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Cubic Profit Up 54 Percent, Sales Beat Estimates

SAN DIEGO (AP) ¿ Cubic Corp., which makes fare-collection systems for public transportation and simulators for the military, reported a 54 percent jump in fiscal fourth-quarter profit but fell short of Wall Street expectations.

The San Diego-based company said Wednesday it earned $12.4 million, or 46 cents per share, in the quarter ended Sept. 30. A year earlier, it earned $8.1 million, or 30 cents per share.

Revenue rose to $280.8 million from $235.2 million a year ago. Sales in mission support services for the military were helped by the acquisition late last year of Omega Training Systems.

Analysts expected the company to earn higher profit of 52 cents per share, according to Thomson Reuters. But sales topped the average estimate of $251.2 million.

For the full fiscal year, the company earned $55.7 million, or $2.08 per share, on sales of $1.02 billion, compared with earnings of $36.9 million, or $1.38 per share, on sales of $881.1 million a year earlier.

Total backlog was $2.18 billion at Sept. 30, compared with $1.77 billion a year ago.

Shares of Cubic fell 3 cents to close earlier at $38.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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