SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

12 Months Ended

Sep. 30, 2014

SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

NOTE 17—SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The following is a summary of our quarterly results of operations for the fiscal years ended September 30, 2014 and 2013:

									Year
	Three Months Ended								Ended
Fiscal 2014	September 30		June 30		March 31		December 31		September 30
	(in thousands, except per share data)
Net sales	$	396,366	$	340,357	$	354,492	$	307,137	$	1,398,352
Operating income	39,268		19,215		22,177		11,830		92,490
Net income attributable to Cubic	32,805		12,206		16,092		8,388		69,491
Net income per share, basic	1.22		0.46		0.60		0.31		2.59
Net income per share, diluted	1.22		0.45		0.60		0.31		2.59

										Year
	Three Months Ended									Ended
Fiscal 2013	September 30			June 30		March 31		December 31		September 30
	(in thousands, except per share data)
Net sales	$	340,776		$	337,226	$	368,609	$	314,796	$	1,361,407
Operating income (loss)	(44,055		)	26,905		37,376		20,509		40,735
Net income (loss) attributable to Cubic	(37,186		)	18,381		29,650		14,241		25,086
Net income (loss) per share, basic	(1.39		)	0.69		1.11		0.53		0.94
Net income (loss) per share, diluted	(1.39		)	0.69		1.11		0.53		0.94

In the fourth quarter of 2013, we completed our annual goodwill impairment test and concluded that the carrying value of our MSS reporting unit, including goodwill, exceeded its estimated fair value. As a result, in the fourth quarter of 2013 we recorded a goodwill impairment charge of $50.9 million (before applicable income taxes). There was no goodwill impairment charge in 2014. See Note 7 for a further discussion of the goodwill impairment.

Changes in estimates on contracts for which revenue is recognized using the cost-to-cost-percentage-of-completion method increased operating profit by approximately $10.7 million in the three months ended September 30, 2014 and decreased operating profit by approximately $9.9 million in the three months ended September 30, 2013. These adjustments increased net income by approximately $7.6 million ($0.28 per share) in the three months ended September 30, 2014 and decreased net income by approximately $6.6 million ($0.25 per share) in the three months ended and September 30, 2013.