Results include record annual and quarterly sales; 8.3
percent growth in Adjusted EBITDA(1)
- Record sales of $1.431 billion for
fiscal year 2015, and record quarterly sales of $425.9 million for
the fourth quarter
- Net income of $22.9 million, or $0.85
per diluted share for the year, and net income for the fourth
quarter of $20.0 million, or $0.74 per diluted share
- EBITDA(1) of $112.2 million and
Adjusted EBITDA(1) of $140.4 million for fiscal year 2015
- Cash provided by operating activities
of $89.7 million for the year
- Total backlog of $2.976 billion as of
September 30, 2015
- Sales guidance for fiscal 2016 of
$1.450 billion to $1.500 billion; EPS guidance of $1.30 to $1.55
per diluted share; EBITDA(1) guidance of $85 million to $100
million, Adjusted EBITDA(2) guidance of $125 million to $140
million(3)
Cubic Corporation (NYSE: CUB) today reported its financial
results for the fourth quarter and fiscal year ended September 30,
2015.
Fourth Quarter Fiscal 2015
Fourth quarter sales of $425.9 million in 2015 were 7 percent
higher than sales of $396.4 million in the corresponding quarter
last year. Sales would have been higher absent the negative impact
of $19.5 million on quarterly sales from changes in foreign
currency rates. Sales from recent acquisitions for the fourth
quarter of fiscal 2015 were $41.2 million compared to $16.2 million
during the same quarter last year. Sales grew for the quarter from
Cubic Global Defense Systems (CGD Systems), but decreased from both
Cubic Transportation Systems (CTS) and Cubic Global Defense
Services (CGD Services). The increase in CGD Systems sales for the
fourth quarter was primarily due to sales of ground combat training
systems and higher sales from acquired businesses. The decrease in
CTS sales for the fourth quarter was primarily due to foreign
currency rates, and the decrease in CGD Services sales for the
fourth quarter was mainly caused by a lower number of Joint
Readiness Training Center (JRTC) exercises.
Net income in the fourth quarter of 2015 was $20.0 million, or
$0.74 per diluted share, a decrease of 39 percent from $32.8
million, or $1.22 per diluted share, in the corresponding quarter
last year. Net income in the fourth quarter of 2015 was
significantly impacted by the increase in the effective tax rate
for the quarter. The increase in the effective tax rate, which was
primarily driven by the non-cash valuation allowance on deferred
tax assets discussed below, decreased net income by $8.5 million,
or $0.31 per diluted share, compared to the corresponding quarter
last year. Operating income decreased 12 percent to $34.7 million
for the fourth quarter of 2015 compared to $39.3 million in the
fourth quarter of 2014. The decrease was primarily a result of
previously announced accelerated expenditures related to strategic
and IT system resource planning as part of One Cubic initiatives
totaling $5.4 million for the fourth quarter of 2015. Foreign
currency exchange rates reduced operating income by $3.1 million
for the fourth quarter of 2015 compared to the corresponding
quarter last year.
Full Year Fiscal 2015
Sales in fiscal year 2015 were $1.431 billion compared to $1.398
billion in 2014, an increase of 2 percent. Sales were significantly
impacted by changes in foreign currency exchange rates. The average
exchange rates between the prevailing currencies in Cubic’s foreign
operations and the U.S. dollar had a negative impact on sales of 4
percent in 2015, or $52.1 million compared to 2014. Organic sales
decreased 2 percent after the impact of currency exchange rates,
while businesses acquired in 2015 and 2014 increased sales by $58.5
million. Sales increased for the year from both CGD Services and
CGD Systems, but decreased from CTS, due to the currency exchange
impact described above.
Operating income was $75.4 million for the year compared to
$92.5 million in 2014, a decrease of 18 percent. Adverse foreign
currency exchange rates had a negative impact of $7.8 million on
operating income. Operating income was also impacted by $13.2
million of expenditures related to the ongoing ERP system
development and supply chain process redesign, in addition to
restructuring charges totaling $6.3 million and costs related to an
audit committee investigation totaling $3.0 million. Operating
income increased in 2015 for CTS, but decreased for CGD Services
and CGD Systems.
