SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

12 Months Ended

Sep. 30, 2012

SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

Note 18—Summary of quarterly results of operations (unaudited)

The following is a summary of our quarterly results of operations for the years ended September 30, 2012 and 2011:

	Three months ended
Fiscal 2012 (in thousands, except per share data)									Year ended September 30
	September 30		June 30		March 31		December 31
					(As restated)		(As restated)
Net sales	$	359,687	$	365,397	$	339,645	$	316,766	$	1,381,495
Operating income		29,142		38,586		32,540		27,754		128,022
Net income attributable to Cubic		21,088		26,721		23,397		20,694		91,900
Net income per share		0.79		1.00		0.88		0.77		3.44

	Three months ended
Fiscal 2011 (in thousands, except per share data)									Year ended September 30
	September 30		June 30		March 31		December 31
	(As restated)		(As restated)		(As restated)		(As restated)		(As restated)
Net sales	$	343,021	$	322,787	$	347,889	$	281,884	$	1,295,581
Operating income		19,688		27,790		40,610		25,420		113,508
Net income attributable to Cubic		14,625		22,050		28,785		18,134		83,594
Net income per share		0.55		0.82		1.08		0.68		3.13

The following tables present the effects of adjustments made to our previously reported unaudited consolidated quarterly financial information for the quarters ended March 31, 2012, December 31, 2011, and each of the quarters in the years ended September 30, 2011. For further information regarding these adjustments, see Note 2.

For the three month periods ended September 30, 2011, and June 30, 2011, $5.0 million and $8.9 million, respectively, of costs were erroneously classified as product costs. As such, these costs were reclassified to service costs in the following tables.

	Consolidated statement of income Three months ended September 30, 2011
(amounts in thousands, except per share data)	Previously reported			Revenue recognition adjustments			Other adjustments			Reclassifications			As restated
Net sales:
Products	$	177,762		$	(4,582	)	$	3,733		$	(4,834	)	$	172,079
Services		169,148			(3,690	)		650			4,834			170,942
		346,910			(8,272	)		4,383			—			343,021
Costs and expenses:
Products		127,070			2,048			2,978			(9,907	)		122,189
Services		134,285			505			646			9,021			144,457
Selling, general and administrative		43,724			—			550			886			45,160
Research and development		7,453			—			—			—			7,453
Amortization of purchased intangibles		4,074			—			—			—			4,074
		316,606			2,553			4,174			—			323,333
Operating income		30,304			(10,825	)		209			—			19,688
Other income (expense):
Interest and dividend income		839			—			—			—			839
Interest expense		(306	)		—			—			—			(306	)
Other income (expense)—net		3,681			(48	)		(1,509	)		—			2,124
Income before income taxes		34,518			(10,873	)		(1,300	)		—			22,345
Income taxes		10,369			(3,028	)		330			—			7,671
Net income		24,149			(7,845	)		(1,630	)		—			14,674
Less noncontrolling interest in income of VIE		49			—			—			—			49
Net income attributable to Cubic	$	24,100		$	(7,845	)	$	(1,630	)	$	—		$	14,625
Basic and diluted net income per common share	$	0.90		$	(0.29	)	$	(0.06	)	$	—		$	0.55
Average number of common shares outstanding		26,736			—			—			—			26,736

	Consolidated statement of income Three months ended June 30, 2011
(amounts in thousands, except per share data)	Previously reported			Revenue recognition adjustments			Other adjustments			Reclassifications			As restated
Net sales:
Products	$	148,441		$	(3,037	)	$	321		$	(3,670	)	$	142,055
Services		171,464			5,598			—			3,670			180,732
		319,905			2,561			321			—			322,787
Costs and expenses:
Products		114,325			487			722			(14,048	)		101,486
Services		131,424			341			—			13,227			144,992
Selling, general and administrative		36,831			—			329			821			37,981
Research and development		6,281			—			—			—			6,281
Amortization of purchased intangibles		4,257			—			—			—			4,257
		293,118			828			1,051			—			294,997
Operating income		26,787			1,733			(730	)		—			27,790
Other income (expense):
Interest and dividend income		490			—			—			—			490
Interest expense		(374	)		—			—			—			(374	)
Other income (expense)—net		767			(44	)		509			—			1,232
Income before income taxes		27,670			1,689			(221	)		—			29,138
Income taxes		6,800			443			(211	)		—			7,032
Net income		20,870			1,246			(10	)		—			22,106
Less noncontrolling interest in income of VIE		56			—			—			—			56
Net income attributable to Cubic	$	20,814		$	1,246		$	(10	)	$	—		$	22,050
Basic and diluted net income per common share	$	0.78		$	0.05		$	—		$	—		$	0.82
Average number of common shares outstanding		26,736			—			—			—			26,736

