<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q


                                QUARTERLY REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



                      For the Quarter Ended March 31, 2000



                                     1-8931
                                     ------
                             Commission File Number


                                CUBIC CORPORATION
              Exact Name of Registrant as Specified in its Charter



              Delaware                                95-1678055
              --------                                ----------
         State of Incorporation             IRS Employer Identification No.


                               9333 Balboa Avenue
                           San Diego, California 92123
                            Telephone (858) 277-6780



Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days.

                                 Yes |X| No |_|

As of May 1, 2000, Registrant had only one class of common stock of which there
were 8,906,704 shares outstanding (after deducting 2,981,539 shares held as
treasury stock).




<PAGE>


                         PART I - FINANCIAL INFORMATION
                          ITEM 1 - FINANCIAL STATEMENTS

                                CUBIC CORPORATION
             CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

                  (amounts in thousands, except per share data)

<TABLE>
<CAPTION>

                                                                   Six Months Ended                        Three Months Ended
                                                                       March 31,                                March 31,
                                                                 2000              1999                  2000               1999
                                                           ----------------  ----------------     -----------------   --------------
<S>                                                               <C>               <C>                   <C>               <C>
Revenues:
      Sales                                                       $260,331          $238,402              $144,933          $139,644
      Other income                                                   3,279             1,606                 1,775               817
                                                           ----------------  ----------------     -----------------   --------------
                                                                   263,610           240,008               146,708           140,461
Costs and expenses:
      Cost of sales                                                204,934           186,877               116,722           112,241
      Selling, general and
         administrative expenses                                    39,479            37,171                20,083            19,217
      Research and development                                       3,039             3,922                 1,711             2,336
      Goodwill amortization                                          1,040             1,048                   519               521
      Interest                                                       1,835             1,945                   918             1,166
                                                           ----------------  ----------------     -----------------   --------------
                                                                   250,327           230,963               139,953           135,481
                                                           ----------------  ----------------     -----------------   --------------

Income before income taxes                                          13,283             9,045                 6,755             4,980

Income taxes                                                         4,600             3,150                 2,200             1,750
                                                           ----------------  ----------------     -----------------   --------------

Net income                                                        $  8,683          $  5,895              $  4,555          $  3,230
                                                           ================  ================     =================   ==============





Net income per common share                                       $   0.97          $   0.66              $   0.51          $   0.36
                                                           ================  ================     =================   ==============

Dividends per common share                                        $   0.19          $   0.19              $   0.19          $   0.19
                                                           ================  ================     =================   ==============

Average shares of common
      stock outstanding                                              8,907             8,907                 8,907             8,907
                                                           ================  ================     =================   ==============

</TABLE>


SEE ACCOMPANYING NOTES.


                                       2
<PAGE>


                                CUBIC CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEET

                                 (in thousands)

<TABLE>
<CAPTION>

                                                                          March 31                       September 30
                                                                            2000                             1999
                                                                        (Unaudited)                    (See note below)
                                                                       ---------------                  ---------------
<S>                                                                    <C>                              <C>
ASSETS

Current assets:
      Cash and cash equivalents                                              $ 63,353                         $ 61,540
      Marketable securities, available-for-sale                                 1,776                            1,802
      Accounts receivable - Note 4                                            136,180                          133,252
      Inventories - Note 5                                                     30,161                           36,400
      Deferred income taxes and other current assets                           14,784                           16,540
                                                                       ---------------                  ---------------
           Total current assets                                               246,254                          249,534

Property, plant and equipment - net                                            41,613                           42,976
Goodwill, less amortization                                                    23,049                           23,273
Deferred income taxes and other assets                                         11,564                           14,378
                                                                       ---------------                  ---------------
                                                                             $322,480                         $330,161
                                                                       ===============                  ===============

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
      Short-term borrowings                                                  $      -                         $  6,457
      Accounts payable                                                         11,281                           13,761
      Customer advances                                                        21,870                           23,460
      Salaries and wages, and amounts withheld from
      employees' compensation                                                  15,433                           17,757
      Other current liabilities                                                24,589                           20,219
      Income taxes payable                                                      1,813                            4,671
      Current portion of long-term debt                                         5,000                            5,000
                                                                       ---------------                  ---------------
           Total current liabilities                                           79,986                           91,325

