<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 June 30, 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 August 4, 2000, Registrant had only one class of common stock of
     which there were 8,906,689 shares outstanding (after deducting 2,981,554
     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>

                                                            Nine Months Ended                     Three Months Ended
                                                                June 30,                               June 30,
                                                         2000              1999                 2000              1999
                                                    ----------------  ----------------     ---------------   ----------------
<S>                                                 <C>               <C>                  <C>               <C>
Revenues:
      Sales                                               $ 393,395         $ 367,691           $ 133,064          $ 129,289
      Other income                                            5,866             3,649               2,587              2,043
                                                          ---------         ---------           ---------          ---------
                                                            399,261           371,340             135,651            131,332
Costs and expenses:
      Cost of sales                                         310,655           293,963             105,721            107,086
      Selling, general and
         administrative expenses                             59,169            52,342              19,690             15,171
      Goodwill amortization                                   1,674             1,590                 634                542
      Research and development                                4,517             5,639               1,478              1,717
      Interest                                                2,749             3,170                 914              1,225
                                                          ---------         ---------           ---------          ---------
                                                            378,764           356,704             128,437            125,741
                                                          ---------         ---------           ---------          ---------
Income before income taxes                                   20,497            14,636               7,214              5,591

Income taxes                                                  7,100             5,000               2,500              1,850
                                                          ---------         ---------           ---------          ---------

Net income                                                $  13,397          $  9,636            $  4,714           $  3,741
                                                          =========          ========            ========           ========

Net income per common share                               $    1.50          $   1.08            $   0.53           $   0.42
                                                          =========          ========            ========           ========

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

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

</TABLE>

SEE ACCOMPANYING NOTES.


                                       2
<PAGE>


                                CUBIC CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEETS

                             (thousands of dollars)

<TABLE>
<CAPTION>

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

Current assets:
      Cash and cash equivalents                                            $ 56,848                         $ 61,540
      Marketable securities, available-for-sale                               3,212                            1,802
      Accounts receivable                                                   147,454                          133,252
      Inventories - Note 3                                                   32,185                           36,400
      Deferred income taxes and other current assets                         14,008                           16,540
                                                                           --------                        ---------
           Total current assets                                             253,707                          249,534

Property, plant and equipment - net                                          40,004                           42,976
Goodwill, less amortization                                                  21,957                           23,273
Miscellaneous other assets                                                   10,916                           14,378
                                                                           --------                        ---------
                                                                           $326,584                        $ 330,161
                                                                           ========                        =========

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
      Short-term borrowings                                                $      -                        $   6,457
      Accounts payable                                                        8,647                           13,761
      Customer advances                                                      24,936                           23,460
      Salaries and wages, and amounts withheld from
      employees' compensation                                                19,325                           17,757
      Other current liabilities                                              23,444                           20,219
      Income taxes payable                                                    3,475                            4,671
      Current portion of long-term debt                                           -                            5,000
                                                                           --------                        ---------
           Total current liabilities                                         79,827                           91,325

Long-term debt                                                               50,000                           50,000
Deferred compensation and other                                               5,140                            5,871

Shareholders' equity:
      Common stock                                                              234                              234
      Additional paid-in capital                                             12,123                           12,123
      Retained earnings                                                     218,052                          206,347
      Accumulated other comprehensive income (loss)                         (2,729)                              317
      Treasury stock at cost                                               (36,063)                         (36,056)
                                                                           --------                        ---------
                                                                            191,617                          182,965
                                                                           --------                        ---------
                                                                           $326,584                        $ 330,161
                                                                           ========                        =========
</TABLE>


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


                                       3
<PAGE>


                                CUBIC CORPORATION
           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

                             (thousands of dollars)

<TABLE>
<CAPTION>

                                                                                      Nine Months Ended
                                                                                           June 30,
                                                                                  2000                1999
                                                                             ---------------     ---------------
<S>                                                                          <C>                  <C>
Operating Activities:
      Net income                                                               $   13,397         $    9,636
      Adjustments to reconcile net income to net cash
        provided by operating activities:
           Depreciation and amortization                                            7,936              7,481
           Changes in operating assets and liabilities                             (4,928)            (7,179)
                                                                               ----------         ----------
           NET CASH PROVIDED BY
                 OPERATING ACTIVITIES                                              16,405              9,938
                                                                               ----------         ----------

Investing Activities:
      Sales of marketable securities                                                    -                343
      Acquisition of business, net of cash acquired                                (4,798)
      Net additions to property, plant and equipment                               (3,461)            (7,173)
      Other items - net                                                                 -              1,104
                                                                               ----------         ----------
           NET CASH USED IN
                 INVESTING ACTIVITIES                                              (8,259)            (5,726)
                                                                               ----------         ----------

Financing Activities:
      Change in short-term borrowings                                              (6,220)           (18,706)
      Change in long-term borrowings                                               (5,000)            45,000
      Purchases of treasury stock                                                      (7)                 -
      Dividends paid to shareholders                                               (1,692)            (1,692)
                                                                               ----------         ----------
           NET CASH PROVIDED BY (USED IN)
                 FINANCING ACTIVITIES                                             (12,919)            24,602
                                                                               ----------         ----------

Effect of exchange rates on cash                                                       81                195
                                                                               ----------         ----------

           NET INCREASE (DECREASE) IN
                 CASH AND CASH EQUIVALENTS                                         (4,692)            29,009

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

           CASH AND CASH EQUIVALENTS AT
                 THE END OF THE PERIOD                                         $   56,848         $   32,509
                                                                               ==========         ==========

</TABLE>

SEE ACCOMPANYING NOTES.


                                       4
<PAGE>


                                CUBIC CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

                                  June 30, 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 - ACCOUNTS RECEIVABLE

         During the second 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 $25 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.


