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cubic applications,Inc. bekommt $63M Vertrag für Joint Warfighting Center Training Support



SAN DIEGO & LACEY, Wasch.,18. Dez. 2001 (GESCHÄFT TELEGRAFISCH ÜBERWIESEN) -- Cubic Applications
Inc., eine Tochtergesellschaft der von San Diego - basiertem cubic Corp. ( AMEX: cub), hat einen Vertrag mit einem potentiellen Wert von $ 63 Million bekommen, technische und allgemeine Dienste für die United States Joint Forces Command Joint Warfighting Center bereitzustellen

Die Auszeichnung, ein Untervertrag von TRW Inc., ist ein Folgeauftrag auf den Fünfjahreskontrakt von 1997 der U.S. Army Training and Doctrine Command
(TRADOC) .

"Dieses ist ein bedeutungsvoller Sieg für CAI,so dass U. S. Joint Forces Command ein bedeutendes Stück unseres Basis-business vertritt,"sagte jack walker,CAI`s Präsidentund oberstes leitendes Vorstandsmitglied."Desweiteren, seine Entwicklung von Anfang zu einem unserer grössesten Verträge diese Auszeichnung insbesondere wichtig zu unserem zukünftigen Wachstum macht.

"Wir erkannten die Güte des Vertrages mit TRW,the Joint Forces
Command,um uns für diesen neuen Unterstützungsvertrag zu bemühen.In gegenseitigem Einvernehmen, wurde CAI TRW`s bedeutender Zulieferant und partner,"walker
Heute hat CAI in etwa 160 Arbeitnehmer, die Entwicklung, Produktion und Festsetzungsunterstützung für Entwurf, Entwicklung, Planung, Vorbereitung und Ausführung gemeinsamer und kombinierter Übungen bereitstellen. CAI hat Verantwortung für gemeinsame Ausbildung, gemeinsame Doktrin, Modellieren und Simulation - verwandte Abordnungen, und Hardware /software Auflagen. CAI unterstützt die betrieblichen und technischen Auflagen des Gemeinsamen Stabes, Kommandeure in Chef direkt, und ist verantwortlich für Entwicklung, Management und Durchführung aller Phasen des Gemeinsamen Ausbildungssystemes. CAI stellt Doktrin und Simulationsentwicklung, Führungsbildung und Ausbildung auch bereit, übt Planung und Ausführung, und Streitkräfte, die Unterstützung umstrukturieren.

CAI ist Teil der cubic Verteidigungsgruppe. Zusätzlich zu Bereitstellen von Schlachtsbefehl Ausbildung, Simulationen und Simulationsunterstützung für U. S. und verbündete militärische Gewalten, die Verteidigungsgruppe produziert instrumentiertes Luft- und Bodenkampftraining,die Systeme, hohes Technologieavionics, Datensysteme und Nachrichtenwesenprodukte für die Regierung und geschäftliche Kunden und einen breiten Bereich technischer und logistische Dienste.

Cubic`s anderes bedeutendes Segment, Cubic Transportation Systems Group,stellt Entwürfe und automatische Fahrgeldsammlungssysteme für öffentliche Massentransit-Behörden weltweit her.
Cubic Wins $38.3 Million Contract from Maryland Transit Administration; Contract Will Provide First Statewide Smart Card-Based Public Transit Ticketing System


SAN DIEGO, Dec 20, 2001 (BUSINESS WIRE) -- The Maryland Transit Administration
(MTA) has awarded Cubic Transportation Systems, a subsidiary of San Diego-based
Cubic Corporation (AMEX: CUB), a $38.3 million contract to deliver the nation`s
first statewide smart ticketing system. The total value of the contract could
reach $41 million if all options are exercised.

The contract represents a final step in the MTA`s initiative to deliver seamless
transit throughout the state and completes the regional expansion of
Washington`s highly popular SmarTrip(R) smart card system, in service since June
1999 for rail and parking payment.

The new MTA ticketing system, using a single smart card, will join all subway,
light rail and commuter rail systems. The ticketing system will also link the
state`s commuters to the regional bus system that feeds into Washington, D.C.
This year, Cubic received a series of contracts totaling approximately $59
million for more than 3,000 smart card-enabled fareboxes and electronic
validators to be installed on buses throughout Washington, D.C., Maryland, and
parts of Virginia. Nearly 210,000 Washington riders use SmarTrip today, but more
than one million commuters could be using the card upon completion of the
regional system.

Cubic`s fare collection system will use both magnetic and smart card products
for the state`s subway, light rail, commuter rail and bus transit systems.
Maryland commuters who work in Washington, for example, and have to change
transit modes or operators will be able to pay using a single card, making the
entire commuting experience seamless and invisible.

Cubic will integrate the MTA`s new rail equipment, including gates, handheld
units and ticket vending machines with the Tri-Reader(R), Cubic`s core
technology for supporting system compatibility among all the participating
agencies. Tri-Reader is one of Cubic`s Nextfare(TM) Solution Suite advanced
smart card tools, developed to plug into new and existing mass transit systems.

As part of the MTA contract, Cubic will deliver several value-added ticketing
services, such as SmartBenefits, a SmarTrip application currently in use at
Washington Metropolitan Area Transit Authority (WMATA), which allows
participating federal and private sector employees to receive transit benefits
directly on their SmarTrip cards at the WMATA vendors. All MTA end devices will
both dispense benefits and allow Autoload, which lets transit users link their
smart cards to their credit cards for automatic reload of transit value into the
system, similar to the way "EZ-Pass" works for toll road users. In addition,
patrons will be able to load value on their smart cards at ticket vending
machines using either their credit or debit cards.

The MTA equipment is scheduled for installation in stages between the second and
fourth quarters of 2003, with complete system acceptance by the third quarter of
2004. The equipment will be manufactured at Cubic`s Tullahoma, Tenn. production
facilities.



About Cubic

Cubic Transportation Systems is the world`s largest supplier and system
integrator of integrated electronic ticketing systems and has smart card
contracts for public transit systems in North America, Europe and Asia.
Recently, the company added a security group to expand its smart card technology
into non-transit uses including security and access control. Every year, nearly
10 billion people use Cubic systems in more than 40 major markets in cities on
five continents, including London, Washington, D.C., Hong Kong, Chicago, New
York, Guangzhou, Shanghai, Atlanta, San Francisco, Singapore and Miami. As part
of the TranSys consortium, Cubic also is supplying the entire automated fare
collection system including smart cards for the London PRESTIGE project.

Cubic`s other major segments, the Cubic Defense Group, provides battle command
training, instrumented training systems, avionics, data links, product
logistical support, and radio communication systems. For more information about
Cubic, see the company`s Web site at www.cubic.com.
Maryland Tickets Cubic for $38.3 Million


Dec 21, 2001 (Internet.com via COMTEX) -- The Maryland Transit Administration
(MTA) has awarded Cubic Transportation Systems , a subsidiary of San Diego-based
Cubic Corp. , a $38.3 million contract to deliver the nation`s first statewide
smart ticketing system. The total value of the contract could reach $41 million
if all options are exercised.

The contract represents a final step in the MTA`s initiative to deliver seamless
transit throughout the state and completes the regional expansion of
Washington`s popular SmarTrip smart card system, in service since June 1999 for
rail and parking payment.

The new MTA ticketing system, using a single smart card, will join all subway,
light rail and commuter rail systems. The ticketing system will also link the
state`s commuters to the regional bus system that feeds into Washington, D.C.
This year, Cubic received a series of contracts totaling approximately $59
million for more than 3,000 smart card-enabled fareboxes and electronic
validators to be installed on buses throughout Washington, D.C., Maryland, and
parts of Virginia. Nearly 210,000 Washington riders are using the SmarTrip
system.

Cubic`s fare collection system will use both magnetic and smart card products
for the state`s subway, light rail, commuter rail and bus transit systems.
Maryland commuters who work in Washington, for example, and have to change
transit modes or operators will be able to pay using a single card.

Cubic will integrate the MTA`s new rail equipment, including gates, handheld
units and ticket vending machines with the Tri-Reader, Cubic`s core technology
for supporting system compatibility among all the participating agencies.
Tri-Reader is one of Cubic`s advanced smart card tools, developed to plug into
new and existing mass transit systems.

As part of the MTA contract, Cubic will deliver several value-added ticketing
services, such as SmartBenefits, a SmarTrip application currently in use at
Washington Metropolitan Area Transit Authority (WMATA), which allows
participating federal and private sector employees to receive transit benefits
directly on their SmarTrip cards at the WMATA vendors.

All MTA end devices will both dispense benefits and allow Autoload, which lets
transit users link their smart cards to their credit cards for automatic reload
of transit value into the system, similar to the way "EZ-Pass" works for toll
road users. In addition, users will be able to load value on their smart cards
at ticket vending machines using either their credit or debit cards.

The MTA equipment is scheduled for installation in stages between the second and
fourth quarters of 2003, with complete system acceptance by the third quarter of
2004. The equipment will be manufactured at Cubic`s Tullahoma, Tenn. production
facilities.
Cubic`s Smart Card-Ready Equipment Ordered for CTA`s Blue Line Rehabilitation Project


SAN DIEGO, Dec 27, 2001 (BUSINESS WIRE) -- Cubic Transportation Systems Inc., a
subsidiary of San Diego-based Cubic Corp. (AMEX: CUB), has been awarded a $3.3
million contract to provide smart card-ready fare collection equipment for the
Chicago Transit Authority (CTA)`s Blue Line Cermak (Douglas) Branch
rehabilitation project.

Cubic is the provider of the CTA`s existing high-tech electronic fare collection
system that operates on all CTA rail lines, including the Blue Line. Built
between 1895 and 1912, the Cermak Branch, also known as the Douglas Branch, is a
critical link in the CTA rail system, which serves about 10,000 passengers a day
at its 11 stations.

Eight of the 11 stations will be renovated by Kiewit-Delgado, AJV, as part of a
$482 million rehabilitation made possible through federal and Illinois state
funding. It is the largest capital improvement project in the CTA`s history.

The CTA introduced smart cards to its riders in August 2000 under a pilot
program. Next year, the agency is planning a major rollout following a recent
order that calls for Cubic to deliver 300,000 new cards. CTA uses Cubic`s GO
CARD(R), the same technology the Washington Metropolitan Area Transit Authority
uses for its SmarTrip(R) system, the nation`s first transit smart card program.
Smart cards allow customers to save time by storing value on a plastic chip card
that makes contact with a "card reader" without actually touching it.

Cubic`s fare collection system is interoperable across the CTA`s rail and bus
system and the Chicago area`s Pace suburban bus system, making it the nation`s
first multi-agency, multi-modal system for public transit.

The CTA is adding new entrances and exits as well as new ticketing equipment at
several of the renovated stations to improve the rail system`s operations.
Cubic`s equipment includes federally compliant wheelchair-accessible gates,
high-volume faregates, high barrier gates, and ticket vending machines, all of
which are designed to accept both the CTA`s SmartCard and magnetic-stripe
farecards. Also included in the order are station information controllers, the
same information center/passenger units that allow passengers to check the value
and expiration date of smart cards and magnetic stripe cards throughout the rest
of the CTA system.

"The Chicago Transit Authority is more than the nation`s second largest transit
system; it is one of the pioneers in American transportation history," said
Walter C. Zable, president and CEO, Cubic Transportation Systems. "It is our
honor to be involved in this modernization project and to receive this latest
contract, which ensures there will be continuity of ticketing service throughout
the CTA system."

The equipment is scheduled for installation in the third quarter of 2002 and
will be manufactured at Cubic`s Tullahoma, Tenn. production facilities.

Cubic Transportation Systems is the world`s largest supplier and system
integrator of integrated electronic ticketing systems and has smart card
contracts for public transit systems in North America, Europe and Asia.
Recently, the company added a security group to expand its smart card technology
into non-transit uses including security and access control. Working with Cubic
Security, the Washington Metro added a security application to its transit-based
SmarTrip(R) cards issued to employees who work in a secure area of the transit
authority. The application can potentially grow to include biometrics, such as
fingerprint and facial recognition.

Every year, nearly 10 billion people use Cubic systems in more than 40 major
markets in cities on five continents, including London, Washington, D.C., Hong
Kong, Chicago, New York, Guangzhou, Shanghai, Atlanta, San Francisco, Singapore
and Miami. As part of the TranSys consortium, Cubic also is supplying the entire
automated fare collection system including smart cards for the London PRESTIGE
project.

Cubic Transportation Systems Group is one of Cubic Corp.`s two major segments.
The Cubic Defense Group provides battle command training, instrumented training
systems, avionics, data links, product logistical support, and radio
communication systems. For more information about Cubic, see the company`s Web
site at www.cubic.com.
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Cubic Defense Systems to Provide Air Combat Training System for Royal Saudi Air Force


SAN DIEGO, Jan 3, 2002 (BUSINESS WIRE) -- The U.S. Air Armament Center at Eglin
Air Force Base, Fla., has awarded a $19 million contract to Cubic Defense
Systems, a subsidiary of San Diego-based Cubic Corp. (AMEX: CUB), to provide a
new air combat training system to the Royal Saudi Air Force for F-15 fighter
pilot training.

As part of a U.S. government Foreign Military Sale, the Royal Saudi Air Force
(RSAF) will receive a system similar to Cubic`s Kadena Interim Training System
(KITS), now being used by U.S. Air Force pilots at Kadena Air Base, Okinawa,
Japan, and Air National Guard pilots at Alpena, Mich.

The Saudi Arabian KITS, which the RSAF`s new system will be called, is scheduled
for completion by May 2003 with follow-on contractor logistics support. System
components will include Cubic`s Air Combat Training -- Rangeless (ACT-R) pods,
its Individual Combat Aircrew Display System (ICADS (TM)), spares and test
equipment. Cubic will also train RSAF personnel on how to use the system and
provide two years of operations and maintenance support.

The contract represents Cubic`s first sale of air combat training equipment for
use in Saudi Arabia and the first sale of its ACT-R system in the Middle East.
Cubic Corp.`s Cubic Sales Ltd. subsidiary took a leadership role in winning the
business.

"Our dedicated and dynamic team worked diligently to adapt a great product --
our ACT-R system -- to the specific requirements of the Royal Saudi Air Force,"
said George Stapleton, president of Cubic Sales Ltd. "This is a significant
contract win that will open the door to additional business growth both within
Saudi Arabia and the Gulf Cooperation Council."

Cubic Defense Systems will begin work on the contract immediately. The work will
be performed at Cubic`s San Diego facility with the first shipment of equipment
scheduled a year from now.

News of the RSAF contract closely follows Cubic`s announcement of a USAF
contract award valued at approximately $40 million to provide nine USAF and Air
National Guard facilities with autonomous, "rangeless" air combat training
capability.

"Cubic has worked effectively with the Royal Saudi Air Force and U.S. government
to bring this program to fruition," said Bruce Roberts, president and CEO of
Cubic Defense Systems. "This sale further illustrates the world acceptance of
our ACT-R technology."

Cubic Defense Systems is part of the Cubic Defense Group, which provides
instrumented air and ground combat training systems, battle command training,
simulations and simulation support for U.S. and allied military forces. The
Group also produces high technology avionics, data links and communications
products for government and commercial customers and provides a wide range of
technical and logistics support services.

Cubic Corp.`s other major segment, Cubic Transportation Systems, designs and
manufactures automated fare collection systems for public mass transit
authorities worldwide.
Cubic-hosted NATO Study Group Meeting on Improving Joint Training Wraps Up


SAN DIEGO, Jan 17, 2002 /PRNewswire via COMTEX/ -- Cubic Defense Systems, a
subsidiary of San Diego-based Cubic Corporation (Amex: CUB), is concluding a
week-long NATO study committee meeting examining how to make allied forces` air
and ground combat training systems more conducive to joint training exercises.

The NATO Interoperability Study Committee, vice-chaired by Philip J. Fisch,
Cubic Defense Systems director of business development for training systems,
comprises 20 participants from defense electronics companies in eight countries
in Europe, North America and Turkey. The participants are examining the
"interoperability" of electronic training systems with the objective of
improving joint training exercises. At present, some NATO forces are unable to
train together because of incompatible electronic systems.

Cubic`s Fisch was appointed to the position last summer by the NATO Industrial
Advisory Group (NIAG) -- a forum for discussing defense industry issues that
affect NATO nations.

"Cubic feels privileged to take a leadership role in addressing
interoperability," Fisch said. "By working together on this important issue, the
defense industry is helping to build a stronger NATO with the highest possible
level of combat readiness."

During a tour of Cubic on Friday, the NATO study committee will visit the
company`s training instrumentation "pod" manufacturing facility and see
demonstrations of several Cubic products that can be used in any airspace or
ground location -- an important feature when planning joint training exercises.
The products include:



-- The Individual Combat Aircrew Display System (ICADS (TM)), a new

PC-based after-action review system for fighter pilots that allows

them to debrief on laptop computers.

-- The Air Combat Training -- Rangeless (ACT-R) system, which allows

aircraft to train virtually any airspace without expensive ground

architecture.

-- Cubic`s Multiple Integrated Laser Engagement System (MILES 2000)

now used for force-on-force training in the Netherlands, U.S. and

Kuwait.

Cubic also will highlight the new Area Weapons Effects Simulator (AWES) it is
building for the United Kingdom Ministry of Defense in the Salisbury Plain
Training Area in England and at Suffield, Alberta, Canada.

The study committee held its first meetings last September at NATO headquarters
in Brussels, Belgium, and met in November in Konstanz, Germany. During the
previous meetings, the committee defined the term "interoperability" and
developed a database of all the air combat training systems within NATO. The
committee plans to meet in Rome in March, northern Florida in May, and in July,
Ueberlingen, Germany. Committee members are expected to present their findings
to NIAG in late summer.

Cubic Defense Systems is part of the Cubic Defense Group, a major business
segment of Cubic Corporation that provides instrumented air and ground combat
training systems, battle command training simulations, and simulation support
for U. S. and allied military forces. The Group also produces high technology
avionics, data links and communications products for government and commercial
customers and provides a wide range of technical and logistics services. Cubic
Corporation`s other major segment, Cubic Transportation Systems, designs and
manufactures automatic fare collection systems for public mass transit
authorities worldwide.
Cubic Wins $15.2 Million Contract for Minneapolis/St. Paul Smart Card Fare Collection System Leader in Automated Fare Collection Brings Affordable, Proven "Big System" Technology to Emerging Light Rail, Bus Rapid Transit Markets


SAN DIEGO, Jan 18, 2002 (BUSINESS WIRE) -- Cubic Transportation Systems Inc., a
subsidiary of San Diego-based Cubic Corp. (AMEX: CUB), has received a $15.2
million contract from the Metropolitan Council in Minneapolis/St. Paul, Minn.,
to deliver the nation`s first "smart" regional ticketing system for light rail
and bus rapid transit.

Total value of the contract could reach $19.3 million if all options are
exercised.

The new ticketing system is part of the Twin Cities` regional "smart growth"
plan for the Twin Cities seven-county metropolitan area. It will provide
seamless fare collection among the region`s transit systems and the state`s
first light-rail line. The contract will be managed by Metro Transit, the
region`s largest bus system and operator of the light-rail line when it opens in
late 2003. Smartcard technology also will be deployed at stations along Metro
Transit`s Riverview Corridor busway, Minnesota`s first bus rapid transit
project, now in development.

"Minneapolis/St. Paul is a big win for Cubic. It means we`re officially in the
light rail and bus rapid transit business, in addition to the heavy rail
customers-which have been our traditional core customer-such as London,
Washington, New York and Chicago," said Walter C. Zable, president and chief
executive officer, Cubic Transportation Systems. "Since many North American
agencies are looking at light rail and bus rapid transit, it was essential for
us to look at our business direction and position ourselves as a serious player
in this market."

The fare payment system will use both magnetic and smart card products. A
Cubic-designed central computer will be the heart of the system and will
integrate bus and station equipment to a central source for revenue and data
management. The system will use Cubic`s Nextfare(TM) Business Management System,
a central computer package designed for multi-operator regional ticketing
systems, and Tri-Reader(R), the only card reader that processes all
ISO-compliant and Cubic`s GO CARD(R) smart cards.

The ticketing system will feature Autoload, which lets transit users link smart
cards to their credit cards for automatic reload of transit value at any ticket
vending machine. Patrons also will be able to load value on their smart cards at
rail and busway ticket vending machines by using either credit or debit cards.
The Minneapolis/St. Paul fare collection system will feature Cubic`s new ticket
vending machine designed for the light rail and bus rapid transit markets.

"We have repackaged the best of our proven `big system` technologies and
delivered a solution to Twin Cities transit operators that is comparable but
affordable. It is a model for other cities wanting a common platform to ensure
efficient long-term and economical support costs for both hardware and software
systemwide," Zable said.

The contract includes an option to buy additional equipment for the Northstar
Commuter Rail line currently under evaluation by regional officials and the
state transportation department.

Cubic is the supplier of the only full-scale smart card systems in the U.S.
transit market today-the SmarTrip(R) system in Washington, D.C., and Chicago`s
SmartCard system.

Cubic Transportation Systems is the world`s largest supplier and system
integrator of integrated electronic ticketing systems and has smart card
contracts for public transit systems in North America, Europe and Asia.
Recently, the company added a security group to expand its smart card technology
into non-transit uses including security and access control.

Every year, nearly 10 billion people use Cubic systems in more than 40 major
markets in cities on five continents, including London, Washington, D.C., Hong
Kong, Chicago, New York, Guangzhou, Shanghai, Atlanta, San Francisco, Singapore
and Miami. As part of the TranSys consortium, Cubic also is supplying the entire
automated fare collection system including smart cards for the London PRESTIGE
project.

Cubic Transportation Systems Group is one of Cubic Corp.`s two major segments.
The Cubic Defense Group provides battle command training, instrumented training
systems, avionics, data links, product logistical support, and radio
communication systems. For more information about Cubic, see the company`s Web
site at www.cubic.com.
Cubic Wins $5.5 Million Contract to Upgrade Chicago Transit Authority`s Central Computing System


SAN DIEGO, Jan 24, 2002 (BUSINESS WIRE) -- Cubic Transportation Systems, a
subsidiary of San Diego-based Cubic Corp. (AMEX: CUB), has received a $5.5
million contract to upgrade the central computing system and infrastructure for
the Chicago Transit Authority (CTA), the nation`s second largest public
transportation system and the second in the U.S. to implement smart card
technology.

The total value of the contract could reach $6.25 million if all options are
exercised.

Cubic is the provider of the CTA`s high-tech electronic fare collection system
that links all rail and regional bus operations to a single magnetic ticket or
"touchless" smart card. The CTA launched a limited "trial" of 3,500
Cubic-supplied smart cards in 2000. Last September, CTA awarded a contract for
Cubic to supply an additional 300,000 cards, which will be phased in by the CTA
over the next two years.

The central system acts as the "brains" of the CTA`s fare collection operations,
integrating and linking all rail and bus fare equipment to a central source for
revenue and data management. Cubic will upgrade station-level computers
throughout the CTA`s 143 rail stations to ensure seamless data upload and
download operations with the central system.

"These enhancements will ensure the CTA`s fare collection system continues to be
powered by a high-performance, high-reliability central system," said Walter C.
Zable, president and chief executive officer, Cubic Transportation Systems. "Not
only will our system have the processing power and storage to easily handle the
CTA`s transaction volume today, but it will have the reserved capability to
support several years of sustained annual ridership growth, consistent with the
CTA`s objectives."

The central system`s expansion will include more powerful reporting and
distribution tools that will position the agency to take advantage of more
advanced fare collection technologies that the CTA may add in the future. The
upgrade is scheduled for completion by this summer.

Cubic Transportation Systems is the world`s largest supplier and system
integrator of integrated electronic ticketing systems and has smart card
contracts for public transit systems in North America, Europe and Asia.
Recently, the company added a security group to expand its smart card technology
into non-transit uses including security and access control.

Every year, nearly 10 billion people use Cubic systems in more than 40 major
markets in cities on five continents, including London, Washington, D.C., Hong
Kong, Chicago, New York, Guangzhou, Shanghai, Atlanta, San Francisco, Singapore
and Miami. As part of the TranSys consortium, Cubic also is supplying the entire
automated fare collection system including smart cards for the London PRESTIGE
project.

Cubic Transportation Systems Group is one of Cubic Corp.`s two major segments.
The Cubic Defense Group provides battle command training, instrumented training
systems, avionics, data links, product logistical support and radio
communication systems. For more information about Cubic, see the company`s Web
site at www.cubic.com.
Cubic Corp. -- AMEX: CUB -- Reports Fiscal 2002 First Quarter Earnings Up 22 Percent


SAN DIEGO, Jan 31, 2002 (BUSINESS WIRE) -- Cubic Corp. (AMEX: CUB) today
announced that net income for the first quarter of fiscal 2002 increased 22
percent to $5.7 million or 64 cents a share from $4.7 million or 52 cents a
share for the same quarter the prior year. The company reported sales of $123.9
million, compared to sales of $120.3 million for the same period last year.

Operating profits (before interest, taxes and corporate items) for the company`s
two major segments, defense and transportation, increased to $7.9 million for
the quarter from $5.1 million for the first quarter of last year. Taking into
account that $661,000 of this increase resulted from new accounting rules for
goodwill, on a comparable basis operating profits increased by 36 percent from
the same period last year. All of the gains in operating income came from the
defense segment, although the transportation group continued to provide more
than half of total operating profits. The after-tax impact of the change in
accounting for goodwill was about 5 cents per share. On the other hand, the
company noted that last year`s first quarter profits were helped by a $1.4
million pre-tax gain from the sale of marketable securities, which was not
repeated in the first quarter of 2002.

The company`s defense segment generated a 15 percent increase in sales, mostly
from its data link and training systems product lines. Improvement in operating
profits for the segment came from the ground and air combat training systems
business, most significantly because operating profits from the first quarter of
fiscal 2001 had been reduced by costs related to a cancelled purchase request
for an air combat training program in Australia.

Transportation segment sales for the quarter were lower than the same period
last year, because of an anticipated lower level of activity on the Prestige
contract in London and decreased revenues from contracts in the Far East, which
are now nearing completion. Operating profits in the segment were down $300,000
due to a provision of $900,000 in the quarter for severance costs due to a
planned plant closing in western England. The company is in the process of
purchasing a new facility near London in order to bring operations closer to its
key customers. These events do not reflect a decline in business prospects, but
rather a move to gain greater efficiency by bringing operations together into
one facility and in closer proximity to key customers. The acquisition of this
building is indicative of management`s optimistic view of the long-term
prospects for transportation systems business in Europe.

"We are optimistic of the long-term prospects for the company," said Cubic Corp.
President and CEO Walter J. Zable. "We expect a good pick up in new business
this year, which should position us for growth in sales and earnings over the
next few years."

Total backlog at December 31, 2001, including unfunded customer orders, was
$1,102,000,000, compared to $1,029,000,000 at December 31, 2000. Included in the
amounts above was funded backlog of $762,000,000 at December 31, 2001, compared
to $760,000,000 at December 31, 2000.

Cubic Transportation Systems designs and manufactures automatic fare collection
systems for public mass transit, including rail and buses throughout the world.
The Cubic Defense Group provides instrumented air and ground combat training
systems, battle command training simulations, and simulation support for U. S.
and allied military forces. The Group also produces high technology avionics,
data links and communications products for government and commercial customers
and provides a wide range of technical and logistics services. For more
information about Cubic, see the company`s web site at www.cubic.com.

In addition to historical matters, this release contains forward-looking
statements which are made pursuant to the safe harbor provisions of the
Securities Litigation Reform Act of 1995. These forward-looking statements
involve predictions of future results. Investors are cautioned that
forward-looking statements involve risks and uncertainties which may affect the
company`s business and prospects. These include the effects of politics on
negotiations and business dealings with government entities, economic conditions
in the various countries in which the company does or hopes to do business,
competition and technology changes in the defense and transit industries, and
other competitive and technological factors.



CUBIC CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)

(amounts in thousands, except per share data)

Three Months Ended

December 31,

2001 2000

---------- ----------

Revenues:

Sales $123,877 $120,334

Other income 1,278 3,375

---------- ----------

125,155 123,709

---------- ----------

Costs and expenses:

Cost of sales 93,301 94,493

Selling, general and

administrative expenses 20,067 19,258

Research and development 2,605 2,005

Interest 891 884

---------- ----------

116,864 116,640

---------- ----------

Income before income taxes 8,291 7,069

Income taxes 2,600 2,400

Net income $5,691 $4,669

========== ==========

Basic and diluted net income

per common share $0.64 $0.52

========== ==========

Average shares of common

stock outstanding 8,907 8,907

========== ==========

CUBIC CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

December 31, September 30,

2001 2001

(Unaudited) (See note below)

---------------- ----------------

ASSETS

Current assets:

Cash and cash equivalents $ 83,198 $ 76,837

Marketable securities,

available-for-sale 604 584

Accounts receivable 133,888 141,516

Inventories 38,613 30,386

Deferred income taxes and

other current assets 26,172 26,783

---------------- ----------------

Total current assets 282,475 276,106

---------------- ----------------

Property, plant and

equipment -- net 33,149 33,376

Goodwill, less amortization 18,836 18,927

Other assets 12,723 12,938

---------------- ----------------

$ 347,183 $ 341,347

================ ================

LIABILITIES AND SHAREHOLDERS` EQUITY

Current liabilities:

Trade accounts payable $ 11,057 $ 11,889

Customer advances 29,181 30,479

Other current liabilities 43,921 42,205

Income taxes payable 10,314 10,321

---------------- ----------------

Total current liabilities 94,473 94,894

---------------- ----------------

Long-term debt 50,000 50,000

Deferred compensation 6,219 5,558

Shareholders` equity:

Common stock 234 234

Additional paid-in capital 12,123 12,123

Retained earnings 226,786 221,095

Accumulated other

comprehensive loss (6,589) (6,494)

Treasury stock at cost (36,063) (36,063)

---------------- ----------------

196,491 190,895

---------------- ----------------

$ 347,183 $ 341,347

================ ================

Note: The balance sheet at September 30, 2001 has been derived from the audited
financial statements at that date.



CONTACT: Cubic Corp., San Diego

Kelly Williams, 858/505-2378



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KEYWORD: CALIFORNIA

INDUSTRY KEYWORD: AEROSPACE/DEFENSE

COMPUTERS/ELECTRONICS

TRANSPORTATION

EARNINGS

SOURCE:

Cubic

Corp.
es steht ein neues alltime-high bevor,intradayhigh schon bei 52$,ausbruch aus einer chartechnischen flagge,die nach unten gerichtet war,nach den candlesticks während dieses zeitraumes hat sie 4 mal die unterstützung bei 46 $ nach unten getestet,nun ist der weg nach oben wieder frei.
Cubic Transportation Systems, Ltd. Rated One of UK`s 40 Safest Companies


SAN DIEGO, Feb 5, 2002 /PRNewswire-FirstCall via COMTEX/ -- Cubic
Transportation Systems, Ltd., part of San Diego based-Cubic Corporation (Amex:
CUB) has received the British Safety Council`s "Sword of Honour" for its
outstanding health, safety and environmental management systems. The honor, one
of the most sought after in the country`s health and safety industry, is for
companies that have implemented systems to help protect their people, equipment
and environment, increasing productivity and profitability.

"To be awarded the sword, CTSL had to demonstrate that we had a culture of
aiming for the best practices, promoted from the boardroom to the shop floor,"
said CTSL Group Safety Manager Ian Moncur. "It is indeed an honor to be
recognized for practices that we subscribe to in our daily course of doing all
we can to exceed our customers` expectations, particularly as we operate in
areas where safety is paramount, i.e., the railways."

To be eligible to apply for the Sword, a company or organization must receive
the Safety Council`s maximum five star health and safety management system audit
rating. Each year about 100 eligible companies are assessed regarding areas of
health and safety management including: business risk management, environment,
culture and behavior, measurement and control systems, management of health and
safety, occupational health, and information on accidents and incidents.

The responses are judged by an independent awards panel. Swords are awarded to
the top 40.

CTSL is part of Cubic Transportation Systems, Inc., the world`s largest supplier
and system integrator of integrated electronic ticketing systems with smart card
contracts for public transit systems in North America, Europe and Asia.

Every year, nearly 10 billion people use Cubic systems in more than 40 major
markets in cities on five continents, including London, Glasgow, Washington,
D.C., Hong Kong, Chicago, New York, Atlanta, San Francisco, Guangzhou, Shanghai,
Bangkok and Kuala Lumpur, Singapore, Sydney and Miami. As part of the TranSys
consortium, Cubic also is supplying the entire automated fare collection system
including smart cards for the London PRESTIGE project.

The corporation`s other major segment, the Cubic Defense Group, provides
instrumented air and ground combat training systems, battle command training
simulations, and simulation support for U.S. and allied military forces. The
Group also produces high technology avionics, data links and communications
products for government and commercial customers and provides a wide range of
technical and logistics services. For more information about Cubic, see the
company`s web site at www.cubic.com .
Cubic Board Announces Dividend and Plans for Stock Split; Company on Target for Improved Earnings


SAN DIEGO, Feb 13, 2002 (BUSINESS WIRE) -- Cubic Corp (AMEX: CUB) today
announced at its annual shareholders meeting that the company`s board of
directors has approved a regular semi-annual dividend of 19 cents per share,
payable on March 16, 2002 to shareholders of record at the close of business on
Feb. 18, 2002.

Cubic has paid uninterrupted semi-annual dividends for 30 consecutive years.

The company also announced that the board has approved a three-for-one split of
the company`s common stock, subject to shareholder approval. The stock split
must be approved by shareholders at a special meeting, the date and time of
which will be announced as soon as possible. If approved, the split will be
implemented as soon as practicable.

In remarks made at the shareholders meeting, Cubic Chief Financial Officer
William Boyle stated, "The earnings target we have set for ourselves for 2002 is
a 20 percent increase, and we are in line to meet that goal."

Last month, the company announced that net income for the first quarter of
fiscal 2002 increased to $5.7 million or 64 cents a share from $4.7 million or
52 cents a share for the same quarter the prior year. The company reported sales
of $123.9 million, compared to sales of $120.3 million for the same period last
year.

The Cubic Transportation Systems Group designs and manufactures automatic fare
collection systems for public mass transit, including rail and buses throughout
the world. The Cubic Defense Group provides instrumented air and ground combat
training systems, battle command training simulations, and simulation support
for U.S. and allied military forces. The group also produces high technology
avionics, data links and communications products for government and commercial
customers and provides a wide range of technical and logistics services. For
more information about Cubic, see the company`s Web site at www.cubic.com.

