![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cubic Corp | NYSE:CUB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 75.00 | 0 | 01:00:00 |
Operating income increased 6 percent, to $112.3 million this year from $105.5 million in 2010 and cash flows from operations were $132.6 million in 2011. The Company's financial condition continued to be very strong in 2011. Cash and short-term investments at September 30, 2011 were $355.0 million while total debt was only $15.9 million.
Total backlog reached a record high $2.837 billion at September 30, 2011 compared to $2.486 billion at September 30, 2010. Funded backlog was $2.163 billion at September 30, 2011 compared to $1.872 billion at the end of last year.
Further details are available in the appendix following the financial statements.
CUBIC CORPORATION CONSOLIDATED STATEMENTS OF INCOME Years Ended Three Months Ended September 30, September 30, 2011 2010 2011 2010 ----------- ----------- ----------- ----------- (in thousands, except per share data) Net sales: Products $ 618,924 $ 636,739 $ 174,786 $ 179,889 Services 666,279 557,450 172,124 167,817 ----------- ----------- ----------- ----------- 1,285,203 1,194,189 346,910 347,706 Costs and expenses: Products 437,992 457,651 123,090 134,524 Services 539,973 484,343 138,265 143,799 Selling, general and administrative expenses 154,962 120,848 43,724 32,612 Research and development 25,260 18,976 7,453 8,633 Amortization of purchased intangibles 14,681 6,846 4,074 1,755 ----------- ----------- ----------- ----------- 1,172,868 1,088,664 316,606 321,323 ----------- ----------- ----------- ----------- Operating income 112,335 105,525 30,304 26,383 Other income (expenses): Interest and dividend income 2,568 1,590 839 236 Interest expense (1,461) (1,755) (306) (473) Other income - net 4,205 561 3,681 (4,470) ----------- ----------- ----------- ----------- Income before income taxes 117,647 105,921 34,518 21,676 Income taxes 32,569 35,285 10,369 8,424 ----------- ----------- ----------- ----------- Net income 85,078 70,636 24,149 13,252 Less noncontrolling interest in income of VIE 310 - 49 - ----------- ----------- ----------- ----------- Net income attributable to Cubic $ 84,768 $ 70,636 $ 24,100 $ 13,252 =========== =========== =========== =========== Basic and diluted net income per common share $ 3.17 $ 2.64 $ 0.90 $ 0.49 =========== =========== =========== =========== Average number of common shares outstanding 26,736 26,735 26,736 26,736 =========== =========== =========== =========== CUBIC CORPORATION CONSOLIDATED BALANCE SHEETS September 30, 2011 2010 ----------- ----------- (in thousands) ASSETS Current assets: Cash and cash equivalents $ 329,148 $ 295,434 Short-term investments 25,829 84,081 Accounts receivable: Trade and other receivables 20,259 11,594 Long-term contracts 204,120 199,353 Allowance for doubtful accounts (395) (663) ----------- ----------- 223,984 210,284 Recoverable income taxes 20,725 8,320 Inventories 36,729 32,820 Deferred income taxes 13,778 17,825 Prepaid expenses and other current assets 20,452 25,893 ----------- ----------- Total current assets 670,645 674,657 ----------- ----------- Long-term contracts receivable 23,700 28,080 Property, plant and equipment - net 48,467 47,469 Deferred income taxes 11,318 18,570 Goodwill 146,355 64,142 Purchased intangibles - net 54,139 26,295 Miscellaneous other assets 4,216 5,196 ----------- ----------- Total assets $ 958,840 $ 864,409 =========== =========== CUBIC CORPORATION CONSOLIDATED BALANCE SHEETS--continued September 30, 2011 2010 ----------- ----------- (in thousands) LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Trade accounts payable $ 38,870 $ 33,638 Customer advances 183,845 139,723 Accrued compensation 49,513 48,994 Other current liabilities 53,826 60,041 Income taxes payable 7,902 20,107 Current maturities of long-term debt 4,541 4,545 ----------- ----------- Total current liabilities 338,497 307,048 ----------- ----------- Long-term debt 11,377 15,949 Accrued pension liability 38,223 37,015 Deferred compensation 7,884 8,508 Income taxes payable 4,479 3,382 Other non-current liabilities 6,582 4,748 Commitments and contingencies Shareholders' equity: Preferred stock, no par value: Authorized--5,000 shares Issued and outstanding--none - - Common stock, no par value: Authorized--50,000 shares 2011 and 2010--Issued 35,681 shares, outstanding--26,736 shares 12,574 12,574 Retained earnings 598,849 521,567 Accumulated other comprehensive income (loss) (23,294) (9,745) Treasury stock at cost: 2011 and 2010--8,945 shares (36,078) (36,074) ----------- ----------- Shareholders' equity related to Cubic 552,051 488,322 Noncontrolling interest in variable interest entity (253) (563) ----------- ----------- Total shareholders' equity 551,798 487,759 ----------- ----------- Total liabilities and shareholders' equity $ 958,840 $ 864,409 =========== =========== CUBIC CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS Years Ended September 30, -------------------------- 2011 2010 ------------ ------------ (in thousands) Operating Activities: Net income $ 85,078 $ 70,636 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 22,341 14,469 Deferred income taxes 4,048 (164) Provision for doubtful accounts - (3,889) Changes in operating assets and liabilities, net of effects from acquisitions: Accounts receivable 4,219 28,565 Inventories (3,760) 16,638 Prepaid expenses and other current assets 5,516 4,401 Accounts payable and other current liabilities (3,387) (27,498) Customer advances 45,517 20,672 Income taxes (24,205) (14,614) Other items - net (2,779) 2,507 ------------ ------------ NET CASH PROVIDED BY OPERATING ACTIVITIES 132,588 111,723 ------------ ------------ Investing Activities: Acquisition of businesses, net of cash acquired (126,825) (8,250) Consolidation of variable interest entity - 38,264 Proceeds from sale of short-term investments 58,252 82,992 Purchases of short-term investments - (158,946) Purchases of property, plant and equipment (8,728) (6,878) ------------ ------------ NET CASH USED IN INVESTING ACTIVITIES (77,301) (52,818) ------------ ------------ Financing Activities: Principal payments on long-term debt (4,555) (4,541) Proceeds from issuance of common stock - 44 Purchases of treasury stock (4) (3) Dividends paid to shareholders (7,486) (4,812) ------------ ------------ NET CASH USED IN FINANCING ACTIVITIES (12,045) (9,312) ------------ ------------ Effect of exchange rates on cash (9,528) 1,767 ------------ ------------ NET INCREASE IN CASH AND CASH EQUIVALENTS 33,714 51,360 Cash and cash equivalents at the beginning of the year 295,434 244,074 ------------ ------------ CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR $ 329,148 $ 295,434 ============ ============
APPENDIX
Details of Consolidated Results The average exchange rates between the prevailing currencies in the Company's foreign operations and the U.S. dollar resulted in an increase in sales in 2011 of $21.5 million, an increase of $3.4 million in operating income, and an increase in net income attributable to Cubic shareholders of $2.4 million, or $0.09 per share.
