Press Release



	Cubic Receives Contract to Expand Bus Fare Collection System for TransLink SAN DIEGO, May 18, 2004 – Cubic Transportation Systems, Inc., a subsidiary of Cubic Corporation (AMEX:CUB), announced it has received a contract for $2.4 million from TransLink of Vancouver, British Columbia, for up to 240 electronic fareboxes and spare modules that will be added to meet the needs of the region’s expanding bus services. The new farebox order for TransLink and Coast Mountain Bus Company, an operating subsidiary of TransLink, is a follow-on to the original bus fare collection system Cubic supplied in 2000 under a contract valued at approximately $17 million. The fareboxes process coins and magnetically encoded tickets for fare payment. The fareboxes also issue magnetically encoded transfers for use on other buses or TransLink’s SkyTrain or SeaBus, providing a seamless, multi-modal way of travel for Vancouver’s public transport patrons. “We are pleased to continue what has been a very successful relationship with our Vancouver customer,” said Richard Johnson, president and chief executive officer of Cubic Transportation Systems, Inc. “This new contract represents a substantial follow-on to a system that continues to perform very well, and we look forward to future opportunities to grow this system.” In addition to delivering the Vancouver region’s bus fare collection system, Cubic designed, delivered and installed the advanced fare collection system that has been operational since 2002 for TransLink’s SkyTrain light rail system. Cubic Transportation Systems, Inc. is the world’s leading turnkey solution provider of automated fare collection systems for public transport including bus, bus rapid transit, light rail, commuter rail, heavy rail, ferry and parking. Cubic’s solutions and services include system design, central computer systems, equipment design and manufacturing, device-level software, integration, test, installation, warranty, maintenance, computer hosting services, call centre services, card management and distribution services, financial clearing and settlement, multi-application support and outsourcing services. Every year, nearly 10 billion rides are taken worldwide using Cubic fare collection systems. Cubic has delivered over 400 projects in 40 major markets on five continents. Active projects include London, New York / New Jersey region, Washington, D.C. / Baltimore / Virginia region, Los Angeles region, San Diego region, San Francisco, Minneapolis/St. Paul, Chicago, Houston, Atlanta, South Florida, Vancouver and Edmonton, Canada, Brisbane, Australia, Singapore, Bangkok, Thailand, and Scandinavia. 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. For more information about Cubic, see the company's web site at www.cubic.com.

Cubic Receives Contract to Expand
Bus Fare Collection System for TransLink

SAN DIEGO, May 18, 2004 – Cubic Transportation Systems, Inc., a subsidiary of Cubic Corporation (AMEX:CUB), announced it has received a contract for $2.4 million from TransLink of Vancouver, British Columbia, for up to 240 electronic fareboxes and spare modules that will be added to meet the needs of the region’s expanding bus services.

The new farebox order for TransLink and Coast Mountain Bus Company, an operating subsidiary of TransLink, is a follow-on to the original bus fare collection system Cubic supplied in 2000 under a contract valued at approximately $17 million.

The fareboxes process coins and magnetically encoded tickets for fare payment. The fareboxes also issue magnetically encoded transfers for use on other buses or TransLink’s SkyTrain or SeaBus, providing a seamless, multi-modal way of travel for Vancouver’s public transport patrons.

“We are pleased to continue what has been a very successful relationship with our Vancouver customer,” said Richard Johnson, president and chief executive officer of Cubic Transportation Systems, Inc. “This new contract represents a substantial follow-on to a system that continues to perform very well, and we look forward to future opportunities to grow this system.”

In addition to delivering the Vancouver region’s bus fare collection system, Cubic designed, delivered and installed the advanced fare collection system that has been operational since 2002 for TransLink’s SkyTrain light rail system.

Cubic Transportation Systems, Inc. is the world’s leading turnkey solution provider of automated fare collection systems for public transport including bus, bus rapid transit, light rail, commuter rail, heavy rail, ferry and parking. Cubic’s solutions and services include system design, central computer systems, equipment design and manufacturing, device-level software, integration, test, installation, warranty, maintenance, computer hosting services, call centre services, card management and distribution services, financial clearing and settlement, multi-application support and outsourcing services.

Every year, nearly 10 billion rides are taken worldwide using Cubic fare collection systems. Cubic has delivered over 400 projects in 40 major markets on five continents. Active projects include London, New York / New Jersey region, Washington, D.C. / Baltimore / Virginia region, Los Angeles region, San Diego region, San Francisco, Minneapolis/St. Paul, Chicago, Houston, Atlanta, South Florida, Vancouver and Edmonton, Canada, Brisbane, Australia, Singapore, Bangkok, Thailand, and Scandinavia.

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