San Diego Business Journal

Cubic Reports Higher Sales and Earnings for 1st Quarter

Tuesday, February 7, 2012

Growth in San Diego-based Cubic Corp.’s Transportation Systems segment contributed to significantly higher sales and earnings during the company’s 2012 first fiscal quarter ended Dec. 31.

Cubic reported Feb. 2 a 12 percent increase in sales from $284.4 million during the first fiscal quarter last year to $318.7 million in the like quarter this year. Quarterly net income attributable to Cubic shareholders was up 8 percent from $19.9 million, or 74 cents per share, last year to $21.4 million, or 80 cents per share, this year.

Revenue for the 2011 fiscal year ending Sept. 30 was $1.28 billion, up from $1.19 billion in 2010, and net income for 2011 was $85 million, up from $70.6 million in 2010.

John D. Thomas, vice president of finance and corporate development for Cubic, attributes the boost in business to a gain in major projects in the Transportation Systems unit, including deals in Canada and Australia.

Total backlog, or orders which have been received but the work has not been performed, was a record high of $3.18 billion at Dec. 31, up from $2.83 billion at Sept. 30, according to the company.

“What that tells investors is there’s growth ahead for Cubic,” Thomas said.

— Julie Gallant