In addition to historical matters, this release contains forward-looking
statements which are made pursuant to the safe harbor provisions of the
Securities Litigation Reform Act of 1995. These forward-looking statements
involve predictions of future results. Investors are cautioned that
forward-looking statements involve risks and uncertainties which may affect the
company`s business and prospects. These include the effects of politics on
negotiations and business dealings with government entities, economic conditions
in the various countries in which the company does or hopes to do business,
competition and technology changes in the defense and transit industries, and
other competitive and technological factors.
Time & Sales most recent back next
CUBIC CORP - American Stock Exchange: CUB


Rec. Time Action Price Volume Exch.
4:03:04 PM Ask 54.8 100 PHI
4:03:04 PM Bid 54.15 100 PHI
4:01:45 PM Ask 54.55 500 AMEX
4:01:45 PM Bid 54.4 1000 AMEX
4:01:35 PM Trade 54.5 900 AMEX
4:01:23 PM Ask 54.55 200 AMEX
4:00:18 PM Trade (at Ask) 54.5 2400 AMEX
4:00:16 PM Ask 54.5 100 AMEX
4:00:08 PM Ask 54.5 2000 AMEX
4:00:03 PM Bid 54.25 500 AMEX
4:00:02 PM Ask 54.41 100 Nasdaq NM
4:00:01 PM Trade 54.35 1000 AMEX
3:59:47 PM Trade 54.24 200 AMEX
3:59:47 PM Ask 54.3 1000 CHI
3:59:47 PM Ask 54.24 100 AMEX
3:59:41 PM Bid 53.75 200 AMEX
3:59:35 PM Bid 53.82 100 Nasdaq NM
3:59:32 PM Ask 54.24 200 AMEX
3:59:31 PM Trade 54 100 AMEX
3:59:11 PM Ask 54.25 200 AMEX

most recent back next
4:04:46 PM EST - Wednesday, February 13, 2002 - data is real-time
Cubic Named One of San Diego`s Best Overall Places to Work


SAN DIEGO, Feb 21, 2002 (BUSINESS WIRE) -- You could credit the corporation`s
clubs for skiers, photographers, golfers and others, and a company store that
sells and delivers flowers on Valentine`s Day. Or perhaps it`s progressive
health benefits choices, such as long-term care, or the "9-80" work schedule
that gives employees every-other Friday off. San Diego-based Cubic Corp.
(AMEX: CUB) has been recognized by the Work-Life Coalition of San Diego as one of
the city`s top three 2002 "Leaders in Work-Life."

Cubic and the University of California San Diego were runners up to Cox
Communications in the coalition`s "Best Overall Place to Work" category for
companies with 500 or more employees. Cubic and 75 other San Diego organizations
were questioned in detail by the coalition on work-life policies, programs and
practices in the largest work-life survey conducted in the area. Top performers
received the Work-Life Coalition of San Diego`s "Leaders in Work-Life" awards.

"The topic of work-life balance has received considerable attention over the
last few years, and the events of September 11 have made this issue more
salient," said Virginia Byrd, president of Work-Life Coalition of San Diego.
"Many individuals are re-examining their priorities, and many are finding a need
to live a more balanced life," she added.

Cubic was one of the top three finalists in several categories: "Best General
Benefits," which includes medical and 401K plans; "Best Wellness Program," which
includes employee assistance, health club benefits and health education
seminars; "Best Eldercare Program," a benefits area that includes providing
resources and referral and long-term care insurance; and "Best Corporate
Work-Life Culture," which includes casual dress, and services such as an onsite
company store. (Cubic`s employee store offers drycleaning, film processing, and
travel and ticket discounts for more than 75 attractions, hotels and events in
Southern California. The company also encourages and organizes community
involvement events, generating major participation in charity walks, runs and
other fundraisers.)

"We are delighted and proud to receive this honor," said Cubic Human Resources
Director Barbara Abelin. "Creating human resources programs that meet the
changing needs of the workforce is a challenge for any company, particularly a
company like ours, which just celebrated its 50th anniversary and rarely takes
time to appreciate the things that make it progressive or innovative."

Over the years, the company has implemented a number of new benefits. "And what
we`ve learned is that the benefits that often mean the most to employees come at
little or no cost," Abelin said.

Cubic Corp., founded in 1951 by Walter J. Zable, who is still president and CEO,
is parent to two major segments, transportation and defense. The Cubic
Transportation Systems Group designs and manufactures automatic fare collection
systems for public mass transit, including rail and buses throughout the world.
The Cubic Defense Group provides instrumented air and ground combat training
systems, battle command training simulations, and simulation support for U.S.
and allied military forces. The Group also produces high technology avionics,
data links and communications products for government and commercial customers
and provides a wide range of technical and logistics services. For more
information about Cubic, see the company`s Web site at www.cubic.com.
Cubic Board Sets Special Meeting for Stock Split Approval


SAN DIEGO, Feb 25, 2002 (BUSINESS WIRE) -- Cubic Corp (AMEX: CUB) today
announced that the company`s Board of Directors has set a special shareholders`
meeting for April 17, 2002 to ratify a three-for-one split of the company`s
common stock.

The board announced its approval of the stock split on February 13 at the
company`s Annual Shareholders` Meeting, saying that the decision was subject to
shareholder approval. If ratified, the split will be implemented as soon as is
practicable.

The April 17 special meeting will be held at 10:00 a.m. PDST in the Main
Conference Room at the company`s headquarters at 9333 Balboa Ave., San Diego.

The Cubic Transportation Systems Group designs and manufactures automatic fare
collection systems for public mass transit, including rail and buses throughout
the world. The Cubic Defense Group provides instrumented air and ground combat
training systems, battle command training simulations, and simulation support
for U.S. and allied military forces. The Group also produces high technology
avionics, data links and communications products for government and commercial
customers and provides a wide range of technical and logistics services. For
more information about Cubic, see the company`s Web site at www.cubic.com.

In addition to historical matters, this release contains forward-looking
statements which are made pursuant to the safe harbor provisions of the
Securities Litigation Reform Act of 1995. These forward-looking statements
involve predictions of future results. Investors are cautioned that
forward-looking statements involve risks and uncertainties which may affect the
company`s business and prospects. These include the effects of politics on
negotiations and business dealings with government entities, economic conditions
in the various countries in which the company does or hopes to do business,
competition and technology changes in the defense and transit industries, and
other competitive and technological factors.
Cubic Wins $84M Contract from L.A. County MTA to Deliver California`s Largest Smart Card-Based Public Transit Ticketing System


SAN DIEGO, Mar 1, 2002 (BUSINESS WIRE) -- The Los Angeles County Metropolitan
Transportation Authority (MTA) has approved an $84 million contract with Cubic
Transportation Systems, Inc., a subsidiary of San Diego-based Cubic Corp.
(AMEX: CUB), to deliver California`s largest "smart" ticketing system for
transit.

Under the contract, Cubic will use smart card technology to link all public
transit in Los Angeles to one "smart" ticket. The new smart card-based system,
known also as a Universal Fare System, will allow commuters who live in one part
of the city and work in another to use a single card for their bus, light rail
and subway rides.

Cubic also will offer regional service providers the ability to expand the new
smart card-based system to include adjoining transit operators, paratransit
services and possibly the Metrolink commuter rail system.

"This is, without doubt, one of the most ambitious and important projects every
undertaken by the MTA from the standpoint of making public transit far more
attractive to the residents of LA County," said MTA Board Chairman John Fasana.
"The day when passengers experience public transit the way it was envisioned,
effortless and quickly, is just around the corner."

Under the contract, Cubic is providing its Nextfare(TM) Solution Suite
technology, an open architecture platform that includes the Cubic Tri-Reader(R)
and Nextfare terminal architecture, and the Nextfare Business Management System.
This technology will give operators linked to the system a choice of smart card
types, including Cubic`s GO CARD(R), which the MTA has selected for Los Angeles.

Cubic will design, build, install and integrate the entire fare collection
system, which will consist of new rail ticket vending machines and validators,
fareboxes (supplied by GFI Genfare of Elk Grove, Ill.), a central data
collection system, and related technology to record and process rides, store
value, debit credit cards, accept cash and provide other "smart" services to the
customer, which could include the ability to download prepaid transit benefits
offered by participating employers.

The new system will allow transit users to automatically purchase and reload
value onto smart cards at special merchant-operated terminals that will be
distributed across the county and at ticket vending machines at MTA rail
stations. The new ticketing system is scheduled for completion in 2004.

"We are proud and delighted that the L.A. MTA chose Cubic to help provide
high-tech, smart ticketing for its public transit customers," said Walter C.
Zable, president and CEO, Cubic Transportation Systems. "We look forward to
providing commuters across L.A. County the same speedy, hassle-free transit
access that public transit customers enjoy in Washington, D.C. and Chicago."

Cubic is the supplier of the only full-scale, smart card-based fare collection
systems for U.S. public transit, including Chicago`s SmartCard system, the
nation`s first multi-modal, multi-agency smart card-based system; and
Washington, D.C.`s SmarTrip(R), which will soon link all bus services across the
region, including Washington, D.C., Baltimore, northern Virginia and all
commuter rail, light rail and subway operations throughout Maryland. Cubic is
also under contract to deliver the nation`s first light rail-bus rapid transit
smart card system to Minneapolis-St. Paul.

Cubic Transportation Systems is the world`s largest supplier and system
integrator of integrated electronic ticketing systems and has smart card
contracts for public transit systems in North America, Europe and Asia.
Recently, the company added a security group to expand its smart card technology
into non-transit uses including parking, security and access control.

Every year, nearly 10 billion people use Cubic systems in more than 40 major
markets in cities on five continents, including London, Washington, D.C., Hong
Kong, Chicago, New York, Guangzhou and Shanghai, China, Atlanta, San Francisco,
Singapore and Miami. As part of the TranSys consortium, Cubic also is supplying
the entire automated fare collection system including smart cards for the London
PRESTIGE project.

The Cubic Defense Group provides instrumented air and ground combat training
systems, battle command training simulations, and simulation support for U.S.
and allied military forces. The Group also produces high technology avionics,
data links and communications products for government and commercial customers
and provides a wide range of technical and logistics services. For more
information about Cubic, see the company`s Web site at www.cubic.com.
American Stock Exchange - Dollar Gainers View Top 30, View Real-Time
Pos. Symbol Company Name Last Change (%) Volume
1 IGW ISHR GOLD SACHS SEMICONDUCTOR 71.85 4.43 (6.57) 57,600
2 CUB CUBIC CORP 61.10 4.40 (7.76) 108,000
3 RKH REGIONAL BANK HOLDERS TRUST 116.67 4.06 (3.61) 61,300
4 EFA ISHARES TR MSCI EAFE INDEX FD 119.86 3.96 (3.42) 285,500
5 BEM BERGSTROM CAPITAL 146.50 3.50 (2.45) 1,300
6 ITF ISHARES S&P/TOPIX 150 INDEX 73.60 3.30 (4.69) 1,100
7 IYG ISHRS TRST DJ US FIN SERV IDX 92.78 3.23 (3.61) 23,800
8 IJK ISHARES S&P MDCP 400/BARRA GRT 115.98 3.05 (2.70) 66,800
9 BBH BIOTECH HOLDRS TRST DEP RCPTS 122.45 3 (2.51) 1,509,000
10 NBR NABORS INDUSTRIES 38.50 3 (8.45) 2,770,200
Cubic to Provide Additional Ground Proximity Warning Systems to U.S. Navy


SAN DIEGO, Mar 5, 2002 (BUSINESS WIRE) -- Cubic Defense Systems, a subsidiary
of San Diego-based Cubic Corp. (AMEX: CUB), has received a $2.1 million contract
to provide 81 of its Ground Proximity Warning Systems (GPWS) for use aboard U.S.
Navy helicopters.

Cubic`s Ground Proximity Warning System is an air safety system that can be used
aboard both fixed-wing and helicopter aircraft. The system warns pilots of
"controlled flight into terrain" -- aviation accidents in which pilots
unintentionally fly into the ground or water -- using aural warnings such as
"Pull up!" and "Altitude!"

Cubic is scheduled to begin delivering the new systems in September as part of
this "lot 5" award. To date, Cubic has received $11.2 million in orders from the
U.S. Navy for 401 systems.

Cubic Defense Systems is part of the Cubic Defense Group, which provides
instrumented air and ground combat training systems, battle command training
simulations, and simulation support for U.S. and allied military forces. The
Group also produces high technology avionics, data links and communications
products for government and commercial customers and provides a wide range of
technical and logistics services. The Cubic Transportation Systems Group,
Cubic`s other major segment, designs and manufactures automatic fare collection
systems for public mass transit, including rail and buses throughout the world.
For more information about Cubic, see the company`s Web site at www.cubic.com.
American Stock Exchange - Dollar Gainers View Top 30, View Real-Time
Pos. Symbol Company Name Last Change (%) Volume
1 NVR NVR INC 298.90 8.22 (2.83) 141,600
2 BBH BIOTECH HOLDRS TRST DEP RCPTS 124.95 4.73 (3.93) 2,033,400
3 ALR ALLIED RESEARCH CORP 21.70 4.35 (25.07) 313,000
4 IBB ISHARES NASDAQ BIOTECH IDX FD 80.10 4 (5.26) 159,400
5 CUB CUBIC CORP 63.30 2.75 (4.54) 75,900
6 IWN ISHARES RUSSELL 2000 VALUE FD 137.39 2.29 (1.70) 139,200
7 DVN DEVON ENERGY CORP 46.70 2.10 (4.71) 1,540,100
8 WMH WIRELESS HOLDRS TRUST 49.60 2.08 (4.38) 74,900
9 BVB BRIDGE VIEW BANCORP 19.25 2 (11.59) 7,800
10 RKH REGIONAL BANK HOLDERS TRUST 118.40 1.95 (1.67) 10,600
Cubic Earns Fourth Consecutive ``Maximum Performance Bonus`` for Outstanding Service to U.S. Air Force


SAN DIEGO, Mar 7, 2002 (BUSINESS WIRE) -- For the fourth time in a row, the
U.S. Air Force has awarded its maximum performance bonus to San Diego-based
Cubic Corp. (AMEX: CUB) for outstanding service of air crews at Kadena Air Base,
Okinawa, Japan.

The bonuses, each worth $50,000, are for contractor logistics support for the
Kadena Interim Training System, also known as "KITS." Cubic has provided the
service since 1997, when the company completed installation of the air combat
training system.

"The monetary value of the award is not significant when you look at the
corporation`s total profits," said Dick Koon, president of Cubic Worldwide
Technical Services, which works with Cubic Defense Systems -- both part of
Cubic`s Defense Group -- to provide the logistics support. "But these awards
mean a lot to us. They represent our company`s values and our commitment to
provide service that consistently exceeds our customers` expectations."

KITS is the U.S. military`s first "untethered" or portable air combat training
system. It consists of 12-foot training "pods," which look like missiles and are
fastened under the wings of fighter jets. The pods contain electronics that
track and record the pilot`s tactical and weapon employment performance during
air combat training missions. The technology allows the pilots, upon completing
their training missions, to review and analyze their performance on computer
display systems, also developed by Cubic.

The Air Force evaluates Cubic`s performance on the service contract every six
months. The February award came as Cubic`s Kadena-based crew completed its
biggest month ever, simultaneously completing deployments in Osan, Korea,
Thailand and Singapore, as well as supporting training at the Kadena Air Base.
In January, the crew supported more than 1,200 sorties and had the highest
percentage of operational pods ever -- 48 of 49 pods operational.

John Howard, the Cubic site manager at Kadena, noted that his crew set a record
for the most sorties supported in one day -- 109; and the most sorties supported
in one month, 1,208; and the longest deployment to date -- 35 days at Osan AB.

"Our job is to keep air combat training pods available for customer use whenever
needed," said Barry Marks, Asia regional manager, Cubic Worldwide Technical
Services. "We have always been serious about our mission, and with the current
war on terrorism, the work we do is more important than ever."

Cubic Defense Systems and Cubic Worldwide Technical Services are part of the
Cubic Defense Group, which provides instrumented air and ground combat training
systems, battle command training simulations, and simulation support for U.S.
and allied military forces. The Group also produces high technology avionics,
data links and communications products for government and commercial customers
and provides a wide range of technical and logistics services. The Cubic
Transportation Systems Group, Cubic`s other major segment, designs and
manufactures automatic fare collection systems for public mass transit,
including rail and buses throughout the world. For more information about Cubic,
see the company`s Web site at www.cubic.com.
American Stock Exchange - Dollar Gainers View Top 30, View Real-Time
Pos. Symbol Company Name Last Change (%) Volume
1 MPN-C MONONGAH POWER 4.50%CM C PFD 75 3 (4.17) 1,550
2 ALR ALLIED RESEARCH CORP 22.99 2.40 (11.66) 100,600
3 OAR OHIO ART 28.65 2.16 (8.15) 9,700
4 GAN GARAN INC 46.75 1.75 (3.89) 8,700
5 CUB CUBIC CORP 64.26 1.66 (2.65) 56,100
6 EZM.A E-Z EM INC`A` 12.80 1.55 (13.78) 18,800
7 RKH REGIONAL BANK HOLDERS TRUST 120.62 1.47 (1.23) 345,400
8 USM U.S. CELLULAR 42.05 1.25 (3.06) 167,100
9 PHC PEOPLES HOLDING 36 1.25 (3.60) 1,800
10 ATF EQUITY INCOME FUND 111.35 1.24 (1.13) 3,400
American Stock Exchange - Dollar Gainers View Top 30, View Real-Time
Pos. Symbol Company Name Last Change (%) Volume
1 MPN-C MONONGAH POWER 4.50%CM C PFD 75 3 (4.17) 1,550
2 ALR ALLIED RESEARCH CORP 22.99 2.40 (11.66) 100,600
3 OAR OHIO ART 28.65 2.16 (8.15) 9,700
4 GAN GARAN INC 46.75 1.75 (3.89) 8,700
5 CUB CUBIC CORP 64.26 1.66 (2.65) 56,100
6 EZM.A E-Z EM INC`A` 12.80 1.55 (13.78) 18,800
7 RKH REGIONAL BANK HOLDERS TRUST 120.62 1.47 (1.23) 345,400
8 USM U.S. CELLULAR 42.05 1.25 (3.06) 167,100
9 PHC PEOPLES HOLDING 36 1.25 (3.60) 1,800
10 ATF EQUITY INCOME FUND 111.35 1.24 (1.13) 3,400
Cubic Awarded $1.8 Million Contract For Joint STARS Air Data Terminal


SAN DIEGO, Calif., Mar 12, 2002 (BUSINESS WIRE) -- Cubic Defense Systems, a
subsidiary of San Diego-based Cubic Corp. (AMEX: CUB), has been awarded a $1.8
million contract from Northrop Grumman to provide an Air Data Terminal and spare
equipment for the Joint Surveillance Target Attack Radar System (Joint STARS).

From a standoff position, Joint STARS detects, locates, classifies, tracks and
targets hostile ground movements, communicating real-time information through
secure data links with U.S. Air Force and Army command posts. Air Data Terminals
(ADTs) are one component of Cubic`s Joint STARS data link used to broadcast
images and moving target information from the U.S. Air Force E-8C Joint STARS
reconnaissance aircraft to U.S. Army ground stations equipped with Cubic-built
Ground Data Terminals.

The new ADT will be included in a lot shipment scheduled for delivery to
Northrop Grumman in the summer of 2003. Cubic will deliver spare equipment
concurrently.

Cubic announced the new contract as the company gets ready to deliver a
previously ordered ADT to Northrop Grumman.

"With this latest contract, the Joint STARS data link has generated close to
$220 million for Cubic. It is a result of the Department of Defense`s continued
investment in the Joint STARS program," said David S. Miller, program manager
for Cubic`s Joint STARS data link.

Cubic Defense Systems is part of the Cubic Defense Applications Group, which
provides instrumented air and ground combat training systems, battle command
training simulations, and simulation support for U.S. and allied military
forces. The group also produces high technology avionics, data links and
communications products for government and commercial customers and provides a
wide range of technical and logistics services. For more information about
Cubic, see the company`s Web site at www.cubic.com.
Cubic Introduces New Combat Search-and-Rescue Product Line to International Avionics Community


SAN DIEGO & LONDON, Mar 13, 2002 (BUSINESS WIRE) -- Cubic Defense Applications
Group, a major segment of Cubic Corp. (AMEX: CUB), has introduced an advanced
Combat Search-and-Rescue (CSAR) product line that uses global positioning
satellite technology, two-way voice communications and digital moving maps to
locate downed or missing pilots.

The avionics hardware and software package was unveiled to the international
avionics community at the SAR 2002 Conference & Exhibition -- the world`s
leading search-and-rescue event, held March 12-13 at Brighton, U.K.

The system consists of two main components: the Survivor Tracking and Recovery
(STAR) guidance system, which is located inside the rescue helicopter; and the
compatible URX 3000 handheld survival radio/transponder, which is carried by the
survivors.

"The need for a complete, interoperable system has never been greater with the
continued threats facing aircrews around the world. Cubic`s package is designed
to increase survivability for those pilots shot down within hostile territory.
It is the first complete CSAR system that requires only a single interrogation
to determine the exact location of one or several survivors," said Rick Lober,
senior vice president of Cubic`s Communications Business Unit.

The package evolved from the Cubic-developed AN/ARS-6(V) Personnel Locator
System, the standard search-and-rescue avionics system for the U.S. Army, Air
Force, Navy and NATO.

The airborne STAR system can be configured for both military and civilian
search-and-rescue missions. It displays the survivor`s position as an icon on a
moving map, or via a digitized compass on the control display panel.

STAR can store multiple survivor identification codes and frequencies, allowing
rescue crews to locate several survivors in a single mission. It also uses
encoded burst transmissions for secure communications between the survivor and
rescue aircraft. The system is designed for simple installation aboard
search-and-rescue helicopters. No system calibration or alignment is needed on
the aircraft.

The URX 3000 GPS radio, introduced earlier in the year works with both STAR and
Cubic`s AN/ARS-6(V) guidance system. It is smaller, lighter and has better range
performance than any other survival radio. It features 12-channel GPS for
precise location; secure data transmissions; one million ID codes; and 3,000 UHF
channels.

Cubic Defense Applications Group produces instrumented air and ground combat
training systems, battle command training, simulations and simulation support
for U.S. and allied military forces. The group also produces high technology
avionics, data links and communications products for government and commercial
customers, and a wide range of technical and logistics services. The
corporation`s other major segment, Cubic Transportation Systems, designs and
manufactures automatic fare collection systems for public mass transit
authorities.
4:01:56 PM Trade 68.28 100 AMEX
4:01:11 PM Bid 68.25 200 AMEX
4:01:09 PM Trade (at Bid) 68.28 100 AMEX
4:00:49 PM Ask 68.32 100 AMEX
4:00:49 PM Bid 68.28 100 AMEX
4:00:26 PM Trade (at Bid) 68.28 200 AMEX
3:59:40 PM Ask 68.32 100 AMEX
3:59:08 PM Ask 68.33 2400 AMEX
3:59:06 PM Trade (at Ask) 68.3 100 AMEX
3:58:40 PM Bid 68.28 100 AMEX
3:57:59 PM Trade (at Bid) 68.25 100 AMEX
3:57:57 PM Bid 68.25 200 AMEX

most recent back next
5:52:26 PM EST - Friday, March 15, 2002 - data is real-time
Cubic Wins Euro2.2 Million Contract to Deliver the Netherland`s First ``Gated`` Public Transit Fare Collection System


SAN DIEGO, Mar 20, 2002 (BUSINESS WIRE) -- Cubic Transportation Systems Ltd.,
in England, a subsidiary of San Diego-based Cubic Corp. (AMEX: CUB), has received
a Euro2.2 million ($2 million U.S.) contract from the Rotterdam Electronic Tram
(RET) to install the Netherlands` first "gated" public transit fare collection
system.

Under the contract, Cubic will provide and maintain an innovative access control
system for six new stations of the Benelux Line in Rotterdam, the most recent
extension of the Rotterdam metro network, which begins operation this year. The
system consists of gates and a central computing sub-system.

The new system has a series of gates that allow the traveller access to the
station with tram, bus card or season ticket. Data is loaded to and collected
from the gates by the computer sub-system. With the new system, RET can easily
obtain information regarding travel patterns which will help in planning for the
transportation needs of the future. The system will provide RET several benefits
including increased revenue by reducing fare evasion, the mentioned travel data
and very importantly, provide added security by restricting access to legitimate
passengers. This last aspect is in concert with Cubic`s expansion into security
access control. The design of the access system also allows RET to connect to a
national electronic ticketing system. The Netherlands has plans for such a
system and this contract with RET places Cubic in a good position for the
future.

Cubic, the world leader in automated fare collection, is teamed with EDS, a
leader in IT operation and management, on this project as well as other joint
pursuits in Europe. Cubic is providing the entire system while EDS is providing
operational services.

According to RET commercial director, Trix van Bennekom, "When deciding on Cubic
and EDS, we chose a combination of international expertise and practical
experience in order to guarantee the best possible solution for our passengers."

Ray deKozan, chairman, Cubic Transportation Systems, said, "We are pleased to be
working on this, our first transit project in the Netherlands and proud that our
proven expertise and reputation in the international community, especially in
London, positioned us to be selected for this project. Our hope is that this is
to be the first of several transit projects in the Netherlands."

Cubic is the world`s largest supplier of integrated ticketing and automated fare
collection systems for mass transit, including magnetic and smart card ticket
media.

Every year, at least 10 billion passengers on five continents in more than 40
major markets pay for their mass transit rides using Cubic-designed payment
systems. Cubic`s installations include London, Washington DC, Hong Kong,
Chicago, New York, Guangzhou, Shanghai, Atlanta, San Francisco, Sydney,
Singapore and Miami, among others.

Cubic`s other major segment, the Cubic Defense Group, provides instrumented air
and ground combat training systems, battle command training simulations, and
simulation support for United States and allied military forces. The Group also
produces high technology avionics, data links and communications products for
government and commercial customers and provides a wide range of technical and
logistics services. For more information about Cubic, see the company`s Web site
at www.cubic.com.
San Diego Engineering Council Honors Cubic Engineer, Training Technology


SAN DIEGO, Mar 21, 2002 (BUSINESS WIRE) -- San Diego`s engineering community
recently recognized Dr. Kesh Bakhru for his contributions to both engineering
and education.

Bakhru is a scientist for the Cubic Defense Applications group, the defense and
communications segment of Cubic Corp. (AMEX: CUB). Cubic was also honored for its
development of highly adaptable air and ground combat training systems.

Cubic received the recognition from the San Diego Engineering Council, which
represents numerous professional societies such as the American Society of Civil
Engineers (ASCE), the Armed Forces Communications and Electronics Association
(AFCEA), the American Society of Mechanical Engineers (ASME), Institute of
Electrical and Electronic Engineers (IEEE) and the International Council on
Systems Engineering (ICSE). Representatives from UC San Diego, the University of
San Diego, San Diego State University, San Diego City College, Mesa College and
the Reuben H. Fleet Science Center also attended.

Dr. Bahkru, a scientist in Cubic`s Advanced Technology division, received the
"Outstanding Electrical Engineering Service Award" for both professional and
academic accomplishments. A native of India, he has worked at Cubic for 25 years
and also leads professional activities for the Institute of Electrical and
Electronic Engineers (IEEE) in the San Diego area. Dr. Bakhru is a Fellow of
IEEE for his contributions to analysis and technology of jam-resistant
communication systems, and holds a U.S. patent for the Video Codec, a device
that allows compression and decompression of video images so they can be sent
via email.

Dr. Bakhru also has a strong commitment to education. A former San Diego State
University professor, he now teaches evening classes at SDSU and in the past has
taught at the University of San Diego in addition to his professional
responsibilities for Cubic. He also works with local teachers to help boost the
lagging math and science skills of K-12 students throughout San Diego. He has
designed projects that help teachers convey basic math and scientific principles
to students, and has also designed teacher education workshops.

"By developing and leading teacher education programs in San Diego, Kesh Bakhru
has a direct and continuing impact on improving math, science and technology
education at numerous local schools," the council stated in presenting his
award.

"It is wonderful to receive recognition from peers and to know that what we are
doing here at Cubic is valuable," Dr. Bakhru commented. "I see teaching and
helping teachers as a way for me to give back what I have gained since I came to
this country. I have received very positive feedback from the people I have
worked with in education."

Dr. Bakhru won the San Diego Engineering Council`s "Engineer of the Year" award
in 2000.

The council selected Cubic`s Air and Ground Combat Training Systems for the
"Outstanding Electrical Engineering Project Award." It described Cubic`s new
joint and combined arms training systems as "interoperable, readily deployable
and adaptable to tomorrow`s weapons" and said they "directly enhance homeland
defense and military effectiveness overseas by providing realistic training
during joint and coalition force on force exercises."

Cited as significant products under this award were Cubic`s Air Combat
Maneuvering Instrumentation System (ACMI), Joint Readiness Training Center --
Instrumentation System (JRTC-IS) at Fort Polk, La., Multiple Integrated Laser
Engagement System (MILES), Area Weapons Effects Simulator (AWES) and the
Advanced Attack Helicopter Live Training System.

"Cubic is honored that one of our engineers and several of our air and ground
combat training products have been recognized by the San Diego Engineering
Council, which encompasses some of the most prestigious engineering societies in
the world," said Bruce Roberts, Cubic`s senior vice president for advanced
technology, engineering and operations. "It means a great deal to our engineers
to have their work recognized. We at Cubic, of course, have always known and
appreciated their talent."

Cubic Defense Applications Group produces instrumented air and ground combat
training systems, battle command training, simulations and simulation support
for U.S. and allied military forces. The group also produces high technology
avionics, data links and communications products for government and commercial
customers, and a wide range of technical and logistics services. The
corporation`s other major segment, Cubic Transportation Systems, designs and
manufactures automatic fare collection systems for public mass transit
authorities. For more information about Cubic, see the company` web site at
www.cubic.com.
The split vote date is April 17, 2002. If the stockholders approve a split,
it takes place very soon after the vote.
Kelly Williams
Cubic PR director
Cubic`s Advanced Electronic Ticketing System Operational In RMV (Frankfurt) Region in Germany


SAN DIEGO, and FRANKFURT, Germany, Mar 27, 2002 /PRNewswire-FirstCall via
COMTEX/ -- The Rhein Main Verkehrsverbund (RMV) and Hanau Strassenbahn (HSB)
have launched a pilot for an advanced electronic ticketing system. This pilot is
the prototype for a comprehensive electronic ticketing system for the entire RMV
region; one of the largest Public Transport regions in Europe. The system is
being provided by a team of T-Systems, a subsidiary of Deutsche Telecom, and
Cubic Transportation Systems, Ltd., (CTSL), a subsidiary of Cubic Corporation
(Amex: CUB). CTSL is Cubic`s European company for transportation.

The new system employs advanced technology including a microprocessor, dual
interface (contact-contactless) smart card and check-in/check-out bus
Validators. The check-in/check-out Validator processes tickets on both entry and
exit. Check-in/check-out allows the application of distance-based fares (such as
zones) without driver intervention. This is a major breakthrough in providing
transit operators increased flexibility and revenue.

The system also includes the use of the Cubic Tri-Reader(R) (supporting a
variety of card technologies and applications), a transaction management
computer and software, hand-held inspection units and a wireless communication
network that transmits data from the buses to the depot computer systems.

The new ticketing system has been installed on more than 60 buses operated by
Hanauer Strassenbahn AG (HSB) in Hanau. Hanau is approximately 20 km from
Frankfurt and sits at the eastern end of the vital transportation route that
runs through the Rhine-Main region.

Since the security features of the dual interface smart card are compatible with
German national "electronic purses," such as GeldKarte, it has the capability of
multiple applications in addition to transportation. The pilot also promotes a
national electronic ticketing standard, which is supported by the Verband
-Deutscher Verkehrsunternehmen, a body of public transport operators in Germany.

Cubic`s "Check-In/Check-Out" Validator will also be used in projects underway in
the U.S. that will link all buses and rail throughout Washington, D.C., Maryland
and Northern Virginia.

CTSL is the largest and most experienced provider of automated fare collection
systems in Europe with contracts in London and throughout the United Kingdom,
Holland, Germany and Scandinavia.

Cubic Transportation Systems is the world`s largest supplier of integrated
electronic ticketing systems, and has contracts for public transit systems in
North America, Europe and Asia. Every year, nearly 10 billion people use Cubic
systems in more than 40 major markets in five continents, including London,
Washington, D.C., Hong Kong, Chicago, New York, Guangzhou, Shanghai, Atlanta,
San Francisco, Singapore and Miami. As part of the TranSys consortium, Cubic
also is supplying the entire automated fare collection system for the London
PRESTIGE project.

Cubic`s other major segment, the Cubic Defense Applications Group, provides
instrumented air and ground combat training systems, battle command training
simulations, and simulation support for U. S. and allied military forces. The
Group also produces high technology avionics, data links and communications
products for government and commercial customers and provides a wide range of
technical and logistics services. For more information about Cubic, see the
company`s web site at www.cubic.com .
scheinbar scheint sich diese aktie besonders in krisenzeitem zu bewären,sie stieg von 1974-1985 um das 70 fache,um dann in der grössten börsenhausse aller zeiten von 1985-2000 in einen seitwärtsbewegung zu verenden.zur errinnerung,der goldpreis verzwanzigfachte sich von 1974-1980,der silberpreis vervierzigtfache sich in diesem zeitraum,allerdings waren es hochinflationphasen.die angst der leute,unbedingt noch vor dem grossen split am 17.april auszusteigen,scheint kurzfristig vorbei zu sein,meistens hat solch ein grosser stocksplit positive wirkungen auf einen aktienkurs.
scheinbar scheint sich diese aktie besonders in krisenzeitem zu bewären,sie stieg von 1974-1985 um das 70 fache,um dann in der grössten börsenhausse aller zeiten von 1985-2000 in einen seitwärtsbewegung zu verenden.zur errinnerung,der goldpreis verzwanzigfachte sich von 1974-1980,der silberpreis vervierzigtfache sich in diesem zeitraum,allerdings waren es hochinflationphasen.die angst der leute,unbedingt noch vor dem grossen split am 17.april auszusteigen,scheint kurzfristig vorbei zu sein,meistens hat solch ein grosser stocksplit positive wirkungen auf einen aktienkurs.
chartechnisch hat sich hier nun ein vimpel gebildet,der an der oberen begrenzung bei 69 $ und der unteren bei 64,5 $ wie ein gleichschenkliges dreieck spitz auf die 67 $ zuläuft.ein vimpel ist anders wie eine auf-oder abwärtsgerichtete flagge und kann noch kein urteil über die weitere auf- oder abwärtsbewegung der aktie bestimmen.selbst,wenn die wichtigsten indikatoren wie rsi,momentum und macd auf verkauf oder tief stehen,kommt der kurs nur 5-10 % zurück,ein typisches zeichen für eine bestehende oder sich abzeichnende wachstumsaktie.
Cubic Stock Split Ratification Vote Scheduled for Next Week


SAN DIEGO, Apr 9, 2002 (BUSINESS WIRE) -- Cubic Corp. (AMEX: CUB) today
announced that its special shareholders meeting to ratify a three-for-one split
of the company`s stock will take place on Wednesday, April 17.

If ratified, the stock split will be effective for stockholders of record on the
day of the company`s filing in Delaware of an amendment to its Certificate of
Incorporation affecting the split. That filing would take place within 24 hours
of the vote to approve the split -- most likely on the 17th -- and additional
stock certificates would be distributed to shareholders on April 30.

The Cubic Transportation Systems Group designs and manufactures automatic fare
collection systems for public mass transit, including rail and buses throughout
the world. The Cubic Defense Applications Group provides instrumented air and
ground combat training systems, battle command training simulations, and
simulation support for U.S. and allied military forces. The group also produces
high technology avionics, data links and communications products for government
and commercial customers and provides a wide range of technical and logistics
services. For more information about Cubic, see the company`s Web site at
www.cubic.com.
Cubic Awarded $8.6 Million Contract for U.S. Navy Simulator Operation and Maintenance


SAN DIEGO, Apr 10, 2002 (BUSINESS WIRE) -- Cubic Corp. (AMEX: CUB) has received
a five-year, $8.6 million contract to provide operation and maintenance services
for the U.S. Navy`s S-3 Aviation Simulators at San Diego`s North Island Naval
Station and the Jacksonville Naval Air Station in Florida.

The new contract is the sixth win for Cubic under an Indefinite
Delivery/Indefinite Quantity (ID-IQ) program, wherein a select group of vendors
prequalified two years ago to compete over a five-year period for contracts
potentially valued at $300 million. With the new award, Cubic`s Worldwide
Technical Services division, part of the corporation`s Defense Applications
Group, has won contracts worth more than $45 million out of the $147 million in
taskings offered thus far under this program.

