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Cubic Corporation

August 1, 2007: Cubic Corporation (AMEX:CUB) announced yesterday higher sales and increased earnings for the third quarter of 2007 ended June 30, 2007. Sales increased 9% to $233.7 million up from $214.9 million last year.

Net income for the quarter increased 87% to $11.2 million ($0.42 per share). The company's defense segment's sales increased 18% in the quarter reaching $176.6 million this year. In the past 9 months defense sales increased 15% from $422.1 million to $484.7 million.

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Sales of training systems were increased, demonstrating higher profit while communications and electronic systems' sales dropped throughout the year, reducing profitability to merely break-even level. Cubic reported an increase in the funded backlog in the past quarter to $1.347 billion (at June 30, 2007) compared to $1.224 billion at September 30, 2006.

For the nine months ended June 30, 2007, sales grew only 8% from $616.6 million last year to $666.7 million this year. Net income increased by 78% to $30.7 million for the nine-month period, ($1.15 per share) compared to last year's net income of $17.2 million. This year's increase was derived from operations, while last year's net income included a gain on the sale of real estate of approximately $4.3 million, after applicable income taxes, or about $0.16 per share. Considering this year's gain is derived mostly from operations, and last year's results included some gains from real estate, operating income more than doubled for the nine-month period, increasing from $20.4 million in 2006 to $46.1 million in 2007. The company generated $70 million in cashflow during this period.


 


 

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