Cubic Corp. Reports Major Increase in Earnings on Record Sales
SAN DIEGO--(BUSINESS WIRE)--Dec. 8, 1999--Cubic Corp. (AMEX:CUB - news) today reported a major increase in earnings for fiscal 1999 compared to 1998. Sales for the year reached the highest level in the company's history.
For the fiscal year ended Sept. 30, 1999, net income was $14,008,000 or $1.57 per share compared to $889,000 or $.10 per share for fiscal 1998. Sales for the comparable periods were $510,759,000 versus $414,136,000 in 1998.
For the fourth quarter, net income more than doubled compared to the same quarter last year, growing to $4,372,000 or $.49 per share versus $2,129,000 or $.24 per share. Sales in the fourth quarter were $143,068,000 compared to $133,015,000 in the prior year.
''Our earnings are back on a good growth track,'' said Walter J. Zable, Cubic chairman and chief executive officer. ''With an increase of more than $96 million over last year's previous record high sales, the investment in international business is paying off. We have a backlog of close to $1 billion and we expect continued earnings growth next year.
''The increase in sales and earnings is attributed primarily to Cubic Transportation Systems which increased sales by $82 million and was the largest contributor to overall profits this year versus their losses last year in the Asian marketplace,'' Zable said.
Cubic Transportation Systems is the world leader in providing integrated electronic payment systems for public mass transit, including rail and buses. The Cubic Defense Group produces instrumented air and ground combat training systems for both the U. S. and allied military forces. In addition, it produces avionics, data links, and communications systems and provides support for military simulations and battle command training, and provides product logistical support. |
