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Cubic Profits From Record High Sales

San Diego-based defense contractor Cubic Corp. reported record high sales and increased earnings May 3 for the period ended March 31.

Net sales for the company’s second quarter were $230 million, up 11 percent from $206.6 million for the same period last year.

Net income rose to $11.2 million, or 42 cents per share, up from $700,000, or 3 cents per share, in the second quarter 2006.

Cubic’s earnings per share in the second quarter of 2007 were equal to earnings per share for the entire fiscal first half of 2006.

The company’s defense segment doubled its operating income from the like period 2006. Its transportation segment, which reported a loss last year, had operating income of $6.9 million.

Cubic Corp. is traded on the American Stock Exchange as CUB and closed on May 3 at $22.31, up $1.68 from the previous session.

, Andy Killion

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