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Stock Market & Financial Investment News

News Breaks
February 25, 2014
07:13 EDTCUBNYSE changes Cubic ticker symbol due to late filing
Cubic Corporation, as expected and pursuant to prior conversations with the New York Stock Exchange, announced that the company received notice from the staff of the NYSE indicating that Cubic is not in compliance with listing standards due to its failure to file its quarterly report on Form 10-Q for the quarter ended December 31, 2013 on a timely basis. The issuing of such notices is considered routine practice in situations when there are late filings with the SEC. On February 10, 2014, Cubic Corporation announced that the Audit Committee of the Board of Directors of Cubic Corporation, after consultation with Ernst & Young LLP, Cubicís independent registered public accounting firm, determined that Cubicís financial statements for the fiscal years ended September 30, 2013 and 2012 and each of the prior quarters of 2013 and 2012 can no longer be relied upon as being in compliance with generally accepted accounting principles. Accordingly, Cubic will restate such financial statements. Preliminary indications from Cubicís evaluation are that the restatement will result in an increase in revenues and net income cumulatively over the period of the restatement and an increase in retained earnings as of September 30, 2013. Cubic is continuing to evaluate the total amount of the adjustments and the specific impact on each period covered by the restatement, which may result in an increase or decrease in previously reported amounts for individual periods. Until Cubic has completed such evaluation, it will not be in a position to file its quarterly report on Form 10-Q for the quarter ended December 31, 2013.
News For CUB From The Last 14 Days
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March 2, 2015
08:06 EDTCUBMasterCard announces global partnership with Cubic Transportation Systems
MasterCard (MA) announced a global partnership with Cubic Transportation Systems (CUB), a provider for smart city solutions across North America, Europe, Middle East and Asia-Pacific. The alliance is designed to help the millions of daily commuters around the world experience faster, more convenient and personalized ways to get around, tapping into the power of their mobile devices. The partnership will help accelerate the conversion of the currently $200B cash payments into digital payments, saving operators cost for cash-handling and speeding up through-put.
February 24, 2015
12:04 EDTCUBCubic raises semi-annual dividend 12.5% to 13.5c per share
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February 18, 2015
16:09 EDTCUBCubic combines defense segments
Cubic Corporation announced effective it has combined its two defense operating segments into a single segment called Cubic Global Defense, CGD, to better align its organizational structure with customer requirements, increase operational efficiencies and improve collaboration and innovation across the enterprise. The formation of CGD also supports the companyís announcement to streamline its functions across the enterprise to improve profitability and competitiveness. Cubicís defense business totals approximately $800M in annual revenues and serves a diverse U.S. and international customer base concentrated in live, virtual, constructive and gaming training domains, leader and doctrine development, national security programs, special operations and secure communications in the C4ISR market. The consolidated CGD is comprised of six business units with more than 5,500 employees. William J. Toti, former president of Cubicís Mission Support Services segment, has been named president of CGD. Prior to joining Cubic, Toti led a $1.3B business unit in Hewlett-Packardís Enterprise Services sector for the U.S. Navy and Marine Corps Next Generation Enterprise Network program. Prior to HP, Toti was vice president of the Mission Support Operations unit at Raytheon. He also served more than 26 years in the U.S. Navy.
16:05 EDTCUBCubic implements cost-saving initiatives to improve profitability
Cubic Corporation announced the next steps in streamlining its corporate and business segment operations as part of a company-wide activity to improve profitability and competitiveness through its One Cubic initiatives. The companyís new operating structure is effective immediately. These initiatives are anticipated to yield $15-16M in annualized pre-tax savings in fiscal year 2016. The company will incur a pre-tax charge in the second quarter of fiscal year 2015 of approximately $6M due to the restructuring, but estimates cost savings for the balance of the year will result in the restructuring having a neutral impact on its earnings per share for fiscal year 2015.

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