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Cubic Sales and Earnings Down From 2007

Cubic Corp. reported Dec. 4 lower profits and revenue for its 2008 fiscal year that ended Sept. 30, mainly from a drop in sales in its defense segment.

For the year, Cubic’s net income was $36.9 million, down from $41.6 million in 2007.

Revenue for the year was $881 million, down from $889.9 million in 2007.

Sales in the company’s defense unit declined 5 percent from the prior year to $607.8 million, with several lines affected by a transition of work from development stages to production phases, Cubic said.

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The transportation unit showed a 15 percent increase in its sales to $272.3 million, with higher sales from contracts in the United Kingdom and Australia, and for spare parts in North America.

Shares of Cubic closed Dec. 4 at $25.39. Its 52-week range is $17.03 to $42.50. The company trades on the New York Stock Exchange under the symbol CUB.

, Mike Allen

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