Long-term debt                                                                 50,000                           50,000
Deferred income taxes and other liabilities                                     4,717                            5,871

Shareholders' equity:
      Common stock                                                                234                              234
      Additional paid-in capital                                               12,123                           12,123
      Retained earnings                                                       213,338                          206,347
      Accumulated other comprehensive income (loss)                            (1,856)                             317
      Treasury stock at cost                                                  (36,062)                         (36,056)
                                                                       ---------------                  ---------------
                                                                              187,777                          182,965
                                                                       ---------------                  ---------------
                                                                             $322,480                         $330,161
                                                                       ===============                  ===============

</TABLE>


Note: The balance sheet at September 30, 1999 has been derived from the audited
financial statements at that date.


                                       3
<PAGE>


                                CUBIC CORPORATION
           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                 (in thousands)

<TABLE>
<CAPTION>

                                                                                          Six Months Ended
                                                                                              March 31
                                                                                     2000                 1999
                                                                                ---------------      ---------------
<S>                                                                             <C>                  <C>
Operating Activities:
      Net income                                                                $        8,683       $        5,895
      Adjustments to reconcile net income to net cash provided by
        (used in) operating activities:
           Depreciation and amortization                                                 5,122                5,041
           Changes in operating assets and liabilities                                   2,127              (15,218)
                                                                                ---------------      ---------------
           NET CASH PROVIDED BY (USED IN)
                 OPERATING ACTIVITIES                                                   15,932               (4,282)
                                                                                ---------------      ---------------

Investing Activities:
      Sales of marketable securities                                                         -                  343
      Acquisiton of business, net of cash acquired                                      (4,615)                   -
      Net additions to property, plant and equipment                                    (2,560)              (5,113)
      Other items - net                                                                   (226)                (427)
                                                                                ---------------      ---------------
           NET CASH USED IN INVESTING ACTIVITIES                                        (7,401)              (5,197)
                                                                                ---------------      ---------------

Financing Activities:
      Change in short-term borrowings                                                   (6,325)             (24,930)
      Change in long-term borrowings                                                         -               50,000
      Purchases of treasury stock                                                           (6)                   -
      Dividends paid                                                                         -               (1,692)
                                                                                ---------------      ---------------
           NET CASH PROVIDED BY (USED IN)
                 FINANCING ACTIVITIES                                                   (6,331)              23,378
                                                                                ---------------      ---------------

Effect of exchange rates on cash                                                          (387)                (245)
                                                                                ---------------      ---------------

NET INCREASE IN CASH AND CASH EQUIVALENTS                                                1,813               13,654

Cash and cash equivalents at the
      beginning of the period                                                           61,540                3,500
                                                                                ---------------      ---------------

CASH AND CASH EQUIVALENTS AT
      THE END OF THE PERIOD                                                     $       63,353       $      17,154
                                                                                ===============      ===============

</TABLE>

SEE ACCOMPANYING NOTES.


                                       4
<PAGE>


                                CUBIC CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

                                 March 31, 2000


         NOTE 1 - BASIS FOR PRESENTATION

         The accompanying unaudited consolidated condensed financial statements
         have been prepared in accordance with generally accepted accounting
         principles for interim financial information and with the instructions
         to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not
         include all information and footnotes required by generally accepted
         accounting principles for complete financial statements.

         In the opinion of management, all adjustments (consisting of normal
         recurring accruals) considered necessary for a fair presentation have
         been included. Operating results for the quarter are not necessarily
         indicative of the results that may be expected for the year ended
         September 30, 2000. For further information, refer to the consolidated
         financial statements and footnotes thereto included in the Company's
         annual report on Form 10-K for the year ended September 30, 1999.

         The preparation of the financial statements in conformity with
         generally accepted accounting principles requires management to make
         estimates and assumptions that affect the reported amounts of assets
         and liabilities and disclosure of contingent assets and liabilities at
         the date of the financial statements and the reported amounts of
         revenues and expenses during the reporting period. Actual results could
         differ from those estimates.

         Certain prior period amounts have been reclassified to conform to
         current period classifications.


         NOTE 2 - PER SHARE AMOUNTS

         Per share amounts are based upon the weighted average number of shares
         of common stock outstanding.


