Cubic Corp. said on Feb. 19 that it received a $2.9 million deal from the Romanian military to provide its MILES laser training equipment.
The training gear is called MILES IWS, which stands for Multiple Integrated Laser Engagement System Individual Weapon System. Under the contract modification, Cubic (NYSE: CUB) will provide new MILES IWS equipment, spare parts and computer server and software updates. The latter two items will refresh the Romanian exercise control center that was originally delivered in 2009.
The U.S. Army is acting as a middleman in the sale.
In other news, Cubic shares rose almost 1 percent to close at $53.61 on Feb. 19, the first trading day after the company announced that it was consolidating business units and laying off about 2 percent of its 7,800 employees. It was a relatively flat day for the market as a whole, with the Dow Jones Industrial Average falling 0.24 percent and the Standard & Poor’s 500 falling 0.11 percent.