Cubic Corporation

Cubic Corporation

Type	Public
Traded as	NYSE: CUB S&P 600 Component
Industry	Public transport and defense
Founded	1951 (1951)
Founder	Walter Zable
Number of employees	7,900 (July 2015)
Website	www.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

Cubic's operating segments include:

• Cubic Global Defense is a leading 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] 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. (Cubic Transportation Systems is the operator of Ventra, the electronic fare payment system for the Chicago Transit Authority (CTA).
• 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

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

TeraLogics is a leading 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]

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

DTECH Labs (Acquired 2014)^[10]

DTECH Labs provides a wide range of deployable and tactical communications products and solutions to meet the diverse mission requirements of our military, government, first-responder and civilian customer base.

Vocality (Acquired 2016)^[11]

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

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]

References