Summary of Quarterly Results of Operations (Unaudited)

12 Months Ended

Sep. 30, 2018

Summary of Quarterly Results of Operations (Unaudited)

Summary of Quarterly Results of Operations (Unaudited)

NOTE 18—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, 2018 and 2017:

									Year
	Three Months Ended								Ended
Fiscal 2018	September 30		June 30		March 31		December 31		September 30
	(in thousands, except per share data)
Net sales	$	379,709	$	296,212	$	278,586	$	248,391	$	1,202,898
Operating income (loss)		27,673		10,290		(1,679)		(11,902)		24,382
Net income (loss)		17,816		6,291		(2,011)		(9,786)		12,310
Net income (loss) per share, basic		0.65		0.23		(0.07)		(0.36)		0.45
Net income (loss) per share, diluted		0.65		0.23		(0.07)		(0.36)		0.45

									Year
	Three Months Ended								Ended
Fiscal 2017	September 30		June 30		March 31		December 31		September 30
	(in thousands, except per share data)
Net sales	$	349,115	$	266,184	$	248,040	$	244,370	$	1,107,709
Operating income (loss)		21,207		(6,872)		(6,084)		(5,623)		2,628
Net income (loss)		13,155		(21,957)		461		(2,868)		(11,209)
Net income (loss) per share, basic		0.49		(0.81)		0.02		(0.11)		(0.41)
Net income (loss) per share, diluted		0.49		(0.81)		0.02		(0.11)		(0.41)

Changes in estimates on contracts for which revenue is recognized using the cost-to-cost-percentage-of-completion method decreased operating income by approximately $4.2 million and  $1.6 million in the three months ended September 30, 2018 and 2017, respectively. These adjustments decreased net income from continuing operations attributable to Cubic by approximately $3.1 million ($0.12 per share) and $1.1 million ($0.04 per share) in the three months ended September 30, 2018 and 2017, respectively.