Cubic Corp. doubles income for second year in a row.SAN DIEGO--(BUSINESS WIRE)--Dec. 11, 1996--Cubic Corp. Wednesday reported increased sales and doubling of income for fiscal year 1996. Sales were $407,621,000 for the 1996 fiscal year, compared with $370,065,000 for fiscal year 1995, an increase of 10 percent. Earnings for the fiscal year that ended Sept. 30, 1996 were $11,063,000, or $1.23 per share compared with $5,392,000 and 60 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. last year, more than double from the previous fiscal year. Fourth quarter 1996 earnings were 36 cents per share, compared with 22 cents for the fourth quarter of fiscal 1995. Sales for the fourth quarter were $104,120,000 compared with $114,095,000 for the same quarter last year. "We continue to win large and impressive contracts both in our Defense and Revenue Collection Groups," said Walter J. Zable, chairman and chief executive officer. "The contact from the Shanghai Metro The Shanghai Metro is an urban rapid transit system that serves the city of Shanghai by transporting around 1.8 million passengers each day. The system incorporates both subways (地铁) and elevated light railways (轻轨). for an automatic fare collection system bodes well for our future involvement in the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. . Combined with the fare collection system that we are installing in Guangzhou, China, we have established a foothold in this important area. "We continue to perform well for our existing customers, including the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Metropolitan Transportation Authority, Chicago Transit Authority
"On the Defense side, many of our mature programs continue to produce profits and provide an exceptional long-term outlook. We are in the start-up phases on several large projects and these programs will produce increased profits as they mature," he concluded. Cubic Automatic Revenue Collection Group designs and manufactures automatic fare collections systems throughout the world 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. The Cubic Defense Group produces instrumented air and ground training systems for both the U.S. and allied military forces and supports 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. The group also produces communications equipment, 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, aerospace systems and provides product logistical support. -0-
Cubic Corp.
Financials
(Fiscal Year Ended Sept. 30)
(Amounts in thousands, except for per share data)
1996 1995
Sales $407,621 $370,065
Net income 11,063 5,392
Net income per share 1.23 .60
Average shares of common stock outstanding 8,981 8,981
Fourth Quarter
Sales 104,120 114,095
Net income 3,275 1,972
Net income per share .36 .22
CONTACT: Cubic Corp. Abe Wischnia, 619/505-2855 |
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