|By Business Wire||
|February 25, 2014 07:02 AM EST||
Cubic Corporation (NYSE: CUB), as expected and pursuant to prior conversations with the New York Stock Exchange (NYSE), today announced that the company received notice from the staff of the NYSE indicating that Cubic is not in compliance with listing standards due to its failure to file its quarterly report on Form 10-Q for the quarter ended December 31, 2013 on a timely basis. The issuing of such notices is considered routine practice in situations when there are late filings with the SEC.
Cubic will be listed as a late filer on the NYSE Listing Standards Filing Status page and the initials “LF” will be appended to Cubic’s stock symbol on the consolidated tape, as well as Cubic’s profile, data and news web pages.
On February 10, 2014, Cubic Corporation announced that the Audit Committee of the Board of Directors of Cubic Corporation, after consultation with Ernst & Young LLP, Cubic’s independent registered public accounting firm, determined that Cubic’s financial statements for the fiscal years ended September 30, 2013 and 2012 and each of the prior quarters of 2013 and 2012 can no longer be relied upon as being in compliance with generally accepted accounting principles. Accordingly, Cubic will restate such financial statements.
Preliminary indications from Cubic’s evaluation are that the restatement will result in an increase in revenues and net income cumulatively over the period of the restatement and an increase in retained earnings as of September 30, 2013. Cubic is continuing to evaluate the total amount of the adjustments and the specific impact on each period covered by the restatement, which may result in an increase or decrease in previously reported amounts for individual periods. Until Cubic has completed such evaluation, it will not be in a position to file its quarterly report on Form 10-Q for the quarter ended December 31, 2013.
About Cubic Corporation
Cubic Corporation is the parent company of three major business segments. Cubic Transportation Systems is a leading integrator of payment and information technology and services for intelligent travel solutions. Cubic Defense Systems is a leading provider of realistic combat training systems and secure communications. Mission Support Services is a leading provider of training, operations, maintenance, technical and other support services for the U.S. and allied nations. For more information about Cubic, see the company's Web site at www.cubic.com.
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