                                       5
<PAGE>


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

                                  June 30, 2000


         NOTE 4 - INVENTORIES

        Inventories consist of the following (in thousands):

<TABLE>
<CAPTION>

                                                          June 30,    September 30,
                                                            2000          1999
                                                          ---------   -------------
           <S>                                            <C>         <C>
           Finished products                                $ 1,387      $ 1,515
           Work in process                                   19,574       22,926
           Raw material and purchased parts                  11,224       11,959
                                                            -------      -------
                                                            $32,185      $36,400
                                                            =======      =======
</TABLE>


         NOTE 5 - COMPREHENSIVE INCOME
         Comprehensive income is as follows (in thousands):

<TABLE>
<CAPTION>

                                                                    Nine Months Ended            Three Months Ended
                                                                         June 30,                     June 30,
                                                                   2000           1999           2000          1999
                                                                ------------   ------------  -------------  ------------
<S>                                                               <C>               <C>          <C>           <C>
          Net income                                              $13,397       $ 9,636           $ 4,714      $ 3,741

          Foreign currency translation adjustment                  (2,896)       (2,490)             (749)      (1,332)
          Unrealized holding gain on marketable
              securities, net of applicable income taxes              294             -               320            -
                                                                ------------   ------------  -------------  ------------
                                                                  $10,795       $ 7,146           $ 4,285      $ 2,409
                                                                ============   ============  =============  ============
</TABLE>

                                       6

<PAGE>


                                CUBIC CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                            (UNAUDITED) -- continued
                                  June 30, 2000


         NOTE 6 - BUSINESS SEGMENT INFORMATION
         Business segment financial data is as follows (in millions):

<TABLE>
<CAPTION>

                                                                    Nine Months Ended            Three Months Ended
                                                                         June 30,                     June 30,
                                                                   2000          1999          2000          1999
                                                                ---------     ----------    -----------    ----------
<S>                                                               <C>            <C>           <C>            <C>
          Revenues:
          Transportation systems                                  $181.3         $197.0        $ 56.6         $ 69.0
          Defense                                                  199.9          157.5          72.6           56.3
          Software development                                       -              2.1           -              0.2
                                                                ---------     ----------    -----------    ----------
          Total for reportable segments                            381.2          356.6         129.2          125.5
          Other revenues                                            12.2           11.1           3.9            3.8
                                                                ---------     ----------    -----------    ----------
                                                                  $393.4         $367.7        $133.1         $129.3
                                                                =========     ==========    ===========    ==========

          Operating profit:
          Transportation systems                                  $ 13.3         $ 13.7        $  4.0         $  4.1
          Defense                                                    7.2            5.4           2.0            2.2
          Software development                                       -             (3.2)          -             (1.5)
                                                                ---------     ----------    -----------    ----------
          Total for reportable segments                             20.5           15.9           6.0            4.8
          Other profit                                               2.7            1.9           2.1            2.0
          Interest expense                                          (2.7)          (3.2)         (0.9)          (1.2)
                                                                ---------     ----------    -----------    ----------
          Income before income taxes                              $ 20.5         $ 14.6        $  7.2         $  5.6
                                                                =========     ==========    ===========    ==========
</TABLE>


         NOTE 7 - SUBSEQUENT EVENT - ACQUISITION

         On July 31, 2000 the Company acquired all the outstanding common shares
         of Oscmar International, Ltd. ("OSCMAR"), a New Zealand company, for
         approximately $10 million cash. Goodwill resulting from the acquisition
         of Oscmar will total approximately $3 million. Oscmar provides tactical
         engagement simulation systems for use in military training for
         customers throughout the world. Oscmar will be included in the
         Company's defense segment.

         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

                                  June 30, 2000

RESULTS OF OPERATIONS

Total revenues for the first three quarters of fiscal 2000 were up 7% compared
to 1999, while third quarter revenues increased approximately 3% from the third
quarter of the previous year. The revenue increase came almost entirely from the
defense segment, as the result of combat training systems contracts awarded to
the Company in recent quarters and to increased revenues from its defense
related service businesses. Transportation systems sales were somewhat lower
than in the prior year as certain automatic fare collection systems contracts in
the United Kingdom neared completion. While revenues from the PRESTIGE contract
in London also declined somewhat, this decline is consistent with the planned
level of activity on the contract. Other revenues increased from the prior year
for the first nine months, primarily due to increased investment income
resulting from higher available cash balances.

During the second 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 $25 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 increased modestly as progress continued on the equipment supply phase
of the contract. Mature programs such as the New York City Transit Authority
contract continued to provide a solid base of revenues and operating profits.

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

Selling, general and administrative expenses for the three and nine months ended
June 30, 2000 increased 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 and selling activities 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

                                  June 30, 2000

LIQUIDITY AND CAPITAL RESOURCES

The $16 million in cash provided by operating activities for the nine-month
period reflected the profitability of the Company during the period, with only a
moderate increase in operating assets and liabilities. Investing activities
included nearly $5 million used for the acquisition made at the end of the
second quarter, while capital spending was somewhat less than in the previous
year. Financing activities included the repayment of short-term borrowings in
the United Kingdom, in addition to a scheduled payment on long-term borrowings.

The Company's financial condition remains strong with working capital of $171
million and a current ratio of 3.1 to 1 at June 30, 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 June 30, 2000
was $785 million compared to $907 million at September 30, 1999 and $951 million
at June 30, 1999. The decrease in backlog compared to the previous year is
primarily attributable to ongoing completion of work on the PRESTIGE contract.

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  August 10, 2000                             /s/ W. W. BOYLE
    ------------------                           -----------------
                                                 W. W. Boyle
                                                 Vice President and CFO


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


                                       10