Cubic Corp. (NYSE: CUB) Reports Record Sales, Earnings, and Backlog for the Fiscal Year Ended September 30, 2011
(firmenpresse) - SAN DIEGO, CA -- (Marketwire) -- 11/22/11 -- Cubic Corporation (NYSE: CUB) today reported record high sales and earnings for the fiscal year ended September 30, 2011. Sales in fiscal 2011 were $1.285 billion, representing an increase of 8 percent over sales of $1.194 billion in 2010. Net income attributable to Cubic shareholders increased 20 percent, to $84.8 million ($3.17 per share) in 2011 from $70.6 million ($2.64 per share) last year.
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.
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.
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.
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.
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.
The Company also announced that it filed its form 10-K with the Securities and Exchange Commission today. This report may be found at under "Investor Info." Shareholders may also receive a free hard copy upon written request to the Company or by e-mail to .
is the parent company of three major business segments: and 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 .
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
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Datum: 22.11.2011 - 11:00 Uhr
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