Net income attributable to Cubic shareholders was $22.9 million
for the year, or $0.85 per diluted share, compared to $69.5
million, or $2.59 per diluted share for fiscal year 2014. Net
income in 2015 includes a non-cash valuation allowance on U.S.
deferred tax assets of $35.8 million, or $1.33 per diluted
share.
EBITDA(1) decreased to $112.2 million in fiscal year 2015 from
$122.5 million in 2014. Adjusted EBITDA(1), which excludes
acquisition related expenses, expenses related to ERP system
development and supply chain process redesign, restructuring costs,
and other non-operating income and expenses, increased to $140.4
million in fiscal year 2015 from $129.6 million last year. The
decrease in EBITDA is related to the decrease in consolidated
operating income for the year described above. The increase in
adjusted EBITDA is primarily attributable to the increase in
operating income for CTS discussed below.
Total backlog was $2.976 billion at the end of fiscal year 2015,
compared to $3.180 billion in the prior year, a decrease of $204
million. Changes in exchange rates between the prevailing currency
in our foreign operations and the U.S. dollar as of the end of
fiscal 2015, decreased backlog by approximately $155.9 million
compared to September 30, 2014. The decrease in total backlog
in CTS and CGD Services was partially offset by an increase in
backlog for CGD Systems.
“We are pleased by this year’s increases in sales and Adjusted
EBITDA, good cash flow and strong backlog despite foreign exchange
headwinds. We have sharpened our strategy focus and are intensely
pursuing NextCity, C4ISR and select training markets, while making
essential investments in the company to drive increased
productivity and efficiency,” said Bradley H. Feldmann, president
and chief executive officer of Cubic Corporation.
(1)
EBITDA and Adjusted EBITDA are Non-GAAP
metrics - see the table included in the section titled “Use of
Non-GAAP Financial Information” for a reconciliation of these GAAP
and non-GAAP financial measures.
(2)
Our fiscal year 2016 guidance for Adjusted
EBITDA adds back to EBITDA an estimated $34-$36 million of pretax
expense related to our strategic investment in ERP and supply chain
improvements and $4-$6 million of pretax acquisition related
expenses for businesses acquired before September 30, 2015.
(3) Key foreign exchange rates used in our forecasts of sales, EPS,
EBITDA and Adjusted EBITDA compared to the U.S. dollar are as
follows: British pound -- 1.55; Australian dollar -- 0.72; New
Zealand dollar -- 0.65.
Reportable Segment Results
Transportation Systems (40 percent of fiscal 2015
consolidated sales)
Years ended September 30,
2015 2014
(in millions)
Cubic Transportation Systems
Segment Sales $ 566.8 $ 599.7 Cubic Transportation Systems
Segment Operating Income $ 75.9 $ 65.9
CTS sales decreased 5 percent to $566.8 million in 2015 compared
to $599.7 million in 2014. Changes in foreign currency exchange
rates had a significant adverse impact on sales. The average
exchange rates between the prevailing currencies in CTS foreign
operations and the U.S. dollar resulted in a decrease in CTS sales
of $40.0 million for 2015 compared to 2014.
CTS operating income increased 15 percent in 2015 to $75.9
million compared to $65.9 million in 2014. The average exchange
rates between the prevailing currency in our foreign operations and
the U.S. dollar resulted in a reduction in CTS operating income of
$5.5 million for 2015 compared to 2014. The increase in operating
income compared to last year was primarily attributable to a
decrease in losses on the Vancouver contract, an increase in gross
margins on the contract in Chicago and a gain recognized on
proceeds from a claim settlement of $3.6 million. These increases
in operating income were partially offset by slightly lower margins
on development and services work in the U.K.
CGD Systems (32 percent of fiscal 2015 consolidated
sales)
Years ended September 30,
2015 2014
(in millions)
Cubic Global Defense Systems
Segment Sales $ 462.1 $ 400.6 Cubic Global Defense Systems
Segment Operating Income $ 18.4 $ 26.8
CGD Systems sales increased 15 percent to $462.1 million in 2015
compared to $400.6 million in 2014, despite a negative $12.1
million impact on sales from changes in foreign currency exchange
rates. Businesses acquired by CGD Systems in fiscal years 2015 and
2014 contributed sales of $60.5 million in 2015 compared to $5.3
million in 2014.
