Cubic Corp. reported a second quarter net loss of $11 million on net sales of $338.8 million during its second quarter, which ended March 31. The company reported net income of $16.1 million on net sales of $354.4 million in the quarter ending March 31, 2014.
Cubic (NYSE: CUB) reported a net loss of $5.9 million on net sales of $657.3 million in the first half. Revenue was flat compared with fiscal 2014, when net sales were $661.6 million. The corporation achieved a net income of $24.5 million in the first half of fiscal 2014.
Brad Feldmann, Cubic’s CEO, said the company was working to improve its operating efficiency, saying also that the company’s underlying business fundamentals remain strong.
The corporation, which offers products and services to the defense and mass-transit markets, reported a backlog of $3.10 billion as of March 31, down from $3.18 billion on Sept. 30.
The business took a restructuring charge of $5.4 million in the second quarter. Costs related to an audit committee investigation totaled $2.5 million.
Foreign currency translation reduced reported sales by $18 million, or 3 percent during fiscal 2015.