Cubic wins $4.5 million contract to upgrade
receivers used on P-3 Orion aircraft

SAN DIEGO, California – April 26, 2006 – Cubic Defense Applications, the defense segment of Cubic Corporation (AMEX:CUB), has received a new, $4.5 million contract from the Naval Air Warfare Center in Patuxent River, Maryland, to modernize its AN/URR-81 receivers to ensure that these highly reliable receiver systems can continue to play an important role in U.S. Navy missions.

Cubic is scheduled to deliver six new one-channel master units, and 15 24-channel auxiliary units, by September 2007. Cubic will also furnish retrofit kits to upgrade existing systems.

Dan McCormick, senior director of Business Development for Cubic’s Communications and Electronics Business Unit, said Cubic’s current AN/URR-81 receivers have proved very robust and reliable during their 15 years of service to the Navy. As a result, the fit, form and function of the new units will be nearly identical to the existing systems.

“Cubic did the original development for these receivers back in the 1990s, and the Navy came back for more of the same because they work so well and are easy to use; the operators like them, ” McCormick said. “The new technology will be easier to maintain and is also being designed to expand and evolve to fit in with the U.S. military’s new mission initiatives, including potential connectivity with future command and control, wideband and signal intelligence technologies.”

Cubic’s Communications & Electronics Business Unit is part of Cubic Defense Applications (CDA). One of Cubic Corporation’s two main segments, CDA is a world leader in realistic combat training systems, mission support services and defense electronics. 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.