CGD Systems operating income decreased 31 percent to $18.4
million in 2015 compared to $26.8 million in 2014, including a $2.2
million negative impact of foreign currency exchange rates.
Increases in estimated costs to complete a contract for the
development of a virtual training system resulted in losses of $9.5
million in 2015. While we expect to recover some amount of the
costs related to the work performed outside of the scope of the
contract through a contract claim process, at this time it is not
possible to determine the amount that will be recovered. In
addition, CGD Systems incurred $4.6 million of restructuring
charges in fiscal 2015.
CGD Services (28 percent of fiscal 2015 consolidated
sales)
Years ended September 30,
2015 2014
(in millions)
Cubic Global Defense Services
Segment Sales $ 402.1 $ 398.1 Cubic Global Defense Services
Segment Operating Income $ 6.6 $ 7.8
CGD Services sales increased 1 percent to $402.1 million in 2015
compared to $398.1 million in 2014. Although this slight upward
movement in sales between the years appears to reflect little
change, there was a significant change in the mix of sales. CGD
Services realized higher sales in 2015 from a Marine Corps training
contract won earlier in the fiscal year, from Special Operations
Forces training and from growth in its simulator training
operations. Sales were lower from training exercises at the JRTC,
the Korea Battle Simulation Center (KBSC) and the Joint Warfighting
Center (JWFC).
CGD Services operating income decreased to $6.6 million in 2015
from $7.8 million in 2014. Profit margins were lower in 2015 than
in 2014 due in part to the change in mix of sales described above.
Lower sales from the JRTC, KBSC and JWFC contracts resulted in
lower operating income. In addition, CGD Services incurred higher
compensation costs during the first quarter of fiscal 2015 as the
result of recruiting new executive management. Lower operating
income was partially offset by a $2.7 million decrease in
amortization expense related to purchased intangible assets.
Cash Flows
Operating activities provided cash of $89.7 million in 2015
compared to $114.8 million in 2014. In 2015, CGD Services and CTS
contributed to positive operating cash flows, while CGD Systems
operations used cash.
Conference Call
Cubic management will host a conference call to discuss the
company’s fourth quarter and fiscal year 2015 results tomorrow,
Tuesday, November 24, 2015 at 1:00 p.m. ET/10:00 a.m. PT, that will
be simultaneously broadcast over the Internet. Bradley H. Feldmann,
president and chief executive officer, and John “Jay” D. Thomas,
executive vice president and chief financial officer, will host the
call.
Conference Dial-In Information
Financial analysts and institutional investors interested in
participating in the call are invited to dial:
- (877) 407-8293 for domestic
callers
- (201) 689-8349 for international
callers
Please dial-in approximately 10 minutes prior to the start of
the call.
Webcast
A live webcast of the conference call and presentation slides
will be accessible on our website under the “Investor Relations”
tab at www.cubic.com.
Please visit the website at least 15 minutes prior to the call
to register, download and install any streaming media software
needed to listen to the webcast. A replay of the broadcast
will be available on the Investor Relations tab of Cubic's
website.
About Cubic
Cubic Corporation designs, integrates and operates systems,
products and services focused in the transportation, defense
training and secure communications markets. As the parent company
of two major business units, Cubic’s mission is to increase
situational awareness and understanding for customers worldwide.
Cubic Transportation Systems is a leading integrator of payment and
information technology and services to create intelligent travel
solutions for transportation authorities and operators. Cubic
Global Defense is a leading provider of realistic combat training
systems, secure communications and networking and highly
specialized support services for military and security forces of
the U.S. and allied nations. For more information about Cubic,
please visit the company's website at www.cubic.com or on Twitter
@CubicCorp.
Forward-Looking Statements
This press release contains forward‐looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are subject to the safe harbor created by such Act.
