SOURCE: Cubic Corporation
SAN DIEGO, CA--(Marketwire - Aug 22, 2012) - Cubic Corporation (NYSE: CUB), as expected and pursuant to prior conversations with the New York Stock Exchange (NYSE), today 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 quarterly reports on Form 10-Q for the quarter ended June 30, 2012 on a timely basis. The issuing of such notices is considered routine practice in situations when there are late filings with the SEC.
Cubic will be listed as a late filer on the NYSE Market Listing Standards page and the initials "LF" will be appended to Cubic stock symbol on the consolidate tape. Cubic will also be noted as a late filer on the company's profile, data and news web pages.
On August 1, 2012, Cubic Corporation announced that the Audit Committee of the Board of Directors of Cubic Corporation, after consultation with Ernst & Young LLP, the company's independent registered public accounting firm, determined that Cubic's financial statements for the fiscal years ended September 30, 2011, 2010 and 2009, the quarters ended March 31, 2012 and December 31, 2011, and each of the prior quarters of 2011 and 2010 can no longer be relied upon as being in compliance with generally accepted accounting principles. Accordingly, the company will restate such financial statements.
Preliminary indications from the company's evaluation are that the changes described below 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 March 31, 2012. Cubic Corporation 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.
Cubic Corporation is the parent company of three major business segments: Transportation Systems, Defense Systems, and Mission Support Services. Cubic Transportation Systems is the world's leading provider of automated fare collection systems and services for public transit authorities. Cubic Defense Systems is a leading provider of realistic combat training systems, cyber technologies, asset tracking solutions, and defense electronics. Mission Support Services is a leading provider of training, operations, maintenance, technical and other support services for the U.S. and allied nations. For more information about Cubic, see the company's Web site at www.cubic.com.