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Cubic Corporation Reports Financial Results for Fiscal Year Ended September 30, 2012

Completes Restatement for Fiscal Years 2009, 2010 and 2011 and Interim Periods

SAN DIEGO, CA -- (Marketwire) -- 12/14/12 -- Cubic Corporation (NYSE: CUB) today reported higher sales and earnings for the fiscal year ended September 30, 2012. Sales in fiscal year 2012 were $1.381 billion, an increase of 7 percent over sales of $1.296 billion in the restated prior year. Net income attributable to Cubic shareholders increased to $91.9 million, or $3.44 per share, from $83.6 million, or $3.13 per share, last year, as restated. Sales and net income were both record highs.

The company filed with the Securities and Exchange Commission (SEC) its financial statements for the quarter ended June 30, 2012 and the fiscal year ended September 30, 2012. In addition, Cubic filed its restated financial statements for the fiscal years ended September 30, 2011, 2010 and 2009, the quarters ended March 31, 2012 and December 31, 2011, and each of the prior quarters of 2011 and 2010. The restatement resulted in a cumulative increase in equity of $26.9 million through March 31, 2012.

Fiscal Year 2012 Financial Review

  • Sales increased 7 percent to $1.381 billion in fiscal 2012 from $1.296 billion in the restated prior year. The increase was primarily due to growth of 20 percent in Cubic Transportation Systems (CTS), and in particular from our contracts in Sydney, Australia and Vancouver, B.C. Growth in 2012 sales from Mission Support Services (MSS) was nearly offset by a decrease in Cubic Defense Systems (CDS) sales.

  • Operating income increased 13 percent to $128.0 million in 2012 compared to $113.5 million in the restated prior year. CTS and CDS each contributed to the growth in operating income in 2012, while MSS operating income was down in 2012 from 2011. Growth in CTS sales was the primary reason for the increase in operating income. CDS operating income grew primarily due to a decrease in our investment in cross domain and global asset tracking products in 2012 compared to 2011. Operating results for MSS include an operating loss from Abraxas of $1.3 million in 2012, including amortization of intangible assets of $9.3 million, compared to a loss of $3.5 million in 2011, which included amortization of intangible assets of $8.2 million and acquisition costs of $0.7 million.

  • Selling, general and administrative (SG&A) expenses increased to $163.7 million or 12 percent of sales in 2012, compared to $159.8 million or 12 percent of sales in the restated prior year. The increase in SG&A expenses in 2012 reflects the overall growth of the business.

  • Company-sponsored research and development (R&D) spending totaled $28.7 million in 2012 compared to $25.3 million in the restated prior year. The increase in R&D expenditures in 2012 came from the transportation systems business, which increased R&D spending from $4.0 million in 2011 to $8.3 million in 2012.

  • Our effective tax rate for 2012 was 29 percent of pretax income compared to 28 percent in 2011, as restated, primarily because of the expiration of the U.S. R&D credit on December 31, 2011.

  • Net income attributable to Cubic increased to $91.9 million, or $3.44 per share, in 2012 from $83.6 million, or $3.13 per share, in the restated prior year. Higher net income year-over-year resulted primarily from the improvements in operating income.

  • While CDS and CTS both generated negative operating cash flows in 2012, MSS contributed positive operating cash flows. Operating activities used cash of $54.7 million in 2012, compared to providing cash of $129.1 million in the prior year. In 2012, cash generated by earnings was offset by increases in accounts receivable of $118.2 million and inventories of $13.6 million, and a net decrease in customer advances of $38.0 million. In addition, the company incurred $26.9 million in costs to build a new open payment fare collection system for Chicago. The growth in accounts receivable and reduction of customer advances related to several large transportation systems and defense systems contracts the company worked on in 2012. Negative cash flows on these contracts at this stage of their completion are in accordance with contract terms. The company expects cash flows from these contracts to improve as deliveries are made and milestones are reached on these contracts.

  • Total backlog increased $50.2 million from $2.781 billion, as restated at September 30, 2011, to $2.832 billion at September 30, 2012. The majority of the CTS backlog increase was related to a new contract in Chicago, which added $454 million. Backlog for CDA and MSS decreased from September 30, 2011, as restated, to September 30, 2012. In 2013 the amount of sales from backlog are expected to be approximately $1 billion, which historically has represented 70 to 73 percent of the company's revenues for the following year. The U.S. Department of Defense (DoD) has been issuing shorter duration contract awards for both product and services and this has resulted in decreased backlog for the company's defense businesses.

