Cubic Corp. reported net income of $32.8 million on record quarterly sales of $396.4 million during its fourth quarter, which ended Sept. 30. For the year, Cubic (NYSE: CUB) reported net income of $69.5 million on annual sales of $1.398 billion.
Sales increased in two out of three Cubic subsidiaries. They rose 13 percent at Cubic Transportation Systems and 10 percent at Cubic Defense Systems. Sales declined 15 percent in Mission Support Services, which provides services to the Department of Defense. Cubic attributed the slide to the U.S. government shutdown at the beginning of the fiscal year, in October 2013, and to general reductions in U.S. government spending.
In presenting its earnings on Nov. 25, Cubic also said that it had a record backlog of $3.18 billion as of Sept. 30.
In other news, Cubic increased its semiannual dividend from 12 cents per share to 13½ cents per share. Cubic said it expects to declare its first dividend at the new rate in February.