         NOTE 3 - ACQUISITION

         On March 31, 2000, the Company acquired all of the outstanding shares
         of Applied Data Technology, Inc. and its affiliate, ADT Global
         Services, Inc., for approximately $4.6 million cash (net of cash
         acquired) in a transaction accounted for as a purchase. The acquired
         companies provide defense-related products and services including
         military simulation and air combat training, as well as operation and
         maintenance services, and will be integrated into the Company's defense
         segment.


                                       5
<PAGE>


                                CUBIC CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                            (UNAUDITED) -- continued

                                 March 31, 2000


         NOTE 4 - ACCOUNTS RECEIVABLE

         During the quarter, the Company revised its estimate to complete the
         MILES 2000 program. While this program will not be completed for nearly
         two years, the Company's current estimates indicate that costs at
         completion will be higher than previously expected. In management's
         opinion, based on information currently available, the potential
         outcome could range from an unrecognized loss of $20 million, before
         applicable income tax benefit, to full recovery. The Company has not
         recorded any additional losses at this time, as management believes
         there is a reasonable basis for recovery of the additional costs.


         NOTE 5 - INVENTORIES

         Inventories consist of the following (in thousands):

<TABLE>
<CAPTION>

                                                          March 31,            September 30,
                                                              2000                   1999
                                                      -------------------    -------------------
           <S>                                        <C>                    <C>
           Finished products                                 $  1,472             $   1,515
           Work in process                                     16,347                22,926
           Raw material and purchased parts                    12,342                11,959
                                                      -------------------    -------------------
                                                             $ 30,161             $  36,400
                                                      ===================    ===================

</TABLE>

         NOTE 6 - COMPREHENSIVE INCOME
         Comprehensive income is as follows (in thousands):

<TABLE>
<CAPTION>

                                                                     Six Months Ended            Three Months Ended
                                                                         March 31,                    March 31,
                                                                    2000           1999           2000          1999
                                                                ------------   ------------  -------------  ------------
          <S>                                                   <C>            <C>           <C>            <C>
          Net income                                            $    8,683     $   5,895     $   4,555      $   3,230
          Foreign currency translation adjustment                   (2,147)       (2,518)       (1,113)        (1,357)
          Unrealized holding gain (loss)
                   on marketable securities                            (26)            -             1              -
                                                                ------------   ------------  -------------  ------------
                                                                $    6,510     $   3,377     $   3,443      $   1,873
                                                                ============   ============  =============  ============

</TABLE>


                                       6
<PAGE>


                                CUBIC CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                            (UNAUDITED) -- continued
                                 March 31, 2000


         NOTE 7 - BUSINESS SEGMENT INFORMATION
         Business segment financial data is as follows (in millions):

<TABLE>
<CAPTION>

                                                                     Six Months Ended            Three Months Ended
                                                                        March 31,                     March 31,
                                                                   2000           1999           2000          1999
                                                                ------------   ------------  -------------  ------------
          <S>                                                   <C>            <C>           <C>            <C>
          Revenues:
          Transportation systems                                     $124.7         $128.0         $ 72.7        $ 85.0
          Defense                                                     127.3          101.3           67.9          49.4
          Software development                                            -            1.8              -           1.3
                                                                ------------   ------------  -------------  ------------
          Total for reportable segments                               252.0          231.1          140.6         135.7
          Other revenues                                               11.6            8.9            6.1           4.8
                                                                ------------   ------------  -------------  ------------
                                                                     $263.6         $240.0         $146.7        $140.5
                                                                ============   ============  =============  ============

          Operating profit:
          Transportation systems                                     $ 9.2          $  9.5         $  5.9        $  6.5
          Defense                                                      5.2             3.2            2.0           0.6
          Software development                                           -            (1.7)             -          (0.8)
                                                                ------------   ------------  -------------  ------------
          Total for reportable segments                                14.4           11.0            7.9           6.3
          Other profit                                                  0.7           (0.1)          (0.2)         (0.3)
          Interest expense                                             (1.8)          (1.9)          (0.9)         (1.0)
                                                                ------------   ------------  -------------  ------------
          Income before income taxes                                 $13.3          $  9.0         $ 6.8         $  5.0
                                                                ============   ============  =============  ============

</TABLE>

         NOTE 8 - REVIEW BY INDEPENDENT ACCOUNTANTS
         A review of the data presented was made by Ernst & Young LLP,
         independent accountants, in accordance with established professional
         standards and procedures, and their report is included herein.


