Exhibit 99.1

Cubic Reports Record Fourth Quarter and Fiscal Year 2020 Results and Provides Fiscal Year 2021 Outlook

SAN DIEGO – November 18, 2020 –

Cubic Corporation (NYSE: CUB) (“Cubic” or the “Company”) today announced its financial results for the fourth quarter and fiscal year ended September 30, 2020.

Fiscal Fourth Quarter 2020 Highlights

Record sales of $475.4 million, up 1% year-over-year
Net income from continuing operations attributable to Cubic of $57.0 million, or $1.82 per share, compared to $41.6 million, or $1.33 per share, in the fourth quarter of fiscal 2019
Adjusted earnings per share of $2.82, up 52% year-over-year
Record fourth quarter Adjusted EBITDA of $104.2 million, up 36% year-over-year
Net cash from operating activities of $95.1 million; Adjusted Free Cash Flow of $87.5 million
Combined Cubic’s two defense business segments to drive customer value, operational effectiveness and cost savings

Full Year Fiscal 2020 Highlights

Sales of $1.476 billion, down 1% year-over-year
Net loss from continuing operations attributable to Cubic of $3.7 million, or $0.12 per share, compared to net income from continuing operations attributable to Cubic of $51.1 million, or $1.67 per share, in fiscal 2019; prior year included $32.5 million gain on sale of fixed assets
Adjusted earnings per share of $3.32, up 6% year-over-year
Record full year Adjusted EBITDA of $158.3 million, up 8% year-over-year; Adjusted EBITDA margin of 10.7% increased 90 basis points year-over-year
Net cash used in operating activities of $8.3 million; Adjusted Free Cash Flow of $60.5 million
Year-end backlog of $3.7 billion, up 8% year-over-year; book-to-bill ratio of 1.1 across all segments
Announced guidance for Cubic’s fiscal year ending September 30, 2021: Sales of $1,550 to $1,600 million; Adjusted EBITDA of $170 to $190 million; Adjusted EPS of $3.00 to $3.60

“We ended the fiscal year on a strong note, delivering record fourth quarter Sales and Adjusted EBITDA and strong Adjusted Free Cash Flow,” said Bradley H. Feldmann, chairman, president and chief executive officer of Cubic Corporation. “We are grateful to our customers for their trust and to our employees for their unwavering commitment to delivering innovative, mission critical solutions, while safeguarding the well-being of their fellow CUBES. We are excited about the future as we embark on our recently announced NextCUBIC strategy, which we expect will drive strong organic sales growth and increase Adjusted EBITDA margins and return on invested capital to the mid-teens by fiscal 2025.”


The following information was filed by Cubic Corp (CUB) on Wednesday, November 18, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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