Cubic`s Worldwide Technical Services division installs, operates and maintains
military aviation, surface and subsurface training systems, and ground and air
combat ranges at 26 U.S. sites and in seven international locations. The
division also contracts with electronics and commercial customers, providing
operation and maintenance services for a variety of training systems, including
firefighter training centers and electronic warfare training ranges.

"We are proud that the Navy has selected us to provide these services," said
Vice President and General Manager Richard Koon. "We are winning this new award
as the incumbent, having initially performed these services successfully up to
this point under a separate contract awarded to us four and a half years ago."

Part of the work Cubic performed under the previous contract was the successful
relocation of several very large simulators, a difficult and challenging task.

"This new award is a real vote of confidence, validating that the Navy trusts
our expertise and commitment to customer service," said Program Director Al
Hurst.

Work on the new contract will begin in June 2002.

The Cubic Defense Applications group, one of Cubic`s two major segments,
produces instrumented air and ground combat training systems, battle command
training, simulations and simulation support for U.S. and allied military
forces. The group also produces high technology avionics, data links and
communications products for government and commercial customers, and a wide
range of technical and logistics services. The corporation`s other major
segment, Cubic Transportation Systems, designs and manufactures automatic fare
collection systems for public mass transit authorities. For more information
about Cubic, see the company` Web site at www.cubic.com.
American Stock Exchange - Dollar Gainers View Top 30, View Real-Time
Pos. Symbol Company Name Last Change (%) Volume
1 CUB CUBIC CORP 69.34 1.12 (1.64) 36,600
2 NVR NVR INC 343.10 1.10 (0.32) 108,200
3 IGE ISHARES GOLD SACHS NATL RES 101.25 0.95 (0.95) 2,100
4 DLI DEL LABORATORIES 21.40 0.90 (4.39) 22,900
5 MPN-C MONONGAH POWER 4.50%CM C PFD 74.75 0.88 (1.19) 2,000
6 BHL BERKSHIRE HILLS BANCORP 24.60 0.75 (3.14) 9,700
7 DOC DIGITAL ANGEL CORP 4.75 0.75 (18.75) 21,000
8 IMA INVERNESS MEDICAL INNOVATIONS 24.31 0.71 (3.01) 11,400
9 ANE ALLIANCE BANCORP NEW ENGLAND 14.49 0.59 (4.24) 3,300
10 IVX IVAX CORP 13.75 0.55 (4.17) 1,187,600
Data is delayed at least 15 minutes

wieder einer der grössten gewinner und das bei einem crashtag
nun bildet sich bei cubic langsam eine aufwärtsgerichtete flagge aus,es müssen aber die 70 $ nachhaltig überschritten werden,damit es zu weiteren kurssteigerungen kommen kann.intradayhigh vom 2.4.02 69,50 $ wurde heute mit 69,70 $ genommen,allerdings hat sich nach den candlesicks fast ein doji gebildet,so dass es wohl wieder zu einer richtungsänderung nach unten kommen kann
Cubic Wins $9.8 M Common Ground Station/Joint Tactical Terminal -CGS/JTT- Contract from U.S. Army; Cubic`s Data Link Technology Key to Program Since 1993


SAN DIEGO, Apr 16, 2002 (BUSINESS WIRE) -- The U.S. Army`s
Communications-Electronics Command (CECOM) has awarded the defense unit of Cubic
Corp. (AMEX: CUB) a $9.8 million contract for 10 additional Ground Data
Terminals, part of the Army`s CGS/JTT System and used with the Joint
Surveillance Target Attack Radar System (Joint STARS) program.

Between July 2003 through November 2003, Cubic will deliver 10 additional Ground
Data Terminals (GDTs) to CECOM in increments of two per month. This contract
brings the total amount awarded under the program to Cubic, since its first
Joint Stars contract in 1993, to about $202 million.

"This recent order, and the overall success of the Cubic Data Link product
validates not only the importance of our technology and the JSTARS platform to
past and current U.S. operations, but the dedication of those associated with
the program these past 9 years," said Rick Lober, Senior Vice President,
Communications for Cubic`s Defense Applications group.

Joint STARS is a joint Army and Air Force program that transmits command and
control data from Air Force surveillance aircraft to United States and Allied
commanders on the ground. The Cubic-built data link, one of the key elements of
Joint STARS, is a jam-resistant radio communications system that allows radar
images and moving target indications to be broadcast from aircraft to multiple
ground stations, allowing simultaneous communication with multiple ground
support units.

"CECOM`s decision to order the additional Ground Data Terminals is validation of
the superior quality of our GDTs and our data link technology," said David S.
Miller, Joint STARS program manager at Cubic`s Defense Applications group.

The Army can deploy a number of already-delivered Cubic GDTs in the Middle East
for potential use in Operation Enduring Freedom. To date, the Army has ordered
nine lots of GDTs for the Army CGS/JTT program, which, along with the Air Force
Air Data Terminals, (ADTs) are the key components of Cubic`s Joint STARS data
link.

Cubic`s Defense Applications group produces instrumented air and ground combat
training systems, battle command training, simulations and simulation support
for U.S. and allied military forces. The group also produces high technology
avionics, data links and communications products for government and commercial
customers, and a wide range of technical and logistics services. Cubic Corp.`s
other major business segment, Cubic Transportation Systems, designs and
manufactures automatic fare collection systems for public mass transit
authorities. Visit Cubic on the Web at http://www.cubic.com./
American Stock Exchange - Dollar Gainers View Top 30, View Real-Time
Pos. Symbol Company Name Last Change (%) Volume
1 TDS TELEPHONE & DATA SYS 91.33 4.73 (5.46) 209,600
2 WSC WESCO FINANCIAL 319.60 4.60 (1.46) 1,040
3 ATF EQUITY INCOME FUND 99.30 4.30 (4.53) 9,800
4 BEM BERGSTROM CAPITAL 142.45 3.70 (2.67) 2,300
5 IGW ISHR GOLD SACHS SEMICONDUCTOR 71.56 3.61 (5.31) 15,400
6 WMH WIRELESS HOLDRS TRUST 46.40 3.34 (7.76) 85,100
7 CUB CUBIC CORP 74.20 3.20 (4.51) 52,100
8 IJR ISHARES S&P SMCAP 600 IDX FD 127.92 2.72 (2.17) 204,000
9 PET-C PACIFIC ENT $4.50 PFD 66.53 2.53 (3.95) 1,750
10 SPY SPDRS TRUST SERIES 1 113 2.43 (2.20) 12,944,600
Data is delayed at least 15 minutes
Cubic Wins $9.4 Million Contract to Operate U.S. Navy Flight Training Simulator In-Service Engineering Office


SAN DIEGO, Apr 22, 2002 (BUSINESS WIRE) -- Cubic Corp. (AMEX: CUB) has received
a $9.4 million contract covering the next five years to provide in-service
engineering support for the AV-8B flight and maintenance training systems and
KC-130 operational and instrument flight trainers at Marine Corps Air Station in
Cherry Point, N.C.

The contract represents the first win for the company in the on-site software
and hardware engineering business area within Navy Simulator Support.

The work will be performed by Cubic`s Worldwide Technical Services division,
part of the Cubic Defense Applications group. The contract is the second win
this year for Cubic out of four awarded so far under a U.S. Navy flight training
simulator support Indefinite Delivery/Indefinite Quantity (ID/IQ) program,
wherein seven companies are prequalified to compete for contracts with a total
value of more than $300 million. Since this program was initiated 30 months ago,
Cubic has won $54 million of the $156 million in contracts offered.

"This new tasking will take a lot of coordination and cooperation," said Cubic
Defense Applications Group President and CEO Gerry Dinkel. "We are motivated by
the fact that our reputation for providing world-class service has earned us the
kind of customer confidence that results in new projects. There are several
In-service Engineering Office contracts coming up under the Flight Training
Simulator Support program over the next several years, and we intend to win our
share or better," Dinkel added.

Under its new contract, the company will begin operation of the In-Service
Engineering Office this week. Cubic has carefully orchestrated preliminary
personnel planning and has already been successful in getting all current
on-site employees to sign up to work for the company`s Worldwide Technical
Services division. Cubic also plans to hire very skilled and experienced
professionals in this new business area to assist in future proposal
preparation.

The Worldwide Technical Services division installs, operates and maintains
military aviation, surface and subsurface training systems and ground and air
combat ranges at 26 U.S. sites and in seven international locations. The
division also contracts with electronics and commercial customers, providing
operation and maintenance services for a variety of training systems, including
firefighter training.

The division is part of the Cubic Defense Applications group, one of Cubic`s two
major segments, which produces instrumented air and ground combat training
systems, battle command training, simulations and simulation support for U. S.
and allied military forces. The group also produces high technology avionics,
data links and communications products for government and commercial customers,
and a wide range of technical and logistics services. The corporation`s other
major segment, Cubic Transportation Systems, designs and manufactures automatic
fare collection systems for public mass transit authorities. For more
information about Cubic, see the company` Web site at www.cubic.com.

In addition to historical matters, this release contains forward-looking
statements which are made pursuant to the safe harbor provisions of the
Securities Litigation Reform Act of 1995. These forward-looking statements
involve predictions of future results. Investors are cautioned that
forward-looking statements involve risks and uncertainties which may affect the
company`s business and prospects. These include the effects of politics on
negotiations and business dealings with government entities, economic conditions
in the various countries in which the company does or hopes to do business,
competition and technology changes in the defense and transit industries, and
other competitive and technological factors.
Cubic Awarded $6 Million to Upgrade Taiwan Air Combat Training System


SAN DIEGO, Apr 29, 2002 (BUSINESS WIRE) -- The U.S. Air Force has awarded Cubic
Corp. (AMEX: CUB) a $6 million contract to provide significant upgrades to the
Taiwan Air Force`s air combat training system.

The software and hardware upgrades will increase the range`s air coverage for
real-time missions and improve the training capability of the existing Air
Combat Maneuvering Instrumentation (ACMI) system. The enhancements include the
addition of two remote sites, new weapon simulations and changes that will allow
the Taiwan Air Force to maintain training capability despite cellular telephone
interference.

The contract, awarded by the Air Armament Center, Eglin Air Force Base, is a
follow-on to a $28 million contract for the Taiwan Global Positioning Satellite
(GPS) ACMI Program, or Taiwan GAP, that Cubic received in 1999 from the U.S. Air
Force.

Cubic delivered the Taiwan GAP in December 2000. Using GPS technology, the
system supports pilot training in Taiwan F-5 and F-16 aircraft, as well as the
twin-engine Indigenous Defense Fighter (IDF) aircraft.

"The enhancements will provide important new capabilities for our customer,
including an expanded range coverage, that will provide more flexibility and
improve fighter pilot effectiveness. We are proud of our continuing relationship
with the U.S. and Taiwan Air Forces," said Gerry Dinkel, president and CEO of
the Cubic Defense Applications group.

Phil Fisch, business development director for training systems, explained that
the Taiwan GAP allows both "rangeless" and "tethered" air combat training
missions.

"The rangeless, GPS-based operations allow the Taiwan Air Force to train in any
available airspace -- outside the boundaries of the range. The tethered air
combat training missions, on the other hand, rely on fixed ground infrastructure
within the range," Fisch said. "With these unique features, the Taiwan GAP is
one of the most capable ACMI systems of its kind."

The system is based on the Nellis Air Combat Training System (NACTS) that Cubic
installed at Nellis Air Force Base, Nev. Both systems support up to 100
high-activity aircraft and up to 100 simultaneous weapon simulations in a single
training exercise.

The flight data from the training missions, such as the pilots` maneuvers and
simulated weapons firings, is collected by instrumentation pods that are mounted
on the aircraft.

The pods, which are about the size and shape of AIM 9 missiles, collect and
transmit the data to the nearest remote tracking site on the range. The remote
sites are equipped with microwave data transmission equipment and are linked to
a single centrally located master site. The data is sent from the master site to
a central processing facility, where the missions are monitored in real-time and
data is recorded for pilot debriefs.

The debriefs provide complete training mission reconstruction after the
exercises at five training locations throughout Taiwan.

For the initial Taiwan GAP contract, Cubic provided 24 pods, six sets of display
and debriefing equipment, a control and computation subsystem, communication
instrumentation and associated data, spares, software, support, and test
equipment.

Work on the upgrades has begun at Cubic`s San Diego facilities and is scheduled
to be completed in March 2004.

The Cubic Defense Applications group, one of Cubic`s two major segments,
produces instrumented air and ground combat training systems, battle command
training, simulations and simulation support for U.S. and allied military
forces. The group also produces high technology avionics, data links and
communications products for government and commercial customers, and a wide
range of technical and logistics services. The corporation`s other major
segment, Cubic Transportation Systems, designs and manufactures automatic fare
collection systems for public mass transit authorities. For more information
about Cubic, see the company` Web site at www.cubic.com.
American Stock Exchange - Dollar Gainers View Top 30, View Real-Time
Pos. Symbol Company Name Last Change (%) Volume
1 CUB CUBIC CORP 25.12 1.12 (4.67) 20,900
2 ATF EQUITY INCOME FUND 89.50 0.75 (0.85) 1,500
3 BTI BRITISH AMER TOBACCO ADS 21.03 0.73 (3.60) 9,700
4 TRV THOUSAND TRAILS 8.90 0.56 (6.71) 2,500
5 IWN ISHARES RUSSELL 2000 VALUE FD 145.94 0.44 (0.30) 2,900
6 BBH BIOTECH HOLDRS TRST DEP RCPTS 100.30 0.40 (0.40) 36,400
7 MR MORGAN`S FOODS 3.85 0.40 (11.59) 3,800
8 IYH ISHRS TRST DJ US HLTHCARE IDX 57.24 0.38 (0.67) 1,100
9 BNT BENTLEY PHARMACEUTICALS 11.80 0.35 (3.06) 3,600
10 HMF HASTINGS MFG 8.35 0.35 (4.37) 7,300
Cubic Second Quarter 2002 Earnings Up 30 Percent


SAN DIEGO, May 1, 2002 (BUSINESS WIRE) -- San Diego-based Cubic Corporation
(AMEX: CUB) today reported a 30 percent increase in net income on a sales
increase of 13 percent for the second quarter of fiscal 2002 compared to the
same quarter in fiscal 2001. The company notes that per share amounts reported
for the quarter reflect the April 30, 2002 three-for-one stock split.

Sales for the quarter increased 13 percent to $138,493,000 from $122,826,000 for
the second quarter of fiscal 2001. Net income for the quarter was 30 percent
higher than net income for the second quarter of last year, $6,441,000 or 24
cents per share (72 cents on a pre-split basis) for 2002, compared to $4,965,000
or 19 cents per share in 2001.

Net income for the first half of 2002 was $12,132,000 or 45 cents per share
($1.36 on a pre-split basis) on sales of $262,370,000, compared to $9,634,000 or
36 cents per share on sales of $243,160,000 in the prior year.

Of the increase in net income for the quarter, $437,000 (2 cents per share) is
the result of the new accounting rules related to goodwill implemented in fiscal
2002; and of the increase in net income for the first half of 2002, $873,000 (3
cents per share) is attributed to the new accounting rules for goodwill.

The company`s 8 percent increase in revenue for the first half of the year
compared to 2001 was due to higher sales from the defense segment, particularly
sales of communications and electronics products and growth from the
computerized battlefield simulation business. In addition to the sales increase,
improved gross profit margins in the defense business resulted in a considerable
improvement in operating profits.

"For the first half of 2002, both the company`s defense and transportation
segments reported strong results with the improvement compared to last year
coming from the defense segment," said Cubic President and Chief Executive
Officer Walter J. Zable.

The company`s total backlog, including unfunded customer orders increased to
$1,218,000,000 at March 31, 2002, compared to $1,095,000,000 at September 30,
2001 and $1,035,000,000 at March 31, 2001. Included in the backlog amounts was
funded backlog of $817,000,000 at March 31, 2002, $738,000,000 at September 30,
2001 and $765,000,000 at March 31, 2001.

Cubic Transportation Systems designs and manufactures automatic fare collection
systems for public mass transit, including rail and buses throughout the world.
The Cubic Defense Applications group produces instrumented air and ground combat
training systems for both the U. S. and allied military forces. In addition, the
defense group produces avionics, data links, and communications systems, and
provides support for military simulations and battle command training, and
provides product logistical support.

In addition to historical matters, this release contains forward-looking
statements which are made pursuant to the safe harbor provisions of the
Securities Litigation Reform Act of 1995. These forward-looking statements
involve predictions of future results. Investors are cautioned that
forward-looking statements involve risks and uncertainties which may affect the
company`s business and prospects. These include the effects of politics on
negotiations and business dealings with government entities, economic conditions
in the various countries in which the company does or hopes to do business,
competition and technology changes in the defense and transit industries, and
other competitive and technological factors.
Da cubic sich nun langsam der marktkapitalsierung von 1 milliarde us-dollar nähert,gibt es nun erste optionen auf cubic,was wohl die volalität(schwankungsbreite) der aktie erhöhen wird,z.b. beim panzerbauer,munitionshersteller und raketenwerferhersteller united defense,die die shortseller in den usa dann erstmal auf tauchstation geschickt haben
Da cubic sich nun langsam der marktkapitalsierung von 1 milliarde us-dollar nähert,gibt es nun erste optionen auf cubic,was wohl die volalität(schwankungsbreite) der aktie erhöhen wird,z.b. beim panzerbauer,munitionshersteller und raketenwerferhersteller united defense,die die shortseller in den usa dann erstmal auf tauchstation geschickt haben
American Stock Exchange - Dollar Gainers View Top 30, View Real-Time
Pos. Symbol Company Name Last Change (%) Volume
1 WSC WESCO FINANCIAL 329.90 5.80 (1.79) 1,170
2 CUB CUBIC CORP 30.24 1.85 (6.52) 273,300
3 OIH OIL SERVICE HOLDRS TR 72.60 1.60 (2.25) 1,351,600
4 NBR NABORS INDUSTRIES 47.17 1.03 (2.23) 1,376,800
5 BFD BOSTONFED BANCORP 29.50 0.90 (3.15) 4,000
6 BTI BRITISH AMER TOBACCO ADS 21.88 0.82 (3.89) 88,100
7 KNK KANKAKEE BANCORP 38.20 0.69 (1.84) 9,200
8 IRN IDINE REWARDS NETWORK INC 10.10 0.60 (6.32) 30,500
9 SOS COMPANHIA DE SANEAMENTO 5.89 0.60 (11.34) 150,000
10 TRV THOUSAND TRAILS 10.29 0.59 (6.08) 4,200


neues alltime-high 30,24 $
Cubic Wins $4 Million Award to Provide Data Link For Military Weapon System Testing and Training


SAN DIEGO, May 20, 2002 (BUSINESS WIRE) -- The U.S. Air Force has awarded Cubic
Corp. (AMEX: CUB) a $4 million contract to develop an advanced, two-way data link
that will dramatically improve data communications among the military`s weapon
system testing and training products.

The radio frequency link -- based on Cubic`s breakthrough Tactical Common Data
Link (TCDL) technology -- will be at the heart of the Multi-Service Target
Control System (MSTCS). The tri-service MSTCS program will improve the
interoperability of target control systems at various Department of Defense test
and training ranges.

Target control systems allow troops to fire their actual weapons at aerial and
surface targets, or "drones," such as unmanned aircraft and tanks, in realistic
operational scenarios. The drones may operate autonomously or remotely by
personnel at ground control stations. Cubic will provide the data relay between
the targets and control stations.

"This is a strategically important win for Cubic, because it represents our
first entry into the weapon system testing and training market," said Gerald
Dinkel, president and CEO of the Cubic Defense Applications group. "It also
represents the first sale of our TCDL technology, which builds on the success of
our Joint Surveillance Target Attack Radar System (Joint STARS) data link."

For MSTCS, Cubic will develop a Data Link Transceiver (DLT), which allows
high-performance communications between multiple targets and ground control
stations. The contract, awarded by the Air Force Materiel Command, Air Armament
Center at Eglin AFB, calls for the development of 10 prototype DLTs. If all
options are exercised, the total award will exceed $8 million and include more
than 100 data link transceivers.

"This award indicates strong customer confidence in Cubic, which has been a
long-standing, reliable supplier of Air Combat Training Systems to the Air
Force," said Philip J. Fisch, Business Development director for Cubic`s Training
Systems. "The award also opens up new business opportunities for us -- not only
in the Air Combat Training Systems product area -- but also for the instrumented
test and training market."

David Moehle, program manager and project engineer for the DLT, noted that
Cubic`s TCDL was developed under an internal research-and-development and was
proven in tests conducted by the Joint Interoperability Test Command.

The MSTCS data link will be a modified version of the TCDL, a digital Common
Data Link designed to transfer radar images and data from manned and unmanned
aerial vehicles to Navy ships and Army ground stations. It is smaller and less
expensive than current common data links. The TCDL uses commercially available
components and is fully interoperable with other data link systems.

Cubic currently provides the jam-resistant Surveillance and Control Data Link
(SCDL) for Joint STARS, a sophisticated battlefield management system that
allows US and NATO commanders to look behind enemy lines and obtaining
intelligence and targeting data. Cubic is also providing a similar broadcast
data link for the UK`s Airborne Stand-Off Radar System.

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides instrumented air and ground combat training systems, battle command
training, simulations and simulation support for U.S. and allied military
forces. The group also produces high technology avionics, data links and
communications products for government and commercial customers, and a wide
range of technical and logistics services. The corporation`s other major
segment, Cubic Transportation Systems, designs and manufactures automatic fare
collection systems for public mass transit authorities. For more information
about Cubic, see the company` Web site at www.cubic.com.
Cubic Makes Final Relocation Plans in U.K.; Move from Merstham to Salfords Will Enhance Efficiency and Support Company`s Commitment to European Growth


SAN DIEGO, May 28, 2002 (BUSINESS WIRE) -- San Diego-based Cubic Corp.
(AMEX: CUB) is in the final planning and design phases of a facility relocation
this fall from Merstham, Surrey, England, to Salfords, Surrey, for Cubic
Transportation Systems Ltd. (CTSL), headquarters for the company`s
European-based mass transit fare collection operation.

"With this relocation, we are creating a more efficient U.K. operation," said
Ray deKozan, chairman of Cubic Transportation Systems (CTS). "Purchasing and
refurbishing the Salfords property also demonstrates Cubic`s commitment to
growing our business in Europe."

More than 700 employees currently work at the facility in Merstham, which became
Cubic`s U.K. headquarters in 1977 after the company entered the U.K. market.

Cubic was awarded a Research and Development pilot automatic fare collection
contract in 1979. Its success led to the award of a systemwide contract in 1985.
This system was completed in 1988. From 1988-1998, Cubic had continuous
contracts with London Transport to enhance, expand and maintain the system.

In 1998, London Transport awarded the TranSys consortium the "PRESTIGE" Private
Finance Initiative (PFI) contract to provide a new smart card-based ticketing
and fare collection system for the London Underground and city buses. As part of
the consortium, Cubic is providing all of the system infrastructure and
maintenance. Cubic also has contracts with many of the train operating companies
in the U.K. for gates, and ticket office machines. The company is also
performing fare collection contracts for the city of Hanau, Germany and
Rotterdam in Holland. Both of these have the potential to lead to other
PRESTIGE-size contracts in Europe.

The new Salfords facility, acquired by Cubic in January 2002, is within a
15-minute walk of the A23, the original London-to-Brighton roadway. It is served
by buses and within a five-minute walk of the local train station -- a direct
link to London`s Victoria Station and Gatwick International Airport.

Cubic Transportation Systems, one of Cubic`s two major segments, designs and
manufactures automatic fare collection systems for public mass transit
authorities. The Cubic Defense Applications group, the other major segment,
provides instrumented air and ground combat training systems, battle command
training, simulations and simulation support for U.S. and allied military
forces. The group also produces high technology avionics, data links and
communications products for government and commercial customers, and a wide
range of technical and logistics services. For more information about Cubic, see
the company` web site at www.cubic.com.

In addition to historical matters, this release contains forward-looking
statements which are made pursuant to the safe harbor provisions of the
Securities Litigation Reform Act of 1995. These forward-looking statements
involve predictions of future results. Investors are cautioned that
forward-looking statements involve risks and uncertainties which may affect the
company`s business and prospects. These include the effects of politics on
negotiations and business dealings with government entities, economic conditions
in the various countries in which the company does or hopes to do business,
competition and technology changes in the defense and transit industries, and
other competitive and technological factors.
Cubic Corporation Reports a 34% Increase in Third Quarter Earnings and 10.5% Dividend Increase


SAN DIEGO, Jul 30, 2002 (BUSINESS WIRE) -- San Diego-based Cubic Corporation
(AMEX: CUB) today reported a 34 percent increase in earnings for the third
quarter of fiscal 2002 and a 16 percent increase in sales from the same period
last year. Total backlog at June 30, 2002 was $1,180,000,000.

Net income for the third quarter was $7.1 million or 27 cents per share compared
to $5.3 million or 20 cents per share for the same period in 2001. Third quarter
2002 sales were $148.2 million, compared to $127.2 for the same period in 2001.

For the first three quarters of fiscal year 2002, net income was $19.3 million
or 72 cents per share, up 29 percent from $15 million or 56 cents per share last
year. For the first three quarters of fiscal year 2002, sales were $410.6
million, compared to nine month sales of $370.4 million for fiscal 2001, an
increase of 11 percent.

Reported per share amounts above reflect the April 2002 three-for-one stock
split. Before the stock split, net income for the third quarter would have been
81 cents compared to 60 cents per share for the same period in 2001, and for the
first three quarters, pre-stock-split net income for 2002 would have been $2.16
per share, up from $1.68 per share last year.

Goodwill charges in 2001 were $425,000 or 2 cents per share for the third
quarter of 2001 and $1.3 million or 5 cents per share for the first nine months,
whereas no goodwill charges were reflected in 2002.

Total backlog, including unfunded customer orders, increased to $1,180,000,000
at June 30, 2002, compared to $1,095,000,000 at September 30, 2001 and
$1,092,000,000 at June 30, 2001. Included in the above amounts was funded
backlog of $822,000,000 at June 30, 2002, $738,000,000 at September 30, 2001 and
$745,000,000 at June 30, 2001.

"Operating profits from our defense and transportation segments continue to
improve and are up a combined 40 percent for the nine months, while investment
income was down $2.3 million from a year ago. We now expect earnings to improve
in the vicinity of 30 percent for the year, rather than 20 percent, as we
projected in the first quarter," said Cubic Corp. President and CEO Walter J.
Zable.

"In light of the current financial turmoil in the markets, it is important that
we also take this opportunity to state that Cubic has a strong, sound balance
sheet, and neither our officers, employees, nor I have stock options that could
dilute future earnings," he added.



Cubic Board of Directors Approves Higher Dividend

Cubic`s Board of Directors has approved a semi-annual dividend of 7 cents per
share, to be paid on August 30, 2002, to shareholders of record at the close of
business on August 9, 2002. The dividend represents a 10.5 percent increase, the
equivalent of 14 cents per share annually. This is the same impact as an
increase from 38 cents to 42 cents annually before the April 2002 three-for-one
stock split. Cubic has paid uninterrupted semi-annual dividends for 30 years.

While the sales growth in the first six months of the year came from Cubic`s
defense business, the third quarter increase came primarily from the
transportation segment. Year-to-date sales improvement was the result of higher
sales in both segments.

The transportation segment sales increase in the current year is due to higher
work volume on contracts for Bay Area Rapid Transit, Vancouver`s B.C. Rapid
Transit and the extension of the Washington Metropolitan Area Transportation
Authority smart card ticketing service for buses in Maryland and Virginia.
Another factor was increased activity on the Prestige contract in London, where
installation of the system is nearly completed and smart cards are being phased
in.

Defense segment improvement compared to last year is due to increased activity
from recently awarded contracts for the company`s battle command training,
maintenance, communications equipment, and laser-based MILES products.



Operating Profits

The transportation segment`s profits continued to be strong and were higher for
the third quarter and first nine months compared to the same periods last year,
but Cubic`s significant earnings improvement from last year is mostly due to its
defense segment. The defense segment improvement came primarily as a result of
increased sales in its operations and services business, and improved profit
margins in MILES and communications products.



Outlook

The company expects strong earnings in the fourth quarter and through 2003.
Sales growth is also expected as the company positions itself to win new
business to meet the demand for defense and automated fare collection systems.

Cubic is benefiting from the need among cities, particularly those in the
untapped medium-sized markets, for upgraded, high-tech automatic fare collection
hardware and software systems for public transit. Current customers, such as
transit authorities in the Washington D. C. and New York metropolitan areas, are
expanding their fare collection systems with airport links and advanced systems
that make travel faster and fare collection more efficient. The transportation
segment continues to improve customer service in order to maintain the kinds of
relationships that have after 30 years made Cubic the leading supplier of
end-to-end fare collection systems. While the company focuses on the existing
and emerging domestic markets` demand for state-of-the art fare collection
systems, new opportunities exist internationally, particularly in Europe. Cubic
has start-up automatic fare collection systems in Germany and The Netherlands.
This places the company in good position for near and long-term business in
Europe.

Management sees a demand by the U.S. and allied governments for high-tech battle
command training applications, services and communications equipment. Cubic
recently successfully completed U.S. government tests of its Common Data Link
equipment. Passing these military compliance tests opens the door for Cubic to
compete for business on a broad range of programs.

Addressing new national priorities, Cubic is exploring new opportunities in the
area of Homeland Defense/Security. The company is building on its systems
integration experience and technology in both defense and transportation and the
established presence of its smart card technology in key metropolitan areas to
develop solutions for high-security access control for borders, airports and
other public and private locations.

Cubic is working with potential partners to demonstrate the benefits of
integrating biometrics functions into smart-card based systems to help
positively identify and authenticate personal characteristics of cardholders.
The company sees potential smart card security applications opportunities in
both military and civilian markets at the Federal, state and local levels.
Management expects that over the next two to three years, the company will be
involved in customer-funded trials that could lead to new Homeland
Security/Defense business as these emerging markets take shape.

On current government contracts, Cubic is already involved in helping agencies
plan and prepare for contingencies through high-level simulations and exercises
involving real-world scenarios. This effort is expected to continue and provide
basic insights for products, procedures and systems to deter, counter or manage
the consequences of a wide range of future threats.

For more information about Cubic, see the company`s web site at www.cubic.com.

In addition to historical matters, this release contains forward-looking
statements which are made pursuant to the safe harbor provisions of the
Securities Litigation Reform Act of 1995. These forward-looking statements
involve predictions of future results. Investors are cautioned that
forward-looking statements involve risks and uncertainties which may affect the
company`s business and prospects.

These include the effects of politics on negotiations and business dealings with
government entities, economic conditions in the various countries in which the
company does or hopes to do business, competition and technology changes in the
defense and transit industries, and other competitive and technological factors.



CUBIC CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)

(amounts in thousands, except per share data)

Nine Months Ended Three Months Ended

June 30, June 30,

2002 2001 2002 2001

-------- -------- -------- --------

Revenues:

Sales $410,578 $370,449 $148,208 $127,289

Other income 3,925 6,085 1,333 1,190

-------- -------- -------- --------

414,503 376,534 149,541 128,479

-------- -------- -------- --------

Costs and expenses:

Cost of sales 314,883 287,194 114,439 99,160

Selling, general

and administrative

expenses 61,509 57,275 21,683 17,724

Research and

development 6,687 6,722 1,797 2,542

Interest 2,664 2,685 894 929

-------- -------- -------- --------

385,743 353,876 138,813 120,355

-------- -------- -------- --------

Income before income

taxes 28,760 22,658 10,728 8,124

Income taxes 9,500 7,700 3,600 2,800

-------- -------- -------- --------

Net income $ 19,260 $ 14,958 $ 7,128 $ 5,324

======== ======== ======== ========

Basic and diluted net

income per common

share $ 0.72 $ 0.56 $ 0.27 $ 0.20

======== ======== ======== ========

Dividends per common

share $ 0.063 $ 0.063 $ -- $ --

======== ======== ======== ========

Average shares of

common stock

outstanding 26,720 26,720 26,720 26,720

======== ======== ======== ========

CUBIC CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

June 30, September 30,

2002 2001

(Unaudited) (See note below)

----------- -----------

ASSETS

Current assets:

Cash and cash equivalents $ 67,644 $ 76,837

Marketable securities,

available-for-sale 512 584

Accounts receivable 161,029 141,516

Inventories 37,727 30,386

Deferred income taxes and other

current assets 24,240 26,783

----------- -----------

Total current assets 291,152 276,106

----------- -----------

Property, plant and equipment -- net 39,465 33,376

Goodwill, less amortization 19,500 18,927

Other assets 13,387 12,938

----------- -----------

$ 363,504 $ 341,347

=========== ===========

LIABILITIES AND SHAREHOLDERS` EQUITY

Current liabilities:

Trade accounts payable $ 12,899 $ 11,889

Customer advances 26,198 30,479

Other current liabilities 46,364 42,205

Income taxes payable 8,581 10,321

Current portion of long-term debt 1,429 --

----------- -----------

Total current liabilities 95,471 94,894

----------- -----------

Long-term debt 48,571 50,000

Deferred compensation 6,260 5,558

Shareholders` equity:

Common stock 234 234

Additional paid-in capital 12,123 12,123

Retained earnings 238,662 221,095

Accumulated other comprehensive loss (1,751) (6,494)

Treasury stock at cost (36,066) (36,063)

----------- -----------

213,202 190,895

----------- -----------

$ 363,504 $ 341,347

=========== ===========

Note: The balance sheet at September 30, 2001 has been derived from

the audited financial statements at that date.


CONTACT: Cubic Corporation

Kelly Williams, 858/505-2378

Kelly.Williams@cubic.com



URL: http://www.businesswire.com

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KEYWORD: CALIFORNIA

INDUSTRY KEYWORD: AEROSPACE/DEFENSE

COMPUTERS/ELECTRONICS

GOVERNMENT

HARDWARE

TRANSPORTATION

DIVIDEND

EARNINGS

SOURCE:

Cubic

Corporation
American Stock Exchange - Percentage Gainers View Top 30, View Real-Time
Pos. Symbol Company Name Last Change (%) Volume
1 VGZ VISTA GOLD 3.57 0.62 (21.02) 19,500
2 CUB CUBIC CORP 20.25 3 (17.39) 114,800
3 CVU CPI AEROSTRUCTURES INC 6.65 0.80 (13.68) 122,100
4 LAN LANCER CORP 5.70 0.55 (10.68) 9,800
5 BYS BAY STATE BANCORP 57.62 5.03 (9.56) 32,600
6 JDY MERRILL LYN & CO 9% `STRIDES` 3.20 0.26 (8.84) 15,900
7 DSZ MER LYN STGC RET NTS(6/28/07) 8.50 0.58 (7.32) 2,000
8 RIV RIVIERA HOLDINGS 6.85 0.40 (6.20) 5,000
9 XLU UTILITIES SEL SECT SPDR FUND 19.96 0.91 (4.78) 74,400
10 UTH UTILITIES HOLDERS TRUST 67.50 3.05 (4.73) 38,500
Crash oder Beginn einer Hausse,
wo stehen wir heute,
s. Grafik: Auswahl 1 - 19 ?
Tragt eure Meinung ein bei
Der typische Investor...
http://www.wallstreet-online.de/ws/community/board/thread.ph…
Cubic Delivers Intermodal Fare Payment System For Vancouver`s New Millennium Line


SAN DIEGO, CALIFORNIA, Oct 1, 2002 (CCNMatthews via COMTEX) -- Cubic
Transportation Systems Inc., a subsidiary of San Diego-based Cubic Corp.
(AMEX: CUB), announced it has completed delivery of a new intermodal fare payment
system to TransLink of Vancouver, B.C., for the agency`s new SkyTrain
"Millennium Line."

The new line opened to the public on August 31.

