Cubic Corp. (NYSE: CUB) Reports Continued Strong
Performance for the Quarter Ended June 30, 2009

SAN DIEGO, Calif. - August 5, 2009 - Cubic Corporation (NYSE: CUB) today reported higher earnings on higher sales for the quarter ended June 30, 2009. Sales for the third fiscal quarter were $248.2 million compared to $232.9 million last year, and net income increased by 76 percent to $14.9 million or 56 cents per share this year from $8.5 million or 32 cents per share last year.

Operating income increased in the third quarter to $21.6 million this year from $11.5 million last year. Cash flow from operations was $49.5 million in the quarter.

Nine-month Results
For the nine months ended June 30, 2009, sales increased to $735.9 million from $645.9 million last year. Net income increased by 50 percent to $43.3 million for the nine-month period, or $1.62 per share, compared to last year’s net income of $28.8 million, or $1.08 per share. Operating income for the first nine months increased to $64.6 million this year from $42.4 million in 2008. Cash flow from operations was $134.6 million in the nine-month period.

The earnings of $1.62 per share for the nine-month period exceeded the Company’s record high earnings for a full twelve-month period of $1.56 per share in fiscal year 2007.

Backlog
Total backlog increased to $2.116 billion at June 30, 2009 from $1.772 billion at September 30, 2008. Transportation systems backlog increased $199 million and defense backlog increased $145 million during the first nine months of the year. The acquisition of a transportation systems service operation in July 2009 will increase transportation systems backlog in the fourth quarter by more than $100 million.

Liquidity
The company again improved its strong liquidity position during the third quarter, and ended the period with $227.6 million in cash.

Cubic Corporation is the parent company of two major business segments: defense and transportation. The Cubic Defense group is a world leader in realistic combat training systems, mission support services and defense electronics. Cubic Transportation Systems is a leader in the design and manufacture of automated fare collection systems and services for public transit authorities worldwide. 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.

Any statements about the Company’s expectations, beliefs, plans, objectives, assumptions or future events or future financial and/or operating performance are not historical and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “predict,” “potential,” “opportunity” and similar words or phrases or the negatives of these words or phrases. These statements involve estimates, assumptions and uncertainties.

Since actual results or outcomes may differ materially from those expressed in any forward-looking statements made by the Company, investors should not place undue reliance on any forward-looking statements. In addition, past financial and/or operating performance is not necessarily a reliable indicator of future performance and investors should not use the Company’s historical performance to anticipate results or future period trends. Further, any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict which factors will arise. In addition, the Company cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

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