Cubic Finds Errors, Will Restate Financial ResultsMonday, February 10, 2014
Cubic Corp. said that it plans to restate its financial results from fiscal 2012 and fiscal 2013.
Cubic (NYSE: CUB) made the announcement after the market closed Feb. 10.
The Kearny Mesa-based business said it found errors in calculating revenues for a contract in the company’s transportation systems segment. It said that investors should no longer rely on previously published financial results.
The company said that it intends to amend its filings with the U.S. Securities and Exchange Commission “as soon as reasonably practicable.”
Cubic has two core businesses: defense contracting and mass-transit fare collection equipment. In an annual securities filing from Dec. 5, the company reported $1.36 billion in revenue in fiscal 2013.