Cubic's net income also increased in 2011 due to the impact of foreign currency exchange rate changes on U.S. dollar-denominated investments held by our wholly-owned subsidiary in the U.K. that has the British Pound as its functional currency. The impact of exchange rates on these U.S. dollar-denominated investments is recorded as non-operating income and resulted in a gain of $2.3 million after taxes, or $0.09 per share.
The Company's effective tax rate in 2011 decreased to 27.7 percent of pretax income compared to 33.3 percent of pretax income in 2010 primarily due to use of available U.S. research and development tax credits and an increase in the amount of income earned in foreign jurisdictions that is taxed at lower rates than the U.S. federal statutory tax rate.
Transportation Systems Segment Cubic Transportation Systems (CTS) sales increased 8 percent to $415.4 million in 2011 from $386.0 million in 2010. Sales were higher in 2011 from work in Europe and Australia, but were lower in North America.
Operating income from CTS increased 2 percent in 2011 to $56.0 million from $54.7 million in 2010. Increased income in 2011 resulted from higher sales in the U.K. and Australia, and an increase in operating margin in Australia due to a reduction in bid and proposal costs. Lower operating income on lower sales in North America partially offset these increases.
Defense Systems Segment Cubic Defense Systems (CDS) sales increased 8 percent to $392.7 million in 2011 from $362.8 million in 2010. Sales increased in the training systems business, while communications business revenue decreased.
Operating income from CDS increased 32 percent to $37.9 million in 2011 from $28.7 million in 2010. Higher sales and improved profit margins from training systems contributed to the increase. In 2010, CDS acquired two new businesses that are developing cross domain and global tracking products. During 2011 and 2010 CDA increased its investment in the development and marketing of these products which resulted in these businesses incurring operating losses totaling $11.3 million in 2011 and $3.0 million in 2010.
Mission Support Services Segment Sales at Mission Support Services (MSS) increased 7 percent to $475.8 million in 2011 from $443.3 million in 2010. The acquisition of Abraxas added $50.0 million to 2011 revenue. Lower sales at the Joint Readiness Training Center in Fort Polk, Louisiana, and from the U.S. Army Quartermaster Center and School partially offset the increase in 2011 sales. The acquisition also added $106.8 million to the year end backlog.
Operating income from MSS was 9 percent lower in 2011 at $24.0 million compared to $26.5 million last year. This was primarily due to the amortization of intangibles of $8.2 million and costs of $0.7 million for the acquisition made this fiscal year. Higher operating margins on increased sales from information operation contracts partially offset the decrease.
SEC Form 10-K The Company also announced that it filed its form 10-K with the Securities and Exchange Commission today. This report may be found at www.cubic.com under "Investor Info." Shareholders may also receive a free hard copy upon written request to the Company or by e-mail to Investor.Relations@Cubic.com.
Cubic Corporation is the parent company of three major business segments: Defense Systems, Mission Support Services and Transportation Systems. Cubic Defense Systems is a leading provider of realistic combat training systems and defense electronics. Mission Support Services is a leading provider of training, operations, maintenance, technical and other support services. Cubic Transportation Systems is the world's leading provider of automated fare collection systems and services for public transit authorities. For more information about Cubic, see the Company's Web site at www.cubic.com.
In addition to historical matters, this release contains forward-looking statements which are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These forward-looking statements involve predictions of future results. Investors are cautioned that forward-looking statements involve risks and uncertainties which may affect the Company's business and prospects. These include the effects of politics on negotiations and business dealings with government entities, economic conditions in the various countries in which the Company does or hopes to do business, competition and technology changes in the defense and transit industries, and other competitive and technological factors.
Any statements about the Company's expectations, beliefs, plans, objectives, assumptions or future events or future financial and/or operating performance are not historical and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "may," "will," "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "believe," "intend," "predict," "potential," "opportunity" and similar words or phrases or the negatives of these words or phrases. These statements involve estimates, assumptions and uncertainties.
Since actual results or outcomes may differ materially from those expressed in any forward-looking statements made by the Company, investors should not place undue reliance on any forward-looking statements. In addition, past financial and/or operating performance is not necessarily a reliable indicator of future performance and investors should not use the Company's historical performance to anticipate results or future period trends. Further, any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict which factors will arise. In addition, the Company cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Media Contact John D. Thomas 858-505-2989 Investor Contact Diane Dyer 858-505-2907
1 Year Cubic Chart |
1 Month Cubic Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions