News Column

United States : Cubic Reports Second Quarter and First Half of Fiscal Year 2014 Results

June 13, 2014



Cubic Corporation today reported its financial results for the quarter and six-month periods ended March 31, 2014 and announced that it has filed an amended 10-K for the fiscal year ended September 30, 2013 to restate its financial statements.

The company filed with the Securities and Exchange Commission (SEC) its financial statements for the quarters ended December 31, 2013 and March 31, 2014. In addition, Cubic filed its restated financial statements for the fiscal years ended September 30, 2013 and 2012 and interim periods within fiscal years ended September 30, 2013 and 2012, and adjusted results for the fiscal year ended September 30, 2011 to correct certain immaterial errors. The cumulative impact on shareholders equity resulting from the restatement, through September 30, 2013, was an increase of $12.2 million.

Sales for the second quarter of fiscal 2014 were $354.5 million compared to $368.6 million in 2013, as restated, a decrease of 4 percent. Net income attributable to Cubic shareholders was $16.1 million, or $0.60 per diluted share, compared to $29.7 million, or $1.11 per diluted share, as restated, in the second quarter of 2013

Operating income was $22.2 million compared to $37.4 million, as restated, in the second quarter of 2013. Operating income decreased 52% in the transportation segment and 61% in the mission support segment, while it increased by $5.7 million in the defense systems segment from break-even last year.

Non-GAAP Adjusted EBITDA (as described below) was $30.0 million or 8.5 percent of sales for the quarter compared to $44.3 million or 12.0 percent of sales in the second quarter of 2013.

Backlog was $2.665 billion at the end of the quarter compared to $2.647 billion at September 30, 2013, as restated, an increase of $17.9 million. Decreases in backlog for the transportation systems and mission support segments were more than offset by an increase in defense systems backlog.

Sales for the first half of fiscal 2014 were $661.6 million compared to $683.4 million in 2013, as restated, a decrease of 3 percent. Net income attributable to Cubic shareholders was $24.5 million, or $0.91 per diluted share, compared to $43.9 million, or $1.64 per diluted share, as restated, in the first half of 2013.

Operating income was $34.0 million in the first half of 2014 compared to $57.9 million, as restated, in 2013. Operating income decreased 61% in the transportation segment and 46% in the mission support segment, while increasing by $11.3 million in the defense systems segment.

Non-GAAP Adjusted EBITDA was $49.2 million or 7.4 percent of sales for the first six months compared to $69.5 million or 10.2 percent of sales in 2013.


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Source: TendersInfo (India)


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