|This article relies on references to primary sources. (June 2011)|
|Traded as||NYSE: CUB|
|Industry||Public transport and defense|
|Headquarters||San Diego, California, USA|
|Employees||8,000 (Sep 2011)|
Cubic Corporation is an American public corporation providing military defense equipment and automated fare collection equipment. It is headquartered in San Diego, California, with offices in North America, Europe, India, and Australia.
Founded and headquartered in San Diego, CA since 1951, Cubic is the parent company of three major business segments. Cubic's businesses are primarily engaged in the design, development, manufacture, integration, and sustainment of high technology systems, products, and services for government and commercial customers. With fiscal year 2010 sales of $1.194 billion, Cubic employs nearly 8,000 people worldwide.
Cubic's operating segments include:
Mission Support Services
Mission Support Services provides live, virtual and constructive training services for U.S. and allied militaries, as well as force modernization, battle command training, professional military education, leader development, intelligence systems training, open-source analysis, operations and maintenance support, logistics support and weapons effects modeling.
Cubic Defense Applications
Cubic Defense Applications is a provider of live air (ACMI) and ground combat training systems worldwide; a supplier of virtual and immersive training systems, communications, and electronics products; and an emerging provider of cyber technologies and global tracking solutions for commercial and national military customers. Defense Systems supplies realistic live and virtual combat training systems for military forces, and live, virtual and constructive systems integration. Cubic’s defense communications products include advanced tactical data links and surveillance receivers for “C4ISR” applications and search-and-rescue avionics. This segment is also involved in advanced laser and other research projects.
Cubic Transportation Systems
Cubic Transportation Systems designs, integrates, and provides outsourced business process and information technology services for automated fare collection systems for public transit operations. Additionally, this segment provides the fare payment infrastructure, including gates, ticket machines and smart card readers, and the back-end or central system for processing and reporting revenue and other data. Cubic’s wide range of services includes customer support, software support, and operations services.
On August 1, 2012, after discussion with the Audit committee, Cubic's management agreed to restate its financial statements for the year ended October 31, 2011, 2010, and 2009. Consequently Cubic was forced to restate all of its previous Quarterly financial statements.
What prompted the restatement was an issue with the revenue recognition policy adopted by management. The restatement produced an increase in equity of $26.9 million.
- "Cubic Corporation Receives Potential $468 Million Contract to Supply Mission Support to U.S. Army Joint Readiness Training Center". News Blaze. June 19, 2007.
- Marketwire, "Cubic Corporation Reports Financial Results for Fiscal Year Ended September 30, 2012 / Completes Restatement for Fiscal Years 2009, 2010, and 2011 and Interim Periods", "FinanzNachrichten", December 14, 2012
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