Cubic reported Tuesday that net income fell...

Cubic reported Tuesday that net income fell to $2.3 million for the first quarter ended Dec. 31, down from $2.5 million during the first quarter of the previous fiscal year. Revenue for the quarter fell to $87.4 million from $88.1 million.

The San Diego-based company’s defense, fare-collection and elevator operation all reported strong or record backlogs during the first quarter, Cubic Chairman Walter Zable told shareholders during the company’s annual meeting Tuesday.

Zable also predicted that the company will rebound during the remainder of the fiscal year that ends Sept. 30.