Cubic Corp., a San Diego defense contractor and provider of automated fare collection systems, reported Nov. 22 record sales and profits for its fiscal year that ended Sept. 30.

For the full year, Cubic reported net income of $85 million, up 20 percent from net income of $70.6 million for the prior fiscal year.

Sales for the year were $1.28 billion, up 8 percent from $1.19 billion in FY 2010.

Sales in each of Cubic’s three segments grew 7 to 8 percent. Sales for Mission Support Services totaled $476 million; Transportation Systems sales were $415 million; and Defense Systems sales totaled $393 million.

Like numerous public companies, Cubic is swimming in cash, holding $355 million in cash and short-term investments. It also reported that it has only $15.9 million in debt.

Total backlog of orders was also at a record high of $2.8 billion at Sept. 30, compared with a backlog of $2.5 billion in the prior fiscal year end.

— Mike Allen