The delivery was part of a US$18 million contract that Cubic received in April,
2001, to develop the fare payment system. The system includes advanced
touchscreen ticket vending machines that issue a common magnetic farecard that
is good across the region`s rail, bus and ferry services. The high-tech machines
-- the same type Cubic built for New York City`s MetroCard(SM) system -- are
able to issue instructions in six languages, making it even more convenient for
commuters.

"This new fare collection system will make it easier for our customers and
especially tourists to use the system," said TransLink CEO Pat Jacobsen.

"We are pleased that as part of the Millennium Line system opening, we have
delivered Vancouver`s total ticketing solution, which will create greater access
to transportation throughout the region," said Walter C. Zable, president and
CEO of Cubic Transportation Systems Inc. "TransLink`s system uses technology
that will transform Vancouver`s mass transit into an invaluable resource for
this region."

The new system includes back office computer processing technology that will
enable TransLink to better manage fare collection revenues. Cubic also designed
the new electronic bus fare collection system for TransLink, which currently is
operational on more than 1,150 of the city`s nearly 1,270 buses.

The Millennium Line is the extension to the SkyTrain light rail system, which
includes the existing Expo Line. In early fall, Cubic will begin delivering
additional ticketing machines that will be installed across the Expo Line`s 21
stations. Each of the machines is equipped with Cubic`s new Tri-Reader(TM)
technology, which "reads" any one of three types of smart cards, allowing
TransLink the option of switching from magnetic stripe to smart cards in the
future.

Cubic is the world`s leading system integrator for regional multi-operator
intermodal ticketing systems utilizing magnetic and smart card technologies.
Installations include New York and Chicago, where passengers use the same
farecard to ride bus and rail. Cubic`s smart card systems are in North America
(Washington, D.C., and Chicago), Europe and Asia.

Every year, nearly 10 billion rides are taken worldwide using Cubic-designed
payment systems in more than 40 major markets in cities on five continents,
including London, Washington, D.C., Hong Kong, Chicago, New York, Guangzhou,
Shanghai, Atlanta, San Francisco, Singapore and Miami. As part of the TranSys
consortium, Cubic also is supplying the entire automated fare collection system
including smart cards for the London PRESTIGE project.

The company`s other major business segment, Cubic`s Defense Applications group,
produces instrumented air and ground combat training systems, battle command
training, simulations and simulation support for U.S. and allied military
forces. The group also produces high technology avionics, data links and
communications products for government and commercial customers, and a wide
range of technical and logistics services. Visit Cubic on the Web at
http://www.cubic.com/.
American Stock Exchange - Percentage Gainers View Top 30, View Real-Time
Pos. Symbol Company Name Last Change (%) Volume
1 IDN INTELLI-CHECK INC 7.09 0.59 (9.08) 8,500
2 CUB CUBIC CORP 18.50 1.25 (7.25) 73,300
3 CFW CYBERGUARD CORP 4.80 0.31 (6.90) 99,200
4 EMH MERR LYN&CO INC 8% "STRIDES" 8.60 0.55 (6.83) 2,600
5 MSN EMERSON RADIO 4.47 0.27 (6.43) 164,000
6 LCI LANNETT COMPANY INC 19.65 1.15 (6.22) 81,800
7 EMV SALOMON SB 10.25% MOTOROLA 8.46 0.46 (5.75) 2,100
8 IMA INVERNESS MEDICAL INNOVATIONS 13.88 0.73 (5.55) 79,800
9 SYI S Y BANCORP 39.10 1.99 (5.36) 11,600
10 IGW ISHR GOLD SACHS SEMICONDUCTOR 45.90 2.24 (5.13) 23,300
Latest News

--------------------------------------------------------------------------------
Cubic Reports Record High Sales and Earnings Company Expects Continued Growth


SAN DIEGO, Dec 9, 2002 (BUSINESS WIRE) -- Cubic Corp. (AMEX: CUB) today reported
record high sales and earnings for fiscal 2002. Earnings for the fiscal year
ended Sept. 30, 2002 were up 41 percent, and sales for the year were up 12
percent from last year.

Operating profits (before tax, employee profit sharing and bonus payments) for
the fiscal year ended Sept. 30, 2002 were $54,098,000, compared to $44,752,000
for fiscal 2001.

Earnings (after tax, employee profit sharing and bonus payments) for the fiscal
year ended Sept. 30, 2002 were $29,437,000 or $1.10 per share ($3.30 before a
3-for-1 stock split), compared to $20,842,000 or 78 cents per share ($2.34
pre-split) for fiscal 2001. Sales for 2002 were $559,604,000, compared to
$501,679,000 for fiscal 2001.

Fourth quarter 2002 earnings were up 73 percent, and sales for the period were
up 14 percent from last year. Fourth quarter earnings were $10,177,000 or 38
cents per share ($1.14 pre-split), compared to $5,884,000 or 22 cents per share
(66 cents pre-split) for 2001. Sales for the quarter were $149,026,000, compared
to $131,230,000 for the same period last year.

Operating profits increased in both of Cubic`s major segments, most
significantly in the defense segment. In addition, a change in accounting rules
for Goodwill added $1,715,000 after taxes, or 6 cents per share for the year,
and a non-recurring fourth quarter tax benefit added $2,460,000 or 9 cents per
share.

The company expects that sales and operating income will continue to grow next
year. New contract bookings are expected to increase substantially in fiscal
2003, which should result in continued growth in fiscal 2004.

Total backlog, including unfunded contracted orders, at Sept. 30, 2002 was
$1,165,000,000 compared to $1,095,000,000 at Sept. 30, 2001. Cubic`s funded
backlog at the end of fiscal 2002 was $777,000,000, compared to $738,000,000 at
the end of last year.

"There is a high demand for our defense and transportation products and
services," said Cubic President and CEO Walter J. Zable. "We are determined to
win new and repeat business, and focused on earning customer trust and loyalty."



Defense Segment -- 2002 Performance

Defense sales increased 11 percent -- to $314 million in fiscal 2002 from $282
million in fiscal 2001. Much of the growth came from a 22 percent increase in
the segment`s battlefield simulation and operation and maintenance businesses.
In addition, the segment had strong sales of both ground and air combat training
systems.

Operating profits for Defense more than doubled to $17.9 million from $7.6
million in fiscal 2001. The most significant improvement came from the company`s
ground and air combat training systems. The company`s products and services are
expected to generate significant new orders from a variety of military and
government customers in the U.S. and internationally.



Transportation Systems -- 2002 Performance

Transportation sales increased 13 percent to $231 million in fiscal 2002 from
$205 million last year. The segment`s North American market generated
significant new business, and the European market, specifically the United
Kingdom, remained strong. The company continued its good progress on the London
Prestige contract, meeting its major milestones. Nearly all equipment is
installed, and the system functions well. The company is pursuing additional
opportunities in both North America and continental Europe.

Operating profits for the transportation segment increased by 8 percent to $23.3
million for 2002, compared to $21.6 million in 2001. The increase came despite
severance costs from closing an outdated U.K. facility and legal costs from a
dispute of an Australian contract tender.



Homeland Security

In addition to growing its core businesses, the company has been successful --
with minimal investment -- in marketing its products and services to government
agencies looking to answer the need for Homeland Security resources. Cubic`s
competitive position in its core businesses remains strong, as reflected in
record high sales and earnings. At the same time, technologies from Defense and
Transportation -- from smart card access control technology to communications
products to senior-level doctrine development and consulting -- apply to the
government`s critical mission areas for homeland defense and security. The
company has won small, but strategically significant contracts in domestic
counterterrorism and data mining, and is positioning itself with potential
teammates on future business in a wide range of homeland defense and security
areas.

The Cubic Defense Applications Group produces instrumented air and ground combat
training systems, battle command training studies and analysis, simulations, and
simulation support for U.S. and allied military forces. The Group also produces
high technology avionics, data links and communications products for government
and commercial customers, and provides a wide range of technical and logistics
services. The corporation`s other major segment, Cubic Transportation Systems,
designs and manufactures automatic fare collection systems -- including the most
advanced smart card system -- for public mass transit authorities worldwide.

In addition to historical matters, this release contains forward-looking
statements which are made pursuant to the safe harbor provisions of the
Securities Litigation Reform Act of 1995. These forward-looking statements
involve predictions of future results. Investors are cautioned that
forward-looking statements involve risks and uncertainties which may affect the
company`s business and prospects. These include the effects of politics on
negotiations and business dealings with government entities, economic conditions
in the various countries in which the company does or hopes to do business,
competition and technology changes in the defense and transit industries, and
other competitive and technological factors.



CUBIC CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

Years Ended September 30,

2002 2001 2000

------------ ------------ ------------

(amounts in thousands, except per

share data)

Revenues:

Sales $559,604 $501,679 $531,516

Interest and dividends 2,266 3,915 3,819

Other income 2,441 3,129 3,890

------------ ------------ ------------

564,311 508,723 539,225

Costs and expenses:

Cost of sales 425,712 385,569 449,913

Selling, general and

administrative expenses 85,759 76,052 76,016

Research and development 8,381 9,755 6,999

Goodwill amortization -- 2,638 2,327

Interest 3,538 3,601 3,729

------------ ------------ ------------

523,390 477,615 538,984

------------ ------------ ------------

Income before income taxes 40,921 31,108 241

Income taxes (benefit) 11,484 10,266 (433)

------------ ------------ ------------

Net income $29,437 $20,842 $674

============ ============ ============

Basic and diluted net income per

common share $1.10 $0.78 $0.03

============ ============ ============

Average number of common

shares outstanding 26,720 26,720 26,720

============ ============ ============

CUBIC CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

September 30,

2002 2001

---------- ----------

(in thousands)

ASSETS

CURRENT ASSETS $296,807 $276,106

PROPERTY, PLANT AND EQUIPMENT 42,419 33,376

OTHER ASSETS 35,233 31,865

---------- ----------

TOTAL ASSETS $374,459 $341,347

========== ==========

LIABILITIES AND SHAREHOLDERS` EQUITY

CURRENT LIABILITIES $106,328 $94,894

LONG-TERM DEBT 48,571 50,000

OTHER LIABILITIES 6,397 5,558

SHAREHOLDERS` EQUITY 213,163 190,895

---------- ----------

TOTAL LIABILITIES AND SHAREHOLDERS` EQUITY $374,459 $341,347

========== ==========


CONTACT: Cubic Corp., San Diego

Kelly Williams, 858/505-2378

Kelly.Williams@cubic.com



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KEYWORD: CALIFORNIA

INDUSTRY KEYWORD: TRANSPORTATION

TELECOMMUNICATIONS

SOFTWARE

COMPUTERS/ELECTRONICS

AEROSPACE/DEFENSE

EARNINGS

SOURCE:

Cubic

Corp.
( BW)(CA-CUBIC)(CUB) Cubic Wins $12 Million Contract to SupplyLaser-Based Combat Training System to Army

Business Editors

SAN DIEGO, Calif.--(BUSINESS WIRE)--Dec. 23, 2002--Cubic Corp.(AMEX:CUB) has won a contract valued at $12 million to supply itsnew-generation laser-based combat training system to the U.S. Army.
Tec-Masters Inc., of Huntsville, Ala., awarded the contract toCubic Defense Applications under its contract with the Army´s ProgramExecutive Office for Simulation, Training and Instrumentation (PEOSTRI). The purpose of the award is to support a Stryker BrigadeRotation from Fort Lewis, Wash., to the Joint Readiness TrainingCenter at Fort Polk, La.
Cubic´s next-generation Multiple Integrated Laser EngagementSystem (MILES) allows troops to fire laser infrared "bullets" from thesame weapons and vehicles that they would use in actual combat."Hits," "misses" or "kills" are then recorded, replayed and analyzedin detail during after-action reviews, where participants can reviewtheir performance after the training exercises.
Deliveries of the MILES equipment will begin next February andlast through April 2003. The shipments will include helmets and torsovests equipped with laser detectors, and Small Arms Transmittersdesigned for mounting on rifles, machine guns and heavy machine guns.Cubic will also deliver a quantity of Controller Devices, whichtraining exercise observer-controllers use to transfer training eventdata and to provide exercise participants with ammunition reloads andreset and resurrect commands after a casualty assessment.
"This continues the fielding of a product that provides superiorcombat training," said Ray Barker, senior vice president of BusinessDevelopment for the Cubic Defense Applications group. "Cubic´s MILESsystem is smaller and lighter in weight than legacy systems currentlyused at many military installations, and offers improved fidelity forforce-on-force training exercises, which ultimately leads to improvedcombat readiness and, most importantly, results in saved lives for ourmen and women in uniform."

Background Information:

The Cubic Defense Applications Group, one of Cubic Corp.´stwo major segments, produces instrumented air and ground combattraining systems, battle command training, analyses and studies, andsimulations and simulation support for U.S. and allied militaryforces. The group also produces high technology avionics, data linksand communications products for government and commercial customers,and a wide range of technical and logistics services. Thecorporation´s other major segment, Cubic Transportation Systems,designs and manufactures automatic fare collection systems for publicmass transit authorities. For more information about Cubic, see thecompany´s Web site at www.cubic.com.

--30--jv/sd* ts/sd CONTACT: Cubic Corp. Jan Stevens, 858/505-2174 jan.stevens@cubic.com or Kelly Williams, 858/505-2378 Kelly.Williams@cubic.com KEYWORD: CALIFORNIA ALABAMA INDUSTRY KEYWORD: AEROSPACE/DEFENSE COMPUTERS/ELECTRONICS GOVERNMENT HARDWARE SOFTWARE SOURCE: Cubic Corp.
SAN DIEGO -- (business WIRE) -- Jan.. 6, 2003 -- die Verteidigung
Applicationsgroup von Cubic Corporation (AMEX:CUB) und sein BRITISCHER
Partner, UltraElectronics Ltd., hat das erste narrowband Daten
linksubsystem (NDLS) zwei Monate vor Zeitplan geliefert. Das NDLS
incorporatessophisticated Sendung
Datenübermittlungsabschnitttechnologie in das vereinigte System des
Kingdom`sAirborne Distanzhülse Radar-(ASTOR). Kubik und ultra stellen
das ASTOR narrowband Daten linksubsystem (NDLS) unter einem Vertrag
$46 Million her, der zu KubikfromRaytheon Systemen Ltd.
(Großbritannien) zugesprochen wird im Oktober 2000. Kubik- und ultra
areproviding Luftwertanschlüß, Grunddatenanschlüß und Reserven,
aswell als 10 Jahre im Dienst Unterstützung anfangend Mitte2004.
Standard & Poor`s Announces Changes in S&P U.S. Indices


NEW YORK, Jan 10, 2003 /PRNewswire via COMTEX/ -- Standard & Poor`s will make
the following changes in the S&P MidCap 400 and S&P SmallCap 600 Indices:



* S&P SmallCap 600 component Toll Brothers Inc. (NYSE: TOL) will be added

to the S&P MidCap 400 Index on Monday, January 13, 2003. Toll Brothers

will replace American Water Works Inc. (NYSE: AWK), which was removed

from the S&P MidCap 400 Index after tonight`s close of trading

consequent to its acquisition by RWE AG. Coinstar Inc. (Nasdaq: CSTR)

will replace Toll Brothers in the S&P SmallCap 600 Index.

* Cubic Corporation (Amex: CUB) will replace DIANON Systems (Nasdaq: DIAN)

in the S&P SmallCap 600 Index after the close of trading on Friday,

January 17, 2003. Laboratory Corporation of America Holdings (NYSE: LH)

is acquiring DIANON Systems.

Toll Brothers Inc. designs, builds, markets and arranges financing for homes in
21 states. The company, headquartered in Huntingdon Valley, PA, will be added to
the S&P MidCap 400 GICS (Global Industry Classification Standard) Homebuilding
sub-industry.

Coinstar Inc. owns and operates a network of self-service coin-counting machines
in supermarkets throughout the United States and in Canada. The company,
headquartered in Bellevue, WA, will be added to the S&P SmallCap 600 GICS
Diversified Commercial Services sub-industry.

Cubic Corp. designs, develops and manufactures various electronic products, such
as military range instrumentation, systems pertaining to communications,
surveillance and avionics, computer simulators and automatic revenue collection
equipment. The company, headquartered in San Diego, CA, will be added to the S&P
SmallCap 600 GICS Aerospace & Defense sub-industry.



Following is a summary of the announced changes:



S&P MIDCAP 400 INDEX - January 13, 2003



COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY

ADDED Toll Brothers Consumer Discretionary Homebuilding



S&P SMALLCAP 600 INDEX - January 13, 2003



COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY

ADDED Coinstar Inc. Industrials Diversified Commercial

Services

DELETED Toll Brothers Consumer Discretionary Homebuilding



S&P SMALLCAP 600 INDEX - January 17, 2003



COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY

ADDED Cubic Corp. Industrials Aerospace & Defense

DELETED DIANON Systems Health Care Health Care Distributors

& Services

Company additions to and deletions from an S&P equity index do not in any way
reflect an opinion on the investment merits of the company.

Standard & Poor`s is a leader in providing highly valued financial data,
analytical research and investment and credit opinions to the global capital
markets. Among the company`s many products are the S&P Global 1200, the first
real-time, global equity index, the S&P 500, the premier U.S. portfolio index,
and credit ratings on more than 220,000 securities and funds. With 5,000
employees located in 19 countries, Standard & Poor`s is an integral part of the
world`s financial architecture. Additional information is available at
http://www.standardandpoors.com

Founded in 1888, The McGraw-Hill Companies is a global information services
provider meeting worldwide needs in the financial services, education and
business information markets through leading brands such as Standard & Poor`s,
BusinessWeek and McGraw-Hill Education. The Corporation has more than 350
offices in 33 countries. Sales in 2001 were $4.6 billion. Additional information
is available at http://www.mcgraw-hill.com.

SOURCE Standard & Poor`s
American Stock Exchange - Percentage Gainers View Top 30, View Real-Time
Pos. Symbol Company Name Last Change (%) Volume
1 UFM United Financial Mtge 4.80 0.40 (9.09) 7,900
2 CUB Cubic Corp 21.70 1.70 (8.50) 326,200
3 MLP Maui Land & Pineapple 16.25 1.25 (8.33) 7,000
4 CYL Community Capital 14.25 0.77 (5.71) 1,500
5 GAF GA Financial 26 1.30 (5.26) 17,400
6 MSN Emerson Radio 6.39 0.29 (4.75) 165,500
7 EWS iShares MSCI Singapore(Free)In 4.54 0.20 (4.61) 22,500
8 HOO Glacier Water Services 16.16 0.71 (4.60) 7,500
9 FRN Friendly Ice Cream 6.78 0.28 (4.31) 6,400
10 LGL Lynch Corp 9.05 0.35 (4.02) 1,100
Data is delayed at least 15 minutes
Cubic Receives $6.2 Million Joint Tactical Radio System Waveform Development Contract; Company`s Software Will Help the Military Communicate With Public Safety Agencies


SAN DIEGO, Jan 14, 2003 (BUSINESS WIRE) -- Cubic Corp. (AMEX: CUB) has received
a $6.2 million cost-plus-incentive-fee contract from the U.S. Army`s
Communications-Electronics Command (CECOM) in support of the Joint Tactical
Radio System (JTRS) Joint Program Office (JPO) to help develop the JTRS.

If exercised, options would bring the total value to almost $14 million.

Under the 18-month contract, the Communications Business Unit of Cubic Defense
Applications will develop waveform software that will help all branches of the
military and multiple public agencies communicate with one another.

"The military has an interest in communicating with public safety radios for
Homeland Security and Defense reasons. This contract win is significant for
Cubic in that it makes us a participant in what is arguably one of the most
important military communications programs today," said Gerald Dinkel, president
and CEO of Cubic Defense Applications (CDA).

The JTRS is a family of software definable tactical radios that provide
commanders with voice, data and video capability. The state-of-the art radios
are based on a common Software Communication Architecture (SCA) that ensures
interoperability-or compatibility-with current and future systems.

JTRS had its genesis in lessons learned from inter-service communication
problems in Grenada and during Operation Desert Storm. Troops were not able to
communicate with one another because the various radio equipment used by the
different services was not interoperable, or compatible, with each other.

Future JTRS compliant military radios will utilize SCA compliant hardware to run
a variety of software-based waveforms for the particular communications format a
radio is designed to use.

"This is a very strategic win for us in that it builds on our experience in what
is known as `software definable radio.` The software used for these radios can
be likened to the software applications that run on a personal computer. It`s
the change in waveform software that allows these radios to be reconfigurable
and interoperable, two key features the Joint Services consider essential for
tactical radio communications, network-centric capabilities and reduced life
cycle costs," said Rick Lober, senior vice president of CDA`s communications
segment.

Cubic`s software will be in compliance with the Association of Public Safety
Communications Officials (APCO)-25, established for the use of digital
technology in modern generation two-way radio communications.

JTRS goal is to migrate today`s legacy radio communications systems to systems
with standard open systems architecture. This migration will be implemented in
phases, balancing operational requirements, weapon system integration issues and
funding constraints.

Cubic Defense Applications, one of Cubic Corp.`s two major segments, produces
instrumented air and ground combat training systems, battle command training,
studies and analysis, simulations and simulation support for U. S. and allied
military forces. The group also produces high technology avionics, data links
and communications products for government and commercial customers, and a wide
range of technical and logistics services. The corporation`s other major
segment, Cubic Transportation Systems, designs and manufactures automatic fare
collection systems for public mass transit authorities. For more information
about Cubic, see the company`s Web site at www.cubic.com.
The San Diego Union-Tribune Local Stocks Column


Jan 19, 2003 (The San Diego Union-Tribune - Knight Ridder/Tribune Business News
via COMTEX) -- Standard & Poor`s Outlook publication lists its "power picks" for
this year the best stock ideas from each of 40 industry analysts.

Invitrogen, which makes life sciences research tools, is one of the picks. The
company will be helped by the "expected steady growth in research and
development spending in the public and private sectors," says S&P. The stock is
rated five stars, S&P`s highest ranking.

Value Line gives Invitrogen only an average (3) rating for both timeliness and
safety. Analyst Keith A. Markey says the company`s sharply improved bottom line
in fiscal 2002 largely comes from an accounting gain. Also, the company made an
acquisition that will slightly dilute earnings.

The company recently rolled out 400 human DNA clones. "The cell culture segment
faces bright prospects, too," says Markey. Profits should grow rapidly in the
2005-2007 period, says the analyst.

CUBIC: While the nation has been talking war for several months, defense stocks
weren`t keeping pace, although they have picked up this year. However, notes
Charles M. LaLoggia of Rochester, N.Y.-based Superstock Investor, Cubic is more
thinly traded than its bigger-name defense industry peers. That was not good
when defense stocks fell out of bed, but LaLoggia expects them to spring back
this year, and the smaller float will be an advantage for Cubic.

He says that $20 is a breakout point for Cubic stock. On Monday, the stock
jumped above it with authority. Previous attempts to puncture $20 were
unsuccessful. Earnings for the year ended Sept. 30 soared 41 percent. "This
stock could emerge as a big winner in 2003," says LaLoggia, particularly since
the company`s transportation operations are also doing well.

LaLoggia says there could be a takeover bid for Cubic, although the company is
not interested in selling out.

QUALCOMM: The global wireless industry is rapidly adopting systems based on
Qualcomm`s CDMA (code division multiple access) technology, says C.F. Kuboyama
of Value Line. There are growing opportunities for semiconductor and royalty
income, says the analyst. The Chinese and Indian markets should boost the top
line in the first half of fiscal 2003.

Value Line looks for $1.25 earnings per share in fiscal 2003 and gives the stock
its highest (1) rating for timeliness and its average (3) for safety.



To see more of The San Diego Union-Tribune, or to subscribe to the newspaper,
go to http://www.uniontrib.com


(c) 2003, The San Diego Union-Tribune. Distributed by Knight Ridder/Tribune
Business News.
Cubic´s Oscmar Unit Awarded $46.6 Million Contract to Provide Australia´s First Transportable Combat Training System
Cubic`s Oscmar Unit Awarded $46.6 Million Contract to Provide Australia`s First Transportable Combat Training System


BW0180 JAN 31,2003 8:59 PACIFIC 11:59 EASTERN



( BW)(CA-CUBIC/OSCMAR)(CUB) Cubic´s Oscmar Unit Awarded $46.6 MillionContract to Provide Australia´s First Transportable Combat TrainingSystem

Business Editors/Defense Writers

SAN DIEGO--(BUSINESS WIRE)--Jan. 31, 2003--

Cubic Subsidiary to Enhance Combat Readiness of Australian Army

Oscmar International Ltd., a subsidiary of Cubic Corp. (AMEX:CUB),has won a $US46.6 million (AU$79 million) contract to provide thefirst transportable combat training system for the Australian ArmedForces.
The contract was awarded today by the Australian Department ofDefence, Defence Materiel Organization.
Oscmar, in partnership with Cubic´s Training System Division, willprovide live simulation equipment, range instrumentation andinformation systems for the "Land 134" project, a company-levelinstrumented Combat Training Center (CTC). Australian industry willprovide extensive, seven-year contractor support following systemdelivery and acceptance in 2005-2006.
The advanced equipment will allow soldiers to cost-effectivelytrain with advanced laser-based simulation and tracking technologiesin the remotest areas throughout Australia.
The Oscmar-Cubic equipment will provide range-instrumentation,position-location and communication networks for the CTC. Thesesystems collect and analyze data in real-time from all exerciseparticipants, and provide the multimedia tools needed for CTC staff toprovide immediate feedback after the exercise.
"This key win validates our strategy of blending the strengths ofall our operating units to bring the best result to the customer,"said Gerald Dinkel, president and CEO of the Cubic DefenseApplications group.
Oscmar, the prime contractor and systems integrator, will supplyits Multiple Integrated Laser Engagement System (MILES) for individualsoldiers, tanks and combat vehicles. The laser-based training systemwill be mounted on a variety of weapons, ranging from assault riflesto main battle tanks and infantry fighting vehicles. Oscmar will alsoprovide communications systems, such as soldier radios that tracktheir position, as well as simulation of direct and indirect fireweapon effects in the live domain.
Cubic´s Training Systems Division will supply its PC-based RangeInstrumentation System (PC-RIS). PC-RIS allows observer/controllers touse personal computers to create exercise scenarios, monitor theposition-location of the players and record the battlefield events formultimedia After-Action Reviews.
New Zealand-based Oscmar has produced more than 70,000 simulatorsthat serve 17 countries worldwide. The company was recently awarded aUS$10 million contract to supply its MILES tactical simulators toallied military forces in the Asia-Pacific Region.
In addition to MILES products, Oscmar develops mobile combattraining centers, simulated hand grenades and claymore mines and urbantraining products for soldiers. The company became part of the CubicDefense Applications group in 2000.
The Cubic Defense Applications group, one of Cubic´s two majorsegments, provides realistic combat training systems for militaryforces, including MILES 2000, as well simulation, force modernization,educational services, operations & maintenance and manufacturingservices. The group also supplies products and systems for C4ISR(Command, Control, Communications, Computers, Intelligence,Surveillance & Reconnaissance) applications, search and rescueavionics and radio communications for military and civil markets. Thecorporation´s other major segment, Cubic Transportation Systems,designs and manufactures automatic fare collection systems for publicmass transit authorities. For more information about Cubic, see thecompany´s Web site at www.cubic.com.

--30--ts/sd* js/sd CONTACT: Cubic Corp. Janet Dayton, 858/505-2923 janet.dayton@cubic.com or Kelly Williams, 858/505-2378 Kelly.Williams@cubic.com KEYWORD: CALIFORNIA NEW ZEALAND AUSTRALIA INTERNATIONAL ASIA PACIFIC INDUSTRY KEYWORD: AEROSPACE/DEFENSE GOVERNMENTCOMPUTERS/ELECTRONICS ELECTRONIC GAMES/MULTIMEDIA SOURCE: Cubic Corp.

(c) 2003 Business Wire. All reproduction, other than for an individual user`s reference, is prohibited without prior written permission.
Cubic Awarded $16 Million Maintenance Contract For Los Angeles Airport Parking Facilities; Contract is First in Industry to Offer a Lifetime Warranty


SAN DIEGO, Feb 24, 2003 (BUSINESS WIRE) -- Cubic Transportation Systems Inc., a
subsidiary of San Diego-based Cubic Corp. (AMEX: CUB), has received a five-year,
$16 million service contract from the Los Angeles World Airports (LAWA) for
parking control systems maintenance.

Via this contract, LAWA is the first in the North American transit industry to
take advantage of Cubic`s unique lifetime warranty program.

Under Lifetime Warranty, Cubic will provide a variety of maintenance and
technical services for the computerized parking control systems at Los Angeles
International, Van Nuys Airport and Ontario International Airport public parking
facilities.

Cubic has been providing maintenance at the three airports since the late 1980s.
The company offered a lifetime warranty to help transportation operators manage
costs by extending the operational life of their existing systems while
continuing to deliver efficient fare collection and other services.

"We are pleased to provide this innovative program to our longstanding customer,
Los Angeles World Airports, and will make it available to new customers, as
well," said Nigel Bryant, senior vice president of Cubic`s customer services
worldwide. "By offering a fixed-price contract, we will help transportation
operators control maintenance costs, ensure equipment performance and
reliability, and protect against obsolescence for the life of the agreement."

Cubic`s contract will support all hardware and software requirements and
maintain aggressive levels of service performance to ensure the facilities at
each of the three airports will be operational around the clock 365 days a year.

"For years Cubic mainly has been providing parking control services as a
complement to the automatic fare collection system contracts we`ve had with mass
transit operators in the U.S. and abroad. Now we are expanding our service
offerings beyond that traditional market to all transportation parking facility
operators throughout the U.S., and including this unique lifetime warranty
program," said Richard Johnson, chief operating officer for Cubic Transportation
Systems.

The lifetime warranty agreement includes spares, labor, corrective and
preventive maintenance, depot repair, and significant additional features such
as assured equipment availability and asset refresh and enhancements.

Cubic Transportation Systems is the world`s largest provider of integrated
electronic ticketing and revenue management systems. Every year, nearly 10
billion rides are taken worldwide using Cubic-designed payment systems in more
than 40 major markets in cities on five continents, including London,
Washington, D.C., Hong Kong, Chicago, New York, Guangzhou, Shanghai, Atlanta,
San Francisco, Singapore and Miami. Over the past 18 months, Cubic has received
contracts to provide smart card-enabled ticketing technology to transit
providers in Baltimore, Los Angeles, Minneapolis, New York, San Diego and
Houston. As part of the TranSys consortium, Cubic supplied and maintains the
entire automated fare collection system, including smart cards, for the London
PRESTIGE project.

The corporation`s other major segment, Cubic Defense Applications, provides
instrumented air and ground combat training systems, battle command training,
simulations and simulation support for U.S. and allied military forces. The
group also produces high technology avionics, data links and communications
products for government and commercial customers, and a wide range of technical
and logistics services. For more information about Cubic, see the company`s Web
site at www.cubic.com.
Cubic Awarded $92 Million to Develop Advanced Ground Combat Training System for the Canadian Army


SAN DIEGO, Mar 4, 2003 (BUSINESS WIRE) -- Cubic Defense Applications, the
defense segment of Cubic Corp. (AMEX: CUB), has received a $92 million contract
to develop an instrumented land-based combat training system for the Canadian
Armed Forces.

The Weapons Effects Simulation (WES) system will allow soldiers to
"train-as-they fight" -- up to the Battle Group level -- during live
force-on-force exercises.

The contract includes the development and installation of training equipment and
facilities over a three-year period. It will be followed by 10 years of
logistics and maintenance support provided by SNC-Lavalin Defence Programs,
Cubic`s Canadian partner.

Under the initial contract, Cubic will provide a fully integrated Direct-Fire
Weapons Effects Simulation (DFWES) system. Key components include the company`s
new Precision Combat Training System; advanced software-based exercise control
and after-action review technology; Cubic`s Multiple Integrated Laser Engagement
System (MILES 2000); and components from Oscmar International Ltd., a subsidiary
of Cubic Corp.

"This is obviously a huge win for us," said Gerald Dinkel, president and CEO of
Cubic Defense Applications (CDA). "It confirms our leadership in live combat
training and will result in Canada having one of the world`s most advanced
systems of its kind."

Cubic and SNC-Lavalin Defense Programs will install the WES equipment at Army
training sites at Wainwright Alberta and Gagetown New Brunswick.

"WES provides the most realistic training possible to meet collective training
objectives for soldiers, leaders, commanders and staff," said Steve Fitzgerald,
WES capture team manager for CDA. "The family of DFWES products provide enhanced
fidelity -- truly replicating the actual characteristics and performance of the
soldiers` weapons in realistic combat environments."

At the heart of WES is an instrumentation system that provides a realistic
combat environment, tracks participants and vehicle movements in near real-time,
and records the information for playback during after-action reviews. The system
software functionality is provided by a component called the PC-Range
Instrumentation System, or PC-RIS.

The instrumentation system works in conjunction with the DFWES products that are
mounted on vehicles or worn by the soldiers in the field. The primary DFWES
products include Cubic`s MILES 2000, Oscmar`s DWFES components, and Cubic`s new
Precision Combat Training System (PCTS). Both systems feature eye-safe laser
engagement capabilities, realistic audio/visual effects and casualties
identified as a "hit," "miss" or "kill."

The PCTS is a dual-simulation system, mounted on armored fighting vehicles, that
supports both precision gunnery and tactical training requirements. For the WES
program, PCTS will be installed on a family of vehicles and weapons systems for
high-fidelity tactical exercises.

"PCTS provides the highest level of training fidelity possible for the Canadian
Army`s main battle tanks and armed fighting vehicles," said Fitzgerald.

He noted that the system is also being offered to several additional
international customers.

MILES 2000, worn by the soldiers and mounted on vehicles, allows troops to fire
infrared "bullets" from the same weapons and vehicles that they would use in
actual combat. For the WES program, Cubic will outfit 2,800 players with DFWES
components.

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well
simulation, force modernization, educational services, operations & maintenance
and manufacturing services. The group also supplies products and systems for
C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance &
Reconnaissance) applications, search and rescue avionics and radio
communications for military and civil markets. The corporation`s other major
segment, Cubic Transportation Systems, designs and manufactures automatic fare
collection systems for public mass transit authorities. For more information
about Cubic, see the company`s Web site at www.cubic.com.
Cubic Corp. Receives Contract for Air Force`s Multi-Platform Common Data Link Program


SAN DIEGO, Mar 10, 2003 (BUSINESS WIRE) -- Cubic Corp. (AMEX: CUB) announced it
has received a contract to supply a remote antenna system for the U.S. Air
Force`s next generation Multi-Platform Common Data Link (MP-CDL) program.

The MP-CDL is a cooperative U.S. Air Force and U.S. Army program.

Under the $3.1 million contract from L-3 Communications (NYSE:LLL), Cubic is
providing a remote high tech antenna system, comprised of two Ku and X band
antennas.

This data link will be deployed on the Air Force`s and Army`s new intelligence,
surveillance and reconnaissance programs. The MP-CDL will be the first fully
networked CDL the military has deployed, with the capability to communicate from
the aircraft to as many as 30 ground stations at one time.

Cubic`s system will be integrated with L3`s modem and delivered to the Air
Force`s Aero Systems Center at Wright-Patterson AFB in Dayton, Ohio in March
2005.

"Cubic is committed to staying ahead of the technology curve," said Cubic
President and CEO Walter J. Zable. "Cubic is winning new business and
strategically significant contracts in the growing space of network centric
warfare."

"Cubic has enjoyed a solid reputation for its jam-proof surveillance and control
data link (SCDL) for the Joint STARS program. We are happy to be part of this
`next generation` CDL program," said Rick Lober, Senior VP of Cubic`s
Communications Business Unit.

Data links are used to transfer intelligence data-such as positions of troops
behind enemy lines- from surveillance aircraft to analysts on the ground. The
airborne MP-CDL can be used to relay information from one aircraft to another or
to ground stations in the network.

