- Sales of $340.4 million for the quarter
and $1.002 billion for the nine-month period
- Net income of $12.2 million, or $0.45
per diluted share for the quarter
- Net income of $36.7 million, or $1.36
per diluted share for the nine-month period
- Non-GAAP Adjusted EBITDA of $26.7
million for the quarter (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)
- Total backlog of $2.428 billion as of
June 30, 2014
- Cash provided by operating activities
of $66.0 million for the quarter and $36.7 million for the
nine-month period
- Revenue guidance lowered to between
$1.39 and 1.42 billion; EPS to between $2.30 to $2.60 for the
year
Cubic Corporation (NYSE:CUB) today reported its financial
results for the quarter and nine-month periods ended June 30,
2014.
Third Quarter Results
Sales for the third quarter of fiscal 2014 were $340.4 million
compared to $337.2 million in 2013, as restated, an increase of 1
percent. Net income attributable to Cubic shareholders was $12.2
million, or $0.45 per diluted share, compared to $18.4 million, or
$0.69 per diluted share, as restated, in the third quarter of
2013.
Operating income was $19.2 million compared to $26.9 million, as
restated, in the third quarter of 2013. Operating income decreased
19 percent in the transportation segment, 50 percent in the mission
support segment and 46 percent in the defense systems segment.
Non-GAAP Adjusted EBITDA (as described below) was $26.7 million
or 7.9 percent of sales for the quarter compared to $33.3 million
or 9.9 percent of sales in the third quarter of 2013.
Backlog was $2.428 billion at the end of the quarter compared to
$2.647 billion at September 30, 2013, as restated, a decrease of
$218.4 million. Decreases in backlog for the transportation systems
and mission support segments were partially offset by an increase
in defense systems backlog.
First Nine Months Results
Sales for the first nine months of fiscal 2014 were $1.002
billion compared to $1.021 billion in 2013, as restated, a decrease
of 2 percent. Net income attributable to Cubic shareholders was
$36.7 million, or $1.36 per diluted share, compared to $62.3
million, or $2.33 per diluted share, as restated, in the first nine
months of 2013.
Operating income was $53.2 million in the first nine months of
2014 compared to $84.8 million, as restated, in 2013. Operating
income decreased 49 percent in the transportation segment and 47
percent in the mission support segment, while increasing 112
percent in the defense systems segment.
Non-GAAP Adjusted EBITDA was $76.0 million or 7.6 percent of
sales for the first nine months compared to $102.8 million or 10.1
percent of sales in 2013.
“We have had a challenging year thus far primarily due to
execution issues on our Transportation System projects in Chicago
and Vancouver, as well as the continued adverse impact of the
slowdown in U.S. government spending on the operations of our
Mission Support Services business,” said Bradley H. Feldmann,
president and chief executive officer of Cubic Corporation. “As a
consequence, we are revising our guidance for fiscal year 2014, but
continue to expect a strong fourth quarter.
“Additionally, we have recently announced multiple contract wins
across our businesses. These key wins will give us record backlog
and posture us for future growth.”
Reportable Segment Results
Transportation Systems
Nine Months Ended Three Months Ended
June 30, June 30, 2014 2013 2014 2013 (in millions) (As Restated)
(As Restated) Transportation Systems Segment Sales $ 429.1 $ 398.4
$ 153.0 $ 134.8 Transportation Systems Segment Operating
Income $ 35.2 $ 69.5 $ 15.3 $ 19.0
Cubic Transportation Systems (CTS) sales increased 14 percent in
the third quarter to $153.0 million compared to $134.8 million last
year, and increased 8 percent for the nine-month period to $429.1
million from $398.4 million last year. Businesses acquired by CTS
in fiscal years 2013 and 2014 contributed sales of $14.9 million
and $36.9 million during the quarter and nine months ended
June 30, 2014, respectively, compared to $3.1 million and $4.6
million for the quarter and nine months ended June 30, 2013.
During the quarter and nine months ended June 30, 2014, CTS
increased its estimated costs to complete a contract to design and
build a system in Vancouver. Since the cost-to-cost percentage of
completion method of accounting is used for the development and
build of this system, increases in estimated total costs have an
impact of reducing revenue and operating margin. Increases in cost
estimates in the quarter ended June 30, 2014 reduced sales and
operating income by $13.5 million. Increases in cost estimates in
the nine months ended June 30, 2014 reduced sales and operating
income by $18.3 million.