	Consolidated statement of income Three months ended March 31, 2012															Consolidated statement of income Three months ended March 31, 2011
(amounts in thousands, except per share data)	Previously reported			Revenue recognition adjustments			Other adjustments			Reclassifications			As restated			Previously reported			Revenue recognition adjustments			Other adjustments			Reclassifications			As restated
Net sales:
Products	$	157,630		$	(2,026	)	$	172		$	—		$	155,776		$	157,350		$	(2,052	)	$	82		$	—		$	155,380
Services		183,364			505			—			—			183,869			176,618			15,891			—			—			192,509
		340,994			(1,521	)		172			—			339,645			333,968			13,839			82			—			347,889
Costs and expenses:
Products		106,679			435			370			(800	)		106,684			106,510			928			(86	)		(539	)		106,813
Services		145,787			(145	)		—			—			145,642			152,453			(84	)		—			—			152,369
Selling, general and administrative		43,029			—			(790	)		800			43,039			37,377			—			598			539			38,514
Research and development		8,072			—			—			—			8,072			5,271			—			—			—			5,271
Amortization of purchased intangibles		3,668			—			—			—			3,668			4,312			—			—			—			4,312
		307,235			290			(420	)		—			307,105			305,923			844			512			—			307,279
Operating income		33,759			(1,811	)		592			—			32,540			28,045			12,995			(430	)		—			40,610
Other income (expense):
Interest and dividend income		964			—			—			—			964			375			—			—			—			375
Interest expense		(331	)		—			—			—			(331	)		(374	)		—			—			—			(374	)
Other income (expense)—net		12			(55	)		165			—			122			(16	)		(39	)		(431	)		—			(486	)
Income before income taxes		34,404			(1,866	)		757			—			33,295			28,030			12,956			(861	)		—			40,125
Income taxes		10,100			(678	)		425			—			9,847			8,000			3,487			(231	)		—			11,256
Net income		24,304			(1,188	)		332			—			23,448			20,030			9,469			(630	)		—			28,869
Less noncontrolling interest in income of VIE		51			—			—			—			51			84			—			—			—			84
Net income attributable to Cubic	$	24,253		$	(1,188	)	$	332		$	—		$	23,397		$	19,946		$	9,469		$	(630	)	$	—		$	28,785
Basic and diluted net income per common share	$	0.91		$	(0.04	)	$	0.01		$	—		$	0.88		$	0.75		$	0.35		$	(0.02	)	$	—		$	1.08
Average number of common shares outstanding		26,736			—			—			—			26,736			26,736			—			—			—			26,736

	Consolidated statement of income Three months ended December 31, 2011															Consolidated statement of income Three months ended December 31, 2010
(amounts in thousands, except per share data)	Previously reported			Revenue recognition adjustments			Other adjustments			Reclassifications			As restated			Previously reported			Revenue recognition adjustments			Other adjustments			Reclassifications			As restated
Net sales:
Products	$	157,312		$	(3,153	)	$	(849	)	$	—		$	153,310		$	135,371		$	(1,173	)	$	(2,779	)	$	—		$	131,419
Services		161,435			2,671			(650	)		—			163,456			149,049			1,416			—			—			150,465
		318,747			(482	)		(1,499	)		—			316,766			284,420			243			(2,779	)		—			281,884
Costs and expenses:
Products		114,751			434			(954	)		(782	)		113,449			90,087			701			(2,567	)		(430	)		87,791
Services		132,243			(189	)		(646	)		—			131,408			121,811			433			—			—			122,244
Selling, general and administrative		34,637			—			(199	)		782			35,220			37,030			—			676			430			38,136
Research and development		4,896			—			—			—			4,896			6,255			—			—			—			6,255
Amortization of purchased intangibles		4,039			—			—			—			4,039			2,038			—			—			—			2,038
		290,566			245			(1,799	)		—			289,012			257,221			1,134			(1,891	)		—			256,464
Operating income		28,181			(727	)		300			—			27,754			27,199			(891	)		(888	)		—			25,420
Other income (expense):
Interest and dividend income		762			—			—			—			762			864			—			—			—			864
Interest expense		(347	)		—			—			—			(347	)		(407	)		—			—			—			(407	)
Other income (expense)—net		1,691			(51	)		(717	)		—			923			(227	)		(40	)		(941	)		—			(1,208	)
Income before income taxes		30,287			(778	)		(417	)		—			29,092			27,429			(931	)		(1,829	)		—			24,669
Income taxes		8,800			(338	)		(109	)		—			8,353			7,400			(382	)		(604	)		—			6,414
Net income		21,487			(440	)		(308	)		—			20,739			20,029			(549	)		(1,225	)		—			18,255
Less noncontrolling interest in income of VIE		45			—			—			—			45			121			—			—			—			121
Net income attributable to Cubic	$	21,442		$	(440	)	$	(308	)	$	—		$	20,694		$	19,908		$	(549	)	$	(1,225	)	$	—		$	18,134
Basic and diluted net income per common share	$	0.80		$	(0.02	)	$	(0.01	)	$	—		$	0.77		$	0.74		$	(0.02	)	$	(0.05	)	$	—		$	0.68
Average number of common shares outstanding		26,736			—			—			—			26,736			26,736			—			—			—			26,736