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation, force modernization, educational services, operations & maintenance
and manufacturing services. The group also supplies products and systems for
C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance &
Reconnaissance) applications, search and rescue avionics and radio
communications for military and civil markets. The corporation`s other major
segment, Cubic Transportation Systems, designs and manufactures automatic fare
collection systems for public mass transit authorities. For more information
about Cubic, see the company`s Web site at www.cubic.com
Cubic Receives $32M Contract from SPAWAR for U.S. Navy`s New Communications Data Link System


SAN DIEGO, Mar 19, 2003 (BUSINESS WIRE) --


San Diego-Based Team May See $92.7 Million as Options Are Exercised to

Support Network-Centric Warfare

The U.S. Navy`s Space and Naval Warfare Systems Command (SPAWAR) has awarded San
Diego-based Cubic Corp. (AMEX: CUB) a $31.8 million contract for the Navy`s new
Communications Data Link (CDL) System Block 1.

The CDL System Block 1 is a wideband Common Data Link for the transmission of
signal and imagery intelligence data between national/tactical reconnaissance
aircraft sensors and their associated surface ship processing systems.

Cubic will be responsible for development, manufacture, enhancement, maintenance
and system test and evaluation of the CDL systems. The five-year contract
contains options which, if exercised, would bring the total estimated cumulative
contract value to $92.7 million.

"This contract demonstrates the role that Cubic and San Diego`s hi-tech
community will play in national security," said Congresswoman Susan Davis,
representative of California`s 53rd district. "This is not only good for Cubic
but good for San Diego."

Cubic has formed a strong San Diego-based team, including ViaSat Inc. and AMSEC
LLC, a business partnership between SAIC and Northrop Grumman Newport News
Shipbuilding, to deliver a system utilizing state-of-the-art
"software-definable" radio, satellite antenna, and secure data technology. This
will result in significant operational improvements and life-cycle cost
reductions compared to current shipboard data link systems in use today.

"CDL will ensure distribution of tactical and national intelligence to the fleet
-- a significant capability for our naval forces," said San Diego Congressman
Randy "Duke" Cunningham, representative of the 50th congressional district, and
a member of the House Intelligence Committee. "This contract award demonstrates
yet again that San Diego leads the way in providing cutting edge technology for
the military in the 21st century. This is not only a huge win for Cubic, but a
huge win for ViaSat, AMSEC LLC and all of San Diego," he added.

"This is definitely a strategic win for us, from several points of view," said
Gerald Dinkel, president and CEO of the Cubic Defense Applications group. "It
validates our investment in developing a next-generation data link solution,
extends one of our core businesses, and takes Cubic to the next level as a U.S.
Navy system supplier. It also makes us a stronger competitor on the significant
number of other secure communications opportunities on the horizon."

For more than 40 years, Cubic has provided data links for U.S. and NATO forces.
Cubic`s Surveillance and Control Data Link (SCDL) -- considered the best
anti-jam data link in the world -- is a key element of the Joint Surveillance
Target Attack Radar System (Joint STARS) program.

"We look forward to delivering these extremely high-speed data links for surface
ships to enhance U.S. and coalition forces` ability to deliver time critical
imagery and intelligence data in a network-centric manner," said Cubic
Communications Business Unit Senior Vice President Rick Lober. "This major award
builds on Cubic`s extensive experience in digital radio and data links, and
culminates an internal R&D effort to develop wireless high speed modems that
operate at rates in excess of 250 Mbps. That`s about 200 times faster than the
high speed Internet devices we now use at home."

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation, force modernization, educational services and operations &
maintenance and manufacturing services. The group also supplies products and
systems for C4ISR (Command, Control, Communications, Computers, Intelligence,
Surveillance & Reconnaissance) applications, search and rescue avionics and
radio communications for military and civil markets. The corporation`s other
major segment, Cubic Transportation Systems, designs and manufactures automatic
fare collection systems for public mass transit authorities. For more
information about Cubic, see the company`s Web site at www.cubic.com.
Cubic Awarded $12 Million to Supply MILES 2000 Laser-Based Training Equipment to U.S. Army Troops at Fort Richardson, Alaska


SAN DIEGO, Mar 27, 2003 (BUSINESS WIRE) -- Cubic Defense Applications, a major
segment of Cubic Corp. (AMEX: CUB), has received a $12 million contract to
provide its MILES 2000 laser-based combat training system to U.S. Army troops at
Fort Richardson, Alaska.

Tec-Masters Inc. (TMI) awarded Cubic the contract through the Army`s Program
Executive Office for Simulation, Training and Instrumentation (PEO STRI). Under
the contract, Cubic will provide thousands of MILES 2000 components for weapons
such as M16 rifles, M24 sniper rifles, M2 heavy machine guns and new Stryker
vehicles.

"The recent award is indicative of the Army`s continued confidence in MILES
2000," said Ray Barker, senior vice president for Cubic Defense Applications`
Training Systems Business Unit. "MILES 2000 will provide the finest, most
realistic training possible at Fort Richardson -- the third U.S. Army training
site to incorporate MILES 2000 into its training rotations."

The Cubic-engineered "Multiple Integrated Laser Engagement System" consists of
laser transmitters that are mounted on actual weapons, detectors that determine
whether a player has been "hit, missed or killed," and data transfer devices
that download exercise data into computers for post-mission analysis.

Since production began in 1998, Cubic has supplied more than 40,000 MILES 2000
systems to U.S. and allied forces, including the British Armed Forces, Royal
Netherlands Marine Corps, Kuwait Land Forces and Brazilian Army.

In the U.S., MILES 2000 has been fielded at more than a dozen Air Force bases,
six Marine Corps bases and two Army bases (Ft. Stewart, Ga., and Ft. Lewis,
Wash.). Additionally, MILES 2000 has been selected to support the upcoming
Stryker Brigade Rotation from Fort Lewis, Wash., to the Joint Readiness Training
Center at Fort Polk, La.

In Alaska, MILES 2000 has also been incorporated into "Cope Thunder"/Northern
Edge training exercises -- an intense two-week exercise that provides realistic
combat training for aircrews and ground forces.

The Fort Richardson MILES 2000 components will be compatible with the Army`s new
Alaska Mobile Units (AMUs) that are in development at the Alaska Training Range.
The AMUs, also provided by Cubic and TMI, feature live simulation and real-time
tracking capabilities made possible with the use of GPS-based player units and
Cubic`s PC-based Range Instrumentation System, or PC-RIS.

"The AMUs, together with MILES 2000 and GPS player units, will increase the
Army`s participation in Cope Thunder exercises," said Jeff King, Cubic`s MILES
2000 Program Director. "This will provide joint training capabilities between
air and ground forces, replicating real-world scenarios."

The Fort Richardson MILES 2000 deliveries will begin immediately and extend
through March 2004.

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation, force modernization, educational services, operations & maintenance
and manufacturing services. The group also supplies products and systems for
C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance &
Reconnaissance) applications, search and rescue avionics and radio
communications for military and civil markets. The corporation`s other major
segment, Cubic Transportation Systems, designs and manufactures automatic fare
collection systems for public mass transit authorities. For more information
about Cubic, see the company`s Web site at www.cubic.com.
Cubic Awarded $3M Contract for High Frequency Equipment for Military Communications


SAN DIEGO, Apr 1, 2003 (BUSINESS WIRE) -- Cubic Defense Applications, a unit of
Cubic Corp. (AMEX: CUB), announced it has received a $3 million contract for the
supply of high frequency (HF) power amplifiers that will be used in military
land-based communications systems.

The amplifiers are part of system being procured under a foreign military sales
contract.

Radio frequency (RF) amplifiers are used in HF communications systems for air
traffic control and military and commercial communications. They have proved to
be extremely reliable for long-range or "over-the-horizon" communications. In
the past, these amplifiers have been used in a number of large U.S. and foreign
HF modernization programs.

"While HF communications has been available from the earliest days of radio, it
remains a reliable and low cost alternative to satellite communications and is
often used in today`s `toughest` circumstances. Cubic`s HF communications
systems played a critical role in communicating with inbound and outbound
international flights during the tragic events of September 11th. This new
program should lead to additional follow-on business with this and other
customers around the world as older systems are upgraded and new systems are
deployed," said Rick Lober, senior vice president for Cubic`s Communications
Business Unit.

Cubic`s High Power Radio Frequency (RF) communications business has been growing
rapidly since Cubic acquired a small San Jose-based manufacturer of HF/RF
amplifiers in 2001. Since then Cubic has expanded this technology to provide
amplifiers that provide exceptional performance for over-the-horizon radar
applications as well as high capacity land-based and shipboard communications
applications.

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation, force modernization, educational services, operations & maintenance
and manufacturing services. The group also supplies products and systems for
C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance &
Reconnaissance) applications, search and rescue avionics and radio
communications for military and civil markets. The corporation`s other major
segment, Cubic Transportation Systems, designs and manufactures automatic fare
collection systems for public mass transit authorities.
Cubic Awarded $65 Million Contract To Support Korea Battle Simulation Centers


SAN DIEGO, Apr 8, 2003 (BUSINESS WIRE) -- The U.S. Army has awarded the defense
unit of Cubic Corp. (AMEX: CUB) a new contract to support the Army`s Korea Battle
Simulation Centers (KBSC).

The contract is valued at approximately $65 million over five years. The work
will be performed at Yongsan Garrison in Seoul, and at other military
installations in the Republic of Korea.

Cubic is the current provider of full-spectrum training and exercise support
services to the Combined Forces Command/U.S. Forces Korea/Eighth U.S. Army, as
the prime contractor for the Korea Battle Simulation Centers. Cubic provides all
support necessary to conduct computer-driven service, joint, and multinational
training and battle simulation exercises for U.S. Army, U.S. Air Force, U.S.
Navy, U.S. Marine Corps, Republic of Korea, and other allied military personnel
from platoon through theater-level.

"Cubic has supported the Korean Battle Simulation Centers since 1991," said
Gerald R. Dinkel, president and CEO of the Cubic Defense Applications group.
"This support includes planning and execution of the annual Ulchi Focus Lens
(UFL) exercise, which is the Department of Defense`s largest and most complex
simulation-driven exercise, involving more than 60,000 troops each year. In
troubling times, U.S. forces can rely on Cubic to be there providing continuity
in their mission of training our military personnel to help maintain stability
in the Korean peninsula region."

Aside from current services, Cubic will also add mission support services during
option year one to operate the Korean Training Area (KTA), which is a
battalion-sized instrumented live training facility used by U.S. 2nd Infantry
Division and Eighth U.S. Army units located near Camp Casey in Tonduchon. Cubic
will provide live training support, including a leader training program similar
to the support it provides for the Joint Readiness Training Center (JRTC) at
Fort Polk, La., and the National Training Center (NTC) at Fort Irwin, Calif.

"This is the fourth consecutive competitive award of this contract to Cubic`s
Simulation Systems Division," said Jim Balentine, vice president and general
manager of the division. "With this award, we will be expanding the scope of our
services to include live training support and leadership training for U.S. Army
personnel in the Korean Training Area. With the stand-up of the KTA, Cubic will
help integrate live training into exercises that are currently driven by both
constructive and virtual simulations. This will result in an increased
capability for U.S. Army units to train more realistically while optimizing
scarce training resources in Korea."

According to Gordon Atcheson, Cubic`s program manager, specific tasks performed
by the approximately 150 Cubic employees and subcontractors who work under Cubic
contract in the Republic of Korea include design, planning, developing,
coordinating and executing simulated and live combat training exercises. Cubic`s
services also include systems integration, operation, maintenance, scenario
development and associated database design. Cubic also plans and executes After
Action Reviews; conducts OPFOR (Opposing Force) planning and operations in
combat training scenarios; and provides necessary exercise staff and controllers
during live exercises.

The highlight of Cubic`s efforts on behalf of the KBSC each year is Ulchi Focus
Lens. This massive computer simulation-driven combat training exercise, which is
distributed over more than a dozen locations in Korea and the United States, has
been held annually for the past 28 years to evaluate and improve the combined
and joint coordination, procedures, plans and systems necessary for Republic of
Korea and U.S. forces to conduct operations in defense of South Korea.

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation, force modernization, educational services, operations and
maintenance and manufacturing services. The group also supplies products and
systems for C4ISR (Command, Control, Communications, Computers, Intelligence,
Surveillance and Reconnaissance) applications, search and rescue avionics and
radio communications for military and civil markets. The corporation`s other
major segment, Cubic Transportation Systems, designs and manufactures automatic
fare collection systems for public mass transit authorities. For more
information about Cubic, see the company`s website at www.cubic.com.
Cubic Begins Negotiations with MARTA for Multi-Million Dollar Smart Card Fare Collection System


SAN DIEGO, Apr 23, 2003 (BUSINESS WIRE) -- Cubic Transportation Systems, a
subsidiary of San Diego-based Cubic Corp. (AMEX: CUB), has begun negotiations
with the Atlanta`s Metropolitan Atlanta Rapid Transit Authority (MARTA) for a
contract to replace the city`s outdated fare collection system with
state-of-the-art smart card technology.

With options, the contract could be worth approximately $100 million.

Cubic`s high-tech gating reduces fare evasion, and its smart card technology
gives commuters a way to prepay, making the fare collection process more
efficient for transit agencies. The MARTA system could eventually be linked to
other Atlanta-area transit agencies, as well as toll roads and airport parking
facilities, providing "intermodal" fare collection in the area.

Cubic is already creating such a regional system in the Washington, D.C. area,
where smart cards are used for rail, bus and parking, and some employers credit
their employees` transit benefits directly on the transit cards. Cubic is
linking the smart card system to 16 other bus and rail agencies in Virginia and
Maryland. Under recently awarded contracts, the company is also creating
regional smart card systems in Los Angeles and San Diego.

Cubic expects negotiations with MARTA to be completed by the end of the summer.

Cubic is the world`s largest provider of integrated electronic ticketing systems
and has smart card contracts for public transit systems in North America, Europe
and Asia. Every year, nearly 10 billion people use Cubic systems in more than 40
major markets in cities on five continents, including London, Washington, D.C.,
Hong Kong, Chicago, New York, Guangzhou, Shanghai, Atlanta, San Francisco,
Singapore and Miami. As part of the TranSys consortium, Cubic also is supplying
the entire automated fare collection system including smart cards for the London
PRESTIGE project.

The corporation`s other major segment, Cubic Defense Applications, provides
realistic combat training systems for military forces as well as simulation,
force modernization, educational services, operations & maintenance and
manufacturing services. The group also supplies products and systems for C4ISR
(Command, Control, Communications, Computers, Intelligence, Surveillance &
Reconnaissance) applications, search and rescue avionics and radio
communications for military and civil markets.

Recently, Cubic added a security group to expand its smart card technology into
non-transit uses including security and access control. For more information
about Cubic, see the company` Web site at www.cubic.com.
Cubic Reports Increases in 2003 Second Quarter Profits, Sales and Backlog


SAN DIEGO, May 6, 2003 (BUSINESS WIRE) -- San Diego-based Cubic Corp.
(AMEX: CUB) today reported that net income for the second quarter of 2003
increased 75 percent compared to the second quarter in fiscal 2002, with sales
up 21 percent from the same period last year.

In addition, a surge of new contract bookings in the second quarter of 2003
resulted in a 20 percent increase in the company`s funded backlog from the end
of last year.

Net income for the quarter was $11.2 million or 42 cents per share on sales of
$167.2 million, compared to $6.4 million or 24 cents per share on sales of
$138.5 million in 2002. In addition to experiencing improvement in both its
defense and transportation segments, Cubic benefited from a gain on the sale of
a San Diego-area property no longer being used by the company. The real estate
sale accounted for approximately $3.7 million in profits after applicable income
taxes. Without this gain, net income was up 17 percent for the quarter compared
to the second quarter of last year.

Net income for the first half of 2003 was up 48 percent, to $17.9 million or 67
cents per share on sales of $315.5 million, compared to last year`s net income
of $12.1 million, or 45 cents per share on sales of $262.4 million. Without the
real estate gain, net income was up 22 percent for the first six months of 2003
compared to the same period last year.

Sales

Sales for Cubic`s defense segment were up 14 percent for the quarter to $91.8
million, compared to $80.7 million for the same period last year and up 11
percent to $174 million for the first six months of 2003, compared to $157.1
million for the first half of last year. The increases in the company`s defense
sales came from the ground and air combat training systems business.

Primarily as a result of higher levels of activity on its Prestige contract,
sales for the transportation segment were up 32 percent for the quarter to $71.6
million, compared to $54.3 million for the same period last year, and up 37
percent to $133.8 million for the first six months of the year compared to $98
million for the same period last year.

Operating Income

Operating income for Cubic`s defense segment was up 12 percent for the second
quarter to $4.8 million, compared to $4.3 million for the same period last year,
with the improvement coming primarily from the company`s ground-based training
systems products and the battlefield simulation business. For the first six
months of 2003, defense segment operating income was up 16 percent to $9.3
million from $8 million last year.

Operating income for the transportation segment in the second quarter was up 20
percent to $6.5 million, compared to $5.4 million for the same period last year,
as a result of the sales volume increase on the Prestige contract and higher
profits on North American contracts. For the first half of the year, operating
income for the segment increased 29 percent to $12.4 million from $9.6 million.

Backlog

The increase in the company`s backlog came from the defense segment, as a result
of new training systems and communications contracts. Cubic`s total backlog,
including unfunded customer orders increased to $1,343 million at March 31,
2003, compared to $1,165 million at September 30, 2002. Included in the backlog
amounts was funded backlog of $929 million at March 31, 2003, compared to $777
million at September 30, 2002.

Cubic Transportation Systems designs and manufactures automatic fare collection
systems for public mass transit, including rail and buses throughout the world.

The Cubic Defense Applications group provides realistic combat training systems
for military forces as well simulation, force modernization, educational
services, operations & maintenance and manufacturing services. The group also
supplies products and systems for C4ISR (Command, Control, Communications,
Computers, Intelligence, Surveillance & Reconnaissance) applications, search and
rescue avionics and radio communications for military and civil markets. For
more information about Cubic, see the company`s Web site at www.cubic.com.

In addition to historical matters, this release contains forward-looking
statements which are made pursuant to the safe harbor provisions of the
Securities Litigation Reform Act of 1995. These forward-looking statements
involve predictions of future results. Investors are cautioned that
forward-looking statements involve risks and uncertainties which may affect the
company`s business and prospects. These include the effects of politics on
negotiations and business dealings with government entities, economic conditions
in the various countries in which the company does or hopes to do business,
competition and technology changes in the defense and transit industries, and
other competitive and technological factors.
Cubic Wins 10-Year $525 Million Contract to Develop Next-Generation Air Combat Training System; System to Support U. S. Air Force, Navy, Marine Corps and Air National Guard Forces


SAN DIEGO, Jun 6, 2003 (BUSINESS WIRE) -- Cubic Defense Applications, the
defense segment of San Diego-based Cubic Corp. (AMEX: CUB), today announced it
has won a 10-year contract with a ceiling value of $525 million to develop and
deliver the next-generation rangeless air-to-air and air-to-ground combat
training system.

Under the P5 Combat Training System (P5CTS) indefinite delivery, indefinite
quantity contract, Cubic will be the single contractor providing new technology
for a total of 27 Air Force, Navy, Marine Corps and Air National Guard training
ranges in the U.S., Europe and the Pacific. IDT Metric Systems is a major
subcontractor, providing the airborne instrumentation to collect and process
in-flight data for post mission debrief.

With P5CTS, the Navy will be able to conduct at-sea instrumented training from
aircraft carriers for the first time. An initial $8 million to $10 million
delivery order is expected to be awarded immediately.

"P5CTS continues Cubic`s 30 year legacy as the world leader in air combat
training. The broad scope and 10-year duration of this contract provide the
opportunity for new technology insertion and capability expansion as additional
training requirements emerge," said Gerald Dinkel, president and CEO of Cubic
Defense Applications. "This system will significantly increase U. S. training
effectiveness and, importantly, will improve the ability of our forces to
jointly train with coalition partners."

As the prime contractor, Cubic will provide overall program management, systems
engineering and integration, as well as ground processing, display and
debriefing. A key element of P5CTS is Cubic`s Individual Combat Aircrew Display
System (ICADS), which allows pilots to debrief training missions on PCs or
laptop computers.

"The system includes a long-range datalink, allowing the exercise to be
monitored and controlled on the ground or from the aircraft carrier, even before
the actual debrief," said Philip J. Fisch, Cubic`s director of business
development for training systems.

Cubic Defense Applications, one of Cubic Corp.`s two major segments, provides
realistic combat training systems for military forces, as well as simulation,
force modernization, educational services, operations & maintenance and
manufacturing services. The group also supplies products and systems for C4ISR
(Command, Control, Communications, Computers, Intelligence, Surveillance &
Reconnaissance) applications, search and rescue avionics and radio
communications for military and civil markets. The corporation`s other major
segment, Cubic Transportation Systems, designs and manufactures automatic fare
collection systems for public mass transit authorities.
Cubic Awarded $37.1 M Smart Card Technology Contract That Gives PATH Commuters ``One-Ticket-to-Ride`` MetroCard-SM- Option


SAN DIEGO, Jun 9, 2003 (BUSINESS WIRE) -- San Diego-based Cubic Corp.
(AMEX: CUB) announced its transportation subsidiary has received a $37.1 million
contract to provide a new high-tech automatic fare collection system for the
Port Authority Trans-Hudson (PATH) rapid-transit rail system.

Under the contract from PATH, a subsidiary of The Port Authority of New York and
New Jersey, Cubic is providing new "open system" Smart Card technology that will
be integrated with New York City Transit`s (NYCT) MetroCard(SM) system.

The system ultimately will allow rail commuters to pay for their PATH rides with
the soon-to-be-available Smart Card, or MetroCard. The system will be introduced
at the temporary World Trade Center PATH Station, which is scheduled to open in
November.

Cubic Transportation Systems is the world`s largest provider of integrated
electronic ticketing systems and has smart card contracts for public transit
systems in North America, Europe and Asia. Every year, nearly 10 billion people
use Cubic systems in more than 40 major markets in cities on five continents,
including London, Washington, D.C., Hong Kong, Chicago, New York, Guangzhou,
Shanghai, Atlanta, San Francisco, Singapore and Miami. As part of the TranSys
consortium, Cubic also supplied the entire automated fare collection system
including smart cards for the London PRESTIGE project.

The corporation`s other major segment, Cubic Defense Applications, provides
instrumented air and ground combat training systems, battle command training,
simulations and simulation support for U.S. and allied military forces. The
group also produces high technology avionics, data links and communications
products for government and commercial customers, and a wide range of technical
and logistics services. For more information about Cubic, see the company`s Web
site at www.cubic.com.
Cubic Wins $6.4 Million Contract to Deliver First Automated Bus Fare Collection System in Puerto Rico


SAN DIEGO and SAN JUAN, Puerto Rico, Jun 12, 2003 (BUSINESS WIRE) -- Cubic
Transportation Systems, Inc., a subsidiary of San Diego-based Cubic Corporation
(AMEX: CUB), will provide an advanced electronic bus fare collection system for
San Juan, Puerto Rico, under a contract valued at $6.4 million awarded by the
Metropolitan Bus Authority (MBA) for the Commonwealth of Puerto Rico, Department
of Transportation and Public Works.

The new system will employ the same advanced ticketing technology that Cubic
provided for Tren Urbano, Puerto Rico`s first state-of-the-art rapid transit
system. The new bus fare collection`s open platform system meets the MBA`s
requirement that the two systems share a common ticket to offer transit riders
seamless travel when switching been transit modes.

Cubic will supply the MBA with a modern computer managed system. The system will
consist of modular fareboxes which have been operationally proven in New York
City and Vancouver. The fareboxes validate coins and process magnetic fare cards
and are configured so that contactless smart card technology can be introduced
in the future. A big part of the system is the central computer for data
collection and reporting, which will enable the MBA to better manage fare
collection revenues.

"Cubic`s experience as the Tren Urbano system provider and its extensive record
in regional integrated ticketing systems makes the company uniquely qualified to
provide our system," said Adaline Torres, President of the Metropolitan Bus
Authority. "A key component of the new fare collection system is the
intermodality of the bus and rail equipment, which will add convenience and
encourage more people in the San Juan region to use mass transit."

Under this same contract, Cubic is also supplying its bus fare collection
equipment and technology for a second bus operator, Metro Bus Uno, which is
under contract to the MBA. Fare collection data from the 30 buses operated by
Metro Bus Uno will be uploaded to the MBA central system as part of the fare
collection revenue management process.

"Cubic has worked closely with the transit professionals in Puerto Rico over the
past several years, and we are pleased that we will continue to play a role in
expanding and modernizing the region`s public transit systems," said Richard
Johnson, president and chief executive officer, Cubic Transportation Systems,
Inc. "Our fare collection systems offer the highest security and ease of use for
maximizing revenues and attracting customers."

Cubic Transportation Systems is the world`s leading system integrator for
regional multi-operator intermodal ticketing systems, as well as the technology
developer behind the Nextfare(TM) Solution Suite, an assortment of application
tools enabling new and existing mass transit systems to support multiple
contactless smart card and magnetic fare media technologies.

Installations include New York and Chicago, where passengers use the same
farecard to ride bus and rail. Cubic`s smart card systems are in North America
(Washington, D.C. and Chicago), Europe and Asia.

Every year, nearly 10 billion rides are taken worldwide using Cubic-designed
fare collection systems in more than 40 major markets in cities on five
continents, including London, Washington, D.C., Hong Kong, Chicago, New York,
Guangzhou, Shanghai, Atlanta, San Francisco, Singapore and Miami. As part of the
TranSys consortium, Cubic supplied and maintains the entire automated fare
collection system including smart cards for the London PRESTIGE project.

The corporation`s other major segment, Cubic Defense Applications, provides
instrumented air and ground combat training systems, battle command training,
simulations and simulation support for U.S. and allied military forces. The
group also produces high technology avionics, data links and communications
products for government and commercial customers, and a wide range of technical
and logistics services. For more information about Cubic, see the company` web
site at www.cubic.com.

SOURCE: Cubic Corp.
U.S. Marine Corps Awards Cubic $4.3 Million Training Support Contract; Potential Value of $82 Million


SAN DIEGO, Jun 16, 2003 (BUSINESS WIRE) -- The U.S. Marine Corps has awarded
the defense segment of San Diego-based Cubic Corp. (AMEX: CUB) a new and
expanded training support contract with a potential value of $82 million over
five years.

Cubic`s new MAGTF Training Systems Support (MTSS) contract has an initial
five-month base of approximately $4.3 million with multiyear options through May
31, 2008. MTSS is a follow-on to an existing five-year Cubic contract that began
in 1998 to support the Marine Air Ground Task Force (MAGTF) Staff Training
Program (MSTP).

The new MTSS contract, awarded by the Program Manager for Training Systems
(PMTRASYS) in Orlando, Fla., begins Aug. 1, 2003. PMTRASYS is an organization
within the Marine Corps Systems Command focused on providing training tools and
technologies to sustain and enhance the performance of Marines in their
warfighting missions.

Under Cubic`s current MSTP contract, Cubic provides research, analysis, planning
and execution of realistic computer-based simulation training for senior-level
Marine Corps commanders and their battle staffs at Camp Pendleton and Twentynine
Palms in California; Quantico, Va., Camp Lejeune, N.C.; Camp Courtney, Okinawa,
Japan; and Camp Smith, Hawaii. At the Twentynine Palms site, Cubic assists with
live, constructive, and virtual training, while Cubic currently focuses
primarily on computer-based constructive simulation exercises at the other
sites. Cubic provides technical assistance in preparing the scenarios, computer
hardware, software and data bases for the Marine Corps training audiences. These
simulation exercises help Marine Corps units integrate and test command and
control and staff procedures they will use in combat.

Cubic`s new MTSS contract will continue support to the MAGTF Staff Training
Program, and will also support the Combined Arms Staff Trainer, which prepares
battalion and regimental staffs for combined arms operations; the Tactical Set,
Fire Observation, which trains individual Marines in adjusting mortar and
artillery fire or air-delivered ordnance onto the target; and the C2/MAGTF
Information Systems Training Centers, which provides individual and collective
C4ISR systems training in classroom, electronic, exercise and lab environments
from the individual Marine to the regiment and group level. Cubic will also
provide support to dedicated simulation and training centers at the I, II and
III Marine Expeditionary Forces and the MAGTF Training Center at existing sites
as well as at the Expeditionary Warfare Training Group PAC at Coronado, Calif.
Cubic will also support Joint Forces Command experimental training activities
involving Marine Corps and other Department of Defense units.

"Through computer simulation training at Camp Pendleton and Camp Lejeune, Cubic
helped prepare many of the Marines who served in key decision-making roles at
the tip of the spear in Iraq," said Jim Balentine, senior vice president and
general manager of the Mission Support Business Unit, the branch of the Cubic
Defense Applications group that currently provides support to the Marine Corps
at sites around the globe. "With this new contract, Cubic will be expanding its
training role to include Marine commanders and their staffs throughout the
entire Marine Expeditionary Force organization."

Len Supko, Cubic`s Quantico, Va.-based program manager for the MSTP, will serve
as program manager for the expanded contract from a Cubic facility in Orlando,
Fla.

Supko noted that Cubic employees provided dedicated support to I MEF during two
separate computer simulation exercises that took place in May and October 2002
at Camp Pendleton to prepare the I MEF battle staffs for deployment and validate
their war plan.

Cubic`s support included setting up computer hardware software and data bases
before the event. To ensure realism, Cubic researched and performed the role of
Iraqi military and Republican Guard units during the training exercises. Cubic
personnel also assisted in observer-controller and in after-action review
duties.

"What we did in May and October saved Marines` lives on the ground in Operation
Iraqi Freedom, and we`re still saving lives every day because of that," Supko
said.

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation, force modernization, educational services, operations and
maintenance and manufacturing services. The group also supplies products and
systems for C4ISR (Command, Control, Communications, Computers, Intelligence,
Surveillance and Reconnaissance) applications, search and rescue avionics and
radio communications for military and civil markets. The corporation`s other
major segment, Cubic Transportation Systems, designs and manufactures automatic
fare collection systems for public mass transit authorities. For more
information about Cubic, see the company`s Web site at www.cubic.com.
U.S. Transit Suppliers Mean Business; Buy America or ``Bye, America?:`` New Business Coalition Urges Congress to ``Tune Up`` the Buy America Act "Jobs, Economy at Risk," Declares Group


WASHINGTON, D.C., Jun 19, 2003 (BUSINESS WIRE) -- Sparked by a groundswell of
concern over jobs and the economy among transit suppliers -- and at the urging
of several U.S. lawmakers -- a group of companies has banded together to form
"U.S. Transit Suppliers Mean Business," a coalition created to collectively urge
Congress to refine Buy America regulations as they relate to transit projects.

The new coalition, comprised primarily of public transit suppliers, is led by
San Diego-based Cubic Corp. (AMEX: CUB), and so far includes GFI-GENFARE,
Colorado Railcar, GILLIG Corp., Motor Coach Industries Inc. and DRI
(NASDAQ: TBUS).

"The Buy America Act needs a congressional `tune-up,`" said Richard Trenery,
spokesperson for the coalition. "This new coalition has been formed to pinpoint
steps to improve the Buy America provisions to ensure implementation of the
intent of Congress. Proper application of the Buy America provisions will
provide for more American jobs, boost the U.S. economy, and enhance tax revenues
while providing for free and open trade. Without congressional action, thousands
of American jobs and hundreds of millions of dollars worth of American-made
products are in jeopardy," said Trenery.

When federal dollars are used to fund transit projects, all bidders are required
to comply with Buy America regulations.

Several lawmakers have expressed their strong concern to the transit supplier
industry and federal regulators that inconsistencies exist between some
interpretations and applications of the regulations and the intent of Congress
as originally expressed. The coalition is working closely with federal
legislators to realign regulatory decision-making with the letter and spirit of
the law.

To provide the necessary tools and clarity to aid and support decision-making
under the Act, the coalition is advocating a simple, four-step legislative
"tune-up" of the Act:



-- Eliminate the over-one-decade-old "temporary" exemption

related to microprocessors;



-- Restrict the usage of waivers;



-- Clarify and tighten the definition of "manufactured product;"

and



-- Ensure all federal regulatory agency decisions involving Buy

America are subject to review under the Administrative

Procedures Act.

The two most critical economic issues today are "jobs" and the "deficit."
Enforcing the intent of Congress in the Buy America Act will do a great deal to
help both issues.

"By taking action, Congress can immediately benefit American taxpayers, workers
and businesses. In a struggling economy, U.S. citizens want their tax money to
support Americans and American-made products," said Brian Macleod, Senior Vice
President of GILLIG Corp. "With a little effort, Congress can save jobs and help
preserve our economy," said Macleod.

SOURCE: U.S. Transit Suppliers Coalition
Cubic Wins $20 Million Navy Helicopter Simulator Support Program Contract


SAN DIEGO & ORLANDO, Fla., Jun 26, 2003 (BUSINESS WIRE) -- The Worldwide
Technical Services Division of San Diego-based Cubic Corp. (AMEX: CUB)`s Defense
Applications group has won a $20 million contract to continue operations and
maintenance services for the Naval Air Systems Command (NAVAIR) Helicopter
Simulator Support Program.

The new five-year contract more than doubles the company`s current helicopter
simulator revenue stream from NAVAIR and triples the number of Cubic employees
supporting Cubic`s current helicopter simulator support contract, awarded in
1998.

Cubic currently provides one-third of NAVAIR`s helicopter support services.
Under the new contract, the Navy has bundled all of its helicopter simulators
into one program, which Cubic will operate in its entirety.

The new helicopter support contract was part of the Fielded Training Systems
Support (FTSS) Indefinite Delivery/Indefinite Quantity program awarded in 2000,
pre-qualifying Cubic and a half dozen other contractors to compete over a
10-year period for approximately $500 million in Navy simulator support work.
With this most recent win, Cubic has received more than $75 million of nearly
$250 million awarded so far.

Cubic supports, installs, operates and maintains military aviation and surface
simulator training systems, and ground and air combat ranges at 25 U.S. sites
and in seven foreign countries. The company also contracts with electronics and
commercial customers, providing operation and maintenance services for a variety
of training systems and electronic warfare training ranges.

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation, force modernization, educational services, operations and
maintenance and manufacturing services. The group also supplies products and
systems for C4ISR (Command, Control, Communications, Computers, Intelligence,
Surveillance and Reconnaissance) applications, search and rescue avionics and
radio communications for military and civil markets. The corporation`s other
major segment, Cubic Transportation Systems, designs and manufactures automatic
fare collection systems for public mass transit authorities. For more
information about Cubic, see the company`s Web site at www.cubic.com.

SOURCE: Cubic Corp.
Australian state of Qld signs US$87.3 mln smart card contract


BRISBANE, Jul 18, 2003 (Asia In Focus via COMTEX) -- The Australian state of
Queensland today signed a A$134 million (US$87.3 million) contract with CUBIC
TRANSPORTATION SYSTEMS, an Australian subsidiary of the California-based CUBIC
CORPORATION. The 12-year contract is for the roll out of electronic integrated
public transport ticketing which will start next year.

* All bus, train and ferry operators will start charging the same fares and
concessions in an area from Noosa to Coolangatta and west to Helidon from July 1
next year.

* The first smart cards, which can have fare credit added to them at station
machines and over the internet, will be rolled out from late 2004.
Cubic Signs Contract to Deliver US$95 Million Smart Card-Based Ticketing System and Regional Services to Brisbane, Australia


SAN DIEGO & BRISBANE, Australia, Jul 18, 2003 (BUSINESS WIRE) -- The
transportation subsidiary of San Diego, California-based Cubic Corporation
(AMEX: CUB) and its Australian subsidiary, Cubic Transportation Systems-Australia
Pty Ltd., have signed a US$95 Million (Aus $134 Million) contract with the
Queensland Government to design, build, operate and maintain the first smart
card-based integrated ticketing system and regional services for public
transport in South East Queensland, Australia.

