Cubic Second Quarter 2002 Earnings Up 30 Percent.Business Editors SAN DIEGO--(BUSINESS WIRE)--May 1, 2002 San Diego-based Cubic Corporation (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 30 percent increase in net income on a sales increase of 13 percent for the second quarter of fiscal 2002 compared to the same quarter in fiscal 2001. The company notes that per share amounts reported for the quarter reflect the April 30, 2002 three-for-one stock split. Sales for the quarter increased 13 percent to $138,493,000 from $122,826,000 for the second quarter of fiscal 2001. Net income for the quarter was 30 percent higher than net income for the second quarter of last year, $6,441,000 or 24 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. (72 cents on a pre-split basis) for 2002, compared to $4,965,000 or 19 cents per share in 2001. Net income for the first half of 2002 was $12,132,000 or 45 cents per share ($1.36 on a pre-split basis) on sales of $262,370,000, compared to $9,634,000 or 36 cents per share on sales of $243,160,000 in the prior year. Of the increase in net income for the quarter, $437,000 (2 cents per share) is the result of the new accounting rules related to goodwill implemented in fiscal 2002; and of the increase in net income for the first half of 2002, $873,000 (3 cents per share) is attributed to the new accounting rules for goodwill. The company's 8 percent increase in revenue for the first half of the year compared to 2001 was due to higher sales from the defense segment, particularly sales of communications and electronics products and growth from the computerized computerized adapted for analysis, storage and retrieval on a computer. computerized axial tomography see computed tomography. battlefield 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. In addition to the sales increase, improved gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. in the defense business resulted in a considerable improvement in 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. . "For the first half of 2002, both the company's defense and transportation segments reported strong results with the improvement compared to last year coming from the defense segment," said Cubic President and Chief Executive Officer Walter Wal·ter , Bruno 1876-1962. German conductor noted for his interpretations of Mozart and Mahler. Noun 1. Walter - German conductor (1876-1962) Bruno Walter J. Zable. The company's total 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. , including unfunded customer orders increased to $1,218,000,000 at March 31, 2002, compared to $1,095,000,000 at September September: see month. 30, 2001 and $1,035,000,000 at March 31, 2001. Included in the backlog amounts was funded backlog of $817,000,000 at March 31, 2002, $738,000,000 at September 30, 2001 and $765,000,000 at March 31, 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 , including rail and buses throughout the world. The Cubic Defense Applications 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. 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 transit, in astronomy, passage of a body across a meridian or passage of a small body across the visible disk of a larger one. (The passage of a large body across a smaller one is called an eclipse or occultation. industries, and other competitive and technological factors.
CUBIC CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
(amounts in thousands, except per share data)
Six Months Ended Three Months Ended
March 31, March 31,
2002 2001 2002 2001
---------- ---------- ---------- ----------
Revenues:
Sales $262,370 $243,160 $138,493 $122,826
Other income 2,592 4,895 1,314 1,520
---------- ---------- ---------- ----------
264,962 248,055 139,807 124,346
---------- ---------- ---------- ----------
Costs and expenses:
Cost of sales 200,444 188,034 107,143 93,541
Selling, general
and administrative
expenses 39,826 39,551 19,759 20,293
Research and
development 4,890 4,180 2,285 2,175
Interest 1,770 1,756 879 872
---------- ---------- ---------- ----------
246,930 233,521 130,066 116,881
---------- ---------- ---------- ----------
Income before income
taxes 18,032 14,534 9,741 7,465
Income taxes 5,900 4,900 3,300 2,500
---------- ---------- ---------- ----------
Net income $12,132 $ 9,634 $ 6,441 $ 4,965
========== ========== ========== ==========
Net income per
share $ 0.45 $ 0.36 $ 0.24 $ 0.19
========== ========== ========== ==========
Dividends per common
share $ 0.06 $ 0.06 $ 0.06 $ 0.06
========== ========== ========== ==========
Average shares of
common stock
outstanding 26,720 26,720 26,720 26,720
========== ========== ========== ==========
CUBIC CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
March 31, September 30,
2002 2001
(Unaudited) (See note below)
----------- ----------------
ASSETS
Current assets:
Cash and cash equivalents $ 63,941 $ 76,837
Marketable securities,
available-for-sale 555 584
Accounts receivable 149,809 141,516
Inventories 37,959 30,386
Deferred income taxes and other current
assets 24,269 26,783
----------- -----------
Total current assets 276,533 276,106
----------- -----------
Property, plant and equipment --
net 39,418 33,376
Goodwill, less amortization 18,877 18,927
Other assets 14,212 12,938
----------- -----------
$ 349,040 $ 341,347
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $ 20,848 $ 11,889
Customer advances 24,374 30,479
Other current liabilities 38,263 42,205
Income taxes payable 8,062 10,321
Current portion of long-term debt 1,429 --
----------- -----------
Total current liabilities 92,976 94,894
----------- -----------
Long-term debt 48,571 50,000
Deferred compensation 6,078 5,558
Shareholders' equity:
Common stock 234 234
Additional paid-in capital 12,123 12,123
Retained earnings 231,534 221,095
Accumulated other comprehensive
loss (6,410) (6,494)
Treasury stock at cost (36,066) (36,063)
----------- -----------
201,415 190,895
----------- -----------
$ 349,040 $ 341,347
=========== ===========
Note: The balance sheet at September 30, 2001 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion