Cubic Corp.'s sales for the second quarter increased 12 percent to $278.6 million from $248 million in the second quarter of last year.
Cubic (NYSE: CUB), a technology provider of integrated solutions, headquartered in San Diego, released its financial results for its second fiscal quarter on May 2.
Sales from Cubic Transportation Systems and Cubic Mission Solutions increased by 20 percent and 26 percent, respectively, while sales from Cubic Global Defense systems decreased by 5 percent. Foreign currency translation had a favorable impact of $7.5 million, according to the revenue report.
The operating loss was $1.7 million in the second quarter compared to $6.1 million for the same quarter last year. The decrease in operating loss reflects improved profitability at all three reporting segments, led by Cubic Transportation Systems. Foreign currency translation had a favorable impact of $1.1 million.
Non-GAAP adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) was $15.8 million, an increase of 35 percent from $11.7 million in the second quarter of last year.
Cash provided by continuing operations was $12.5 million in the second quarter compared to $3 million in the second quarter of 2017.
Net loss from continuing operations in the second quarter was $3.3 million compared to a net income of $41.9 million in the second quarter last year. The change was most significantly impacted by the changes in income taxes on pre-tax losses from continuing operations.
Net income from discontinued operations in the second quarter was $1.3 million compared to a net loss from discontinued operations of $41.4 million in the second quarter last year.
Cubic Transportation Systems or CTS sales increased 20 percent to $167.0 million compared to $139.6 million last year supported by system engineering work on the New York New Fare Payment System contract and inclusive of a favorable foreign currency translation impact of $7.1 million.
CTS adjusted EBITDA increased 74 percent to $17.2 million compared to $9.9 million last year reflecting higher sales, lower research and development expense and operational improvements. Foreign currency translation had a favorable impact of $1.4 million.
Cubic Global Defense Systems or CGD sales were $75.5 million compared to $79.7 million last year. The decrease was primarily due to lower sales of air combat training systems. Foreign currency translation had a favorable impact of $0.4 million.
CGD Systems adjusted EBITDA was $7.4 million, flat compared to the same period last year. Foreign currency translation had an unfavorable impact of $0.2 million.