Cubic Corporation (CUB) has reported 95.46 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $0.46 million, or $0.02 a share in the quarter, compared with $10.14 million, or $0.38 a share for the same period last year. Revenue during the quarter dropped 6.10 percent to $343.71 million from $366.02 million in the previous year period. Gross margin for the quarter contracted 49 basis points over the previous year period to 22.90 percent. Operating margin for the quarter stood at negative 0.60 percent as compared to a negative 2.48 percent for the previous year period.
Operating loss for the quarter was $2.07 million, compared with an operating loss of $9.09 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $16.78 million compared with $30.34 million in the prior year period. At the same time, adjusted EBITDA margin contracted 341 basis points in the quarter to 4.88 percent from 8.29 percent in the last year period.
“We are particularly pleased with our improved operating cash flow and the critical, strategic investments we made in all of our businesses during the quarter. These investments will contribute significantly to the growth of the company,” said Bradley H. Feldmann, president and chief executive officer of Cubic Corporation. “Our strategy remains sound and we continue to expect increased order intake in the near term that will drive expanded sales and Adjusted EBITDA going forward.”
CFor fiscal year 2017, Cubic Corporation expects revenue to be in the range of $1,500 million to $1,540 million.
Operating cash flow turns positive
Cubic Corporation has generated cash of $11 million from operating activities during the first half as against cash outgo of $37.70 million in the last year period. The company has spent $33.11 million cash to meet investing activities during the first six months as against cash outgo of $249.67 million in the last year period.
Cash flow from financing activities was $0.29 million for the first six months, down 99.88 percent or $243.96 million, when compared with the last year period.
Cash and cash equivalents stood at $167.82 million as on Mar. 31, 2017, up 5.67 percent or $9.01 million from $158.81 million on Mar. 31, 2016.
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