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.
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.