Cubic Corp. recently took the wraps off first quarter earnings, reporting net income of $12.5 million on net sales of $313.4 million. Cubic’s first quarter ends Dec. 31.

In the previous year’s first quarter, Cubic turned in net income of $20.7 million. Net sales in the quarter were $316.8 million.

Cubic divides its business among three sectors: transportation systems, defense systems and mission support services. The latter supports defense clients. The company reported that its backlog of work decreased from $2.83 billion on Sept. 30 to $2.82 billion on Dec. 31.

Cubic shares trade on the New York Stock Exchange under the symbol CUB.

— SDBJ Staff Report