Financial Restatement Summary

  • Cubic today also filed its restated financial statements for the fiscal years ended September 30, 2011, 2010 and 2009, the quarters ended March 31, 2012 and December 31, 2011, and each of the quarters of 2011 and 2010.

  • The restatement resulted in a cumulative increase in retained earnings of $18.3 million as of September 30, 2007, and changes in revenues and net income for 2008 through 2011 as shown in the table below.




September 30,                   2011         2010        2009        2008
                            -----------  ----------- ----------- -----------

Sales (previously reported) $ 1,285,203  $ 1,194,189 $ 1,016,657 $   881,135
  Adjustments                    10,378        4,003       9,267      11,499
                            -----------  ----------- ----------- -----------
Sales (as restated)         $ 1,295,581  $ 1,198,192 $ 1,025,924 $   892,634
                            ===========  =========== =========== ===========

Operating income
 (previously reported)      $   112,335  $   105,525 $    84,708 $    53,264
  Adjustments                     1,173        1,108      11,159       9,256
                            -----------  ----------- ----------- -----------
Operating income (as
 restated)                  $   113,508  $   106,633 $    95,867 $    62,520
                            ===========  =========== =========== ===========

Net income (previously
 reported)                  $    84,768  $    70,636 $    55,686 $    36,854
  Adjustments                    (1,174)       1,458       7,459       4,638
                            -----------  ----------- ----------- -----------
Net income (as restated)    $    83,594  $    72,094 $    63,145 $    41,492
                            ===========  =========== =========== ===========

Earnings per share
 (previously reported)      $      3.17  $      2.64 $      2.08 $      1.38
  Adjustments                     (0.04)        0.06        0.28        0.17
                            -----------  ----------- ----------- -----------
Earnings per share (as
 restated)                  $      3.13  $      2.70 $      2.36 $      1.55
                            ===========  =========== =========== ===========



  • Fiscal year 2012 was a very good year for the corporation in terms of performance. In comparison, the company anticipates that 2013 will be a challenging year. The company's defense businesses, like all companies in the defense industry, continue to face uncertainties related to DoD budget cuts. These cuts, if implemented, could trigger across-the-board spending reductions scheduled to go into effect in 2013.

  • Additionally, the defense services market is becoming increasingly competitive. As a result of this market environment, the company's defense services business may experience lower profit margins in 2013 compared to 2012. While the company believes its training services and systems are essential to the U.S. military, Cubic, and the defense industry as a whole, is uncertain as to which programs and technologies could be most affected. Approximately 50 percent of sales in our defense systems business have been international in recent years, which should help mitigate an anticipated slowdown in U.S. spending.

  • In 2013 the company expects its transportation business to complete the design/build phase on major automated fare collection projects. During this phase, the transportation business may also face margin pressure until the new systems are operational.

  • Although 2013 is anticipated to be a transition year, the company remains confident in its long-term prospects for growth. The company has a diverse portfolio of market leading businesses which provide systems and services to a global customer base. The company plans to leverage and build upon its market leading positions and find additional opportunities for growth in adjacent markets by leveraging both research and development, and acquisitions.

The Company filed its Form 10-Q for the quarter ended June 30, 2012 and its Form 10-K for the year ended September 30, 2012 with the Securities and Exchange Commission today. These reports may be found at www.cubic.com under "Investor Info." Shareholders may also receive a free copy of these reports upon written request to the Company or by e-mail to [email protected].

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 uncertainties related to possible Department of Defense budget cuts, any unanticipated issues related to the restatement of the Company's financial statements, any additional issues or matters arising from a potential review of the Company's periodic reports by the SEC, the Company's ability to develop and implement new processes and procedures to remediate the material weakness that existed in its internal control over financial reporting, 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 statement.




                             CUBIC CORPORATION

                     CONSOLIDATED STATEMENTS OF INCOME
               (amounts in thousands, except per share data)


                                      Years Ended September 30,
                             2012         2011         2010         2009
                         -----------  -----------  -----------  -----------
                                           (As          (As          (As
                                        Restated)    Restated)    Restated)
Net sales:
  Products               $   663,287  $   600,933  $   607,756  $   508,167
  Services                   718,208      694,648      590,436      517,757
                         -----------  -----------  -----------  -----------
                           1,381,495    1,295,581    1,198,192    1,025,924
Costs and expenses:
  Products                   451,573      418,279      430,417      378,052
  Services                   594,662      564,062      511,014      418,292
  Selling, general and
   administrative
   expenses                  163,688      159,791      124,306      119,108
  Research and
   development                28,722       25,260       18,976        8,173
  Amortization of
   purchased intangibles      14,828       14,681        6,846        6,432
                         -----------  -----------  -----------  -----------
                           1,253,473    1,182,073    1,091,559      930,057
                         -----------  -----------  -----------  -----------