                                       7
<PAGE>


                                CUBIC CORPORATION
           ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

                                 March 31, 2000

RESULTS OF OPERATIONS

Total revenues for the first half of fiscal 2000 were up nearly 10% compared to
1999, while second quarter revenues increased approximately 4% from the second
quarter of the previous year. The revenue increase came almost entirely from the
defense segment, primarily as the result of combat training systems contracts
awarded to the Company in recent quarters. Transportation systems sales were
somewhat lower than in the prior year as certain automatic fare collection
systems contracts in the United Kingdom neared completion. Other revenues
increased from the prior year for the first six months, primarily due to
increased investment income resulting from higher available cash balances.
Positive cash flows in fiscal 1999 and the first quarter of fiscal 2000 provided
the additional cash balances.

During the quarter, the Company revised its estimate to complete MILES 2000, a
program in the defense segment. While this program will not be completed for
nearly two years, the Company's current estimates indicate that costs at
completion will be higher than previously expected. The customer has been
advised of this increase in estimated costs and, as the product already
delivered is performing well in the field, is working with the Company to
mitigate its financial impact. In management's opinion, based on information
currently available, the potential outcome could range from an unrecognized loss
of $20 million, before applicable income tax benefit, to full recovery. The
Company has not recorded any additional losses at this time, as management
believes there is a reasonable basis for recovery of the additional costs.

Operating profits in the transportation segment were comparable to the previous
year on somewhat lower sales volume. Operating margins from the PRESTIGE
contract in London have increased modestly as progress continues on the
equipment supply phase of the contract. Mature programs such as the New York
City Transit Authority contract continue to provide a solid base of revenues and
operating profits.

The discontinuance of the video email segment, in the fourth quarter of fiscal
1999, accounts for the second quarter and year-to-date segment operating losses,
incurred in FY 1999, not being repeated this year.

Selling, general and administrative expenses for the three months ended March
31, 2000 were equivalent to the previous quarter and increased modestly from the
comparable periods in the prior year. The increased spending resulted primarily
from selling costs in both the defense and transportation systems segments as
proposal activity related to new business prospects increased.


                                       8
<PAGE>


                                CUBIC CORPORATION
           ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS - continued

                                 March 31, 2000


LIQUIDITY AND CAPITAL RESOURCES

The $15.9 million in cash provided by operating activities resulted primarily
from accelerated collections of accounts receivable in both the defense and
transportation segments. This included the collection of a significant portion
of the amounts related to contract claims in the transportation segment that had
been outstanding for more than a year.

The Company's financial condition remains strong with working capital of $166
million and a current ratio of 3.1 to 1 at March 31, 2000. The Company expects
that cash on hand will be adequate to meet its short-term working capital
requirements for the foreseeable future. The backlog of orders at March 31, 2000
was $837 million compared to $843 million at December 31, 1999 and $970 million
at March 31, 1999. The decrease in backlog compared to the previous year is
primarily attributable to ongoing completion of work on the PRESTIGE contract in
the United Kingdom.

FORWARD-LOOKING STATEMENTS

In addition to historical matters, this report contains forward-looking
statements. They can be identified by words such as MAY, LIKELY, ANTICIPATE,
HOPE, ESTIMATE, PLAN, POTENTIAL, FEEL, EXPECT, SHOULD, and CONFIDENT. These
forward-looking statements are made pursuant to the safe harbor provisions of
the Securities Litigation Reform Act of 1995. 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, reductions in
defense budgets, economic conditions in the various countries in which the
Company does or hopes to do business, competition and technology changes in the
defense and transportation industries, and other competitive and technological
factors.


                                       9
<PAGE>


                           PART II - OTHER INFORMATION
                    ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K



(a) The following exhibits are included herein:

           15--Independent Accountants' Review Report
           27--Financial Data Schedule


(b) No reports on Form 8-K were filed during the quarter.


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                          CUBIC CORPORATION


Date  May 10, 2000                          /s/ W. W. Boyle
    ---------------                        ----------------------------------
                                           W. W. Boyle
                                           Vice President and CFO


Date  May 10, 2000                          /s/ T. A. Baz
    ---------------                        ----------------------------------
                                           T. A. Baz
                                           Vice President and Controller


                                       10