Daily Business Report — Feb. 3, 2012
Cubic Defense Applications Awarded $30 Million Air Force Contract
The Air Force has awarded Cubic Defense Applications a contract valued at more than $30 million to improve air combat training at the Joint Pacific Alaska Range Complex. Under the contract, awarded by the Air Force Range Instrumentation System Branch, Cubic and principal subcontractor DRS Training and Control Systems, will provide airborne instrumentation systems to various Air Force bases and several types of ground systems. Deliveries will be completed in the first half of 2013. The ground systems are produced at Cubic’s facility in San Diego.
James Edwards Named Cubic Corp. VP and General Counsel
James R. Edwards has been named vice president, general counsel and corporate secretary for Cubic Corp. by its board of directors. Edwards had previously served as senior vice president, general counsel and secretary of the company’s transportation group, and assistant general counsel and assistant secretary of Cubic Corp. Edwards replaces William Hoese, who is retiring.As general counsel, Edwards will focus on U.S. and international business transactions, including acquisitions, management of intellectual property, Securities and Exchange Commission (SEC) filings and regulatory compliance in the countries where Cubic conducts its business. Edwards joined Cubic in February 2008. Prior to coming to Cubic, he served as senior vice president and general counsel of Kratos Defense, and senior legal counsel for Qualcomm Inc. Edwards is a graduate of the University of San Diego School of Law.
Schubach Aviation Adds to Its Luxury Aircraft Fleet
Schubach Aviation has added a Gulfstream IV SP private jet to its fleet of luxury aircraft. The jet is powered by twin Rolls-Royce turbofans and has a range of 4,220 nautical miles. Henry Schubach, president of the company, said the plane easily connects San Diego to Honolulu, or New York to Paris. It has 157 square feet of cargo space. It can accommodate up to 14 passengers and three crewmembers.
Small Business Workshops
Upcoming SCORE San Diego small business workshops:
• Feb. 6 – Restaurant 201 – 9 a.m. to noon at National University – Kearny Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $49, $59 at the door).
• Feb. 7 – Business Basics 101 – 9 a.m. to noon at National University – Kearny Mesa (9388 Lightwave Ave., San Diego 92123; No charge –pre-register).
• Feb. 8 – Business Plan 101: How to Develop Your Best Competitive Advantage – 9 a.m. to 3 p.m. at National University – Kearny Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $79, $89 at the door).
For more information on the workshop series and locations, call (619) 557-7272 or visit score-sandiego.org.
Customs Agency to Open Pilot Pedestrian Lane at Otay Mesa
U.S. Customs and Border Protection officials will open a pilot pedestrian Ready Lane at the Otay Mesa port of entry on Feb. 23. Similar to the existing vehicle Ready Lanes, any traveler with an approved document that has Radio Frequency Identification technology can use the lane for a faster border crossing. The pedestrian Ready Lane will operate from 4 a.m. until 8 p.m. Monday through Friday and from 8 a.m. until 10 p.m. on Saturday and Sunday. Documents that may be used in the Ready Lane are: the U.S. passport card, Trusted Traveler cards and the newer versions of the legal permanent resident and laser visa/border crossing cards issued after 2008. “This pilot will allow us to test the best ways to leverage existing technology to shorten processing times for travelers crossing the border on foot,” said Chris Maston, director of field operations in San Diego.
Cubic Corp. Reports Quarterly Earnings
Cubic Corp. reported earnings and sales for the quarter ended Dec. 31, 2011. Sales for the first fiscal quarter were $318.7 million compared to $284.4 million last year, an increase of 12 percent. Net income attributable to Cubic shareholders increased by 8 percent to $21.4 million (80 cents per share) this year compared to $19.9 million (74 cents per share) last year. Operating income increased by 4 percent in the first fiscal quarter to $28.2 million, compared to $27.2 million last year. Cash flows used in operations were $38.4 million primarily due to increases in accounts receivable caused by increased sales. During the quarter, Cubic Transportation Systems signed a contract with the Chicago Transit Authority to design, build, operate and maintain CTA’s next-generation open payment fare system, which added $454 million to backlog as of Dec. 31, 2011.
The Daily Business Report is produced by REP Publishing Inc., publisher of SD METRO, the North Park News and the West Coast Craftsman. Contact: Manny Cruz (619) 287-1865.