Cubic Corp. Profits Up 13 Per Cent.Business Editors SAN DIEGO--(BUSINESS WIRE)--Feb. 14, 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. ) Wednesday Wednesday: see week. reported a 13 per cent increase in net income for the first quarter of fiscal 2001. Net income for the quarter ended Dec. 31, 2000 was $4,669,000 or 52 cents a share compared to $4,127,000 or 46 cents a share for the same quarter of the prior year. Sales grew to $120,334,000 for the quarter versus $115,398,000 last year. 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 , including rail and buses throughout the world. 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. , and 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.
CUBIC CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
(amounts in thousands, except per share data)
Three Months Ended
December 31,
2000 1999
Revenues:
Sales $120,334 $115,398
Other income 3,375 1,504
123,709 116,902
Costs and expenses:
Cost of sales 94,493 88,212
Selling, general and
administrative expenses 18,597 19,397
Research and development 2,005 1,328
Goodwill amortization 661 521
Interest 884 917
116,640 110,375
Income before income taxes 7,069 6,527
Income taxes 2,400 2,400
Net income $4,669 $4,127
Net income per share $0.52 $0.46
Average shares of common stock
outstanding 8,907 8,907
CUBIC CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
December 31, September 30,
2000 2000
(Unaudited) (See note below)
ASSETS
Current assets:
Cash and cash equivalents $ 59,207 $ 69,753
Marketable securities,
available-for-sale 1,496 3,586
Accounts receivable 136,094 123,410
Inventories 25,641 29,499
Deferred income taxes and other
current assets 23,392 23,495
Total current assets 245,830 249,743
Property, plant and equipment
-- net 37,817 38,469
Goodwill, less amortization 22,597 23,193
Other assets 11,265 10,945
$ 317,509 $ 322,350
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $ 10,647 $ 18,749
Customer advances 26,022 29,976
Other current liabilities 36,908 36,286
Income taxes payable 7,688 6,265
Total current liabilities 81,265 91,276
Long-term debt 50,000 50,000
Deferred compensation 5,446 5,051
Shareholders' equity:
Common stock 234 234
Additional paid-in capital 12,123 12,123
Retained earnings 208,306 203,637
Accumulated other comprehensive
loss (3,802) (3,908)
Treasury stock at cost (36,063) (36,063)
180,798 176,023
$ 317,509 $ 322,350
Note: The balance sheet at Sept. 30, 2000 has been derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from the audited financial statements at that date. |
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