SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

12 Months Ended

Sep. 30, 2015

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, 2015 and 2014:

										Year
	Three Months Ended									Ended
Fiscal 2015	September 30		June 30		March 31			December 31		September 30
	(in thousands, except per share data)
Net sales	$	425,917	$	347,806	$	338,834		$	318,488	$	1,431,045
Operating income	34,709		10,293		23,206			7,179		75,387
Net income (loss) attributable to Cubic	19,977		8,780		(11,024		)	5,152		22,885
Net income (loss) per share, basic	0.74		0.33		(0.41		)	0.19		0.85
Net income (loss) per share, diluted	0.74		0.33		(0.41		)	0.19		0.85
										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 (loss)	39,268		19,215		22,177			11,830		92,490
Net income (loss) attributable to Cubic	32,805		12,206		16,092			8,388		69,491
Net income (loss) per share, basic	1.22		0.46		0.60			0.31		2.59
Net income (loss) per share, diluted	1.22		0.45		0.60			0.31		2.59

Changes in estimates on contracts for which revenue is recognized using the cost-to-cost-percentage-of-completion method increased operating profit by approximately $0.7 million in the three months ended September 30, 2015 and increased operating profit by approximately $10.7 million in the three months ended September 30, 2014. These adjustments increased net income by approximately $0.5 million ($0.02 per share) in the three months ended September 30, 2015 and increased net income by approximately $7.6 million ($0.28 per share) in the three months ended and September 30, 2014.