Operating income             128,022      113,508      106,633       95,867

Other income (expenses):
  Interest and dividend
   income                      2,994        2,568        1,590        1,664
  Interest expense            (1,550)      (1,461)      (1,755)      (2,031)
  Other income - net             821        1,662        3,637          661
                         -----------  -----------  -----------  -----------

Income before income
 taxes                       130,287      116,277      110,105       96,161

Income taxes                  38,183       32,373       38,011       33,016
                         -----------  -----------  -----------  -----------

Net income                    92,104       83,904       72,094       63,145

Less noncontrolling
 interest in income of
 VIE                             204          310            -            -
                         -----------  -----------  -----------  -----------

Net income attributable
 to Cubic                $    91,900  $    83,594  $    72,094  $    63,145
                         ===========  ===========  ===========  ===========

Basic and diluted net
 income per common share $      3.44  $      3.13  $      2.70  $      2.36
                         ===========  ===========  ===========  ===========

Average number of common
 shares outstanding           26,736       26,736       26,735       26,731
                         ===========  ===========  ===========  ===========



                             CUBIC CORPORATION

                        CONSOLIDATED BALANCE SHEETS
                               (in thousands)

                                            September 30,
                             2012         2011         2010         2009
                         -----------  -----------  -----------  -----------
                                          (As          (As          (As
                                       Restated)    Restated)    Restated)
ASSETS

Current assets:
  Cash and cash
   equivalents           $   212,267  $   329,148  $   295,434  $   244,074
  Restricted cash             68,749            -            -            -
  Short-term investments           -       25,829       84,081        8,127
  Accounts receivable:
    Trade and other
     receivables              17,543       20,259       11,594       12,833
    Long-term contracts      333,617      207,426      201,898      222,709
    Allowance for
     doubtful accounts          (463)        (395)        (663)      (4,558)
                         -----------  -----------  -----------  -----------
                             350,697      227,290      212,829      230,984

  Recoverable income
   taxes                       7,083       24,917        6,810          249
  Inventories                 52,366       38,359       40,653       57,605
  Deferred income taxes        7,587        9,483       14,290       20,191
  Prepaid expenses and
   other current assets       13,977       21,080       26,127       29,957
                         -----------  -----------  -----------  -----------
Total current assets         712,726      676,106      680,224      591,187
                         -----------  -----------  -----------  -----------

Long-term contract
 receivables                  22,070       23,700       28,080       13,400
Long-term capitalized
 contract costs               26,875            -            -            -
Property, plant and
 equipment - net              55,327       48,467       47,469       48,895
Deferred income taxes         16,364       12,824       19,288       14,504
Goodwill                     146,933      146,355       64,142       59,433
Purchased intangibles -
 net                          39,374       54,139       26,295       28,618
Miscellaneous other
 assets                        6,648        4,933        6,021        7,536
                         -----------  -----------  -----------  -----------

Total assets             $ 1,026,317  $   966,524  $   871,519  $   763,573
                         ===========  ===========  ===========  ===========



                             CUBIC CORPORATION

                   CONSOLIDATED BALANCE SHEETS-continued
                               (in thousands)

                                            September 30,
                             2012         2011         2010         2009
                         -----------  -----------  -----------  -----------
                                          (As          (As          (As
                                       Restated)    Restated)    Restated)
LIABILITIES AND
 SHAREHOLDERS' EQUITY

Current liabilities:
  Trade accounts payable $    47,917  $    43,984  $    39,085  $    32,542
  Customer advances          100,764      134,316       98,515       83,978
  Accrued compensation        52,680       49,513       48,994       49,134
  Other current
   liabilities                55,988       57,006       61,091       59,644
  Income taxes payable        20,733       18,716       27,219       12,099
  Current maturities of
   long-term debt              4,561        4,541        4,545        4,554
                         -----------  -----------  -----------  -----------
Total current
 liabilities                 282,643      308,076      279,449      241,951
                         -----------  -----------  -----------  -----------

