Cubic Corp. Announces Financial Results for Fiscal Year 2000.Business Editors SAN DIEGO--(BUSINESS WIRE)--Dec. 22, 2000 "Aside from a previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). problem in one program in one of our defense subsidiaries, Cubic Corporation (AMEX AMEX See: American Stock Exchange :CUB cub the newborn of a number of animal species as diverse as lion, fox and bear. ) had a very good year," said Cubic Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Walter Wal·ter , Bruno 1876-1962. German conductor noted for his interpretations of Mozart and Mahler. Noun 1. Walter - German conductor (1876-1962) Bruno Walter J. Zable. "Fiscal year 2000 sales set a new record high for the company. And if it hadn't had·n't Contraction of had not. hadn't had not hadn't have been for this one program, we would have had a significant increase in net income," Zable said. Earlier in the year the company reported the discovery of potential problems in the MILES 2000 program being developed and produced for the U.S. military. The MILES training system is working well in the field and the soldiers This is a list of noted soldiers, organized for the country with which they are usually associated. Lists according to nationality Many of these changes exceed the contract requirements and entitle en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: the company to pursue recovery through variations, equitable equitable adj. 1) just, based on fairness and not legal technicalities. 2) refers to positive remedies (orders to do something, not money damages) employed by the courts to solve disputes or give relief. (See: equity) EQUITABLE. adjustments and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. claims. Management believes the company will recover some or all of these costs in the future. However, because of financial reporting requirements and since it will take considerable additional time to prepare the necessary documentation, management decided to establish a reserve now to remove this uncertainty from future earnings. Therefore the company is taking an after tax charge against earnings of $18 million in the fourth quarter ended Sept. 30, 2000 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the problems in the MILES 2000 program. As a result of this reserve, which represents $2.05 per share, net income for the fiscal year ended Sept. 30, 2000 was $.08 per share on sales of $531,516,000 compared to $1.57 per share on sales of $510,759,000 for the prior year. Exclusive of this reserve, earnings for the year would have been $2.13 per share. The reserve caused a fourth quarter loss of $12,723,000 or $1.42 per share on sales of $138,121,000 compared to earnings of $4,372,000 or $.49 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. on sales of $143,068,000 for the same quarter last year. There will be large future requirements for additional MILES equipment. The company's current plans are to compete for follow-on fol·low-on adj. Following as a related or consequent aspect or development: "Such contracts involve follow-on sales of maintenance services" Christian Science Monitor. MILES 2000 production contracts, adding the Army's combat training centers to the MILES 2000 fielding plans. "Cubic is well-positioned for this competition with the only products qualified to meet the MILES 2000 performance and environmental specifications. We intend to make this into a profitable program for the company, just as we did with our data links. Heavy investments in those programs also produced early losses but now they are a highly profitable product line," said Zable. "Aside from the Defense Systems subsidiary, the rest of the Defense segment and the Transportation segment increased profits for the year. The company remains in a very strong financial position and has exciting prospects for continued growth in both our Defense and Transportation segments. Furthermore, any recoveries from MILES 2000 will add to revenue and earnings in the future," Zable said. 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 transit, in astronomy, passage of a body across a meridian or passage of a small body across the visible disk of a larger one. (The passage of a large body across a smaller one is called an eclipse or occultation. industries, and other competitive and technological factors.
Cubic Corp.
Consolidated Statements of Income
(amounts in thousands, except per share data)
Years Ended Sept. 30,
2000 1999
Revenues:
Sales $531,516 $510,759
Interest and dividends 3,819 1,602
Other income 3,890 3,160
539,225 515,521
Costs and expenses:
Cost of sales 451,913 404,144
Selling, general and
administrative expenses 74,016 75,725
Research and development 6,999 7,727
Goodwill amortization 2,327 2,122
Interest 3,729 4,313
538,984 494,031
Income before income taxes 241 21,490
Income taxes (benefit) (433) 7,482
Net income $ 674 $14,008
Net income per common share $ 0.08 $ 1.57
Average number of common
shares outstanding 8,907 8,907
Cubic Corp.
Consolidated Balance Sheets
Sept. 30,
2000 1999
(in thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 69,753 $ 61,540
Marketable securities,
available-for-sale 3,586 1,802
Accounts receivable:
Trade and other receivables 12,063 7,722
Long-term contracts 111,804 125,855
Allowance for doubtful accounts (457) (325)
123,410 133,252
Inventories 29,499 36,400
Deferred income taxes 18,818 9,974
Prepaid expenses and other
current assets 4,677 6,566
TOTAL CURRENT ASSETS 249,743 249,534
PROPERTY, PLANT AND EQUIPMENT
Land and land improvements 12,838 12,936
Buildings and improvements 23,671 23,805
Machinery and other equipment 77,140 75,444
Leasehold improvements 2,803 2,916
Allowance for depreciation and
amortization (77,983) (72,125)
38,469 42,976
OTHER ASSETS
Deferred income taxes 595 1,373
Goodwill, less amortization 23,193 23,273
Miscellaneous other assets 10,350 13,005
34,138 37,651
TOTAL ASSETS $ 322,350 $ 330,161
Sept. 30,
2000 1999
(in thousands)
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term borrowings $ -- $ 6,457
Trade accounts payable 18,749 13,761
Customer advances 29,976 23,460
Salaries and wages, and
amounts withheld from
employees' compensation 18,519 17,757
Other current liabilities 17,767 20,219
Income taxes payable 6,265 4,671
Current portion of long-term debt -- 5,000
TOTAL CURRENT LIABILITIES 91,276 91,325
LONG-TERM DEBT, less
current portion 50,000 50,000
OTHER LIABILITIES
Deferred income taxes -- 1,408
Deferred compensation 5,051 4,463
5,051 5,871
SHAREHOLDERS' EQUITY
Common stock, no par value:
Authorized--20,000,000 shares
Issued--11,888,243 shares 234 234
Additional paid-in capital 12,123 12,123
Retained earnings 203,637 206,347
Accumulated other comprehensive
income (3,908) 317
Treasury stock at cost:
2000 -- 2,981,554 shares
1999 -- 2,981,239 shares (36,063) (36,056)
176,023 182,965
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 322,350 $ 330,161
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