Forward‐looking statements include, among others, statements about
our expectations regarding future events or our future financial
and/or operating performance; making investments in our company to
drive increased productivity and efficiency in the future;
anticipated lower sales, operating income and gross margin
percentage in the future under our new contract with TfL; and the
potential recovery of certain costs related to a contract for the
development of a virtual training system. 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
risks, estimates, assumptions and uncertainties that could cause
actual results to differ materially from those expressed in these
statements, including, among others: our dependence on U.S. and
foreign government contracts; delays in approving U.S. and foreign
government budgets and cuts in U.S. and foreign government defense
expenditures; the ability of certain government agencies to
unilaterally terminate or modify our contracts with them; our
ability to successfully integrate new companies into our business
and to properly assess the effects of such integration on our
financial condition; the U.S. government’s increased emphasis on
awarding contracts to small businesses, and our ability to retain
existing contracts or win new contracts under competitive bidding
processes; the effects of politics and economic conditions on
negotiations and business dealings in the various countries in
which we do business or intend to do business; risks associated
with the restatement of our prior consolidated financial
statements, including our identification of material weaknesses in
our internal control over financial reporting; competition and
technology changes in the defense and transportation industries;
our ability to accurately estimate the time and resources necessary
to satisfy obligations under our contracts; the effect of adverse
regulatory changes on our ability to sell products and services;
our ability to identify, attract and retain qualified employees;
unforeseen problems with the implementation and maintenance of our
information systems; business disruptions due to cyber security
threats, physical threats, terrorist acts, acts of nature and
public health crises; our involvement in litigation, including
litigation related to patents, proprietary rights and employee
misconduct; our reliance on subcontractors and on a limited number
of third parties to manufacture and supply our products; our
ability to comply with our development contracts and to
successfully develop, introduce and sell new products, systems and
services in current and future markets; defects in, or a lack of
adequate coverage by insurance or indemnity for, our products and
systems; and changes in U.S. and foreign tax laws, exchange rates
or our economic assumptions regarding our pension plans. In
addition, please refer to the risk factors contained in our SEC
filings available at www.sec.gov, including our most recent Annual
Report on Form 10‐K and Quarterly Reports on Form 10‐Q. Because the
risks, estimates, assumptions and uncertainties referred to above
could cause actual results or outcomes to differ materially from
those expressed in any forward‐looking statements, you should not
place undue reliance on any forward‐looking statements. Any
forward‐looking statement speaks only as of the date hereof, and,
except as required by law, we undertake no obligation to update any
forward‐looking statement to reflect events or circumstances after
the date hereof.
Use of Non-GAAP Financial Information
We believe that the presentation of Earnings before interest,
taxes, depreciation, and amortization (EBITDA) and Adjusted EBITDA
included in this report provides useful information to investors
with which to analyze our operating trends and performance and
ability to service and incur debt. Also, we believe EBITDA
facilitates company-to-company operating performance comparisons by
backing out potential differences caused by variations in capital
structures (affecting net interest expense), taxation, variations
in organic vs. inorganic growth (affecting amortization expense)
and the age and book depreciation of property, plant and equipment
(affecting relative depreciation expense). We believe Adjusted
EBITDA further facilitates company-to-company operating comparisons
by backing out items that we believe are not part of our core
operating performance. Items backed out of Adjusted EBITDA are
comprised of expenses incurred in the development of our ERP system
and the redesign of our supply chain, business acquisition expenses
including retention bonus expenses, due diligence and consulting
costs incurred in connection with the acquisitions, expenses
recognized related to the change in the fair value of contingent
consideration for acquisitions, restructuring costs, and income and
expenses classified as other non-operating income and expenses
which may vary for different companies for reasons unrelated to
operating performance.
In addition, EBITDA and Adjusted EBITDA are key drivers of the
company’s core operating performance and major factors in
management’s bonus compensation each year. Management has excluded
the effects of these items in these measures to assist investors in
analyzing and assessing our past and future core operating
performance.
In addition, we believe that EBITDA and Adjusted EBITDA are
frequently used by securities analysts, investors and other
interested parties in their evaluation of companies, many of which
present EBITDA, Adjusted EBITDA and/or other adjusted measures when
reporting their results.
EBITDA and Adjusted EBITDA are not measurements of financial
performance under GAAP and should not be considered as alternatives
to net income as a measure of performance. In addition, other
companies may define EBITDA and Adjusted EBITDA differently and, as
a result, our measures of EBITDA and Adjusted EBITDA may not be
directly comparable to EBITDA and Adjusted EBITDA of other
companies. Furthermore, EBITDA and Adjusted EBITDA have limitations
as analytical tools, and you should not consider either of them in
isolation, or as a substitute for analysis of our results as
reported under GAAP.
