for the quarter to $91.8 million, compared to $80.7 million for the same period last year and up 11 percent to $174 million for the first six months of 2003, compared to $157.1 million for the first half of last year. The increases in the company`s defense sales came from the ground and air combat training systems business. Primarily as a result of higher levels of activity on its Prestige contract, sales for the transportation segment were up 32 percent for the quarter to $71.6 million, compared to $54.3 million for the same period last year, and up 37 percent to $133.8 million for the first six months of the year compared to $98 million for the same period last year. Operating Income Operating income for Cubic`s defense segment was up 12 percent for the second quarter to $4.8 million, compared to $4.3 million for the same period last year, with the improvement coming primarily from the company`s ground-based training systems products and the battlefield simulation business. For the first six months of 2003, defense segment operating income was up 16 percent to $9.3 million from $8 million last year. Operating income for the transportation segment in the second quarter was up 20 percent to $6.5 million, compared to $5.4 million for the same period last year, as a result of the sales volume increase on the Prestige contract and higher profits on North American contracts. For the first half of the year, operating income for the segment increased 29 percent to $12.4 million from $9.6 million. Backlog The increase in the company`s backlog came from the defense segment, as a result of new training systems and communications contracts. Cubic`s total backlog, including unfunded customer orders increased to $1,343 million at March 31, 2003, compared to $1,165 million at September 30, 2002. Included in the backlog amounts was funded backlog of $929 million at March 31, 2003, compared to $777 million at September 30, 2002. 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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| aus der Diskussion: | aggressiv kaufen |
| Autor (Datum des Eintrages): | frank55 (06.05.03 17:27:50) |
| Beitrag: | 74 von 135 (ID:9371231) |
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