During the quarter ended June 30, 2014, for a system development
and services contract in Chicago, the customer determined that CTS
had met the final criteria for system delivery effective January 1,
2014. According to the contract with this customer, monthly
payments for this contract increase when delivery of the system is
completed and accepted. As such, in the quarter ended June 30, 2014
these increased contractual amounts were billed and collected for
the months of January 2014 through June 2014. Revenue is being
recognized for this contract based upon when amounts are billable
to the customer. Therefore, revenue recognized in the quarter ended
June 30, 2014 includes $7.5 million related to amounts that were
billable for the months ended January 2014 through March 2014.
CTS operating income decreased 19 percent in the third quarter
to $15.3 million compared to $19.0 million last year, and decreased
49 percent for the nine-month period to $35.2 million from $69.5
million last year. CTS operating income for the quarter and nine
months ended June 30, 2014 decreased due to the changes in cost
estimates on the Vancouver contract described above. The decrease
in CTS operating income for the nine-month period was also impacted
by the increased costs of providing services on a transportation
contract in Chicago. The provision of services under this contract
began just prior to the end of fiscal 2013. Revenue recognized on
this contract is limited to billable amounts, which were
significantly less than costs incurred to provide these services
until the billable amounts increased upon system acceptance, which
occurred effective January 1, 2014. For the nine-month period ended
June 30, 2014, the operating loss for this contract was $24.2
million. However, for the quarter ended June 30, 2014, the
operating margin on this contract in Chicago improved compared to
the first half of the year due to the increase in the billable
amounts effective January 1, 2014. The operating margin on this
contract was $1.2 million for the quarter, which, as discussed
above, includes $7.5 million related to amounts that were billable
for the months ended January 2014 through March 2014. The decrease
in operating income for the quarter and nine-month period were
partially offset by increased operating profit on increased work
from system development contracts in the U.K. The decrease in
operating income for the nine-month period was also partially
offset by increased system usage bonuses on our contract in London
that were recognized in the second quarter of fiscal 2014.
Businesses acquired by CTS in 2013 and 2014 had operating losses
of $0.4 million and $2.1 million, respectively, for the three- and
nine-month periods ended June 30, 2014 compared to operating
losses of $0.2 million and $0.5 million, respectively for the
quarter and nine-month periods ended June 30, 2013.
Mission Support Services
Nine Months Ended Three Months Ended June 30, June
30, 2014 2013 2014 2013 (in millions) (As Restated)
(As Restated) Mission Support Services Segment Sales $ 291.7 $
359.4 $ 91.8 $ 123.8 Mission Support Services Segment
Operating Income $ 6.0 $ 11.4 $ 1.8 $ 3.6
Mission Support Services (MSS) sales decreased 26 percent in the
third quarter to $91.8 million compared to $123.8 million last
year, and decreased 19 percent for the nine-month period to $291.7
million from $359.4 million last year. Sales for the first nine
months of the fiscal year were lower due in part to the U.S.
government’s shut down in October 2013. Sales for the quarter
and nine months ended June 30, 2014 also decreased due to
reductions in spending by the U.S. government. The decrease in
sales was also caused by the loss of a contract early in fiscal
year 2014 due to a lower bid by a competitor. These reductions were
partially offset by growth in the Simulator Training business area
due to the win of a new contract in early fiscal 2014. NEK Special
Programs Group LLC (NEK), a Special Operation Forces training
business acquired in December 2012, had sales of $14.4 million
and $34.0 million for the three- and nine-month periods ended
June 30, 2014 compared to sales of $11.4 million and $21.1
million for the three- and nine-month periods ended June 30,
2013.
MSS operating income decreased 50 percent in the third quarter
to $1.8 million compared to $3.6 million last year, and decreased
47 percent for the nine-month period to $6.0 million from $11.4
million last year. The decreased operating income for the quarter
and nine-month period resulted from the sales decreases described
above and reduced profit margins on contracts due to competitive
pressures driving down bid prices. Operating income also decreased
as a result of a focused investment MSS is making to increase its
footprint in the Special Operations Forces market, which totaled
$0.6 million for the quarter and $1.3 million for the nine months.
