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Cubic Reports Third Quarter Fiscal Year 2020 Results
SAN DIEGO--(BUSINESS WIRE)-- Cubic Corporation (NYSE: CUB) today announced its financial results for the third fiscal quarter ended June 30, 2020. Third
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[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nCubic Corporation (NYSE: CUB) today announced its financial results for the third fiscal quarter ended June 30, 2020.\n\n\nThird Quarter Fiscal Year 2020 Highlights\n(all metrics compared to Third Quarter Fiscal Year 2019 unless otherwise noted)\n\n\n\nSales of $350.4 million, down 8%\n\n\nNet loss from continuing operations attributable to Cubic of $1.4 million, or $0.04 per share, compared to net income from continuing operations attributable to Cubic of $24.1 million, or $0.77 per share in the third quarter of fiscal 2019; prior year included $32.6 million gain on sale of fixed assets\n\n\nAdjusted earnings per share of $0.74, up 12%\n\n\nAdjusted EBITDA of $38.2 million, up 25%\n\n\nBacklog increased to $3.7 billion, up 10% from fiscal 2019 year-end\n\n\nCubic and Massachusetts Bay Transportation Authority (“MBTA”) closed an amended agreement for delivery of next-generation fare payment system\n\n\nRecent, multi-year awards in defense to support future growth: U.S. Air Force Advanced Battle Management System (multiple award, $950 million IDIQ) and $38 million contract to deliver High Capacity Backbone prototype, with significant market opportunity; U.S. Navy Surface Training Immersive Gaming and Simulations (single award, $99 million IDIQ)\n\n\nThe company estimates unfavorable impacts totaling up to $41 million for Sales and up to $14 million for Adjusted EBITDA as a result of the COVID-19 pandemic\n\n\n\n“We are pleased with our performance and strategic progress this quarter, especially in light of the challenging macro environment due to the ongoing COVID-19 pandemic. In the third fiscal quarter, Cubic grew backlog, Adjusted EBITDA and Adjusted EPS and delivered strong Adjusted Free Cash Flow, supported by the successful completion of our Boston contract amendment and disciplined cost management,” said Bradley H. Feldmann, chairman, president and chief executive officer of Cubic Corporation. “We continue to help our transportation customers deliver solutions that enhance safety and provide insights to support COVID-19 recovery. The health and safety of our team, partners and community remains our top priority and we are committed to fostering an inclusive workplace where everyone is respected, supported, empowered and has the opportunity to drive innovation - Cubic’s lifeblood.”\n\n\nCOVID-...