Cubic will replace the existing paper and magnetic tickets with its "open
system" smart card ticketing technology. The new system will link most urban
rail, bus, and ferry services in the South East Queensland region and allow
public transport commuters to use one smart card to pay for all their fares.

Work on the contract will begin immediately, with a trial scheduled for late
2004. After commissioning of the system, Queensland Transport will turn over all
ticketing system operations and maintenance, regional clearing and settlement,
card management and customer services to Cubic for a minimum of ten years.
Secondary revenues accrued from any third party applications and commercial
opportunities will be shared between Cubic and Queensland Transport, thus
helping to defray the capital cost for the new system.

"Premier Peter Beattie and the Queensland Government have the vision and
commitment to create a world-class public transportation system and a
state-of-the-art regional smart card ticketing system," said Richard Johnson,
president and chief executive officer, Cubic Transportation Systems, Inc. "We
are very proud of the teamwork between Cubic and Queensland Transport`s staff
that has brought this project to fruition. When completed, Queensland will be
the technology showcase for all of Australia, if not the entire Asia-Pacific
region."

Cubic will deliver advanced software, computers, communications, a clearinghouse
for revenue settlement and all system equipment, as well as cardholder services
and a publicly accessible Internet Web site. Using the online "Autoload"
software feature, public transport users can use the customer service Web site
to order and register cards, make account queries and add value to their cards.
Added value can then be collected automatically the next time they use their
cards in the system.

Transport users also will be able to load value on their cards at rail stations,
on buses and via a card distribution network of terminals strategically located
at retail outlets.

The new smart card system is the second stage in the Queensland Government`s
development of a new zone-based public transport system, which will begin with
the formation of TransLink, the centralized transport organization managing the
region`s major transport operators, including Queensland Rail and the AirTrain
rail link to the Brisbane International Airport, 14 private bus companies,
Brisbane Transport buses and local ferry services.

The capability to link transport operators in South East Queensland and extended
throughout all of Queensland and beyond is made possible by Cubic`s open
architecture based on its patented Tri-Reader(R) technology and Nextfare(TM)
Central System. The Tri-Reader, an integral module in all bus, ferry and rail
fare collection equipment, can read any type of contactless smart card meeting
international standards, providing Queensland Transport and other regional
participants a truly open system with flexibility, interoperability and a range
of media choices.

The backbone to this regional gateway is the Nextfare Central System, a
configurable suite of software modules designed using industry standards, open
platforms and commercial off-the-shelf applications. Nextfare supplies the core
smart card transaction processing; financial operations including revenue
clearing, settlement and reporting; a debit/credit account gateway for payments;
customer service database support, and an inherent scalability to provide
additional services when needed.

Cubic has been a leading supplier of ticketing technology and services in
Australia since 1980 when it won the contract for the first automated fare
collection system in New South Wales -- the Eastern Suburbs Line in Sydney. In
1991 Cubic was awarded a contract to equip the entire New South Wales state rail
system with an automatic fare collection system, which has set high availability
standards. Cubic will relocate key personnel from Sydney as well as hire locally
to add highly coveted technology sector jobs in the region. As the prime
contractor, Cubic will work closely with many select local suppliers.

To facilitate interoperability among regional transport operators throughout
Australia, Cubic is an active contributor to the National Ticketing and Tolling
Working Group, whose members are working with Standards Australia to develop a
specification for a nationally accepted public transport smart card. Cubic`s
technology also will enable non-transport applications to reside on the same
smart card, such as retail, parking, and other third-party products and
services.

Cubic Transportation Systems is the world`s leading system provider for regional
multi-operator intermodal ticketing systems. Every year, nearly 10 billion rides
are taken worldwide using Cubic fare collection systems in more than 40 major
markets on five continents, including London; New York; Washington, D.C.;
Baltimore; Sydney; counties in Sweden, Norway, and Denmark; Rotterdam; Chicago;
Atlanta; San Francisco; Los Angeles; Miami; Hong Kong; Guangzhou; Shanghai; and
Singapore.

The corporation`s other major segment, Cubic Defense Applications, provides
instrumented air and ground combat training systems, battle command training,
simulations and simulation support for U.S. and allied military forces. The
group also produces high technology avionics, data links and communications
products for government and commercial customers, and a wide range of technical
and logistics services. For more information about Cubic, see the company`s web
site at www.cubic.com.
Cubic Hands Over World`s Most Sophisticated Combat Training System to U.K.`s British Army Training Unit, Suffield Contract Includes Two Years of O&M Support with Options for an Additional 13 Years


SAN DIEGO, Jul 22, 2003 (BUSINESS WIRE) -- The defense segment of Cubic Corp.
(AMEX: CUB) has officially handed over the new Area Weapons Effect Simulator
(AWES) -- the world`s most capable land-based combat training system -- to the
British Army Training Unit at Suffield (BATUS) in Alberta, Canada.

AWES creates the best-ever simulation of a real battle at the British Army`s
BATUS training area in Canada and the U.K.-based Salisbury Plain Training Area.
Cubic Defense Applications handed over the U.K. portion of AWES to the British
Army last December.

AWES gives the British Army its first objective means of measuring troops`
performance during large-scale military exercises. The enhanced Tactical
Engagement Simulation (TES) system accurately tracks, monitors and records the
actions of individual soldiers and combat vehicles for post-mission analysis.
The training realism for both direct and indirect fire far surpasses anything
that has been developed.

"AWES represents a quantum leap for land combat training and serves as a model
for future large-scale training systems," said Gerald Dinkel, president and CEO
of the Cubic Defense Applications (CDA) group. "We are extremely proud to
deliver a system of this caliber to the British Army. We also look forward to
supporting the evolving requirements for AWES for years to come."

Cubic developed, installed and delivered AWES under contracts totaling $130
million that were awarded in 1998. The contracts include two years of operations
and maintenance support, beginning immediately following the handover, with
options for an additional 13 years.

AWES is designed to support joint, combined arms training missions that also
include fixed wing and rotary wing components and is easily adaptable to mobile,
PC-based training systems that can be rapidly deployed.

A key feature of AWES is its timely, accurate simulation of area weapons
effects. In addition to replicating the "direct fire" from individual weapons
and vehicles, the AWES addition to TES training accurately simulates "indirect"
events such as artillery, mortar fire, smoke, nuclear, biological, chemical
attacks, mines and air-delivered munitions.

Other major enhanced TES components added through the AWES contract include new
soldier and vehicle instrumentation systems and a software-based system for
exercise planning, mission control and After Action Reviews. Participants in the
training exercises are equipped with digital communications that indicate their
position, weapons fired and casualty status.

"The integration of indirect threats and 100 percent participant instrumentation
and position tracking into the UK`s combat training exercises is the primary
differentiator that sets AWES apart from all other systems in use today," said
Gary Shrock, CDA vice president, International Ground Combat Training Systems.
"In addition, AWES is the first major combat training center to fully outfit and
instrument its individual soldiers with Cubic`s laser-based MILES 2000 and
position tracking system."

AWES integrates portions of the British Army`s existing Direct Fire Weapons
Engagement System (DFWES) with MILES 2000 - an advanced TES system that allows
soldiers to fire "laser" bullets from the same weapons they`d use in combat. The
DFWES components, provided by Saab, are mounted on combat vehicles and work in
conjunction with Cubic-developed GPS-based instrumentation and tracking systems.

The AWES equipment allows analysts to graphically track the vehicles and
soldiers in near-real time on sophisticated computer-generated maps located in
the Exercise Control Center. (EXCON). The system also captures and records the
players` casualty status, including "hits," "misses" and "kills," and sends the
information to the EXCON for real-time training analysis.

The casualty status of the individual soldiers is provided by MILES 2000. The
soldiers are each equipped with MILES 2000 helmet arrays and vests studded with
laser detectors, and weapons mounted with laser transmitters. The soldiers`
laser transmitters fire laser pulses at targets upon detection of the detonation
of blank rounds fired during simulated battles.

The recorded information is reviewed during AARs, which are conducted in either
a stationary theater or two mobile theaters in the field. The AARs allow
commanders to see accurately and first-hand those areas where troops performed
well, as well as areas that need to be improved.

The two AWES sites feature three buildings for exercise control and logistics
support, and seven infrastructure towers filled with electronic communication
monitoring and control equipment.

Future plans for AWES include the addition of mobile training capabilities and
the integration of the new Bowman radio communication system. AWES is also
designed to support future interoperability with the Helicopter Collective
Training System and the Rangeless Airborne Instrumented Debriefing System.

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation training, force transformation assistance, educational services,
operations & maintenance, and manufacturing services. The group also supplies
products and systems for C4ISR (Command, Control, Communications, Computers,
Intelligence, Surveillance & Reconnaissance) applications, search and rescue
avionics and radio communications for military and civil markets. The
corporation`s other major segment, Cubic Transportation Systems, designs and
manufactures automatic fare collection systems for public mass transit
authorities. For more information about Cubic, see the company`s Web site at
www.cubic.com.

SOURCE: Cubic Corp.
Los Angeles County Metropolitan Transportation Authority -MTA- Introduces New Cubic-Developed Self-Service, Multi-Language Ticket Vending Machines


SAN DIEGO, Jul 28, 2003 (BUSINESS WIRE) -- The Los Angeles County Metropolitan
Transportation Authority (MTA) is unveiling its new self-service, multi-language
ticket vending machines developed and implemented by Cubic Transportation
Systems, a subsidiary of San Diego-based Cubic Corp. (AMEX: CUB).

The machines are part of the MTA`s new Metro Gold Line rail service, available
starting July 26 to commuters traveling between Los Angeles and Pasadena.

The new Cubic vendors are part of the $84 million contract awarded by the MTA to
the company last year for a new smart card-based automated fare collection
system that will be operational throughout the city in 2005. The new Cubic-
Universal Fare System equipment will link to a single smart card nearly all of
Los Angeles County`s transportation services, including MTA subway, light rail,
bus and bus rapid transit, as well as municipal bus operators, including Long
Beach, Norwalk, Culver City, Torrance, Antelope Valley, Norwalk, Santa Clarita,
Montebello and Foothill Transit, plus Metrolink, the county`s commuter rail
operator.

The new Gold Line ticketing machines, which will ultimately be available
throughout the city, feature color menus in English, Spanish and Chinese that
guide customers step-by-step on how to purchase fares and include the option for
customers to select "help" videos that provide detailed audio/visual
instructions. The Cubic machines will allow MTA to add additional languages to
the menu. The current Pasadena Gold Line vendors support cash payments up to $20
and will be upgraded with Tri-Reader(R), Cubic`s open-system technology that
offers "interoperability " to multiple transit providers in a region, allowing
them to accept any type of contactless smart card that meets international
standards to ensure a true "universal fare system."

"We are delighted that Cubic`s advanced ticketing technology will help the MTA
in its efforts to continue its tradition of delivering innovation, reliability
and quality to its customers," said Richard Johnson, president and chief
executive officer, Cubic Transportation Systems Inc. "I`m proud that the
easy-to-use, friendly design of Cubic`s systems enables our customers to
increase their service levels to their riders by making public transit more
user-friendly and convenient."

In addition to the new cash-accepting ticket vending machines, the Universal
Fare System will comprise Cubic`s advanced software and hardware architecture,
including rail ticket vending machines that will accept cash, credit-debit
cards, and smart cards, smart card validators, and validating fareboxes for
buses. Additionally, the system will utilize advanced software features of
Cubic`s Nextfare(TM) Central System technology, which will make it possible for
the MTA to offer electronic download of pre-paid transit benefits and
`Autoload,` an application that lets transit users link their smart cards to
their credit cards for automatic reload of transit value into the system.
Nextfare also includes advanced operational features that help transit operators
protect and manage their revenues through fraud prevention and fare
reconciliation among participating agencies.

Cubic is creating several multi-agency, multi-mode regional fare collection
systems where regional bus and subway riders will be able to pay their fares
with a common fare card, including systems in London, San Diego and the Northern
Virginia-Baltimore-Washington, D.C. area. Ten days ago, the company announced a
$95 million contract with the Queensland government to build, operate and
maintain the first smart card-based integrated ticketing system and regional
services for public transport in South East Queensland, Australia. The company
also recently announced a $37 million contract with the Port Authority
Trans-Hudson (PATH) rapid-transit rail system, where the company`s smart card
technology will be integrated with New York City Transit`s MetroCard(SM) system
that was designed and installed by Cubic.

Cubic Transportation Systems is the world`s leading system provider for regional
multi-operator intermodal ticketing systems. Every year, nearly 10 billion rides
are taken worldwide using Cubic fare collection systems in more than 40 major
markets on five continents, including London; New York; Washington, D.C.;
Baltimore; Sydney; counties in Sweden, Norway and Denmark; Rotterdam; Chicago;
Atlanta; San Francisco; Los Angeles; Miami; Hong Kong; Guangzhou; Shanghai; and
Singapore.

The corporation`s other major segment, Cubic Defense Applications, provides
instrumented air and ground combat training systems, battle command training,
simulations and simulation support for U.S. and allied military forces. The
group also produces high technology avionics, data links and communications
products for government and commercial customers, and a wide range of technical
and logistics services. For more information about Cubic, see the company`s Web
site at www.cubic.com.
Wave Systems and Cubic Defense Applications Collaborate to Address Key Government Security Markets


SAN DIEGO, Jul 30, 2003 (BUSINESS WIRE) -- Wave Systems Corp. (NASDAQ: WAVX)
and Cubic Defense Applications, the defense segment of Cubic Corp. (AMEX: CUB),
today announced a strategic partnership where Cubic will integrate Wave`s
EMBASSY(R) technologies into a new line of versatile smart card readers. These
readers will be offered in several form factors, such as standalone Universal
Serial Bus (USB) devices, trusted computer keyboards, and proximity door access
devices.

These secure devices will satisfy the new requirements of several U.S.
government agencies, including the Department of Homeland Security and General
Services Administration (GSA), and will be offered to the intelligence community
as part of a new trusted Infrastructure concept addressing multilevel security
solutions. The devices may be used for both physical and logical access.

The new readers will perform three-factor authentication of users -- using both
contact and contactless smart cards, fingerprint verification, and secure PIN
entry authentication methods. Future versions are expected to include magnetic
stripe, bar code and optical reading capabilities.

The Cubic Defense Applications (CDA) group provides a broad spectrum of
world-class integrated systems, electronic products, and high-caliber services
supporting the training and operational readiness of U.S. armed forces and
allied militaries. The group also provides government and commercial customers
with electronic systems and products in the critical areas of secure
communications, combat search-and-rescue, intelligence and air traffic control.

"The partnership between Cubic and Wave Systems makes perfect business sense,"
said Mark Gaertner, CDA vice president for Systems Integration and Security.
"Our expertise in secure access systems, contactless technology and systems
integration for the defense industry coupled with Wave Systems` information
security solutions will allow us to offer systems for Homeland Security that the
U.S. government has identified as urgently needed," he said.

Wave Systems is a leader in delivering trusted computing applications and
services with advanced products, infrastructure and solutions across multiple
trusted platforms.

"Wave is delighted to be partnering with Cubic, a leader whose technology has
gained a strong foothold in military, national security, transportation and
state government markets," said Steven Sprague, Wave`s president and CEO. "Our
EMBASSY technology, which hardens and protects vital secrets from attack, is the
perfect complement to Cubic broad portfolio of authentication solutions."

Wave is delivering EMBASSY(R) trusted client technology for this partnership,
based on the EMBASSY 2100 security chip embedded in smart card readers and
trusted keyboards. Trusted Computing Group-compliant, EMBASSY technology is an
inexpensive platform that is programmable and targeted at a broad range of
applications that demand advanced security solutions, such as strong
authentication and identity management. EMBASSY offers multi-factor
authentication, including secure PIN entry and secure biometric matching
functions. This secure processing environment guarantees that sensitive PIN and
biometric data is never open to attack, thus ensuring that data stays secure.

In concert with advanced silicon solutions, the EMBASSY trusted client
technology is backed by a robust PKI security infrastructure, the Trust
Assurance Network. This comprehensive security system is the industry`s first
trusted platform to provide the means to securely manage the authentication,
administration and operation of the virtual network of trusted clients.

Cubic offers a 32K contactless smart card, already popular GO CARD(R) public
transit ticketing technology, multi-function smart card readers, and secure
state-of-the-art gating solutions. These products are easily integrated with
video surveillance, hybrid smart/optical memory cards and readers, and secure
entry-exit systems and information management software to satisfy new security
application requirements.

Wave`s EMBASSY-platform trusted client technology is currently in use in a range
of government environments, including defense and healthcare applications, and
in commercial applications in Europe. EMBASSY is ideal for a wide variety of
applications requiring access control of information, including HIPAA Privacy
and Security regulations for the protection of health patient information. For
more details, go to www.wave.com.

Wave is a member of the Trusted Computing Group, a group of industry leaders
dedicated to embedding trust and security more broadly into computing platforms
and devices. The TCG works to create open standards that can be adopted for use
in products and solutions across the spectrum of computing and communications
devices, to enable secure and trusted computing that can protect data, privacy,
and individual rights.

About Cubic

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation, force modernization, educational services and operations &
maintenance and manufacturing services. The group also supplies products and
systems for C4ISR (Command, Control, Communications, Computers, Intelligence,
Surveillance & Reconnaissance) applications, search and rescue avionics and
radio communications for military and civil markets. The corporation`s other
major segment, Cubic Transportation Systems, designs and manufactures automatic
fare collection systems for public mass transit authorities. For more
information about Cubic, see the company`s Web site at www.cubic.com.

About Wave Systems

Consumers and businesses are demanding a computing environment that is more
trusted, private, safe and secure. Wave is the leader in delivering trusted
computing applications and services with advanced products, infrastructure and
solutions across multiple trusted platforms from a variety of vendors. Wave
holds a portfolio of significant fundamental patents in security and e-commerce
applications and employs some of the world`s leading security systems architects
and engineers. For more information about Wave, visit http://www.wave.com.

Safe Harbor for Forward-Looking Statements Except for the statements of
historical fact, the information presented herein constitutes forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the company to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include general economic and business
conditions, the ability to fund operations, the ability to forge partnerships
required for deployment, changes in consumer and corporate buying habits, chip
development and production, the rapid pace of change in the technology industry
and other factors over which Wave Systems Corp. has little or no control. Wave
Systems assumes no obligation to publicly update or revise any forward-looking
statements.

SOURCE: Cubic Corp.
Cubic Corp. Reports Third Quarter 2003 Increases in Sales, Earnings and Backlog


SAN DIEGO, Aug 5, 2003 (BUSINESS WIRE) -- San Diego-based Cubic Corp.
(AMEX: CUB) today reported third quarter 2003 increases in sales, earnings and
backlog.

Sales for the quarter were $157.9 million compared to $148.2 million for the
same period in 2002. Net income for the third quarter was $10.1 million or 38
cents per share compared to $7.1 million or 27 cents per share last year.
Operating income for the quarter increased by 29 percent to $13.3 million from
$10.3 million in the third quarter of last year, with improved results in both
the company`s defense and transportation segments. There was also an after tax
gain of $1.6 million or 6 cents per share from the sale of a building used by
the company`s United Kingdom operation, which was recently replaced by a more
modern facility.

For the first three quarters of fiscal year 2003, sales were up 15 percent to
$473.4 million from $410.6 million in 2002. Net income was up 46 percent for the
first three quarters of fiscal 2003 to $28 million or $1.05 per share, from
$19.3 million or 72 cents per share in 2002. Operating income increased by 25
percent for the first three quarters of fiscal 2003 to $34.3 million from $27.5
million for the same period in 2002. Sales of unneeded real estate added 20
cents per share in the nine months.

Total backlog at the end of the third quarter increased to $1,435,500,000 from
$1,343,200,000 at the end of the second quarter and $1,165,200,000 at September
30, 2002. Funded backlog at June 30, 2003 was $950,200,000, compared to
$776,800,000 at September 30, 2002. Not included in the company`s backlog
(funded or unfunded) are two major U.S. Government indefinite delivery,
indefinite quantity (IDIQ) contracts that Cubic received in the third quarter of
2003. One of them is an exclusive 10-year contract to provide next-generation
air combat training technology with a ceiling value of $525 million. The second,
which includes four other companies, is a 5-year IDIQ contract with a total
value of up to $1.26 billion aimed at reducing threats from weapons of mass
destruction.

Cubic Transportation Systems designs and manufactures automatic fare collection
systems for public mass transit, including rail and buses throughout the world.

The Cubic Defense Applications group provides realistic combat training systems
for military forces as well simulation, force modernization, educational
services, operations & maintenance and manufacturing services. The group also
supplies products and systems for C4ISR (Command, Control, Communications,
Computers, Intelligence, Surveillance & Reconnaissance) applications, search and
rescue avionics and radio communications for military and civil markets. For
more information about Cubic, see the company`s Web site at www.cubic.com.

In addition to historical matters, this release contains forward-looking
statements which are made pursuant to the safe harbor provisions of the
Securities Litigation Reform Act of 1995. These forward-looking statements
involve predictions of future results. Investors are cautioned that
forward-looking statements involve risks and uncertainties which may affect the
company`s business and prospects.

These include the effects of politics on negotiations and business dealings with
government entities, economic conditions in the various countries in which the
company does or hopes to do business, competition and technology changes in the
defense and transit industries, and other competitive and technological factors.
ViaSat Inc. Receives Award From Cubic for Communications Data Link (CDL) System


CARLSBAD, Calif., Aug 12, 2003 /PRNewswire-FirstCall via COMTEX/ -- ViaSat Inc.
(Nasdaq: VSAT) has been awarded $11.2 million by Cubic Corporation (Amex: CUB)
to provide the Antenna Subsystem, and Communication Security and Network
Interface components for the U.S. Navy`s Space and Naval Warfare Systems
Command`s (SPAWAR) new Communications Data Link (CDL) System. The five-year
contract also contains options for additional unit deliveries that could
increase this value. This work is part of a $31.8 million contract Cubic
received from SPAWAR in March for the CDL System, a wideband Common Data Link
for the transmission of signal and imagery intelligence data between
national/tactical reconnaissance aircraft sensors and their associated surface
ship processing systems. Engineering and development activities are scheduled to
be complete by September 2004.

(Logo: http://www.newscom.com/cgi-bin/prnh/20030602/VSATLOGO )

Cubic has formed a San Diego-based team, including ViaSat, Inc. and AMSEC LLC,
to deliver a system utilizing state-of-the-art "software-definable" radio,
satellite antenna, and secure data technology. The new system will result in
significant operational improvements and lifecycle cost reductions compared to
shipboard data link systems in use today.

About Cubic

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation, force modernization, educational services and operations &
maintenance and manufacturing services. The group also supplies products and
systems for C4ISR (Command, Control, Communications, Computers, Intelligence,
Surveillance & Reconnaissance) applications, search and rescue avionics and
radio communications for military and civil markets. For more information about
Cubic, see the company`s website at www.cubic.com .

About ViaSat

ViaSat Inc. (Nasdaq: VSAT) produces advanced digital satellite
telecommunications, wireless signal processing equipment, and high assurance
networking products for government and commercial markets. Other Government
Systems products include information security devices, tactical communication
radios, and communication simulators. ViaSat`s full line of satellite
communication products includes VSAT systems for network access and
infrastructure, and Ka-band satellite systems, from user terminals to large
gateways for both geosynchronous and low earth orbit satellites. Along with its
headquarters in Carlsbad, CA, ViaSat has divisions located in Norcross, GA, and
Clarksburg, MD.

In addition the company`s wholly-owned subsidiary, US Monolithics, designs and
produces monolithic microwave integrated circuits (MMICs) and modules for use in
broadband communications for military and commercial applications. USM is based
in Chandler, Arizona.

Safe Harbor Statement

Portions of this release, particularly statements about future capabilities of
the Communications Data Link System, may contain forward- looking statements
regarding future events and are subject to risks and uncertainties. ViaSat
wishes to caution you that there are some factors that could cause actual
results to differ materially, including but not limited to: contractual
problems, regulatory issues, technologies not being developed according to
anticipated schedules, or that do not perform according to expectations; and
increased competition and other factors affecting the telecommunications
industry generally. The Company refers you to the documents it files from time
to time with the Securities and Exchange Commission, specifically the section
titled Factors That May Affect Future Performance in the Company`s Form 10-K,
which contain and identify other important factors that could cause actual
results to differ materially from those contained in our projections or
forward-looking statements. Stockholders and other readers are cautioned not to
place undue reliance on these forward-looking statements, which speak only as of
the date on which they are made. We undertake no obligation to update publicly
or revise any forward-looking statements.

SOURCE ViaSat Inc.
Cubic übernimmt ECC International
Die Cubic Corp., ein Spezialist für die Simulation von miltiärischen Trainings, meldete am Donnerstag, dass sie den kleineren Konkurrenten ECC International Corp. für 42,3 Mio. Dollar übernehmen wird.

Wie das Unternehmen weiter bekannt gab, wird es für jede Aktie von ECC International 5,25 Dollar zahlen.

Die Aktie von Cubic schloss gestern an der AMEX bei 26,40 Dollar, die von ECC International bei 5,08 Dollar.
Cubic Awarded $12 Million Contract to Expand Washington`s Smart Card System To Support Regional Merchant Network and Customer Services


SAN DIEGO, Aug 25, 2003 (BUSINESS WIRE) -- Cubic Transportation Systems Inc., a
subsidiary of San Diego-based Cubic Corp. (AMEX: CUB), has received a $12
million contract to upgrade the Washington Metropolitan Area Transit Authority
(WMATA)`s smart card-based fare collection regional central computing system.
The Cubic upgrades will support new customer service initiatives for the
SmarTrip(R) card system, giving regional commuters options for purchasing and
reloading their smart cards.

In addition to the new contract, WMATA is giving Cubic an option to provide $2.4
million in rail system upgrades. With this latest order, Cubic, under a 10-year,
multi-phased contract, which culminates next year, will deliver nearly $190
million in systems software and infrastructure for a regional smart card-based
fare collection system linking rail, bus and parking services in the District of
Columbia, the State of Maryland and parts of Virginia.

Under the new contract, Cubic will deliver software and hardware upgrades that
will interface with the regional fare collection system`s customer service
center, which is expected to be operational in the late summer 2004. Cubic`s
upgrades will support new applications for the SmarTrip card, including the
company`s Autoload, Smart Benefits, Regional Transit Benefits and its future
Fairest Fare functionality.

"We are pleased to provide the advanced central computer technology and services
that will enable WMATA to deliver on its promise of improving customer service
and extending the reach of the SmarTrip(R) system. Now everyone in the region
can take advantage of seamless, regional integration in fare payment," said
Richard Johnson, president and chief executive officer of Cubic Transportation
Systems Inc. "By providing a system based on innovation, quality and
reliability, Washington sets the benchmark in the U.S. for a smart card-based
fare collection system."

With Autoload, regional SmarTrip cardholders will be able to automatically and
electronically either collect stored value or purchase new fare products when
their smart cards are presented at bus fareboxes, gates, ticket vending
machines, station management systems or parking readers. Smart Benefits uses the
Autoload distribution feature to electronically deliver government or private
employer-subsidized transit benefits to cardholders` smart cards. If the
contract option is exercised, Fairest Fare will use the system to determine what
is the best fare product for a given time period based on the patron`s usage
during that period.

Cubic will employ its Nextfare(TM) Central System as the backbone for expanding
services throughout the region. Designed to industry standards using open
platforms and commercial off-the-shelf applications, Nextfare will provide the
regional credit/debit switch and the distribution of Autoload, Smart Benefits
and hot list files between all regional transit operators and the customer
service center. Nextfare also will collect and forward to the regional fare
collection system customer service center all smart card transactions from the
regional point-of-sale network and each of the participating agencies` fare
collection system, including WMATA rail, WMATA bus, WMATA parking, MTA heavy and
light rail, MTA bus, participating Maryland locally operated transit systems
(LOTS), MTA-related commuter buses, MARC commuter rail and participating bus
transit agencies in Northern Virginia.

Cubic also will deploy a point-of-sale network comprised of credit/debit
terminals integrated with Cubic`s Tri-Reader(R) and the IT and communications
infrastructure needed to link merchant transactions to the Nextfare Central
System. As many as 500 point-of-sale terminals are planned to be installed at
strategically located retail outlets throughout the region, making it even
easier and more convenient to purchase and reload value onto smart cards.

Cubic Transportation Systems is the world`s leading system provider for regional
multi-operator intermodal ticketing systems. Every year, nearly 10 billion rides
are taken worldwide using Cubic fare collection systems in more than 40 major
markets on five continents including London; New York; Washington, D.C.;
Baltimore; Sydney; Sweden, Norway, and Denmark; Rotterdam; Chicago; Atlanta; San
Francisco; Los Angeles; Miami; Hong Kong; Guangzhou; Shanghai; and Singapore.

The corporation`s other major segment, Cubic Defense Applications, provides
instrumented air and ground combat training systems, battle command training,
simulations and simulation support for U.S. and allied military forces. The
group also produces high technology avionics, data links and communications
products for government and commercial customers, and a wide range of technical
and logistics services. For more information about Cubic, see the company` Web
site at www.cubic.com.
Cubic Introduces Full Spectrum of Force Modernization Tools To Central and Eastern European Market


SAN DIEGO & KIELCE, Poland, Sep 2, 2003 (BUSINESS WIRE) --


Also Teams with Polish Partner to Spotlight Communications Products at

MSPO International Defence Industry Exhibition in Kielce, Poland

Cubic Defense Applications, the defense segment of Cubic Corp. (AMEX: CUB), will
unveil a complete package of training and operational products and services at
the MSPO International Defence Industry Exhibition from Sept. 2-5 in Kielce,
Poland.

Cubic is also teamed with Unitronex at the Unitronex booth, where the two
companies will showcase military communications products available to the
Central and Eastern European market. Unitronex is Cubic`s authorized
representative for communications products in Poland.

"Cubic is well known in Central and Eastern Europe as an expert on defense
modernization," said Gerald Dinkel, president and CEO of the Cubic Defense
Applications Group. "Cubic has been a partner with many NATO members and
aspirants in restructuring, modernizing and transitioning their militaries to
comply with NATO requirements. Now we want to expand our presence in this market
by offering allied militaries a total package of force modernization, training
systems and advanced communications tools -- plus the necessary systems
integration support."

At its own booth, Cubic will highlight its capabilities in transformation
assistance, ground combat training systems, simulation and combat training
centers, technical services and systems integration. Cubic is also introducing
its Deployable System for Training and Readiness (DSTAR), a mobile exercise
control center that provides live simulation training and feedback on units`
performance. DSTAR has just been designated as the U.S. Army`s Initial
Homestation Instrumentation Training System (I-HITS). Cubic is also promoting
its Precision Combat Training System, a direct-fire weapons simulation system
that supports both precision gunnery and tactical training.

"Cubic experts have conducted numerous studies on national security, defense
restructuring and peacekeeping operations for European and Central Asian clients
and have been fully involved with implementing complex restructuring programs,"
said Bob Howard, vice president and general manager of Cubic`s Analysis and
Learning Technologies Division in Alexandria, Va. "Through these studies, Cubic
has developed credibility and name recognition, which has led to additional
business, such as assisting the Romanian Armed Forces in establishing the
Romanian Simulation Training Center, which opened last year in Bucharest. Cubic
can not only assist clients in setting up simulation and instrumented combat
training centers and ranges, but also has the engineering capability to
integrate legacy components into training solutions."

At the Unitronex booth, Cubic will spotlight a full-range of communications and
avionics products. Cubic will demonstrate the capabilities of its DF 4400 DF
(Direction-Finding) Receiver/Processor, a flexible and extremely cost-effective
DF system used extensively for regulatory monitoring, search-and-rescue, police
and combat operations applications. This system is now under evaluation by
various agencies of the Polish government. Another focus will be combat search
and rescue systems and GPS handheld radios, including Cubic`s new AN/ARS (6) V12
Personnel Locator System. The smaller, lighter V12 system is interoperable with
all standard emergency distress beacons and Cubic`s URX-3000 Tactical ELT and
GPS based survival radios. Cubic is working to ensure that the system will be
interoperable with new worldwide standards.

The Unitronex booth will also feature information about jam-resistant, DSP-based
data links for the Intelligence, Surveillance and Reconnaissance (ISR)
community, a ground collision avoidance system, a software-definable
surveillance receiver and high-frequency (HF) communications systems.

"Central and Eastern Europe represent a promising new market for us," said Rick
Lober, senior vice president of Cubic`s Communications and Electronics Business
Unit. "Nations that are aspiring to join NATO are interested in our
communications products and search-and-rescue systems as they view having these
capabilities important to being able to contribute to NATO`s combat and
peacekeeping operations."

Cubic`s Current Efforts in Emerging Democracies

Force Modernization Studies: Cubic`s Analysis and Learning Technologies Division
is the leading provider of force modernization studies, analyses and expert
advice to NATO nations and NATO invitee countries. The division is currently
assisting the U.S. and host governments with force modernization efforts in the
Czech Republic, Hungary, Romania, Slovakia and Lithuania. It has also performed
peace operations studies for Armenia, Azerbaijan and Kyrgyzstan.

Romanian Simulation Training Center: In 2002, the Romanian Armed Forces and
Cubic opened a new Simulation Training Center in Bucharest, Romania. Under
contract with the U.S. Army Security Assistance Command, a team of Cubic and
Romanian personnel train Romanian military officers in the leadership skills
needed in contemporary operations.

Multiple Integrated Laser Engagement System (MILES) for Croatia: Cubic`s
laser-based ground combat training system is used by the U.S. Army, Marines and
Air Force and the British Army, Royal Netherlands Marine Corps and Kuwait Land
Forces. Cubic is supplying its MILES system to the Republic of Croatia under a
Foreign Military Sale authorized by the U.S. Army`s Program Executive Office for
Simulation, Training and Instrumentation (PEO STRI). It is due for fielding in
Croatia in early 2004.

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well
simulation, force transformation assistance, educational services, operations &
maintenance and manufacturing services. The group also supplies products and
systems for C4ISR (Command, Control, Communications, Computers, Intelligence,
Surveillance & Reconnaissance) applications, search and rescue avionics and
radio communications for military and civil markets. The corporation`s other
major segment, Cubic Transportation Systems, designs and manufactures automatic
fare collection systems for public mass transit authorities. For more
information about Cubic, visit www.cubic.com.
Cubic and LaserCard Systems` New ``Hybrid`` Contactless Optical Smart Card Could Improve U.S. Border Security


SAN DIEGO, Sep 3, 2003 (BUSINESS WIRE) -- San Diego-based Cubic Corporation
(AMEX: CUB) and LaserCard Systems Corporation, a wholly owned subsidiary of
Drexler Technology Corporation (Nasdaq: DRXR), announced they have developed a
new type of smart card that combines contactless and optical memory technologies
to support biometric identification.

The next step is to offer this new product to the United States Government for
evaluation as an enhanced product candidate for the U.S. VISIT market. The new
"hybrid" card was developed with this market in mind, as it could both improve
the identity verification process and shorten wait times at U.S. borders.

