Cubic Reports 29 Per Cent Earnings Increase.Business Editors SAN DIEGO--(BUSINESS WIRE)--May 15, 2000 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 increased profits and sales for the second quarter of fiscal 2000. Net income for the quarter was $4,555,000 or 51 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 $3,230,000 or 36 cents per share for the same quarter in 1999. Sales for the three months ended March 31 were $144,933,000 compared to $139,644,000 for the same quarter last year. For the six months ended March 31, 2000, net income was $8,683,000 or 97 cents per share on sales of $260,331,000. The figures for the comparable period in 1999 were net income of $5,895,000 or 66 cents a share on sales of $238,402,000. During the quarter, Cubic Defense Systems revised its estimate of the costs to complete production of the MILES 2000 combat training system for the U.S. military. While the program will not be completed for nearly two years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time company's latest estimates are that the costs at completion will be higher than previously expected. "The product that we've we've Contraction of we have. we've have delivered so far is performing very well in the field," said Cubic Defense Systems President Bruce Roberts Bruce Roberts (born May 30, 1962) was a Zambian cricketer. He was a right-handed batsman and a right-arm medium-pace bowler. Roberts started his career with Transvaal and Transvaal B, before moving to England, to play for Derbyshire. . "We are in discussions with the customer about the cost problems and are mutually exploring various ways to recover these costs." Based on information currently available, the outcome could range from a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $20 million to full recovery. The company has not recorded any additional losses at this time since management believes there is a reasonable basis for recovery of the additional costs.
Cubic Corp.
Condensed Consolidated Statements of Income (Unaudited)
(amounts in thousands, except per share data)
Six Months Ended Three Months Ended
March 31, March 31,
2000 1999 2000 1999
Revenues:
Sales $260,331 $238,402 $144,933 $139,644
Other income 3,279 1,606 1,775 817
------- ------- ------- -------
263,610 240,008 146,708 140,461
Costs and expenses:
Cost of sales 204,934 186,877 116,722 112,241
Selling, general
and administrative
expenses 39,479 37,171 20,083 19,217
Research and development 3,039 3,922 1,711 2,336
Goodwill amortization 1,040 1,048 519 521
Interest 1,835 1,945 918 1,166
------- ------- ------- -------
250,327 230,963 139,953 135,481
Income before
income taxes 13,283 9,045 6,755 4,980
Income taxes 4,600 3,150 2,200 1,750
Net income $ 8,683 $ 5,895 $ 4,555 $ 3,230
Net income per
common share $ 0.97 $ 0.66 $ 0.51 $ 0.36
Dividends per
common share $ 0.19 $ 0.19 $ 0.19 $ 0.19
Average shares
of common stock
outstanding 8,907 8,907 8,907 8,907
Cubic Corp.
Condensed Consolidated Balance Sheet
(in thousands)
March 31, Sept. 30,
2000 1999
(Unaudited) (See note below)
Assets
Current assets:
Cash and cash
equivalents $ 63,353 $ 61,540
Marketable securities,
available-for-sale 1,776 1,802
Accounts receivable 136,180 133,252
Inventories 30,161 36,400
Deferred income taxes
and other current
assets 14,784 16,540
Total current
assets 246,254 249,534
Property, plant and
equipment -- net 41,613 42,976
Goodwill, less
amortization 23,049 23,273
Deferred income taxes
and other assets 11,564 14,378
--------- ---------
$ 322,480 $ 330,161
Liabilities and
Shareholders' Equity
Current liabilities:
Short-term borrowings $ -- $ 6,457
Accounts payable 11,281 13,761
Customer advances 21,870 23,460
Other current liabilities 40,022 37,976
Income taxes payable 1,813 4,671
Current portion of
long-term debt 5,000 5,000
Total current
liabilities 79,986 91,325
Long-term debt 50,000 50,000
Deferred income taxes and
other liabilities 4,717 5,871
Shareholders' equity:
Common stock 234 234
Additional paid-in
capital 12,123 12,123
Retained earnings 213,338 206,347
Accumulated other
comprehensive
income (loss) (1,856) 317
Treasury stock at cost (36,062) (36,056)
------- -------
187,777 182,965
--------- ---------
$ 322,480 $ 330,161
Note: The balance sheet at Sept. 30, 1999 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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