Cubic Corp. Reports Third Quarter 2003 Increases in Sales, Earnings and Backlog.Business Editors/High-Tech Writers SAN DIEGO--(BUSINESS WIRE)--Aug. 5, 2003 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 third quarter 2003 increases in sales, earnings and 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. . Sales for the quarter were $157.9 million compared to $148.2 million for the same period in 2002. Net income for the third quarter was $10.1 million or 38 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. compared to $7.1 million or 27 cents per share last year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the quarter increased by 29 percent to $13.3 million from $10.3 million in the third quarter of last year, with improved results in both the company's defense and transportation segments. There was also an after tax gain of $1.6 million or 6 cents per share from the sale of a building used by the company's United Kingdom operation, which was recently replaced by a more modern facility. For the first three quarters of fiscal year 2003, sales were up 15 percent to $473.4 million from $410.6 million in 2002. Net income was up 46 percent for the first three quarters of fiscal 2003 to $28 million or $1.05 per share, from $19.3 million or 72 cents per share in 2002. Operating income increased by 25 percent for the first three quarters of fiscal 2003 to $34.3 million from $27.5 million for the same period in 2002. Sales of unneeded real estate added 20 cents per share in the nine months. Total backlog at the end of the third quarter increased to $1,435,500,000 from $1,343,200,000 at the end of the second quarter and $1,165,200,000 at September September: see month. 30, 2002. Funded backlog at June 30, 2003 was $950,200,000, compared to $776,800,000 at September 30, 2002. Not included in the company's backlog (funded or unfunded) are two major U.S. Government indefinite INDEFINITE. That which is undefined; uncertain. INDEFINITE, NUMBER. A number which may be increased or diminished at pleasure. 2. When a corporation is composed of an indefinite number of persons, any number of them consisting of a majority of those delivery, indefinite quantity Noun 1. indefinite quantity - an estimated quantity quantity, measure, amount - how much there is or how many there are of something that you can quantify (IDIQ IDIQ Indefinite Delivery, Indefinite Quantity (contracting/procurement) ) contracts that Cubic received in the third quarter of 2003. One of them is an exclusive 10-year contract to provide next-generation air combat training technology with a ceiling value of $525 million. The second, which includes four other companies, is a 5-year IDIQ contract with a total value of up to $1.26 billion aimed at reducing threats from weapons of mass destruction Weapons that are capable of a high order of destruction and/or of being used in such a manner as to destroy large numbers of people. Weapons of mass destruction can be high explosives or nuclear, biological, chemical, and radiological weapons, but exclude the means of transporting or . 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 Applications group provides realistic combat training systems for military forces as well simulation, force modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, , educational services, operations & maintenance and manufacturing services. The group also supplies products and systems for C4ISR C4ISR Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance C4ISR Command, Control, Communications, Computer, Intelligence, Surveillance and Reconnaissance C4ISR Command Control Communications Computers Intelligence Surveillance and Reconnaissance (Command, Control, Communications, Computers, Intelligence, Surveillance & Reconnaissance  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. ) applications, search and rescue 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. 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 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 CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
(amounts in thousands, except per share data)
Nine Months Ended Three Months Ended
June 30, June 30,
2003 2002 2003 2002
Sales $473,463 $410,578 $157,950 $148,208
Costs and expenses:
Cost of sales 372,047 314,883 121,973 114,439
Selling, general and
administrative expenses 63,249 61,509 21,869 21,683
Research and development 3,852 6,687 818 1,797
439,148 383,079 144,660 137,919
Operating income 34,315 27,499 13,290 10,289
Other income (expenses)
Gain on sale of real estate 8,426 -- 2,236 --
Interest expense (2,775) (2,664) (906) (894)
Other income 1,879 3,925 409 1,333
Income before income taxes 41,845 28,760 15,029 10,728
Income taxes 13,800 9,500 4,900 3,600
Net income $28,045 $19,260 $10,129 $7,128
Net income per share $1.05 $0.72 $0.38 $0.27
Dividends per common share $0.070 $0.063 $ -- $ --
Average shares of common stock
outstanding 26,720 26,720 26,720 26,720
CUBIC CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
June 30, Sept. 30,
2003 2002
(Unaudited) (See note
below)
ASSETS
Current assets:
Cash and cash equivalents $ 73,428 $ 78,656
Marketable securities, available-for-sale 449 406
Accounts receivable 208,538 163,283
Inventories 21,483 29,200
Deferred income taxes and other current
assets 23,346 25,262
Total current assets 327,244 296,807
Accounts receivable 27,000 --
Property, plant and equipment -- net 41,909 42,419
Goodwill 20,459 19,650
Other assets 13,314 15,583
$ 429,926 $ 374,459
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $ 13,631 $ 16,374
Customer advances 41,555 30,232
Other current liabilities 42,542 33,424
Accrued pension liability 23,791 22,311
Income taxes payable 7,821 2,558
Current portion of long-term debt 1,429 1,429
Total current liabilities 130,769 106,328
Long-term debt 47,142 48,571
Deferred compensation 6,569 6,397
Shareholders' equity:
Common stock 234 234
Additional paid-in capital 12,123 12,123
Retained earnings 273,142 246,968
Accumulated other comprehensive loss (3,987) (10,096)
Treasury stock at cost (36,066) (36,066)
245,446 213,163
$ 429,926 $ 374,459
Note: The balance sheet at Sept. 30, 2002 has been derived from
the audited financial statements at that date.
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