Cubic is a world leader in developing and delivering integrated
multi-application contactless card systems for transit as well as combat
training systems, mission support services and communications applications for
the military. LaserCard Systems Corporation is the principal supplier of
multi-biometric ID cards to the governments of the U.S. and Canada. Cubic`s high
speed contactless smart card technology for mass transit is already in use in
Washington D.C. and Chicago, and the company`s transportation segment also is
delivering similar integrated contactless ticketing technologies to Los Angeles,
San Diego and Minneapolis, as well as other cities around the world. Drexler
Technology Corporation has manufactured and sold more than 20 million U.S.
Permanent Resident "Green Cards" that authorize immigrants to work and reside in
the U.S. and "Laser Visa" Border Crossing Cards for frequent travelers to the
U.S. from Mexico. In addition, the Government of Canada began issuing
LaserCard(R) optical memory cards in 2002 as the new Canadian Permanent Resident
Cards; and on July 28, 2003, Drexler Technology announced an order for
production quantities of Italy`s new national ID card.

The contactless portion of the new hybrid card contains a computer chip and
radio antenna and operates much the same way as do Cubic`s transit smart cards.
The hybrid card is read automatically -- no touching or inserting needed -- on a
reader that contains Cubic`s open system contactless reader technology. Cubic`s
contactless technology allows the card to be read in approximately 100
milliseconds, allowing people and/or cars to approach a gate, having their
status verified against border security databases. The LaserCard`s optical
memory stripe provides exceptional counterfeit resistance, automatic card
authentication and high capacity secure storage for multiple biometric images.
The LaserCard system allows the rapid off-line verification of biometrics and
relevant border entry/exit data. For facilitation applications, such as land
border entry or registered traveler programs, data from the optical memory can
be downloaded to the contactless chip to activate specific services and
privileges for local use.

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation, force modernization, educational services and operations &
maintenance and manufacturing services. The group also supplies products and
systems for C4ISR (Command, Control, Communications, Computers, Intelligence,
Surveillance & Reconnaissance) applications, search and rescue avionics and
radio communications for military and civil markets. The corporation`s other
major segment, Cubic Transportation Systems, designs and manufactures automatic
fare collection systems for public mass transit authorities. For more
information about Cubic, see the company`s website at www.cubic.com.

LaserCard Systems Corporation and its parent company, Drexler Technology
Corporation (www.drexlertechnology.com), are based in Mountain View, CA. Drexler
Technology develops and manufactures LaserCard(R) optical memory cards and
chip-ready OpticalSmart cards. LaserCard Systems Corporation makes optical card
read/write drives; develops optical card system software; and markets optical
cards, card-related data systems, and peripherals. LaserCard markets include
identification cards, electronic visas, homeland security, digital governance,
child healthcare, vehicle registration, and immigration cards. For more
information about LaserCard Systems Corporation, see the company`s website at
www.lasercard.com.

Forward-Looking Statements: Except for the historical information contained
herein, the matters set forth in this press release issued by LaserCard Systems
Corporation (LSC), including statements as to potential applications for hybrid
smart/optical memory card products; the ability of LSC or its customers to
develop software and integrate optical card systems with other technologies;
that the U.S. Government may test the hybrid card as an enhanced product
candidate for the U.S. VISIT market; and LSC`s plans, objectives, and
anticipated performance, are forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially, including, but not limited
to, reliance on value-added resellers to generate sales, develop related
products, perform customer system integration, develop application software, and
work with the U.S. Government to test products; changes in and reliance on
government policy-making; risks associated with development, manufacture, and
deployment of optical card drives and hybrid card systems; the impact of
technological advances and competitive products; and other risks detailed from
time to time in the SEC reports of LSC`s parent company, Drexler Technology
Corporation (the "Corporation"), including the Corporation`s annual report on
Form 10-K for the year ended March 31, 2003. These forward-looking statements
speak only as of the date hereof. The Corporation disclaims any intention or
obligation to update or revise any forward-looking statements. LSC bears no
responsibility for statements related to the development plans, capabilities, or
products of Cubic Corporation.

SOURCE: Cubic Corp.
Sven Monberg Highlights the Following Stocks: Cubic Corp.


CHICAGO, Sep 15, 2003 (BUSINESS WIRE) -- Faster than a speeding bullet, more
powerful than a locomotive, it`s the next stock recommendation from Superstock
Investor. Learn about: Cubic Corp. (AMEX: CUB). Click here for the full story
exclusively on Zacks.com: http://featuredexpert2bw.zacks.com/

Here are the highlights from the Featured Expert column:

Cubic (AMEX: CUB) announced on August 21st that its intent to acquire ECC
International Corp (AMEX: ECC) for $5.25 per share in a transaction valued at
around $42MM. This price was only a 3% premium to ECC`s closing price on the day
before the announcement, but about a 20% premium to where the stock traded two
weeks before its recent run-up. ECC would likely have qualified as an example of
what Michael Brush, who writes for MSN Money wrote about recently. His article
discussed the not very uncommon phenomenon of takeover targets running up in
price prior to any specific announcement of a deal entitled "Wall Street Plays
Dirty Despite Cleanup effort".

With takeovers more frequent over the past six months, time and again the shares
of buyout targets have jumped on big volume before acquisition news. According
to the article, the unavoidable explanation is that individuals familiar with
corporate dealings are trading on their privileged knowledge.

Like any acquisition, CUB`s ability to assimilate ECC`s businesses efficiently
is probably the most significant issue. Cubic last made an acquisition in
September 2001, and it was relatively small. It is likely that investors will
question the company`s ability to effectively integrate ECC smoothly. ECC`s
business, however, is not that complex when compared to the simulator systems
CUB has designed, built and supports. Also, Cubic management strikes me as quite
methodical and not prone to making a move of this nature without the proper due
diligence. It is probable that Cubic will be able to quickly close this deal and
integrate the company.

The Wall Street consensus appears to believe that Cubic is paying a fair and
attractive price for ECC which brings up the potential of another bidder
emerging with a better offer for ECC, though it is hard to visualize a
competitor that could offer ECC a better strategic fit than with Cubic. This is
an all-cash deal valued at $42 million, implying that Cubic is paying very
reasonable multiples of $42 million for $6 million in EBITDA, a multiple of
about 7, and $42 million for $33 million in trailing twelve month revenue or a
multiple of 1.3. The multiples look even better when ECC`s nearly $7 million of
cash is taken out of the calculation (without cash -- 5.8 multiple to EBITDA and
1.1 multiple to sales).

ECC`s operating margins were approximately 11% for trailing twelve months, but
only about 7% in its fiscal fourth quarter for 2003 ending in March. Cubic
expects to enjoy some immediate synergies through the elimination of ECC`s pubic
company obligations and other redundant corporate expenses. I would not
anticipate any earning revisions related to the ECC acquisition for sometime,
until CUB demonstrates or gives specific guidance to the effect that it has been
able to improve ECC`s margins. In the meantime, ECC has net operating losses
that CUB can use to lower it effective tax rate, boosting retained earnings to
some degree.

Cubic has made reference to building on current defense relationships to do
similar software design work for the Defense Threat Reduction Agency (DTRA).
DTRA is at the heart of the federal government`s Homeland Security initiatives.
Cubic`s defense arm is one of five companies that will share in an initial new
DTRA contract valued at up to $1.26 billion. Cubic says the companies will work
on projects designed to reduce the chances of the country being attacked by
weapons of mass destruction. The contract has an initial five-year term and a
five-year extension option. Cubic appears well positioned to win a significant
share of this business as the department`s doctrine is better developed.

Cubic is continually evolving its smart card system to employ more useful
features. Cubic will deploy a point-of-sale network comprised of credit/debit
terminals integrated with Cubic`s Tri-Reader and the IT and communications
infrastructure needed to link merchant transactions to the Nextfare Central
System. As many as 500 point-of-sale terminals are planned to be installed at
strategically located retail outlets throughout the region, making it easier and
more convenient to purchase and reload value onto smart cards.

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Cubic Showcases Automatic Fare Collection Technologies for Buses At UITP Persontrafik 2003 Exhibition


GOTEBORG, Sweden, Sep 18, 2003 (BUSINESS WIRE) -- Cubic Transportation Systems
(Nordic) A/S, a division of Cubic Transportation Systems, a subsidiary of Cubic
Corp. (AMEX: CUB), will showcase its complete system of automatic fare collection
technologies for buses at the UITP Persontrafik Exhibition from September 18-20
in Goteborg, Sweden.

Cubic, the world`s leading system provider for regional multi-operator
intermodal ticketing systems is also the leading supplier of bus automatic fare
collection systems in Scandinavia. Cubic provides Scandinavia the combined
advantages of a local company supported by a worldwide organization and
resources.

"We expect there to be about $250 Million (U.S.) worth of work within the next
year in the Scandinavian public transit market and Cubic, as the region`s
leading fare collection system provider, is well positioned to win a substantial
portion of this," said Richard Johnson, president and CEO of Cubic
Transportation Systems.
Cubic Announces Validator Order For London Buses` ``Articulated`` Fleet; Cashless Fare Payment Via ``Oyster`` Smart Card Speeds Passenger Boarding


BIRMINGHAM, U.K., Sep 23, 2003 (BUSINESS WIRE) -- Cubic Transportation Systems
Limited, the UK European Headquarters and a subsidiary of San Diego-based Cubic
Corp. (AMEX: CUB), today announced it has received an order from the London Buses
division of Transport for London to supply 600 Universal Smart Card Validators
for its expanding fleet of articulated or "bendy" buses.

The Validators will process the new Oyster card that was launched for public use
in May. Cubic and EDS (Electronic Data Systems) lead the TranSys consortium that
developed London`s new smart card-based ticketing system.

Cubic announced the new order on the opening day of the Coach & Bus Show 2003 at
the National Exhibition Centre in Birmingham, U.K., where Cubic is showcasing
its complete system of automatic fare collection technologies for buses.

The Universal Validator incorporates Cubic`s advanced smart card technology and
passenger safety features to quickly verify and deduct fares from passenger
smart cards, resulting in faster boarding times. The Validator operates on
Cubic`s open architecture and utilizes its patented Tri-Reader(R), an integral
module in Cubic-developed fare collection equipment for all transportation
modes. The Tri-Reader can read any type of contactless smart card meeting
international standards, providing operators a truly open system with
flexibility, interoperability and a range of media choices.

The articulated bus design -- which consists of two vehicle sections connected
by an accordion-like joint to facilitate turning -- offers greater seating
capacity and more entries for boarding. Cubic will install two Validators in the
middle and rear entrances of the buses to supplement the validation unit already
installed at the front of the bus, thus speeding passenger boarding.

The UK Ministry of Transport has approved the articulated bus type and the
proposed positioning of the new Validators. The Ministry must separately approve
any equipment that interfaces into walkways on other bus chassis types.

The Cubic display area at Coach and Bus 2003 (in Hall 17, Stand 17.99) includes
the following products that have been developed to meet UK and European
requirements:



-- Mobile Ticketing Machine: Considered the heart of an

integrated Vehicle Management System, the Mobile Ticketing

Machine combines the Cubic Driver Control Unit and Passenger

Interface Module to deliver fare and vehicle management in a

single device. The Driver Control Unit acts as the single

driver log-on and interface for operation of all on-vehicle

equipment including fareboxes, smart card validators, magnetic

processors, printers, passenger signage, automatic passenger

counters, and automatic vehicle location and dispatch system.

When combined with the Passenger Interface Module, transit

operators can support a variety of fare media including paper

proof-of-payment, magnetic, or contactless smart card,

offering them the maximum flexibility for future growth.



-- Light Validator: The contactless smart card-processing Light

Validator is a worry-free, low-cost addition to any automatic

fare collection system. It features a small, ultra-compact

design that simplifies installation and maintenance while

ensuring high reliability and ease of use.



-- Universal Validator: This Validator, the same as is being

fitted to London`s Articulated Buses, will be linked to a

simulation of a journey showing live ticket on departure

capability and tracking of ticket use via the web services

package of Nextfare(TM)



-- Nextfare(TM) Central System: Cubic has designed a central

system that facilitates low risk, cost-managed growth in

system capability. Nextfare is a suite of advanced software

modules that provide four mission-critical capabilities: 1)

central computing, 2) management of advanced fare structures,

3) clearing and settlement, and 4) innovative valued-added

capabilities such as Web Services, Autoload and Ticket On

Departure. Cubic`s Nextfare Web Services technology allows

riders to load their smart cards with value anytime from the

convenience of their desktop computers, laptops, phones or

handheld devices. The Ticket On Departure feature then

distributes the purchases by electronically delivering the

value to the smart card the next time the customer presents

his or her card to a reader at the ticket vending machine,

gate or bus Validator. Autoload technology lets transit users

link their smart cards to their credit cards for automatic

reload of transit value into the system once a pre-determined

threshold is reached.



-- Handheld Solutions: Cubic`s Handheld Ticketing Machine and

Handheld Checker are two smart card verification/inspection

devices that deliver the flexibility of a portable computer.

The Handheld Ticketing Machine performs two functions: issuing

paper tickets and validating and updating passenger smart

cards. Wireless communications enable an optional belt printer

to communicate with the Handheld Ticketing Machine. The

Handheld Checker reads smart cards to check for validity. Both

handheld devices are integrated with Cubic`s Tri-Reader

technology to facilitate flexibility in smart card choices for

transit operators.

Cubic Transportation Systems is the world`s leading system provider for regional
multi-operator intermodal ticketing systems. Every year, nearly 10 billion rides
are taken worldwide using Cubic fare collection systems in more than 40 major
markets on five continents, including London; New York; Washington, D.C.;
Baltimore; Sydney; Sweden, Norway, and Denmark; Rotterdam; Chicago; Atlanta; San
Francisco; Los Angeles; Miami; Hong Kong; Guangzhou; Shanghai; and Singapore.
For more information about Cubic, see the company` web site at www.cubic.com.
Cubic Debuts New System That Meets U.S. Army`s Basic Needs for Deployable Training


SAN DIEGO & WASHINGTON D.C., Oct 6, 2003 (BUSINESS WIRE) -- Cubic Defense
Applications, the defense segment of Cubic Corp. (AMEX: CUB), today unveils its
mobile command-and-control system designed to support instrumented combat
training at U.S. military homestations.

Cubic`s Initial - Homestation Instrumentation Training System, or I-HITS, is
making its public debut at the annual meeting of the Association of the United
States Army (AUSA), which runs through Oct. 8 at the new Washington Convention
Center.

I-HITS is a derivative of Cubic`s Deployable System for Training and Readiness
(DSTAR), a system that integrates the company`s combat training and
communications technologies in a mobile package.

The U.S. Army`s first deployment of Cubic`s I-HITS will be in the Alaska
Training Range arena, where it will be integrated with Cubic`s Air Combat
Maneuver Instrumentation system. This integration will enable aircrews and
ground forces to train in joint settings.

Cubic will deliver three mobile instrumentation equipped units next year to the
Alaska Training Range. The mobile units are environmentally controlled shelters
outfitted with Cubic`s PC-based Range Instrumentation System (PC-RIS), which
provides advanced exercise control capabilities and streamlines the development
of After Action Reviews.

"The I-HITS Alaska fielding will expand force-on-force training for the Army and
enhance combat search-and-rescue exercises for the Air Force. This technology
will significantly improve joint and combined arms training capabilities during
`Cope Thunder` exercises," said Gerald Dinkel, president and CEO of Cubic
Defense Applications.

"Elsewhere, I-HITS can augment pre-Combat Training Center exercises at any
homestation, mobilization station and forward-deployed area of operations. The
system offers the complete functionality of an instrumented Combat Training
Center in a mobile package. It can be deployed for any force-on-force exercise,
including ground, air, joint and combined arms missions," Dinkel said.

The system can be packaged in modular transit cases, carried in Humvees and
trucks, then deployed in tents or shelters at the training or operational sites.
I-HITS also features portable communications systems and GPS-based player units
that are fully integrated with the MILES 2000 laser-based training system. These
technologies track the positions and casualty status of troops and vehicles in
real time and relay exercise data to command centers for post-mission analysis.

I-HITS is fully compatible with Cubic`s next-generation MILES 2000 XG system,
which also will be featured at the AUSA show. MILES 2000 XG provides additional
capabilities such as MILES XXI functionality, urban operations tracking and
solutions for mines, grenades and M203 grenade launchers.

Over the past four years, Cubic has deployed more than 40,000 MILES products
worldwide to U.S. Army, Marines, Air Force, National Guard and international
forces.

"The first combat units that led coalition forces into Iraq -- including the
Army`s 3rd Infantry Division and the 1st Marine Expeditionary Force -- had all
trained with Cubic`s MILES products," said Dinkel. "These units were obviously
well prepared and accomplished their mission. We are very proud that our
engagement simulation technology is preparing our forces for combat -- today --
and saving lives on the battlefield."

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces, as well as
simulation training, force transformation assistance, educational services,
operations & maintenance, and manufacturing services. The group also supplies
products and systems for C4ISR (Command, Control, Communications, Computers,
Intelligence, Surveillance & Reconnaissance) applications, search and rescue
avionics and radio communications for military and civil markets. The
corporation`s other major segment, Cubic Transportation Systems, designs and
manufactures automatic fare collection systems for public mass transit
authorities. For more information about Cubic, see the company`s Web site at
www.cubic.com.
Cubic Technology Combines Public Transport with Third-Party Applications in Hanau, Germany; Cardholders Use ``Get-In`` Smart Card to Pay for Bus Rides and Municipal Services


SAN DIEGO & HANAU, Germany, Oct 9, 2003 (BUSINESS WIRE) -- Thanks to
multi-application smart card technology developed by Cubic Transportation
Systems Inc., a subsidiary of San Diego-based Cubic Corp. (AMEX: CUB), residents
in Hanau, Germany can now pay for municipal services, admission to cultural
venues and other applications with the same dual-interface smart card they use
to pay for local public transport.

Cubic just completed integration of a municipal facility, Hanau`s largest public
swimming pool, into the advanced electronic ticketing system for public buses,
which the company delivered last year.

"Hanau`s use of Cubic`s open system smart card technology for non-transit
applications represents an emerging trend, which we first developed for our
transit customer in Washington, D.C.," said Richard Johnson, president and CEO
of Cubic Transportation Systems. "There, commuters use their SmarTrip(R) cards
to pay for parking. Transit and government employees also use their SmarTrip
cards for secure access to their place of work."

He added, "Cubic is actively pursuing opportunities that leverage our leadership
in transit into extended markets and applications, and that help our customers
maximize their return on investment in transit infrastructure to offer
additional value to their patrons."

Visitors to the Hanau public pool who possess transport smart cards, known in
the city as "Get In" cards, are able to bypass cash-paying customers and speed
through entries by presenting the cards to a reader on a Cubic gate.

The company is using its new Universal Gate, a customer-friendly, modularly
constructed access and fare management system as the access/payment medium. The
gating system, which is based on Cubic`s proven technology, is interoperable
with the bus integrated ticketing system, as well as other local attractions
including theaters and museums.

The gate`s processing intelligence stores valuable information about the usage
of the pool, including the number of patrons and peak and off-peak admission
periods, which management can then retrieve and use to introduce discount or
other loyalty programs.

Cubic Transportation Systems Ltd., the company`s European transportation
headquarters, teamed with T-Systems, a subsidiary of Deutsch Telekom, on the
system for Hanau, which is located 20 km east of Frankfurt.

The system is the prototype for a comprehensive electronic ticketing system for
the entire Rhein Main Verkehrsverbund (RMV). It is being operated and tested by
the Hanau Strassenbahn (HSB) for the RMV. The RMV is the transport agency for
the Metro region around Frankfurt and is one of the largest in Europe.

The dual interface feature of the RMV/HSB`s "Get In," smart card provides a
flexible and secure solution for combining public transport functions that use
the "contactless" interface with third-party applications that may use the
"contact" interface, such as the German Geltcard.

Cubic Transportation Systems is the world`s leading system provider for regional
multi-operator intermodal ticketing systems. Every year, nearly 10 billion rides
are taken worldwide using Cubic fare collection systems in more than 40 major
markets on five continents, including London; New York; Washington, D.C.;
Baltimore; Sydney, Australia; Sweden, Norway and Denmark; Rotterdam,
Netherlands; Chicago; Atlanta; San Francisco; Los Angeles; Miami; Hong Kong;
Guangzhou, China; Shanghai, China and Singapore.

The corporation`s other major segment, Cubic Defense Applications, provides
instrumented air and ground combat training systems, battle command training,
simulations and simulation support for U.S. and allied military forces. The
group also produces high technology avionics, data links and communications
products for government and commercial customers, and a wide range of technical
and logistics services. For more information about Cubic, see the company`s Web
site at www.cubic.com.
Cubic Technology Combines Public Transport with Third-Party Applications in Hanau, Germany; Cardholders Use ``Get-In`` Smart Card to Pay for Bus Rides and Municipal Services


SAN DIEGO & HANAU, Germany, Oct 9, 2003 (BUSINESS WIRE) -- Thanks to
multi-application smart card technology developed by Cubic Transportation
Systems Inc., a subsidiary of San Diego-based Cubic Corp. (AMEX: CUB), residents
in Hanau, Germany can now pay for municipal services, admission to cultural
venues and other applications with the same dual-interface smart card they use
to pay for local public transport.

Cubic just completed integration of a municipal facility, Hanau`s largest public
swimming pool, into the advanced electronic ticketing system for public buses,
which the company delivered last year.

"Hanau`s use of Cubic`s open system smart card technology for non-transit
applications represents an emerging trend, which we first developed for our
transit customer in Washington, D.C.," said Richard Johnson, president and CEO
of Cubic Transportation Systems. "There, commuters use their SmarTrip(R) cards
to pay for parking. Transit and government employees also use their SmarTrip
cards for secure access to their place of work."

He added, "Cubic is actively pursuing opportunities that leverage our leadership
in transit into extended markets and applications, and that help our customers
maximize their return on investment in transit infrastructure to offer
additional value to their patrons."

Visitors to the Hanau public pool who possess transport smart cards, known in
the city as "Get In" cards, are able to bypass cash-paying customers and speed
through entries by presenting the cards to a reader on a Cubic gate.

The company is using its new Universal Gate, a customer-friendly, modularly
constructed access and fare management system as the access/payment medium. The
gating system, which is based on Cubic`s proven technology, is interoperable
with the bus integrated ticketing system, as well as other local attractions
including theaters and museums.

The gate`s processing intelligence stores valuable information about the usage
of the pool, including the number of patrons and peak and off-peak admission
periods, which management can then retrieve and use to introduce discount or
other loyalty programs.

Cubic Transportation Systems Ltd., the company`s European transportation
headquarters, teamed with T-Systems, a subsidiary of Deutsch Telekom, on the
system for Hanau, which is located 20 km east of Frankfurt.

The system is the prototype for a comprehensive electronic ticketing system for
the entire Rhein Main Verkehrsverbund (RMV). It is being operated and tested by
the Hanau Strassenbahn (HSB) for the RMV. The RMV is the transport agency for
the Metro region around Frankfurt and is one of the largest in Europe.

The dual interface feature of the RMV/HSB`s "Get In," smart card provides a
flexible and secure solution for combining public transport functions that use
the "contactless" interface with third-party applications that may use the
"contact" interface, such as the German Geltcard.

Cubic Transportation Systems is the world`s leading system provider for regional
multi-operator intermodal ticketing systems. Every year, nearly 10 billion rides
are taken worldwide using Cubic fare collection systems in more than 40 major
markets on five continents, including London; New York; Washington, D.C.;
Baltimore; Sydney, Australia; Sweden, Norway and Denmark; Rotterdam,
Netherlands; Chicago; Atlanta; San Francisco; Los Angeles; Miami; Hong Kong;
Guangzhou, China; Shanghai, China and Singapore.

The corporation`s other major segment, Cubic Defense Applications, provides
instrumented air and ground combat training systems, battle command training,
simulations and simulation support for U.S. and allied military forces. The
group also produces high technology avionics, data links and communications
products for government and commercial customers, and a wide range of technical
and logistics services. For more information about Cubic, see the company`s Web
site at www.cubic.com.
Cubic Completes ECC Acquisition


SAN DIEGO & ORLANDO, Fla., Oct 13, 2003 (BUSINESS WIRE) -- San Diego-based
Cubic Corporation (AMEX: CUB) and Orlando, Fla.-based ECC International Corp.
(AMEX: ECC) today announced that Cubic has acquired more than 90 percent
ownership of ECC. Cubic also announced that the Subsequent Offering Period
terminated at 5 p.m. (ET), Friday, Oct. 10, 2003.

Cubic and ECC intend to file a Short Form Merger Agreement with the Delaware
Secretary of State on Tuesday, Oct. 14, 2003. Thereafter, ECC shares will be
delisted from trading on the American Stock Exchange and will be withdrawn from
registration under the Securities Act of 1933. Remaining ECC shareholders will
receive cash for their shares as provided in the Merger Agreement.

About Cubic Corporation

Cubic Corporation is parent to two major segments: defense and transportation.
The Cubic Defense Applications group provides realistic combat training systems
for military forces as well as simulation, force modernization, educational,
operations and maintenance and manufacturing services. The group also supplies
products and systems for Command, Control, Communications, Computers,
Intelligence, Surveillance and Reconnaissance (C4ISR) applications, search and
rescue avionics, and radio communications for military and civil markets. The
Cubic Transportation Systems group designs and manufactures automatic fare
collection systems for public mass transit, including rail and buses, throughout
the world.

About ECC International

ECC International Corp. is a world leader in the design, development and
production of simulators and related training programs for crew, operator and
maintainer training. ECC provides a wide range of products and services used by
all branches of the U.S. Department of Defense and by armed forces in 25 other
countries.

SAFE HARBOR: This press release contains forward-looking statements, within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, that are based on
management`s beliefs and assumptions.

SOURCE: Cubic Corporation
Kubik Führt ECC Erwerb Durch


San Diego U. ORLANDO, Fla., Okt 13, 2003 (GESCHÄFT LEITUNG) --
San Diego-gründeten Cubic Corporation (Amex: JUNGES) und Orlando,
Fla.-based ECC International Corp. (Amex: ECC) heute verkündet, dem
Kubik einen Besitz von ECC von mehr als 90 Prozent erworben hat. Kubik
auch verkündet, daß die folgende Angebotsfrist um 5 P.M. endete
(UND), Freitag, Okt. 10, 2003.

Kubik- und ECC beabsichtigen Sie, einen kurze Form-Fusionsvertrag mit
dem Delaware Staatssekretär am Dienstag, Okt. 14, 2003 einzuordnen.
Danach sind ECC Anteile delisted vom Handeln auf der amerikanischen
Börse und werden zurückgetreten werden von der Ausrichtung unter der
Sicherheiten Tat von 1933. Restliche ECC Aktionäre empfangen Bargeld
für ihre Anteile, wie im Fusionsvertrag zur Verfügung gestellt.
Cubic Awarded $72.5 Million Contract to Deliver Atlanta`s New Smart Card Fare Collection System Replacing Magnetics and Tokens Will Save Agency Millions in Maintenance Costs


SAN DIEGO, Oct 30, 2003 (BUSINESS WIRE) -- Cubic Transportation Systems Inc., a
subsidiary of San Diego-based Cubic Corporation (AMEX: CUB), has been awarded a
$72.5 million contract from the Metropolitan Atlanta Rapid Transit Authority
(MARTA) to deliver a smart card-only multi-modal fare collection and revenue
management system. The new system will be the first in the U.S. to deploy a
low-cost, limited-use smart card.

Under the contract, which could be worth as much as $104 million if options are
exercised, Cubic will replace MARTA`s existing magnetic ticketing and
token-based system with the company`s state-of-the-art open architecture smart
card ticketing technology that will allow commuters to use one card to pay for
rail, bus, L-van (paratransit) fares and park-and-ride fees. Other applications
are planned in the future.

The new multi-application fare collection system will make it fast, easy and
convenient for daily commuters as well as occasional public transit users and
tourists to travel using public transportation in Atlanta. At the same, it will
increase revenues and operational efficiency for the agency.

"We are pleased to support MARTA in its mission to increase ridership and reduce
traffic through enhanced public services while improving fare collection
operations and providing for future regional needs. With an integrated smart
card-based fare collection system from Cubic, MARTA will have a scalable system
that combines innovation with reliability, quality and customer focus," said
Richard Johnson, president and CEO of Cubic Transportation Systems Inc.

Cubic is delivering software, computer networks, communications, high-speed
smart card encoding machines, sales terminals for customer agents, parking
equipment, bus fareboxes, faregates and multi-language ticket vending machines
that issue smart cards. Cubic is also providing innovative customer service
features including credit-debit payment, Internet-based ticketing, Autoload (the
ability to automatically load value onto the card), and electronic transit
benefits delivery.

These and other advanced capabilities are integrated and managed by Cubic`s
Nextfare(TM) Central System, a configurable suite of software modules designed
using industry standards, open platforms and commercial off-the-shelf
applications to provide the core fare collection, management and reporting
functions. Through Nextfare`s modular design and scalability, the MARTA system
can expand to support a variety of financial, operational and customer service
options.

Beginning in 2006 when the system launches, patrons will be able to use a
customer service Web site to order and register cards, make account queries and
add value to their cards with the online "Autoload" software feature. Added
value can then be collected automatically the next time customers use their
cards in the system at rail stations, on buses and L-vans, and when parking.

To support the needs of regular commuters, occasional transit users and
tourists, MARTA will offer two types of contactless smart cards: hard plastic
style similar to a credit-debit card that is designed to be used for many years,
and a paper version meant for limited use. Both card types provide "touchless"
entry, a feature with potential for significant maintenance savings for the
agency since there are no moving parts to worry about in ticket processing. This
function is handled via Cubic`s patented Tri-Reader(R), which can read any type
of contactless smart card that meets ISO standards and is a standard component
in all Cubic`s fare collection equipment.

With Cubic`s Tri-Reader and Nextfare Central System in place, MARTA will have
the ability in the future to link to other transit services in the region, as
well as toll roads and airport parking. Regional participants would have the
advantage of a truly open system with flexibility, interoperability and a range
of fare media choices.

Cubic has supplied the only fully operational smart card-based systems for
public transit in the U.S., first in Washington, D.C., followed by Chicago. Next
year, Cubic will deliver the nation`s first multi-state system, which will
expand Washington`s SmarTrip(R) system to buses serving Washington, D.C.,
Maryland and northern Virginia. By 2005, the same technology will be installed
on all the subway, commuter rail and para-transit services in Baltimore and
throughout Maryland. Cubic will also deliver similar systems to Minneapolis-St.
Paul, Los Angeles, San Diego, Edmonton and the Port Authority of New York & New
Jersey for the PATH and JFK AirTrain systems. In July 2003, Cubic won a $95
million contract to design, build, operate and maintain the first smart
card-based fare collection system in South East Queensland, Australia. Cubic
delivered a similar smart card-based system in London as part of the TranSys
consortium.

Cubic Transportation Systems is the world`s leading system provider for regional
multi-operator intermodal ticketing systems. Every year, nearly 10 billion rides
are taken worldwide using Cubic fare collection systems in more than 40 major
markets on five continents, including London; New York; Washington, D.C.;
Baltimore; Sydney; counties in Sweden, Norway and Denmark; Rotterdam; Chicago;
Atlanta; San Francisco; Los Angeles; Miami; Hong Kong; Guangzhou; Shanghai; and
Singapore.

The corporation`s other major segment, Cubic Defense Applications, provides
instrumented air and ground combat training systems, battle command training,
simulations and simulation support for U.S. and allied military forces. The
group also produces high technology avionics, data links and communications
products for government and commercial customers, and a wide range of technical
and logistics services. For more information about Cubic, see the company`s Web
site at www.cubic.com.
Cubic to Continue Warfighter Education Support for U.S. Army Combined Arms Center at Fort Leavenworth; Awarded $9.8 Million with Possibility of Four Option Years


SAN DIEGO, Nov 25, 2003 (BUSINESS WIRE) -- As a result of a recent contract
award, Cubic Defense Applications, the defense segment of San Diego-based Cubic
Corp. (AMEX: CUB), will continue to provide warfighter education and other
support services to the U.S. Army`s Combined Arms Center at Fort Leavenworth,
Kan.

The U.S. Army Training and Doctrine Command (TRADOC) has awarded Cubic a new
$9.98 million non-personal services contract to provide educational and other
support services to the Combined Arms Center (CAC). This is the first year of a
five-year Indefinite Delivery/Indefinite Quantity (ID/IQ) contract with a
possible value close to $75 million. In addition to Cubic, another contractor
will receive awards under that ID/IQ program. The two contractors will also be
eligible for four option years for amounts at the customer`s discretion. A
previous five-year ID/IQ contract brought the company $49.6 million from FY 99
to FY 03.

"Winning this recompete is strategically important for Cubic," said Stan
Cherrie, a retired U.S. Army brigadier general who is vice president and general
manager of Cubic`s Leavenworth-based Training & Education Division.

"The Combined Arms Center plays a central role in educating the Army`s
commissioned, warrant and noncommissioned officers, including those who are
leading the global battle against terrorism," Cherrie said. "Cubic supports the
CAC by enhancing the knowledge, critical thinking abilities and decision-making
skills of units and leaders involved in military operations around the world.
Whatever an officer`s mission is -- waging war or defusing tensions - Cubic will
help provide the academic and training empowerment necessary to cope with those
circumstances."

As with its previous contract with the Army, Cubic`s educational services
support includes development of traditional classroom curriculum, and in some
cases Cubic employees who are retired military personnel will teach courses.
Cubic will also provide live, Web-based, CD-ROM and computer-based simulation
training.

"The new contract is a natural progression from the existing CAC contract which
included doctrine, training, leader development and recommended policies and
procedures for both combat and stability and support operations," said Kent
Ervin, CAC program manager for Cubic.

The ID/IQ contract authorizes the Army to issue task orders for support of the
Intermediate Level Education (ILE) course which all Army field grade officers
are required to take during their career. The current ILE course, developed with
Cubic`s help, is designed to prepare field-grade officers to operate in today`s
operational environment. Study topics include: military history; leadership;
combined arms tactics and techniques; peace, counter-terrorism, peacekeeping,
nation assistance, counterdrug and joint multinational operations; digitized
skills and information operations. Cubic may receive task orders for ILE support
under this contract as well, if such orders are issued.

Under the previous contract, Cubic was responsible for developing the
Commander`s Force Protection Handbook for anti-terrorism operations. The Force
Protection Handbook, delivered in both hard copy and interactive CD-ROM
versions, deals with vulnerabilities, prevention, reaction, consequence
management, and military support to civil authorities.

In addition, Cubic developed and executed major exercises for the Army, National
Guard and civilian agencies with scenarios involving terrorist events and the
threat of weapons of mass destruction (WMD). Cubic developed a complete training
support package and train-the-trainer courseware for WMD and terrorism events.

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation, force modernization, educational services, operations and
maintenance and manufacturing services. The group also supplies products and
systems for C4ISR (Command, Control, Communications, Computers, Intelligence,
Surveillance and Reconnaissance) applications, search and rescue avionics and
radio communications for military and civil markets. The corporation`s other
major segment, Cubic Transportation Systems, designs and manufactures automatic
fare collection systems for public mass transit authorities. For more
information about Cubic, see the company`s Web site at www.cubic.com.
Cubic Demonstrates Advanced Combat Training Technologies at Major U.S. Defense Exhibition


SAN DIEGO, Dec 1, 2003 (BUSINESS WIRE) -- Cubic Defense Applications (CDA), the
defense segment of San Diego-based Cubic Corporation (AMEX: CUB), debuts new
combat training technologies at the Interservice/Industry Training, Simulation
and Education Conference (I/ITSEC) in Orlando, Fla. The show runs Dec. 1-4.

Cubic`s Simulation Systems Division (SSD), formerly ECC International Corp.,
will demonstrate its Engagement Skills Trainer, EST 2000, designed to enhance
individual marksmanship, collective and judgmental skills. In these simulation
scenarios, trainees can take aim at simulated enemy soldiers, civilian
attackers, tanks and aircraft in urban, desert, jungle, woodland and mountain
terrain -- in snow, rain and smoke, daylight, night and low-light conditions.
All actions are recorded for playback with green dots representing misses and
red dots showing hits.