Long-term debt                 6,942       11,377       15,949       20,570
Accrued pension
 liability                    46,382       41,166       39,855       33,762
Deferred compensation          8,619        7,884        8,508        7,902
Income taxes payable           4,862       12,129        9,961       11,001
Other non-current
 liabilities                   6,527        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 2012,
   2011 and 2010 --
   Issued 35,682 shares,
   outstanding--26,736
   shares 2009 -- Issued
   35,677 shares,
   outstanding--26,732
   shares                     12,574       12,574       12,574       12,530
  Retained earnings          715,043      629,560      553,452      486,170
  Accumulated other
   comprehensive loss        (21,148)     (26,493)     (16,340)     (14,242)
  Treasury stock at cost
   - 8,945 shares            (36,078)     (36,078)     (36,074)     (36,071)
                         -----------  -----------  -----------  -----------
Shareholders' equity
 related to Cubic            670,391      579,563      513,612      448,387
  Noncontrolling
   interest in variable
   interest entity               (49)        (253)        (563)           -
                         -----------  -----------  -----------  -----------
Total shareholders'
 equity                      670,342      579,310      513,049      448,387
                         -----------  -----------  -----------  -----------

Total liabilities and
 shareholders' equity    $ 1,026,317  $   966,524  $   871,519  $   763,573
                         ===========  ===========  ===========  ===========



                             CUBIC CORPORATION

                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (in thousands)

                                  Years Ended September 30,
                                2012        2011        2010        2009
                             ----------  ----------  ----------  ----------
                                             (As         (As         (As
                                          Restated)   Restated)   Restated)
Operating Activities:
  Net income                 $   92,104  $   83,904  $   72,094  $   63,145
    Adjustments to reconcile
     net income to net cash
     provided by (used in)
     operating activities:
      Depreciation and
       amortization              22,857      22,341      14,469      15,586
      Deferred income taxes      (1,486)      2,512       1,130       5,320
      Provision for doubtful
       accounts                       -           -      (3,889)      3,038
      Changes in operating
       assets and
       liabilities, net of
       effects from
       acquisitions:
        Accounts receivable    (118,164)      3,566      25,225      41,077
        Inventories             (13,636)      2,442      17,304      (7,734)
        Prepaid expenses and
         other current
         assets                   7,574       5,122       4,167       5,751
        Long-term
         capitalized
         contract costs         (26,875)          -           -           -
        Accounts payable and
         other current
         liabilities              8,525      (1,547)    (24,141)     15,083
        Customer advances       (37,999)     37,143      18,462      34,619
        Income taxes             11,929     (23,713)    (13,628)       (675)
        Other items - net           494      (2,676)      3,799       1,614
                             ----------  ----------  ----------  ----------
NET CASH PROVIDED BY (USED
 IN) OPERATING ACTIVITIES       (54,677)    129,094     114,992     176,824
                             ----------  ----------  ----------  ----------

Investing Activities:
  Acquisition of businesses,
   net of cash acquired               -    (126,825)     (8,250)    (19,965)
  Consolidation of variable
   interest entity                    -           -      38,264           -
  Proceeds from sales or
   maturities of short-term
   investments                   25,829      58,252      82,992           -
  Purchases of short-term
   investments                        -           -    (158,946)     (8,127)
  Purchases of property,
   plant and equipment          (14,226)     (8,728)     (6,878)     (5,332)
  Other items - net                   -           -           -          41
                             ----------  ----------  ----------  ----------
NET CASH PROVIDED BY (USED
 IN) INVESTING ACTIVITIES        11,603     (77,301)    (52,818)    (33,383)
                             ----------  ----------  ----------  ----------

Financing Activities:
  Principal payments on
   long-term debt                (4,549)     (4,555)     (4,541)     (5,970)
  Proceeds from issuance of
   common stock                       -           -          44          45
  Purchases of treasury
   stock                              -          (4)         (3)          -
  Net change in restricted
   cash                         (68,584)          -           -           -
  Dividends paid to
   shareholders                  (6,417)     (7,486)     (4,812)     (4,811)
                             ----------  ----------  ----------  ----------
NET CASH USED IN FINANCING
 ACTIVITIES                     (79,550)    (12,045)     (9,312)    (10,736)
                             ----------  ----------  ----------  ----------

Effect of exchange rates on
 cash                             5,743      (6,034)     (1,502)     (1,327)
                             ----------  ----------  ----------  ----------

NET INCREASE (DECREASE) IN
 CASH AND CASH EQUIVALENTS     (116,881)     33,714      51,360     131,378

Cash and cash equivalents at
 the beginning of the year      329,148     295,434     244,074     112,696
                             ----------  ----------  ----------  ----------

CASH AND CASH EQUIVALENTS AT
 THE END OF THE YEAR         $  212,267  $  329,148  $  295,434  $  244,074
                             ==========  ==========  ==========  ==========

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