Cubic Corp., the San Diego defense contractor and provider of automated fare collection systems, reported fiscal 2013 third quarter net income of $18.4 million, compared with net income of $26.7 million for the like quarter of 2012.
Sales for the quarter that ended June 30 were $340.4 million, compared with $365.4 million for the like quarter of last year.
Cubic’s total backlog as of June 30 was $2.87 billion, up from $2.83 billion as of Sept. 30 of 2012.
CEO William Boyle said the year is shaping up as expected, a transition year with its transportation segment doing well and its defense segments facing a challenging environment.
“Despite the challenges, we are encouraged by contract awards in our two defense segments and improved operating profit performance in defense systems in the third quarter compared to earlier in the fiscal year,” Boyle said
— SDBJ Staff Report