"EST 2000 reduces windshield time, eliminates environmental issues associated
with live-fire ranges, and provides significant ammunition cost savings. Most
importantly, though, EST builds trainees` confidence, so when they go to the
live-fire range, they maximize their success," said Terry Kohl, vice president
and general manager of the Simulation Systems Division.

The EST 2000 offers a choice of 209 individual marksmanship, 178 squad tactical
and 40 shoot/don`t shoot judgment exercises. Features that differentiate the EST
2000 from other systems are superior accuracy and graphics.

EST demonstrations will take place at SSD`s booth #631, situated near the CDA
corporate exhibit.

"We are very pleased to add SSD`s virtual simulation and training portfolio to
Cubic`s live and constructive business. With SSD`s technologies, we now have
expertise in all three dimensions of combat training -- live, virtual and
constructive," said Gerald Dinkel, president and CEO of Cubic Defense
Applications.

SSD`s biggest customer is the Army`s Program Executive Office for Simulation,
Training and Instrumentation (PEO STRI), a customer Cubic has served for years.
PEO STRI is the procurement executive for EST 2000 -- the U.S. Army`s only
validated small arms training system.

So far, EST 2000 systems have been delivered to both active-duty Army and
National Guard units in the United States, Korea, Germany, Kuwait and
Afghanistan.

In addition to the SSD`s virtual demos, Cubic will showcase its advanced live
and constructive training capabilities at its CDA corporate booth (#1312). Major
highlights include:

LIVE COMBAT TRAINING SYSTEMS

* MILES 2000 XG -- Cubic`s next-generation Multiple Integrated Laser Engagement
Simulation System provides the most realistic force-on-force, laser-based
training available today. The advanced MILES XG provides additional capabilities
such as MILES XXI functionality, urban operations tracking and solutions for
mines, grenades and M203 grenade launchers. Over the past four years, Cubic has
deployed more than 40,000 MILES products worldwide to U.S. Army, Marines, Air
Force, National Guard and international forces.

* CUBIC`S INITIAL -- HOMESTATION INSTRUMENTATION TRAINING SYSTEM (I-HITS) --
I-HITS is a derivative of Cubic`s Deployable System for Training and Readiness
(DSTAR) The U.S. Army`s first deployment of Cubic`s I-HITS will be in the Alaska
Training Range arena, where it will be integrated with Cubic`s Air Combat
Maneuver Instrumentation system.

* P5 COMBAT TRAINING SYSTEM (P5 CTS/TCTS) -- The P5 CTS program, awarded under a
10-year ID/IQ contract valued at $525 million, represents the future of Air
Combat Training. The rangeless ACMI system facilitates training among the Navy,
Marine Corps and Air Force units and paves the way for joint national training
capability in the future. Cubic and its principal subcontractor, DRS
Technologies, will provide advanced "rangeless" ACMI technology at 27 sites
worldwide. Cubic`s Individual Combat Aircrew Display System (ICADS), a key
component of P5 CTS/TCTS, will be demonstrated at the CDA booth.

* PRECISION COMBAT TRAINING SYSTEM (PCTS) -- Cubic is providing its new PCTS for
the Canadian Army`s Weapons Effects Simulation (WES) system as well as the
Spanish Army`s new fleet of Leopard 2E Main Battle Tanks. PCTS, a direct-fire
weapons simulation system, is the first system of its kind that supports both
precision gunnery and tactical training requirements in realistic, rugged
environments.

* URBAN OPERATIONS PRODUCTS -- Cubic offers seamless urban operations position
tracking capabilities, including GPS outdoors tracking and two indoor tracking
solutions. Systems may be configured for any location or application.

CONSTRUCTIVE SIMULATION & MISSION SUPPORT

The Mission Support Business Unit is a major provider of educational services
and computer-based constructive simulation support at U.S. military
installations in the United States, Korea, Japan and other nations. Constructive
simulations help military commanders practice the decision-making skills they
would use in actual warfare. Recent contract awards include:

* Warfighter Education Support at Fort Leavenworth -- Cubic provides warfighter
education and other support services to the U.S. Army`s Combined Arms Center at
Fort Leavenworth, Kan. The U.S. Army Training and Doctrine Command (TRADOC)
recently awarded Cubic a new $9.98 million non-personal services contract to
provide educational and other support services to the Combined Arms Center
(CAC).

* Korea Battle Simulation Centers -- Cubic provides training and exercise
support services to the Combined Forces Command/U.S. Forces Korea/Eighth U.S.
Army, as the prime contractor for the Korea Battle Simulation Centers (KBSC).
Cubic provides all support necessary to conduct computer-driven service, joint,
and multinational training and battle simulation exercises for U.S. Army, U.S.
Air Force, U.S. Navy, U.S. Marine Corps, Republic of Korea, and other allied
military personnel from platoon through theater-level. Earlier this year, the
U.S. Army awarded CDA a contract for continued support at KBSC. The contract is
valued at approximately $65 million over five years.

* U.S. Marine Corps Training Support Contract -- Since 1998, Cubic has provided
critical support to the Marine Air Ground Task Force (MAGTF) Staff Training
Program (MSTP). Earlier this year, Cubic received a new and expanded training
support contract with a potential value of $82 million over five years.

The new MTSS contract was awarded by the Program Manager for Training Systems
(PMTRASYS) in Orlando, Fla. -- an organization within the Marine Corps Systems
Command focused on providing training tools and technologies to sustain and
enhance the performance of Marines in their warfighting missions.

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation training, force transformation assistance, educational services,
operations & maintenance, and manufacturing services. The group also supplies
products and systems for C4ISR (Command, Control, Communications, Computers,
Intelligence, Surveillance & Reconnaissance) applications, search and rescue
avionics and radio communications for military and civil markets. The
corporation`s other major segment, Cubic Transportation Systems, designs and
manufactures automatic fare collection systems for public mass transit
authorities. For more information about Cubic, see the company`s website at
www.cubic.com.
Cubic Reports FY 2003 Increases in Sales, Earnings and Backlog


SAN DIEGO, Dec 2, 2003 (BUSINESS WIRE) -- Cubic Corporation (AMEX: CUB) today
reported increased sales, earnings and backlog for fiscal 2003. Earnings for the
fiscal year ended September 30, 2003 were up 24 percent and sales for the year
were up 13 percent from last year. Total backlog, including unfunded contract
orders, at the end of the year was 29 percent higher than at September 30, 2002.

Net income for fiscal year ended September 30, 2003 was $36.5 million or $1.37
per share, compared to $29.4 million or $1.10 per share for fiscal 2002. Sales
for 2003 were $634.1 million compared to 2002 sales of $559.6 million. Operating
income (before taxes, interest and other income) for the fiscal year ended
September 30, 2003 was $48 million compared to $39.8 million for fiscal 2002,
with improvement in both the Company`s Defense and Transportation segments.

Approximately $5.3 million or 20 cents per share, after taxes, of the 2003 net
income was from gains on the sale of unused real estate in the second and third
quarters. Net income in 2002 included a fourth quarter tax benefit of $2.5
million, which added 9 cents per share that year. Excluding these items, pro
forma earnings would have been $1.01 in 2002 and $1.17 in 2003, a 16 percent
increase.

Fourth quarter 2003 sales were $160.6 million, compared to $149.2 million last
year, and earnings for the quarter were $8.5 million or 32 cents per share
compared to $10.2 million or 38 cents per share in the fourth quarter of last
year ($7.7 million or 29 cents without the fourth quarter 2002 tax benefit).

Total backlog at September 30, 2003 was $1.505 billion compared to $1.165
billion at September 30, 2002.

"Our backlog reflects increases from both our defense and transportation
segments," said Cubic Corporation President and Chief Executive Officer Walter
J. Zable. "What`s significant about our current backlog is that it reflects a
diverse mix of business, a move away from years past when the backlog reflected
a more limited number of customers."

Management anticipates sales and operating income will grow modestly in fiscal
2004 followed by more accelerated growth in the following two years.

Defense Segment -- 2003 Performance

Fiscal 2003 sales from the Defense segment were up 16 percent from last year,
growing to $365 million from $314 million, with the growth coming primarily from
training systems.

Operating income in the Defense segment was up 37 percent to $24.6 million from
$17.9 million earned in 2002. The increase came primarily from the training
systems business, due to sales growth as well as improved profit margins.

The Defense segment accounted for $743 million of the Company`s total backlog at
the end of 2003, compared to $493 million at the end of last year. The biggest
increase in Defense segment backlog was in training systems, due to ground
combat training systems contracts awarded in Canada and Australia.

Excluded from the Defense segment backlog amounts are two indefinite delivery,
indefinite quantity (ID/IQ) contracts received in 2003. One is a 10-year
contract with a ceiling value of $525 million, awarded exclusively to Cubic to
develop and deliver the next-generation of rangeless air-to-air and
air-to-ground combat training systems. For the other ID/IQ contract, the U.S.
Government has pre-selected Cubic and four other companies to bid on $1.26
billion in task orders on research-and-development services work over five
years, with an additional five-year option, aimed at reducing threats to
national defense and homeland security from Weapons of Mass Destruction.

Transportation Systems -- 2003 Performance

Sales this year for the Transportation Systems segment increased nearly 10
percent in 2003 to $253 million from $231 million in fiscal 2002. Those sales
increases were primarily due to higher sales in North America as well as work on
the Prestige contract in London.

Operating income in the Transportation Systems segment increased 5 percent to
$24.4 million in 2003 from $23.3 million in 2002. Improvement this year over
last came primarily as a result of growth in revenues from contracts in North
America. At the same time, operating income was impacted by legal costs related
to a dispute with a subcontractor on the Prestige contract and a legal
settlement in Australia in the fourth quarter.

Of Cubic`s total 2003 end-of-year backlog, $762 million is in the Transportation
segment compared to $672 million at the close of last year. Transportation
backlog increased in 2003 primarily because of a contract for nearly $95 million
awarded by the city of Brisbane, Australia for a fare collection system and 10
years of operations and maintenance. Not included in the 2003 end-of-year
backlog is a $72 million contract awarded to Cubic by the city of Atlanta`s
transit agency just after the close of the fiscal year.

The Cubic Defense Applications group provides realistic combat training systems
for military forces as well simulation, force modernization, educational
services, operations & maintenance and manufacturing services. The group also
supplies products and systems for C4ISR (Command, Control, Communications,
Computers, Intelligence, Surveillance & Reconnaissance) applications, search and
rescue avionics and radio communications for military and civil markets. Cubic
Transportation Systems designs and manufactures automatic fare collection
systems for public mass transit, including rail and buses throughout the world.
For more information about Cubic, see the company`s web site at www.cubic.com.

In addition to historical matters, this release contains forward-looking
statements which are made pursuant to the safe harbor provisions of the
Securities Litigation Reform Act of 1995. These forward-looking statements
involve predictions of future results. Investors are cautioned that
forward-looking statements involve risks and uncertainties which may affect the
company`s business and prospects. These include the effects of politics on
negotiations and business dealings with government entities, economic conditions
in the various countries in which the company does or hopes to do business,
competition and technology changes in the defense and transit industries, and
other competitive and technological factors.
MARTA Proceeds with Cubic Transportation Systems` Fare Collection Contract after Judge Denies Competitor`s Request for Permanent Injunction


SAN DIEGO, Jan 8, 2004 (BUSINESS WIRE) -- Cubic Corporation (AMEX: CUB) today
announced that a Fulton County, Georgia, judge has paved the way for the
Metropolitan Atlanta Rapid Transit Authority (MARTA) to proceed with a $72.5
million contract awarded to Cubic subsidiary, Cubic Transportation Systems, for
a new smart card-based fare collection system throughout the Atlanta region.

The judge denied a request by Thales e-Transactions for a permanent injunction
against MARTA that would have required the transit authority to rebid the
contract. Thales claimed MARTA did not follow proper procedures in the contract
award; however, the judge, in his ruling wrote, "The proposals were fairly
evaluated, and Cubic had both the superior technical score and the lower cost."
MARTA will proceed with the contract award to Cubic. Originally MARTA wanted to
install the new system in 2005. The four-month legal challenge is expected to
delay the desired completion date.

"The ruling is the best gift possible for Cubic this holiday season," said
Richard Johnson, president and CEO of Cubic Transportation Systems. "Finally, we
can begin to work in earnest to build the smart card ticketing system that MARTA
so desperately needs. This new ticketing system will save MARTA millions of
dollars and give MARTA`s customers a reliable, convenient, easy-to-use smart
card ticketing system that should increase ridership throughout the area as
well," Johnson added.

In October, MARTA awarded Cubic a $72.5 million contract which, with options,
could be worth as much as $104 million, to replace MARTA`s existing magnetic
ticketing and token-based system with the company`s state-of-the-art open
architecture smart card ticketing technology. The new system will allow
commuters to use one card to pay for rail, bus, L-van (paratransit) fares and
park-and-ride fees. The new system will be the first in the U.S. to deploy a
low-cost, limited-use smart card.

This regional interoperability is made possible by Cubic`s open architecture
back-office system, called the Nextfare(TM) Central System, and its patented
Tri-Reader(R) technology. Nextfare is a configurable suite of software modules
designed to provide the core central computing, transaction processing,
operational management, financial clearing and settlement, reporting
functionality and the scalability to support additional services as needed over
time. The Tri-Reader, an integral module in all Cubic fare collection equipment,
can read any type of contactless smart card that meets ISO standards, providing
Atlanta with flexibility, interoperability and a range of ticket media choices.

Cubic is delivering software, computer networks, communications, high-speed
smart card encoding machines, sales terminals for customer agents, parking
equipment, bus fareboxes, faregates, and multi-language ticket vending machines
that issue smart cards. Cubic is also providing innovative customer service
features including credit-debit payment, Internet-based ticketing, Autoload (the
ability to automatically load value onto the card), and electronic transit
benefits delivery. Other applications are planned for the future.

Cubic Transportation Systems is the world`s leading system provider for regional
multi-operator intermodal ticketing systems. Every year, nearly 10 billion rides
are taken worldwide using Cubic fare collection systems in more than 40 major
markets on five continents, including London; New York; Washington, D.C.;
Baltimore; Sydney; counties in Sweden, Norway, and Denmark; Rotterdam; Chicago;
Atlanta; San Francisco; Los Angeles; San Diego; Miami; Hong Kong; Guangzhou;
Shanghai; and Singapore.

The corporation`s other major segment, Cubic Defense Applications, provides
instrumented air and ground combat training systems, battle command training,
simulations and simulation support for U.S. and allied military forces. The
group also produces high technology avionics, data links and communications
products for government and commercial customers, and a wide range of technical
and logistics services. For more information about Cubic, see the company`s web
site at www.cubic.com.
Cubic Corp. Reports Record Sales and Backlog and Increased Earnings for the Quarter Ended December 31, 2003


SAN DIEGO, Feb 3, 2004 (BUSINESS WIRE) -- San Diego-based Cubic Corp.
(AMEX: CUB) today reported record sales and backlog and an increase in earnings
for the first quarter of fiscal 2004, which ended December 31, 2003. Sales for
the quarter were $171 million, compared to $148 million for the same period last
year, an increase of 15 percent. Net income for the first quarter of fiscal 2004
increased 12 percent to 28 cents a share from 25 cents a share for the same
quarter of the prior year. Total backlog increased to $1.554 billion at December
31, 2003, compared to $1.505 billion at September 30, 2003.

Defense

Defense segment sales for the first quarter of fiscal 2004 were up 27 percent to
$104 million compared to $82 million for the same period last year.
Approximately one-third of the increase came from ECC International Corp., which
Cubic acquired in September 2003.

The remainder of the sales increase came from all three of the existing defense
business units: Communications and Electronics, Training Systems and Government
Services.

Operating profits in the defense segment were up more than 90 percent to $8.6
million this year compared to $4.5 million in the first quarter of last year.
Higher operating income came primarily from the training systems business due to
sales growth and improved profit margins from both air and ground combat
training systems, including MILES. In addition, ECC contributed about $0.8
million to training systems operating profits for the quarter.

Transportation

Transportation segment sales increased slightly, from $62 million in the first
quarter of fiscal 2003 to $63 million in the first quarter of this year. Sales
from the PRESTIGE contract in London declined in accordance with the plan for
this project, but this was more than offset by higher sales from other contracts
in the UK, Australia and the U.S., including Los Angeles, New York, San Diego,
Houston and Minneapolis.

Operating income in Transportation Systems decreased from $5.9 million in the
first quarter of fiscal 2003 to $4.0 million this year. Profit margins on
several of the contracts in North America have been adversely affected by the
company`s investment in the development of new software technologies for common
fare collection solutions. "We believe it was necessary to make this investment
in new fare collection technologies to give us a competitive advantage in future
system procurements," said Cubic Corp. President and Chief Executive Officer
Walter J. Zable, "but in the short run this has impacted the margins on our
current contracts."

In addition, operating income was impacted by legal fees of $1.2 million, which
were incurred during the quarter in preparation for an arbitration hearing later
this year. The arbitration concerns the cancellation of a subcontractor for
failure to perform on the PRESTIGE contract. Cubic expects to recover a
significant amount of the additional costs it has incurred because of the
subcontractor`s failure to perform, including its legal costs.

Backlog

The increase in backlog to $1.554 billion at December 31, 2003, from $1.505
billion at September 30, 2003, was due in part to Transportation Systems`
receipt of a $72 million contract from MARTA, the city of Atlanta`s transit
agency. Included in these total backlog amounts was funded backlog of $1.076
billion at December 31, 2003, compared to $1.008 billion at September 30, 2003.

The Cubic Defense Applications group provides realistic combat training systems
for military forces as well as simulation, force modernization, educational
services, operations & maintenance and manufacturing services. The group also
supplies products and systems for C4ISR (Command, Control, Communications,
Computers, Intelligence, Surveillance & Reconnaissance) applications, search and
rescue avionics and radio communications for military and civil markets. Cubic
Transportation Systems designs and manufactures automatic fare collection
systems for public mass transit, including rail and buses throughout the world.
For more information about Cubic, see the company`s Web site at www.cubic.com.

In addition to historical matters, this release contains forward-looking
statements which are made pursuant to the safe harbor provisions of the
Securities Litigation Reform Act of 1995. These forward-looking statements
involve predictions of future results. Investors are cautioned that
forward-looking statements involve risks and uncertainties which may affect the
company`s business and prospects. These include the effects of politics on
negotiations and business dealings with government entities, economic conditions
in the various countries in which the company does or hopes to do business,
competition and technology changes in the defense and transit industries, and
other competitive and technological factors.
Cubic Awarded $33.5M U.S. Army Contract for Engagement Skills Trainer 2000 Production


SAN DIEGO, Feb 18, 2004 (BUSINESS WIRE) -- Cubic Defense Applications, the
defense segment of Cubic Corp. (AMEX: CUB), today announced it has received a
$33.5M delivery order award from the U.S. Army for the production and deployment
of the Engagement Skills Trainer 2000 (EST 2000) training system, simulated
weapons and program related services. This is the fifth and largest production
order for the program, and augments the current production and deployment of the
EST 2000 training systems. The U.S. Army Program Executive Office - Simulation
Training and Instrumentation (PEO STRI) in Orlando, Fla., made the award under
the STRICOM Omnibus contract.

The EST 2000 is the only small arms training system validated by the United
States Army Infantry School. As the most accurate small arms training system
available today, this device trains marksmanship skills, squad level collective
defense and judgmental `shoot-don`t shoot` tactics. The EST 2000 system
currently is being deployed in the U.S. Army`s Initial Entry Training for Basic
Rifle Marksmanship skills for all new soldiers entering the army. Training is
conducted on various weapons including rifles, pistols, machine guns, shotguns,
anti-tank and grenade launchers.

Under this award, Cubic`s Simulation System Division (SSD) is providing small
arms training systems to the U.S. Army Active and Reserve components. EST 2000
systems are currently operational in Kuwait and Afghanistan in the EST
Deployable Shelter System. Future deployments into Iraq to support sustainment
training of troops are currently in the planning process.

Due to the system`s superior accuracy and flexibility, there is growing interest
from other U.S. agencies as well as international customers. When fully fielded,
the EST 2000 will train more soldiers each year than any other army training
system.

According to Terry Kohl, vice president and general manager of the Simulation
Systems Division, "The Cubic Simulation Systems Division and PEO STRI work as a
close-knit team to ensure our soldiers are the best trained in the world. SSD is
committed to meeting the training requirements of today`s soldiers -- allowing
them to fight, win and return home safely."

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation training, force transformation assistance, educational services,
operations and maintenance, and manufacturing services. The group also supplies
products and systems for C4ISR (Command, Control, Communications, Computers,
Intelligence, Surveillance & Reconnaissance) applications, search and rescue
avionics, and radio communications for military and civil markets. Cubic Corp.`s
other major segment, Cubic Transportation Systems, designs and manufactures
electronic ticketing systems for public mass transit authorities. For more
information about Cubic, see the company`s Web site at www.cubic.com.

SOURCE: Cubic Corp.
Cubic Receives $5 Million in Orders from U.S. Navy for Next-Generation Combat Training System


SAN DIEGO, Mar 3, 2004 (BUSINESS WIRE) -- Cubic Defense Applications, the
defense segment of San Diego-based Cubic Corporation (AMEX: CUB), has received
its first delivery orders from the U.S. Navy to provide its advanced rangeless
air combat training system for use aboard aircraft carriers. Two delivery
orders, totaling nearly $5 million, were placed under the P5 CTS/TCTS contract
for the Navy`s Tactical Combat Training System program.

The P5 CTS/TCTS contract, potentially valued at $525 million over 10 years,
calls for the development of the next-generation, common air combat training
system for the Air Force, Navy, Air National Guard and the Marine Corps. Cubic
and its principal subcontractor, DRS Training and Control Systems, are providing
P5 CTS/TCTS to approximately 27 sites under an Indefinite Delivery, Indefinite
Quantity (ID/IQ) contract awarded in 2003.

The Navy orders include the development of the Airborne Subsystem which meets
carrier qualification requirements, Internal Subsystems for the F/A 18A-F and
AV-8B aircraft as well as integration of Transportable Ground Subsystems for
live monitoring, exercise control and debriefing.

"The orders represent a significant milestone in the P5 CTS/TCTS program and
signify the beginning of the development of advanced features that support
current and emerging operational training requirements for the Navy," said
Dianna Granum, Business Development director for Cubic`s Training Systems.
"These new technologies will significantly increase U.S. training effectiveness
and allow Navy aircrews to train in a rangeless environment for the first time."

Rangeless training allows tactical aircrews to train in any available airspace
without the need for a fixed range using global positioning satellites and
easily transportable components.

The development of the Navy Airborne Subsystem will result in providing
instrumentation that meets the rigorous requirements of the carrier environment.

The development of the airborne Internal Subsystems will provide increased
capability to collect aircraft data and provide missile simulation capabilities
on F/A-18 and AV-8B aircraft.

Cubic`s advanced ICADS is also a key component of the P5 CTS/TCTS Transportable
Ground Subsystems. The ground stations enable exercise controllers to
communicate with pilots in real time, control simulated threats and record
flight data on PCs or laptops.

Under the ID/IQ contract, Cubic and DRS expect to produce more than 1,300
participant instrumentation packages and hundreds of ground-based display
systems.

P5 CTS/TCTS is a cooperative program between the Air Force and the Navy. The
program is being managed by the Naval Air Systems Command, Tactical Training
Ranges Program Office (PMA-248), with the P5 CTS/TCTS contracting activity
located at the Air Armament Center at Eglin AFB.

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation training, force transformation assistance, educational services,
operations & maintenance, and manufacturing services. The group also supplies
products and systems for C4ISR (Command, Control, Communications, Computers,
Intelligence, Surveillance & Reconnaissance) applications, search and rescue
avionics and radio communications for military and civil markets. The
corporation`s other major segment, Cubic Transportation Systems, designs and
manufactures automatic fare collection systems for public mass transit
authorities. For more information about Cubic, see the company`s website at
www.cubic.com.
Currently at a $22 stock price and an enterprise value of approximately $650
million and 2004 revenue projections of slightly over $700 million, Monberg
believes Cubic Corporation (NYSE:CUB) is worth accumulating again. At the end of
fiscal 2003 total backlog was $1.5 billion, an increase of nearly thirty percent
year-over-year. Approximately eighteen percent of the backlog increase came from
the defense segment and twelve percent from transportation.
CUB is trading at about 18 times consensus earnings per share forecasts for
fiscal year 2004 but only about 14 times fiscal year 2005 earnings estimates. At
$22 per share CUB is trading at an enterprise value to estimated revenue of 0.93
and 0.70 to 2004 and 2005 respectively, which are historically attractive
looking ratios. Both the P/E and EV/Revenue multiples will come back into line
if the company demonstrates better margins going into the second half of 2004.
Mar 15, 2004 (streetinsider.com via COMTEX) -- Barron`s article making
comments; Says Cubic Corp (AMEX: CUB) has a solid balance sheet which should
benefit from its 400 transit projects.
Cubic Receives $21 million Option Award from SPAWAR for U.S. Navy`s Communications Data Link System Value to San Diego-Based Team May Reach $93 million as Options Are Exercised to Support Network-Centric Warfare


SAN DIEGO, Mar 30, 2004 (BUSINESS WIRE) -- Cubic Defense Applications, the
defense segment of Cubic Corporation (AMEX: CUB), has received a $20.650M
contract option award from the U.S. Navy`s Space and Naval Warfare Systems
Command (SPAWAR) for the Navy`s Communications Data Link (CDL) System. The CDL
System Block 1 is a wideband Common Data Link for the transmission of signal and
imagery intelligence data between national/tactical reconnaissance aircraft and
Navy surface ships.

The contract option includes orders for seven CDL Systems, test fixtures, spares
and engineering services.

"This contract award comes immediately after a successful design performance
test and critical design review completed in January 2004," said Rick Lober,
senior vice president and general manager for Cubic`s Communications &
Electronics Business Unit. "Shipboard installation of the CDL System will begin
in 2005 and continue throughout the next several years. The award of this first
major option within the contract validates the Navy`s confidence in Cubic to
deliver these critical systems for major ships which will lead to true `network
centric` warfare capabilities," he added.

In 2003, Cubic received the initial contract award for the development,
manufacture, enhancement, maintenance, and system test and evaluation of the CDL
systems. This option award represents the first of four options which, if fully
exercised, would bring the total contract value to $93 million.

Cubic formed a strong San Diego-based team, including ViaSat, Inc. and AMSEC LLC
to deliver a system using state-of-the-art programmable radio, reduced sized
antenna and secure data technology. The resulting system will yield significant
operational improvements and life-cycle cost reductions compared to current
shipboard data link systems in use today.

The system is now being promoted for future classes of surface and subsurface
ships, along with a tactical version of the system suitable for airborne and
ground-based platforms within all armed services.

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation, force modernization, educational services and operations &
maintenance and manufacturing services. The group also supplies products and
systems for C4ISR (Command, Control, Communications, Computers, Intelligence,
Surveillance & Reconnaissance) applications, search and rescue avionics and
radio communications for military and civil markets. The corporation`s other
major segment, Cubic Transportation Systems, designs and manufactures automatic
fare collection systems for public mass transit authorities. For more
information about Cubic, see the company`s website at www.cubic.com.

SOURCE: Cubic Corporation
Cubic Wins Major Contract to Support Air Combat Training Missions in Asia-Pacific Region; U.S. Air Force Contract Has Potential Value of $54 Million over 10-Year Period


SAN DIEGO, Apr 6, 2004 (BUSINESS WIRE) -- Cubic Defense Applications, the
defense segment of Cubic Corporation (AMEX: CUB), has won a contract with a
potential value of $54 million to provide full-service support and equipment for
Pacific Air Forces (PACAF) air combat training missions. The Operations and
Sustainment (OS) contract, awarded by the U.S. Air Force, includes an initial
six-month base period of $2.2 million and nine one-year options.

Under the contract, Cubic will have complete responsibility for the performance
of the Misawa-Osan-Kunsan-Kadena Instrumentation Training System (MOKKITS). This
includes management, labor, hardware and software systems, engineering and
maintenance for the system.

MOKKITS supports training at Kadena AB and Masawa AB, Japan; Osan AB and Kunsan
AB, Korea; and other locations within the PACAF area of operations. The system
supports single-service, bilateral, joint and combined forces missions.

The system builds on the technologies Cubic developed for the Kadena
Instrumented Training System, or KITS, which went operational in 1997 with the
18th Air Wing at Kadena Air Base, Okinawa. KITS was the U.S. military`s first
GPS-based rangeless air combat training system.

The MOKKITS contract calls for a 300 percent increase in aircrew debriefing
support over the original KITS contract.

"We are extremely pleased to continue our association with PACAF and support the
vital training of U.S. and allied forces," said Don Jacobs, vice president of
Cubic`s Air Combat Training Programs. "I`m also very proud of the Cubic
employees whose efforts have laid the groundwork for our success."

MOKKITS is completely portable, allowing training flights to be flown anywhere
there is suitable airspace, over land or sea. At the heart of the system are the
instrumentation pods, typically mounted on a wingtip weapon station, which
contain electronics that record and calculate simulated firings of weapons and
"kill" messages. The information can be viewed in near real-time via a data link
to the ground-based display systems.

"The system simulates combat missions as close as possible to the `real thing`
in a variety of scenarios. This gives our forces the skills they need to survive
actual combat," said Keith Shean, senior program manager for MOKKITS.

The MOKKITS system also supports exercises at temporary sites in Singapore
(Commando Sling), Guam (Cope North); Thailand (Cope Tiger); as well as Large
Force Exercises and Dissimilar Air Combat Training.

Work on the contract will begin immediately.

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation training, force transformation assistance, educational services,
operations and maintenance, and manufacturing services. The group also supplies
products and systems for C4ISR (Command, Control, Communications, Computers,
Intelligence, Surveillance & Reconnaissance) applications, search and rescue
avionics, and radio communications for military and civil markets. Cubic
Corporation`s other major segment, Cubic Transportation Systems, designs and
manufactures electronic ticketing systems for public mass transit authorities.
For more information about Cubic, see the company`s website at www.cubic.com.

SOURCE: Cubic Corporation
Barron`s Overview of Cubic Should Draw Attention

The March 13 issue of Barron`s does a fine overview of Cubic Corporation
(AMEX: CUB), reiterating much of which Sven Monberg has mentioned Cubic`s
commanding lead in developing smartcard technology for mass-transit networks,
and combat training systems for the military have resulted in net income rising
more than ten-fold over the past ten years.

The fiscal year that ended September 30 reported a 24 percent increase in
earnings to $36.5 million. Operating profits for the latest reported quarter
were exceptionally strong in the defense business, nearly doubling
year-over-year to $8.6 million, largely due to an increase in military demand
for air and ground combat training systems. Current year consensus earnings
estimates are around $1.30 and $1.58-$1.60 for fiscal 2005. As Monberg has
pointed out before, the substantial backlog (currently about $1.6 billion)
clears the horizon for the foreseeable future, in businesses that appear to have
steadily increasing demand, some multiple expansion to the consensus 2005
estimates is likely.
Cubic Receives $15 Million Order from U.S. Air Force for Next-Generation Air Combat Training System


SAN DIEGO, Apr 28, 2004 (BUSINESS WIRE) -- Cubic Defense Applications, the
defense segment of San Diego-based Cubic Corp. (AMEX: CUB), has received the
first major production order from the U.S. Air Force to provide its advanced
rangeless air combat training system to three Air Force locations. The delivery
order, valued at $14.684 million, was placed under the P5 Combat Training System
(P5CTS/TCTS) contract on March 31, 2004.

The P5 CTS/TCTS contract, potentially valued at $525 million over 10 years,
calls for the development of the next-generation, common air combat training
system for the Air Force, Navy, Air National Guard and the Marine Corps. Cubic
and its principal subcontractor, DRS Training and Control Systems Inc, are
providing P5 CTS/TCTS to approximately 27 sites under an Indefinite Delivery,
Indefinite Quantity (ID/IQ) contract awarded in 2003.

The Air Force order includes the production of 112 Airborne Subsystem
participant instrumentation packages and 17 portable and transportable ground
systems for live monitoring and debriefing. The equipment will be delivered to
Eglin AFB, Langley AFB and Seymour-Johnson AFB.

"The order represents a significant milestone in the P5 CTS/TCTS program and
signifies the beginning of the first major production efforts," said Gerald
Dinkel, president and CEO of Cubic Defense Applications. "This production order
means new training capabilities will soon be available to support the critical
live combat training of Air Force pilots."

Under the ID/IQ contract, Cubic and DRS expect to produce more than 1,300
participant instrumentation packages and hundreds of ground-based display
systems.

The Cubic Defense Applications group, one of Cubic`s two major segments,
provides realistic combat training systems for military forces as well as
simulation training, force transformation assistance, educational services,
operations & maintenance and manufacturing services. The group also supplies
products and systems for C4ISR (Command, Control, Communications, Computers,
Intelligence, Surveillance & Reconnaissance) applications, search and rescue
avionics and radio communications for military and civil markets. The
corporation`s other major segment, Cubic Transportation Systems, designs and
manufactures automatic fare collection systems for public mass transit
authorities. For more information about Cubic, see the company`s Web site at
www.cubic.com.
U.S.-Based Cubic Transportation Systems, Inc. Opens an Office in China; Company Teams with Digital China to Bid for Beijing Metro Contracts


BEIJING & SAN DIEGO, Jun 9, 2004 (BUSINESS WIRE) -- Cubic Transportation
Systems, Inc., a subsidiary of San Diego-based Cubic Corporation (AMEX: CUB), has
established its China headquarters in Beijing, China.

The new company will be called Cubic Transportation Systems (Beijing) Co., Ltd.

The initiative is linked to the company`s commitment to be active in the
manufacture and supply of automatic fare collection systems and equipment to
railway operators in what is the world`s fastest developing market.

"We have been working in China for a number of years and have now decided it is
time to more formally stake our presence in the market place," said Walter C.
Zable, chairman of Cubic Transportation Systems.

"Transport operators in China are seeing the need to make their ticketing and
fare collection systems more streamlined and efficient and as a result we see
tremendous opportunities to introduce our expertise.

"We will be bidding in the next few weeks for major contracts being tendered by
the Beijing Metro," he said.

"Cubic has designed and installed fare collection systems and equipment on
behalf of railway authorities in nearly every major city of the world. Beijing,
which will soon be under the international spotlight when it hosts the 2008
Olympics, is working hard to ensure its transportation networks are operating to
a high and efficient standard.

"Cubic, along with our partner, Digital China, understands the city`s needs and
is ready to provide our services, expertise, experience and technology to the
people of Beijing and help them make a success of the Olympics," Zable added.

In China, Cubic has successfully installed systems and equipment in Guangzhou
and Shanghai. In Asia, Cubic has installed systems and equipment in the Hong
Kong MTR, the Singapore MRT, Bangkok`s Skytrain and the LRT Kuala Lumpur.

Cubic is teaming with local partner Digital China for the Beijing Metro
projects.

Digital China is China`s largest systems integration provider, and is the first
in the provision of IT products distribution and e-commerce services.

The Chairman of Digital China, Li Qin, said his company was delighted to be
working with Cubic. "Cubic is one of the world`s leading providers of AFC
systems and equipment in the world and will enable us to expand our already
broad technical capability and offering into the transportation field," he said.

"We have been doing research and development work with Digital China for the
last several months in preparation for these tenders and have built up a good
working relationship and technical rapport," said John Annison, vice president
of Cubic Transportation Systems for Asia.

"As a result, we are confident of being able to deliver to the Beijing Metro,
good reliable technical solutions -- on time and within budget," said Annison.

A Chinese version of Cubic Transportation Systems` web site can be found at
www.cubic.com/cts.