Cubic Board Announces Dividend and Plans for Stock Split; Company on Target for Improved Earnings.Business Editors and High-Tech Writers SAN DIEGO--(BUSINESS WIRE)--Feb. 13, 2002 Cubic Corp (AMEX AMEX See: American Stock Exchange :CUB cub the newborn of a number of animal species as diverse as lion, fox and bear. ) today announced at its annual shareholders meeting that the company's board of directors has approved a regular semi-annual dividend of 19 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , payable on March 16, 2002 to shareholders of record at the close of business on Feb. 18, 2002. Cubic has paid uninterrupted semi-annual dividends for 30 consecutive years. The company also announced that the board has approved a three-for-one split of the company's common stock, subject to shareholder approval. The stock split must be approved by shareholders at a special meeting, the date and time of which will be announced as soon as possible. If approved, the split will be implemented as soon as practicable. In remarks made at the shareholders meeting, Cubic Chief Financial Officer William Boyle stated, "The earnings target we have set for ourselves for 2002 is a 20 percent increase, and we are in line to meet that goal." Last month, the company announced that net income for the first quarter of fiscal 2002 increased 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. The Cubic Transportation Systems Group designs and manufactures automatic fare collection systems for public mass transit mass transit, public transportation systems designed to move large numbers of passengers. Types and Advantages Mass transit refers to municipal or regional public shared transportation, such as buses, streetcars, and ferries, open to all on a , 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 avionics (ā'vēŏn`ĭks), electronic instruments used in air or space flight; also the design and production of such instruments. Early planes had few instruments, but as aviation and aircraft became more complex, so did instrumentation. , 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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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