NEK had an operating loss of $0.2 million for the quarter and $0.8
million for the nine-month period ended June 30, 2014 compared
to $0.7 million for the quarter and $1.2 million for the nine-month
period ended June 30, 2013, which had included $0.6 million of
acquisition-related costs.
Defense Systems
Nine Months Ended Three Months Ended June 30, June
30, 2014 2013 2014 2013 (in millions) (As Restated)
(As Restated)
Defense Systems
Segment Sales
Training systems $ 243.7 $ 217.4 $ 84.4 $ 65.2 Secure
communications 37.5 45.1 11.2
13.4 $ 281.2 $ 262.5 $ 95.6
$ 78.6
Defense Systems
Segment Operating Income
Training systems $ 19.3 $ 16.8 $ 6.9 $ 7.9 Secure communications
(2.8 ) (3.0 ) (3.5 ) (1.7 ) Restructuring costs (0.4 )
(6.2 ) (0.1 ) (0.1 ) $ 16.1 $ 7.6
$ 3.3 $ 6.1
Cubic Defense Systems (CDS) sales increased 22 percent in the
third quarter to $95.6 million compared to $78.6 million last year,
and increased 7 percent for the nine-month period to $281.2 million
from $262.5 million last year. Businesses acquired by CDS in 2013
and 2014 contributed sales of $6.7 million and $11.8 million for
the three- and nine-month periods ended June 30, 2014 and had no
sales for the comparable periods ended June 30, 2013. Sales were
higher for both the quarter and nine-month period from a new ground
combat training system development contract in the Far East, from
tactical engagement simulation system contracts and from simulator
contracts, including a new contract to develop simulation trainers
for the Littoral Combat Ships. These increases in sales were
partially offset by lower sales of air combat training systems,
personnel locater systems and asset tracking products for the
quarter and nine-month period.
Operating income was $3.3 million for the quarter compared to
$6.1 million last year, and increased to $16.1 million for the
nine-month period from $7.6 million last year. For the nine-month
period ended June 30, 2014 increases in operating income of organic
business were partially offset by operating losses from businesses
purchased in 2013 and 2014. For the quarter ended June 30, 2014 the
operating losses from businesses purchased in 2013 and 2014 more
than offset the increases in operating income from organic
business. For the quarter and for the nine-month period ended June
30, 2014 operating income was higher on increased sales of ground
combat training system, simulator and development contracts,
partially offset by lower operating profits on decreased sales of
air combat training systems and personnel locater systems. In
addition, for the nine-month period ended June 30, 2013 the
operating loss was impacted by cost increases of $2.6 million we
experienced in the first half of fiscal 2013 on a U.S. government
contract for data link products.
Businesses acquired by CDS in 2013 and 2014 incurred operating
losses of $1.8 million and $6.0 million for the three- and
nine-month periods ended June 30, 2014, respectively, and had
no operating losses in the comparable periods ended June 30,
2013. These operating losses for the nine-month period ended
June 30, 2014 included $0.2 million of transaction costs and
$3.7 million of compensation expense for amounts paid to Intific
employees upon the close of the acquisition.
In addition, last year’s operating results for the nine-month
period had included a restructuring charge of $6.2 million compared
to $0.4 million for the quarter and nine-month period ended June
30, 2014.
Cash Flows
Operating cash flow was positive in the quarter totaling $66
million. For the nine months operating cash flow was a positive
$36.7 million compared to a negative $6.8 million last year. CDS
and MSS segments were providers of cash and CTS was a user of cash
for the nine months. In the quarter, CTS provided $39.4 million of
cash.
Financial Restatement
As previously disclosed, in May 2014 Cubic filed Amendment No. 1
on Form 10-K/A to its Annual Report on Form 10-K for the year ended
September 30, 2013 to restate its previously filed consolidated
financial statements for the fiscal years ended September 30, 2013
and 2012, and each of the quarters of 2013 and 2012, and to make
certain immaterial corrections to its previously filed consolidated
financial statements for periods prior to the fiscal year ended
September 30, 2012.
Conference Call
Cubic management will host a conference call to discuss the
company’s third quarter and first nine months results today at 4:30
p.m. ET (1:30 p.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.
Audio Webcast
Listeners may access the conference call live over the Internet
at the company’s website under the “Investor Relations” tab at
www.cubic.com.
