Cubic Corp. Announces Improved Earnings and Semi-Annual Dividend.Business Editors SAN DIEGO--(BUSINESS WIRE)--Aug. 9, 2001 San Diego-based 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 reported a 13 percent increase in earnings for the third quarter of fiscal 2001 from the same period the previous year. The company, which celebrates its 50th anniversary this month, also announced it will pay shareholders a 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. . Cubic has paid a semi-annual dividend uninterrupted for 30 consecutive years. Income before taxes for the third quarter was $8,124,000, and the company reported that net income for the period was $5,324,000 or .60 a share, compared to net income of $4,714,000 or .53 a share for the same quarter in 2000. For the first three quarters of fiscal year 2001, net income was $14,958,000 or $1.68 per share, up 12 percent from $13,397,000 or $1.50 per share. Sales were down four percent in the third quarter to $127,289,000 from $133,064,000 a year ago. Nine month sales were $370,449,000, down from $393,395,000 last year. Transportation segment sales were lower primarily due to customer-directed delays in the production of new equipment for Bay Area Rapid Transit “BART” redirects here. For other uses of "BART" or "Bart", see Bart. The San Francisco Bay Area Rapid Transit District (BART) is a heavy rail public rapid-transit system serving the San Francisco Bay Area. and due to delays in the award of additional work by the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Transit Authority. The company continued to make progress on the Prestige contract in London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. and anticipates on-time completion of the equipment installation phase by August 2002. In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the decreased transportation sales volume this year, increased profit margins improved the profit performance of this segment for the first three quarters of the fiscal year. Management believes that the quality of earnings in the segment has improved due to the maturity of its customer base and the substantial completion of a few contracts with lower profit margins. Management expects operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. from this segment to continue to be strong in the next year. The defense segment realized an increase in sales for the third quarter as well as the first three quarters of the year, due in large part to growth in the group's computerized computerized adapted for analysis, storage and retrieval on a computer. computerized axial tomography see computed tomography. simulation The mathematical representation of the interaction of real-world objects. See scientific application and simulator. Simulation A broad collection of methods used to study and analyze the behavior and performance of actual or theoretical systems. business, as well as the acquisitions made in fiscal 2000. Defense segment profits continue to improve. The company reported funded backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at June June: see month. 2001 was $746,000,000 compared to $802,000,000 at Sept. 30, 2000 and $785,000,000 at June 30, 2000. Total backlog, including unfunded customer orders was $1,106,000,000 at June 30, 2001, compared to $1,071,000,000 at Sept. 30, 2000 and $1,054,000,000 at June 30, 2000. The dividend will be payable on Sept. 6, 2001 to shareholders of record at the close of business on Aug. 15, 2001. Cubic Transportation Systems 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 authorities worldwide. The Cubic Defense 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 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 systems In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. , provides support for military simulations Military simulations, also known informally as war games, are simulations in which theories of warfare can be tested and refined without the need for actual hostilities. Many professional analysts object to the term wargames and battle command training, and provides product logistical lo·gis·tic also lo·gis·ti·cal adj. 1. Of or relating to symbolic logic. 2. Of or relating to logistics. [Medieval Latin logisticus, of calculation support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services . 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.
CUBIC CORP.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
(amounts in thousands, except per share data)
Nine Months Ended Three Months Ended
June 30, June 30,
2001 2000 2001 2000
---- ---- ---- ----
Revenues:
Sales $370,449 $393,395 $127,289 $133,064
Other income 6,085 5,866 1,190 2,587
-------- -------- -------- --------
376,534 399,261 128,479 135,651
-------- -------- -------- --------
Costs and expenses:
Cost of sales 287,194 310,655 99,160 105,721
Selling, general and
administrative expenses 55,298 59,169 17,070 19,690
Research and development 6,722 4,517 2,542 1,478
Goodwill amortization 1,977 1,674 654 634
Interest 2,685 2,749 929 914
-------- -------- -------- --------
353,876 378,764 120,355 128,437
-------- -------- -------- --------
Income before income taxes 22,658 20,497 8,124 7,214
Income taxes 7,700 7,100 2,800 2,500
-------- -------- -------- --------
Net income $ 14,958 $ 13,397 $ 5,324 $ 4,714
-------- -------- -------- --------
-------- -------- -------- --------
Net income per share $ 1.68 $ 1.50 $ 0.60 $ 0.53
-------- -------- -------- --------
-------- -------- -------- --------
Dividends per common share $ 0.19 $ 0.19 $ -- $ --
-------- -------- -------- --------
-------- -------- -------- --------
Average shares of common
stock outstanding 8,907 8,907 8,907 8,907
-------- -------- -------- --------
-------- -------- -------- --------
CUBIC CORP.
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
June 30, Sept. 30,
2001 2000
(Unaudited) (See note below)
----------- ----------------
ASSETS
Current assets:
Cash and cash equivalents $ 72,224 $ 69,753
Marketable securities, available-for-sale 600 3,586
Accounts receivable 129,334 123,410
Inventories 30,924 29,499
Deferred income taxes and other current
assets 21,077 23,495
--------- ----------
Total current assets 254,159 249,743
--------- ----------
Property, plant and equipment - net 34,298 38,469
Goodwill, less amortization 20,855 23,193
Other assets 9,900 10,945
--------- ----------
$ 319,212 $ 322,350
--------- ----------
--------- ----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $ 11,007 $ 18,749
Customer advances 25,334 29,976
Other current liabilities 35,978 36,286
Income taxes payable 4,205 6,265
--------- ----------
Total current liabilities 76,524 91,276
--------- ----------
Long-term debt 50,000 50,000
Deferred compensation 5,386 5,051
Shareholders' equity:
Common stock 234 234
Additional paid-in capital 12,123 12,123
Retained earnings 216,903 203,637
Accumulated other comprehensive loss (5,895) (3,908)
Treasury stock at cost (36,063) (36,063)
---------- ----------
187,302 176,023
---------- ----------
$ 319,212 $ 322,350
---------- ----------
---------- ----------
Note: The balance sheet at September 30, 2000 has been derived
from the audited financial statements at that date.
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