Cubic Corp. announces earnings.

SAN DIEGO--(BUSINESS WIRE)--May 17, 1995--Sales, earnings and backlog of unfilled orders for the first six months and second quarter of fiscal 1995, ended March 31, were reported Wednesday by Cubic Corp. (ASE:CUB).

The San Diego-based company which serves the defense, public transit and highway toll systems industries, reported sales for the initial six months of the year at $161,575,000 compared with $107,874,000 recorded for the like period ended March 31, 1994.

Earnings for the six months, from continuing operations, were $2,232,000, or 37 cents per share of common stock, compared with $386,000, equal to 6 cents per share, reported for the same period in 1994.

Backlog of unfilled orders on March 31, 1995, was $385 million vs. $335 million one year earlier.

Sales for the second quarter of fiscal 1995, ended March 31, were $91,968,000 compared with $59,467,000 for the same period in fiscal 1994.

Earnings for the second quarter were $374,000, or 6 cents per share of common stock, compared to $186,000, equal to 3 cents per share, for the like period in the prior year.

``We continue to be optimistic that the remaining quarters of the year will show good earnings improvement over 1994,'' Walter J. Zable, the firm's chief executive officer explained. ``Our target is still to get close to tripling our earnings over 1994.''

``Our defense segment and automatic revenue subsidiary have continued investment in the development of new combat training range and automatic fare collection equipment technology which, while limiting earnings growth in the short run, should result in the future growth of our defense business and the big market of automatic revenue collection,'' continued Zable.

``We are also pleased with the contribution to sales and earnings that have been made by Cubic Applications, the business acquired one year ago that provides computer simulation training and other services to the armed forces.'' -0-

                       CUBIC CORPORATION

                            Six Months Ended March 31,
                             1995                1994

Sales                   $ 161,575,000       $ 107,874,000
Net income from:
 Continuing operations  $   2,232,000       $     386,000
 Discontinued operations           00            (153,000)
 Accounting change                 00           1,379,000

Net income              $   2,232,000       $   1,612,000

Net income per share
  from:
 Continuing operations       37 cents             6 cents
 Discontinued operations           00            (3 cents)
 Effect of accounting
   change                          00            23 cents
                             37 cents            26 cents

Average shares
  outstanding               5,987,000           6,056,000
Backlog from continuing
  operations            $ 385,200,000       $ 334,900,000
-0-

                                  Second Quarter
                             1995                1994

Sales                   $  91,968,000       $  59,467,000
Net income              $     374,000       $     186,000
Net income per share          6 cents             3 cents

CONTACT: Cubic Corp., San Diego 

Gerry Reeves, 619/277-6780 (office)

619/447-2582 (home)