UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarter Ended December 31, 2003
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1-8931 |
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Commission File Number |
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CUBIC CORPORATION |
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Exact Name of Registrant as Specified in its Charter |
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Delaware |
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95-1678055 |
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State of Incorporation |
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IRS Employer Identification No. |
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9333 Balboa Avenue |
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San Diego, California 92123 |
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Telephone (858) 277-6780 |
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Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes ý No o
As of January 30, 2004, Registrant had only one class of common stock of which there were 26,719,845 shares outstanding (after deducting 8,944,884 shares held as treasury stock).
PART I - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
CUBIC CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
(amounts in thousands, except per share data)
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Three Months Ended |
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2003 |
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2002 |
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Net sales |
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$ |
171,032 |
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$ |
148,356 |
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Costs and expenses: |
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Cost of sales |
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135,047 |
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116,371 |
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Selling, general and administrative expenses |
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23,531 |
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20,409 |
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Research and development |
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860 |
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1,411 |
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159,438 |
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138,191 |
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Operating income |
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11,594 |
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10,165 |
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Other income (expenses) |
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Interest expense |
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(1,053 |
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(871 |
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Other income |
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825 |
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676 |
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Income before income taxes |
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11,366 |
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9,970 |
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Income taxes |
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3,900 |
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3,300 |
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Net income |
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$ |
7,466 |
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$ |
6,670 |
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Net income per share |
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$ |
0.28 |
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$ |
0.25 |
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Average shares of common stock outstanding |
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26,720 |
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26,720 |
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See accompanying notes.
2
CUBIC CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
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December 31, |
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September 30, |
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(Unaudited) |
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(See note below) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
16,532 |
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$ |
22,370 |
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Marketable securities, available-for-sale |
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— |
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2,994 |
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Accounts receivable |
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281,084 |
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251,021 |
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Inventories |
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27,438 |
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24,922 |
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Deferred income taxes and other current assets |
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28,412 |
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26,963 |
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Total current assets |
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353,466 |
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328,270 |
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Long-term contract receivables |
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38,600 |
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29,200 |
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Property, plant and equipment - net |
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53,033 |
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52,272 |
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Goodwill |
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33,922 |
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33,311 |
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Other assets |
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16,753 |
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17,173 |
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$ |
495,774 |
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$ |
460,226 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Short-term borrowings |
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$ |
18,957 |
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$ |
6,254 |
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Trade accounts payable |
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16,829 |
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25,222 |
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Customer advances |
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48,525 |
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40,422 |
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Other current liabilities |
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46,120 |
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49,594 |
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Accrued pension liability |
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24,401 |
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22,669 |
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Income taxes payable |
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8,420 |
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6,064 |
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Current portion of long-term debt |
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5,806 |
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1,429 |
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Total current liabilities |
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169,058 |
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151,654 |
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Long-term debt |
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50,543 |
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47,142 |
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Deferred compensation |
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6,459 |
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6,138 |
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Shareholders’ equity: |
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Common stock |
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234 |
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234 |
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Additional paid-in capital |
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12,123 |
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12,123 |
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Retained earnings |
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287,212 |
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279,746 |
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Accumulated other comprehensive income (loss) |
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6,211 |
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(745 |
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Treasury stock at cost |
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(36,066 |
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(36,066 |
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269,714 |
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255,292 |
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$ |
495,774 |
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$ |
460,226 |
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Note: The balance sheet at September 30, 2003 has been derived from the audited financial statements at that date.
See accompanying notes.
3
CUBIC CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
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Three Months Ended |
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2003 |
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2002 |
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Operating Activities: |
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Net income |
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$ |
7,466 |
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$ |
6,670 |
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Adjustments to reconcile net income to net cash used in operating activities: |
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Depreciation and amortization |
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1,902 |
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1,614 |
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Changes in operating assets and liabilities |
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(31,798 |
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(51,853 |
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NET CASH USED IN OPERATING ACTIVITIES |
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(22,430 |
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(43,569 |
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