Cubic Corp. reported a net loss of $2.9 million on revenue of $334.7 million during its first quarter, which ended Dec. 31. The company reported its financial results Feb. 9.
In the same quarter one year ago, it reported a net loss of $5.4 million on revenue of $313.8 million.
Cubic (NYSE: CUB)’s transportation systems segment had sales of $131.9 million, while its two defense businesses posted sales of $112.5 million (systems) and $90.3 million (services).
The Kearny Mesa business spent $8.7 million on its new accounting computer system and supply chain process redesign during the quarter, up from $6.5 million one year ago. Cubic expects its new computer system to improve margins. Cubic also worked to integrate new acquisitions in the C4ISR space (command, control, communications, computers, intelligence, surveillance and reconnaissance).
The company reported a $2.7 billion backlog of work as of Dec. 31, a decrease of $235 million from one year ago.