Please allow 15 minutes prior to the call to visit our website
to download any necessary audio software. For those unable to
listen to the live broadcast, an archived version will be available
at the same location for approximately 30 days following the live
webcast.
About Cubic
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.
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. 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;
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
Adjusted EBITDA represents net income attributable to Cubic
before interest, taxes, non-operating income, goodwill impairment
charges, depreciation and amortization. We believe that the
presentation of 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,
Adjusted EBITDA is a factor we use in measuring our performance and
compensating certain of our executives. Further, we believe
Adjusted EBITDA facilitates company-to-company operating
performance comparisons by backing out potential differences caused
by variations in capital structures (affecting net interest
expense), taxation, the age and book depreciation of property,
plant and equipment (affecting relative depreciation expense),
goodwill impairment charges and non-operating expenses which may
vary for different companies for reasons unrelated to operating
performance. In addition, we believe that Adjusted EBITDA is
frequently used by securities analysts, investors and other
interested parties in their evaluation of companies, many of which
present an Adjusted EBITDA measure when reporting their results.
Adjusted EBITDA is not a measurement of financial performance under
GAAP and should not be considered as an alternative to net income
as a measure of performance. In addition, other companies may
define Adjusted EBITDA differently and, as a result, our measure of
Adjusted EBITDA may not be directly comparable to Adjusted EBITDA
of other companies. Furthermore, Adjusted EBITDA has limitations as
an analytical tool, and you should not consider it in isolation, or
as a substitute for analysis of our results as reported under
GAAP.
Because of these limitations, Adjusted EBITDA should not be
considered as a measure 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
Adjusted EBITDA only supplementally. You are cautioned not to place
undue reliance on Adjusted EBITDA.
The following table reconciles Adjusted EBITDA to net income
attributable to Cubic, which we consider to be the most directly
comparable GAAP financial measure to Adjusted EBITDA.
Nine Months Ended Three Months Ended June 30, June
30, 2014 2013 2014 2013 (in thousands) (As Restated)
(As Restated)
Reconciliation: Net income attributable to
Cubic $ 36,686 $ 62,272 $ 12,206 $ 18,381 Add: Provision for income
taxes 13,240 20,437 4,992 7,292 Interest expense, net 2,159 1,168
909 395 Other expense (income), net 1,058 764 1,098 813
Noncontrolling interest in income of VIE 79 149 10 24 Depreciation
and amortization 22,740 18,014 7,511
6,417
ADJUSTED EBITDA $ 75,962 $ 102,804 $ 26,726 $ 33,322
Financial Statements
CUBIC CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (amounts in
thousands, except per share data) Nine Months Ended Three
Months Ended June 30, June 30, 2014 2013
2014 2013 (As Restated) (As
Restated) Net sales: Products $ 405,419 $ 429,436 $ 136,649 $
127,682 Services 596,567 591,195
203,708 209,544 1,001,986 1,020,631 340,357
337,226 Costs and expenses: Products 305,245 310,043 108,301
91,011 Services 480,906 461,669 156,726 164,278 Selling, general
and administrative 131,508 126,393 46,489 44,130 Restructuring
costs 227 6,198 24 114 Research and development 13,822 19,346 3,949
6,426 Amortization of purchased intangibles 17,056
12,192 5,653 4,362
948,764 935,841 321,142
310,321 Operating income 53,222 84,790 19,215 26,905
Other income (expense): Interest and dividend income 958
1,279 595 530 Interest expense (3,117 ) (2,447 ) (1,504 ) (925 )
Other income (expense) - net (1,058 ) (764 )
(1,098 ) (813 ) Income before income taxes 50,005
82,858 17,208 25,697 Income taxes 13,240
20,437 4,992 7,292
Net income 36,765 62,421 12,216 18,405 Less noncontrolling
interest in income of VIE 79 149
10 24 Net income attributable to Cubic