Because of these limitations, EBITDA and Adjusted EBITDA should
not be considered as measures of discretionary cash available to us
to invest in the growth of our business. We compensate for these
limitations by relying primarily on our GAAP results and using
EBITDA and Adjusted EBITDA only supplementally. You are cautioned
not to place undue reliance on EBITDA or Adjusted EBITDA.
The following table reconciles EBITDA and Adjusted EBITDA to net
income attributable to Cubic, which we consider to be the most
directly comparable GAAP financial measure to EBITDA and Adjusted
EBITDA.
Years Ended September 30, 2015
2014 (in thousands)
Net income attributable to Cubic $ 22,885 $ 69,491
Add: Interest expense (income), net 2,591 2,688 Provision for
income taxes 48,997 19,831 Depreciation and amortization 37,662
30,440 Noncontrolling interest in income of VIE 29 89
EBITDA 112,164 122,539 Adjustments to EBITDA:
Acquisition related expenses, excluding amortization 7,928 5,586
ERP system development and supply chain process redesign expense
13,176 - Restructuring costs 6,272 1,094 Other non-operating
expense (income), net 885 391 Adjusted EBITDA $
140,425 $ 129,610
Financial Statements
CUBIC CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(amounts in thousands, except per share data) Years Ended
September 30, 2015 2014 2013 Net sales: Products $ 607,226 $
583,937 $ 562,310 Services 823,819 814,415
799,097 1,431,045 1,398,352 1,361,407 Costs
and expenses: Products 451,295 424,682 425,793 Services 640,031
657,853 629,520
Selling, general and administrative
expenses
212,518 181,672 165,230 Research and development 17,992 17,959
24,445 Amortization of purchased intangibles 27,550 22,602 16,680
Restructuring costs 6,272 1,094 8,139 Impairment of goodwill
- - 50,865 1,355,658
1,305,862 1,320,672
Operating income 75,387 92,490 40,735 Other income
(expenses): Interest and dividend income 1,809 1,396 1,576 Interest
expense (4,400 ) (4,084 ) (3,427 ) Other income (expense), net
(885 ) (391 ) 887 Income before
income taxes 71,911 89,411 39,771 Income taxes 48,997
19,831 14,502 Net income
22,914 69,580 25,269 Less noncontrolling interest in income
of VIE 29 89 183
Net income attributable to Cubic $ 22,885 $ 69,491 $
25,086 Net Income per share attributable to Cubic:
Basic $ 0.85 $ 2.59 $ 0.94 Diluted 0.85 2.59 0.94 Weighted
Average shares used in per share calculations: Basic 26,872 26,787
26,736 Diluted 26,938 26,845 26,760
CUBIC CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands)
September 30, 2015 2014 ASSETS Current assets: Cash
and cash equivalents $ 218,476 $ 191,488 Restricted cash 69,245
69,056 Marketable securities 30,533 25,557 Accounts receivable:
Trade and other receivables 12,812 30,593 Long-term contracts
346,292 364,075 Allowance for doubtful accounts (179 )
(489 ) 358,925 394,179 Recoverable income taxes 753
16,055 Inventories 63,700 38,775 Deferred income taxes 1,384 10,324
Prepaid expenses and other current assets 32,286
19,953 Total current assets 775,302
765,387 Long-term contract receivables 36,809
15,870 Long-term capitalized contract costs 73,017 76,209 Property,
plant and equipment, net 74,690 64,149 Deferred income taxes 11,443
17,849 Goodwill 237,899 184,141 Purchased intangibles, net 72,936
63,618 Miscellaneous other assets 18,180 7,383
Total assets $ 1,300,276 $ 1,194,606
CUBIC CORPORATION CONSOLIDATED
BALANCE SHEETS—continued (in thousands) September 30, 2015
2014 LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities: Short-term borrowings $ 60,000 $ - Trade accounts
payable 47,170 31,344 Customer advances 77,083 91,690 Accrued
compensation 51,065 48,812 Other current liabilities 92,854 84,555
Income taxes payable 4,675 12,737 Deferred income taxes 13,404 474
Current maturities of long-term debt 525 563
Total current liabilities 346,776
