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Cubic Boasts 34 Percent Earnings Jump

Cubic Boasts 34 Percent Earnings Jump

Websense Reports Hike In Income Over the Same Quarter Last Year

HIGH-TECH by Brad Graves

Cubic Corp. is trumpeting a 34 percent jump in earnings for the quarter ended June 30.

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The company, which divides its time between defense contracting and transit fare collection systems, reported $7.1 million in net income on revenues of $149.5 million during the most recent quarter. That compares with $5.3 million in net income on revenues of $128.5 million in the same quarter of 2001.

Cubic had a 3-for-1 stock split in April, and expects to pay a semiannual dividend of 7 cents per share on Aug. 30. The company has paid semiannual dividends for 30 years.

In announcing the results, Cubic also released a statement from President and CEO Walter J. Zable saying the company “has a strong, sound balance sheet, and neither our officers, employees nor I have stock options that could dilute future earnings.”

The company trades on the American Stock Exchange under the symbol CUB.

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Fat Times For Web Filtering: Websense Inc., the San Diego company whose software limits Internet surfing, reported net income of $3.5 million (15 cents per share) on revenue of $14.6 million in the quarter ended June 30. That compares with a loss of $13,000 on revenue of $8.2 million in the same quarter last year.

The company said it expected diluted earnings of 15 to 16 cents per share in the current quarter.

The company had 303 employees at the end of the quarter, reporting it added 47 employees during that time.

Websense trades on the Nasdaq under WBSN.

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SureBeam Wraps Up Quarter: San Diego-based SureBeam Corp., which uses electronic equipment to irradiate food, reported a net loss of $5.1 million (8 cents per share) on revenue of $10.8 million during the quarter ended June 30. In the same period last year, the company reported a net loss of $9.2 million on revenue of $9.6 million. Revenue from both quarters included revenue from affiliates , including sales by Titan Corp. to the U.S. Postal Service.

SureBeam lowered its guidance for the current year, predicting revenue of $38 million to $42 million and a net loss of 45 to 50 cents per share. In 2003, the company predicts revenue growth , between $75 million and $85 million , and a net loss of 5 to 15 cents per share.

SureBeam also expects to start processing food in its new Los Angeles plant this quarter.

SureBeam trades on the Nasdaq under the symbol SURE.

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Defense Contracting Pointers: “Doing Business With the Government” is the title of a symposium to be presented by the San Diego Business Journal Oct. 30. Symposium speakers will take up the prospects of, and procedures for, conducting Department of Defense-related business in the San Diego area.

It’s one of many events during a conference on military information technology, presented by the Space and Naval Warfare Systems Command (Spawar) and the local chapter of the National Defense Industrial Association.

The entire conference plus related events runs from Oct. 29 to Nov. 1. For information, see (www.ndia-sd.org).

Send high-tech news to

bgraves@sdbj.com.

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