$ 36,686 $ 62,272 $ 12,206 $ 18,381
Net income per share attributable to Cubic Basic $ 1.37 $
2.33 $ 0.46 $ 0.69 Diluted $ 1.36 $ 2.33 $ 0.45 $ 0.69
Dividends per common share $ 0.12 $ 0.12 $ - $ - Weighted
average shares used in per share calculations: Basic 26,786 26,736
26,789 26,736 Diluted 26,901 26,745 26,921 26,762
CUBIC CORPORATION CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED) (in thousands) June 30, September 30,
2014 2013 (As Restated)
ASSETS
Current assets: Cash and cash equivalents $ 166,841 $ 203,892
Restricted cash 69,028 69,381 Marketable securities - 4,055
Accounts receivable - net 403,401 379,002 Recoverable income taxes
17,719 7,885 Inventories - net 53,768 59,746 Deferred income taxes
and other current assets 30,844 18,638
Total current assets 741,601 742,599
Long-term contract receivables 16,690 19,021 Long-term
capitalized contract costs 77,560 68,963 Property, plant and
equipment - net 64,360 56,305 Deferred income taxes 18,057 19,322
Goodwill 187,595 136,094 Purchased intangibles - net 70,257 57,542
Other assets 11,527 9,772 $ 1,187,647
$ 1,109,618
LIABILITIES AND SHAREHOLDERS'
EQUITY Current liabilities: Short-term borrowings $ 8,000 $ -
Trade accounts payable 23,527 40,310 Customer advances 84,338
84,307 Accrued compensation and other current liabilities 139,856
109,253 Income taxes payable 13,148 12,731 Current portion of
long-term debt 591 557 Total current
liabilities 269,460 247,158
Long-term debt 102,066 102,363 Other long-term liabilities 43,602
43,017 Shareholders' equity: Common stock 19,104 15,825
Retained earnings 773,468 740,002
Accumulated other comprehensive income
(loss)
15,812 (2,803 ) Treasury stock at cost (36,078 )
(36,078 ) Shareholders' equity related to Cubic 772,306 716,946
Noncontrolling interest in variable interest entity 213
134 Total shareholders' equity 772,519
717,080 $ 1,187,647 $ 1,109,618
CUBIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in
thousands) Nine Months Ended Three Months Ended June 30,
June 30, 2014 2013 2014
2013 (As Restated) (As Restated) Operating
Activities: Net income $ 36,765 $ 62,421 $ 12,216 $ 18,405
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: Depreciation and amortization 22,740
18,014 7,511 6,417 Share-based compensation expense 4,370 1,634
1,785 1,575 Changes in operating assets and liabilities, net of
effects from acquisitions (27,138 ) (88,899 )
44,524 22,744 NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES 36,737 (6,830 )
66,036 49,141 Investing Activities:
Acquisition of businesses, net of cash acquired (83,456 ) (60,649 )
(3,773 ) (7,377 ) Purchases of property, plant and equipment
(13,536 ) (6,209 ) (2,589 ) (2,348 ) Purchases of marketable
securities - (4,054 ) - (4,054 ) Proceeds from sales or maturities
of marketable securities 4,055 -
- - NET CASH USED IN INVESTING ACTIVITIES
(92,937 ) (70,912 ) (6,362 ) (13,779 )
Financing Activities: Proceeds from short-term borrowings
38,000 70,000 8,000 - Principal payments on short-term borrowings
(30,000 ) (70,000 ) (30,000 ) (25,000 ) Proceeds from long-term
borrowings - 100,000 - 50,000 Principal payments on long-term debt
(431 ) (8,407 ) (147 ) (134 ) Proceeds from issuance of common
stock 113 - - - Dividends paid (3,215 ) (3,208 ) - - Net change in
restricted cash 353 (104 ) (44 ) (20 ) Contingent consideration
payments related to
acquisitions of businesses
(2,368 ) (224 ) (1,251 ) (224 ) NET
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 2,452
88,057 (23,442 ) 24,622
Effect of exchange rates on cash 16,697
(10,131 ) 5,266 3,862 NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (37,051 ) 184
41,498 63,846 Cash and cash equivalents at the beginning of
the period 203,892 212,267
125,343 148,605 CASH AND CASH
EQUIVALENTS AT THE END OF THE PERIOD $ 166,841 $ 212,451
$ 166,841 $ 212,451 Supplemental
disclosure of non-cash investing and financing activities:
Liability incurred to acquire NEK, net $ - $ 12,108 $ - $ -
Liability incurred to acquire Intific, net $ 1,173 $ - $ - $ -
Cubic CorporationMedia:John D. ThomasChief Financial
Officer858-505-2989orInvestor Relations:Diane DyerDirector of
Investor Relations858-505-2907
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