San Diego-based Cubic Corp. on Tuesday announced record sales and income for its fourth fiscal quarter, and strong results for the entire fiscal year.

The maker of defense and transportation systems reported net income of $32.8 million, or $1.22 per share, on sales of $396.4 million in the quarter ended Sept. 30. Revenue was 16 percent higher that the year-ago quarter, and the record income compared with an operating loss a year ago.

Cubic Corp. headquarters in Kearny Mesa. Courtesy Cubic

For the entire fiscal year, net income attributable to Cubic shareholders was $69.5 million, or $2.59 per share, compared to $25.1 million, or $0.94 per, share in the same period a year ago. Sales totaled $1.398 billion, compared to $1.361 billion in the previous fiscal year.

Order backlog was a record-high $3.18 billion, primarily because of a contract to operate the fare collection system for Transport for London, the transit network serving the British capital.

“We are very proud of our record-setting quarter in sales, earnings, and backlog, which contributed to strong overall annual performance,” said Bradley H. Feldmann, president and chief executive officer. “We are humbled and thankful for the continued trust of our customers and the superb performance of our great employees. We expect our results to improve as we grow Cubic and expand our global market leading positions in the transportation and defense markets.”

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Chris Jennewein

Chris Jennewein is Editor & Publisher of Times of San Diego.