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United States : Cubic Reports First Quarter Fiscal 2018 Results; Achieves Record Backlog of $3.64 Billion.

Cubic Corporation today announced its financial results for the first fiscal quarter ended December 31, 2017.

We are pleased by the strong momentum in our business. The New York MTA and Boston MBTA wins, coupled with T2C2 full rate production, solidifies our path to Goal 2020, said Bradley H. Feldmann, president and chief executive officer. I am very proud of our teams accomplishments as they drive value for our customers, shareholders and employees.

Sales increased 2% to $340.7 million in the first quarter. Growth in Transportation and Defense Services were primarily offset by lower sales in Defense Systems. Foreign currency translation had a favorable impact of $4.8 million.

Operating loss was $7.0 million compared to $4.1 million in the first quarter of last year, driven by an increase in research and development expense of $3.0 million. Foreign currency translation had a favorable impact of $0.5 million.

Non-GAAP adjusted EBITDA was $17.0 million compared to $20.1 million in the first quarter of last year. The decrease was primarily attributable to the same matters noted above. Foreign currency translation had a favorable impact of $0.6 million.

Net loss was $9.8 million, or 36 cents per share, compared to $2.9 million, or 11 cents per share last year. The most significant item contributing to the decrease in earnings per share was a change in the Companys tax provision. In the first quarter of 2017, the annual effective tax rate was computed using a worldwide blended methodology, resulting in a tax benefit of $5.1 million against a pre-tax loss of $7.9 million. In the first quarter of 2018, discrete domestic and foreign annual effective rates were computed to arrive at a total projected rate for the year, resulting in a tax expense of $0.5 million on a pre-tax loss of $9.3 million. The difference in methodology only impacts the timing of the tax provision within the fiscal year.

Cash from operations was negative $26.9 million, in which it was negatively impacted by the timing of collections in the Middle East, higher unbilled accounts receivable in Defense Services, timing of the mobilization payment for New York and an increase in inventory at Transportation Systems for upcoming scheduled deliveries.

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Publication:Mena Report
Article Type:Financial report
Date:Feb 8, 2018
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