270,175 Long-term debt 126,180 101,827 Accrued
pension liability 26,025 17,219 Deferred compensation 9,913 9,501
Income taxes payable 8,519 6,324 Deferred income taxes 1,971 1,152
Other non-current liabilities 24,604 5,907 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
35,828 issued and 26,883 outstanding at September 30, 2015;
35,734 issued and 26,789 outstanding at
September 30, 2014
25,560 20,669 Retained earnings 818,642 803,059 Accumulated other
comprehensive loss (51,836 ) (5,372 ) Treasury stock at cost -
8,945 shares (36,078 ) (36,078 ) Shareholders' equity
related to Cubic 756,288 782,278 Noncontrolling interest in
variable interest entity - 223 Total
shareholders' equity 756,288 782,501
Total liabilities and shareholders' equity $ 1,300,276
$ 1,194,606
CUBIC CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Years
Ended September 30, 2015 2014 2013 Operating Activities: Net income
$ 22,914 $ 69,580 $ 25,269
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation and amortization 37,662 30,440 25,359 Stock-based
compensation expense 8,325 5,625 3,251 Change in fair value of
contingent consideration 3,607 - - Inventory write-down - 598 2,760
Impairment of goodwill - - 50,865 Deferred income taxes 33,816
2,684 (7,508 ) Excess tax benefits from equity incentive plans 33
(310 ) -
Changes in operating assets and
liabilities, net of effects from acquisitions:
Accounts receivable (2,230 ) (4,300 ) (18,991 ) Inventories (21,669
) 20,590 (19,890 ) Prepaid expenses and other current assets
(18,269 ) (8,114 ) 3,867 Long-term capitalized contract costs 3,192
(7,246 ) (42,088 ) Accounts payable and other current liabilities
25,599 6,505 (25,637 ) Customer advances (10,200 ) 7,304 8,990
Income taxes 8,847 (9,768 ) (19,114 ) Other items, net
(1,938 ) 1,222 (409 ) NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES 89,689 114,810
(13,276 ) Investing Activities: Acquisition of
businesses, net of cash acquired (92,178 ) (83,456 ) (63,691 )
Purchases of marketable securities (58,855 ) (25,557 ) (4,050 )
Proceeds from sales or maturities of marketable securities 51,173
4,050 - Purchases of property, plant and equipment (22,202 )
(16,620 ) (9,052 ) Purchases of other assets (2,993 )
- - NET CASH USED IN INVESTING ACTIVITIES
(125,055 ) (121,583 ) (76,793 )
Financing Activities: Proceeds from short-term borrowings 111,300
38,000 70,000 Principal payments on short-term borrowings (51,300 )
(38,000 ) (70,000 ) Proceeds from long-term borrowings 25,000 -
100,000 Principal payments on long-term borrowings (537 ) (573 )
(8,543 ) Proceeds from issuance of common stock - 113 - Purchase of
common stock (2,652 ) (1,204 ) - Excess tax benefits from equity
incentive plans (33 ) 310 - Contingent consideration payments
related to acquisitions of businesses - (2,368 ) (7,842 ) Purchase
of noncontrolling interest (1,029 ) - - Net change in restricted
cash (189 ) 325 (158 ) Dividends paid to shareholders (7,256
) (6,429 ) (6,417 ) NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES 73,304 (9,826 )
77,040 Effect of exchange rates on cash
(10,950 ) 4,195 4,654 NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 26,988 (12,404 )
(8,375 ) Cash and cash equivalents at the beginning of the
year 191,488 203,892 212,267
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR $
218,476 $ 191,488 $ 203,892
Supplemental disclosure of non-cash investing and financing
activities: Liability incurred to acquire DTECH, net $ 11,808 $ - $
- Liability incurred to acquire Intific, net $ - $ 1,173 $ -
Liability incurred to acquire NEK, net $ - $ - $ 4,490
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151123006260/en/
Cubic CorporationInvestor RelationsDiane Dyer,
858-505-2907orMediaJohn D. Thomas, 858-505-2989
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