Cubic Corporation

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Cubic Corporation
Public
Traded asNYSECUB
S&P 600 Component
IndustryPublic transport and defense
Founded1951 (1951)
FounderWalter Zable
Number of employees
7,900 (July 2015)
Websitewww.cubic.com

Cubic Corporation is an American public corporation providing diversified systems and services to the transportation and defense markets worldwide. Founded and headquartered in 9333 Balboa Avenue, San Diego, CA, 92123, Cubic Corporation is the parent company of three major divisions: Cubic Transportation Systems, Cubic Mission Solutions and Cubic Global Defense.[1]

Cubic employs 7,900 people with offices locations across the globe. Cubic's fiscal year 2014 sales totaled $1.398 billion.[2] Bradley H. Feldmann was named president and chief executive officer of Cubic Corporation in July 2014.[3]

Company Divisions[edit]

Cubic's operating segments include:

  • Global Defense is a provider of realistic combat training systems, secure communications, operations, maintenance, technical and other support services for the U.S. and allied nations.[4]
  • Cubic Transportation Systems designs, integrates, and provides outsourced business process and information technology services for automated fare collection systems for public transit operations.[5][better source needed] 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 services includes customer support, software support, and operations services.
  • Cubic Mission Solutions provides networked Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) capabilities for defense, intelligence, security and commercial missions.[6][7]

Mission Solutions Business Units[edit]

Teralogics, LLC. (Acquired 2015)[8][edit]

TeraLogics is a provider of real-time Full Motion Video Processing Exploitation and Dissemination for the Department of Defense, the intelligence community and commercial customers based in Ashburn, Virginia.

GATR Technologies (Acquired 2016)[9][edit]

GATR Technologies manufactures portable, inflatable SATCOM and C4ISR terminals for tactical communications in harsh and forward or remote deployed environments.

DTECH Labs (Acquired 2014)[10][edit]

DTECH Labs provides deployable and tactical communications products and solutions for military, government, first-responder and civilian customers.

Vocality (Acquired 2016)[11][edit]

Vocality provides embedded technology that unifies communication platforms enabling its business, government and military customers to communicate securely using legacy systems with the latest wireless and cellular networks.

Accounting Restatement[edit]

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.[12] 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.[13]

Partnerships[edit]

Cubic Transportation Systems is the operator of Ventra, the electronic fare payment system for the Chicago Transit Authority (CTA).

References[edit]

  1. ^ http://www.marketwatch.com/story/cubic-corporation-to-report-fiscal-2015-first-half-results-and-host-conference-call-on-may-18-2015-2015-05-14
  2. ^ https://www.nyse.com/quote/XNYS:CUB/sec
  3. ^ "Bradley H. Feldmann: Executive Profile & Biography". Bloomberg.
  4. ^ https://finance.yahoo.com/news/cubic-corporation-combines-defense-segments-210500130.html
  5. ^ Cubic Transportation Systems
  6. ^ "Cubic Mission Solutions".
  7. ^ "Cubic Mission Solutions Expands".
  8. ^ "Cubic acquires Teralogics".
  9. ^ "Cubic Acquires GATR Technologies".
  10. ^ "Cubic Acquires DTECH Labs".
  11. ^ "Cubic Acquires Vocality".
  12. ^ http://www.cubic.com/News/Press-Releases/ID/423/Cubic-Corporation-to-Restate-Financial-Statements
  13. ^ 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