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Cubic Announces Sales Hit All-Time High

Cubic Announces Sales Hit All-Time High

Majority of the Amount Comes From Defense,

Transportation Sales

BY BRAD GRAVES

Staff Writer

Cubic Corp., the homegrown hybrid that combines defense work with a business in transit fare collection equipment, said last week it had hit an all-time high for yearly sales.

Earnings for the fiscal year ended Sept. 30 also hit an all-time high.

The year was marked by contract awards from transit agencies in San Diego and Los Angeles, as well as a 3-for-1 stock split May 1.

Cubic’s 2002 sales were $559.6 million.

The majority of that amount, $314 million, came from the defense side of the house, while another $231 million came from transportation sales.

The remainder came from Consolidated Converting, the Whittier paper converting company that makes corrugated boxes and tissue products.

Cubic’s 2002 sales beat its 2001 sales of $501.7 million by 11 & #733; percent.

Additional interest, dividends and other income pushed Cubic’s 2002 revenue up to $564.3 million.

Net income for 2002 ended up at $29.4 million, or $1.10 per share. Earnings would have been $3.30 per share if the stock split had not happened.

Net income in 2001 was $20.8 million. That is 78 cents per share, or $2.34 per share in pre-split terms.

Looking at the fourth quarter alone, Cubic’s net income was $10.2 million, or 38 cents per share, on sales of $149 million. That compares to net income of $5.9 million on sales of $131.2 million during the year-ago quarter.

The company said it expects sales to grow next year.

New contract bookings are expected to “increase substantially” in fiscal 2003, according to a statement issued by the company, adding that it should result in continued growth in 2004.

Cubic’s defense business grew from $282 million in sales during 2001 to $314 million during 2002.

“Much of the growth came from a 22 percent increase in the segment’s battlefield simulation and operation and maintenance business,” according to a company statement.

Transportation sales, which had been $205 million in fiscal 2001, increased 13 percent in fiscal 2002, the company reported.

“The segment’s North American market generated significant new business, and the European market, specifically the United Kingdom, remained strong,” the company reported, adding it met major milestones on its London Prestige contract.

“Nearly all equipment is installed and the system functions well,” the company reported.

Cubic’s total backlog, including unfunded contracted orders, at Sept. 30 was $1.165 billion. That same number was $1.095 billion on Sept. 30, 2001.

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