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Cubic Corporation (NYSE:CUB) has secured a U.S. Navy contract valued at $92.3 million for its Cubic Mission and Performance Solutions division. The contract, with a four-year period, focuses on modernizing training content under the Navy's Sailor 2025 Ready, Relevant Learning (RRL) initiative. This includes developing courseware for various Navy ratings. Work is set to be conducted in Orlando, Florida, and aims to enhance Sailor training and operational readiness.
Cubic Corporation (NYSE:CUB) has declared a regular semiannual dividend of $0.135 per share, set to be paid on March 12, 2021, to shareholders recorded by March 2, 2021. This marks a continuation of its commitment to returning value to shareholders, having paid dividends consistently since 1971. Cubic is recognized as a leading provider of integrated solutions for transportation, defense, and training sectors, aiming to enhance situational understanding and operational effectiveness.
Cubic Corporation (NYSE:CUB) has been awarded a contract for its P5 Combat Training System (P5CTS) pods to support the U.S. Air Force's Combat Air Force Contracted Air Support program. The P5 pods will enhance training for fighter pilots by ensuring ACMI interoperability. The first phase will set up adversary air training units at six locations, with delivery expected in Summer 2021. Cubic aims to enhance real-time training through advanced systems that ensure safety and effectiveness during air combat scenarios.
Cubic Corporation (NYSE: CUB) announced a strategic partnership with Alea to develop public safety and tactical broadband solutions using MCPTT standards for mission-critical communications. The collaboration aims to enhance Cubic's radio gateway solutions, extending compatibility to a broader range of vendors. This partnership is expected to strengthen Cubic's position in providing critical communication tools for first responders and defense sectors. The demand for bridging conventional push-to-talk radios with cellular networks is increasing, underscoring the relevance of this initiative.
Cubic Corporation (NYSE:CUB) has secured a $32 million contract from Lockheed Martin for additional production lots of the P5 Combat Training System (P5CTS) for the F-35 Lightning II. This order will boost the total F-35 P5 systems on contract to over 1,150, ensuring deployment through 2025. The P5 system is recognized as the only fielded encrypted Air Combat Maneuvering Instrumentation (ACMI) designed for fifth-generation aircraft. This advanced training solution is integral for military readiness and coalition training across 30 global ranges.
Cubic Corporation (NYSE: CUB) released its financial results for Q1 fiscal 2021, reporting sales of $318.8 million, a 3% decrease from the prior year. The net loss attributable to Cubic was $13.0 million or $0.41 per share, down from $20.0 million or $0.64 per share year-over-year. Adjusted EPS improved to $0.38, with Adjusted EBITDA increasing 161% to $29.7 million. The Company noted strong operational performance and progress on its NextCUBIC strategy, although overall sales were affected by timing differences. No guidance for the fiscal year 2021 was provided due to the proposed merger with Veritas Capital.
Cubic Corporation (CUB) has announced a definitive agreement with Veritas Capital and Evergreen Coast Capital to acquire the company for $70.00 per share in cash, totaling approximately $2.8 billion, including debt assumption. This acquisition represents a premium of around 58% over Cubic's closing stock price prior to the buyout announcement. The deal is set to close in Q2 2021, pending shareholder and regulatory approvals. Cubic's management believes this transaction will benefit shareholders by providing liquidity and supporting future growth.
Cubic Corporation (NYSE:CUB) announced a $39 million contract option with the New York Metropolitan Transportation Authority (MTA) to upgrade the fare payment system for Long Island Rail Road and Metro-North Railroad. This upgrade will enhance the OMNY system, enabling an account-based contactless fare payment system across New York City transit. The new system will offer diverse payment options, including mobile apps and digital wallets, and will ensure 24/7 self-service for fare management. Cubic has been involved in designing the OMNY system since 2017.
Cubic Corporation (NYSE: CUB) will host a conference call and webcast on February 8, 2021, at 5:00 p.m. ET to discuss its first quarter fiscal 2021 financial results. The press release and supporting materials will be available after the NYSE closes on the same day through the Investor Relations section of Cubic's website. The call will be led by CEO Bradley H. Feldmann and CFO Anshooman Aga. Investors can join by dialing (833) 968-2299 or 778-560-2777 internationally, using Conference ID 5718879. Webcast access is also available online.
Cubic Corporation (NYSE:CUB) has launched the regional TAP application for Android in collaboration with the Los Angeles County Metropolitan Transportation Authority (Metro). This app offers a secure, contactless method for paying transit fares across Metro and 25 other agencies in L.A. County. The application integrates virtual fare payments, TAP card management, multi-modal program information, and a trip-finding service into a single platform. Previously, the TAP app was released for iPhone and Apple Watch, demonstrating Cubic and Metro's commitment to enhancing user convenience and safety in public transportation.
