Cubic out of compliance with NYSE standards

Cubic out of compliance with NYSE listing standards because of late quarterly report

Associated Press

SAN DIEGO (AP) -- Shares of Cubic Corp. slid 3 percent Wednesday after it revealed that it had been notified by the New York stock Exchange that it is not in compliance with the exchange's listing standards after failing to file its most recent quarterly report on time.

As a result, the San Diego-based electronics company will be listed as a late filer on the NYSE's listing standards page and the initials "LF" will be added to its stock symbol. Cubic said Wednesday it also will be noted as a late filer on its profile, data and news web pages.

Earlier this month, Cubic announced plans to restate its earnings for the past three fiscal years after a review discovered errors in how it accounted for revenue from long-term development contracts as well as certain service contracts.

Based on a preliminary review, the changes are expected to increase revenue and net income over the three years, Cubic said.

Cubic shares fell $1.67 to $48.32 in afternoon trading.

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