San Diego Business Journal

Cubic Corp. Reports Q2 Results, Restates 2013, 2012 Fiscal Year Results

By Mike Allen Monday, May 12, 2014

Cubic Corp., the San Diego company that has operations in both the defense and transportation industries, reported fiscal 2014 second quarter results and restated financial results for its 2013 and 2012 fiscal years.

For the second quarter ended March 31, Cubic reported net income of $16.1 million, compared with net income of $29.7 million in the like quarter of FY 2013.

Revenue for the second quarter came in at $354.5 million, down 4 percent from the restated revenue in the second quarter of 2013.

In February, Cubic said it discovered errors in the way it calculated revenue for a contract in its transportation segment, requiring it to restate past results.

In FY 2013 ended Sept. 30, Cubic said its total sales were $1.36 billion, up $684,000 from what was previously reported. Net income for the year was $25 million, up $5.2 million from the previously reported financials.

In FY 2012, Cubic said it had sales of $1.4 billion, up $22.6 million from the previous reported number. Net income for the year was $97.4 million, up $5.5 million from the previous report.

The results were released following the close of trading on May 12. Cubic shares closed up $1.25 for the day to $49.72, giving the company a market capitalization of $1.33 billion.