<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 December 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 January 26, 2001, 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
            CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
                  (amounts in thousands, except per share data)


<TABLE>
<CAPTION>
                                            Three Months Ended
                                               December 31,
                                           2000                 1999
                                        ----------         ----------
<S>                                     <C>                <C>
Revenues:
  Sales                                   $120,334           $115,398
  Other income                               3,375              1,504
                                        ----------         ----------
                                           123,709            116,902
                                        ----------         ----------
Costs and expenses:
  Cost of sales                             94,493             88,212
  Selling, general and
   administrative expenses                  18,597             19,397
  Research and development                   2,005              1,328
  Goodwill amortization                        661                521
  Interest                                     884                917
                                        ----------         ----------
                                           116,640            110,375
                                        ----------         ----------

Income before income taxes                   7,069              6,527

Income taxes                                 2,400              2,400
                                        ----------         ----------

Net income                                  $4,669             $4,127
                                        ==========         ==========

Net income per share                         $0.52              $0.46
                                        ==========         ==========

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

</TABLE>


SEE ACCOMPANYING NOTES


                                          2

<PAGE>

                                CUBIC CORPORATION
                       CONSOLIDATED CONDENSED BALANCE SHEETS
                                  (in thousands)

<TABLE>
<CAPTION>
                                           December 31,      September 30,
                                              2000               2000
                                           (Unaudited)      (See note below)
                                          -------------     ----------------
<S>                                    <C>                <C>
ASSETS
Current assets:
  Cash and cash equivalents                    $ 59,207             $ 69,753
  Marketable securities, available-
   for-sale                                       1,496                3,586
  Accounts receivable                           136,094              123,410
  Inventories -- Note 3                          25,641               29,499
  Deferred income taxes and other
   current assets                                23,392               23,495
                                          -------------     ----------------
Total current assets                            245,830              249,743
                                          -------------     ----------------

Property, plant and equipment - net              37,817               38,469
Goodwill, less amortization                      22,597               23,193
Other assets                                     11,265               10,945
                                          -------------     ----------------
                                              $ 317,509            $ 322,350
                                          =============     ================

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
  Trade accounts payable                       $ 10,647             $ 18,749
  Customer advances                              26,022               29,976
  Other current liabilities                      36,908               36,286
  Income taxes payable                            7,688                6,265
                                          -------------     ----------------
Total current liabilities                        81,265               91,276
                                          -------------     ----------------

Long-term debt                                   50,000               50,000
Deferred compensation                             5,446                5,051

Shareholders' equity:
  Common stock                                      234                  234
  Additional paid-in capital                     12,123               12,123
  Retained earnings                             208,306              203,637
  Accumulated other comprehensive loss           (3,802)              (3,908)
  Treasury stock at cost                        (36,063)             (36,063)
                                          -------------     ----------------
                                                180,798              176,023
                                          -------------     ----------------
                                              $ 317,509            $ 322,350
                                          =============     ================
</TABLE>

NOTE: THE BALANCE SHEET AT SEPTEMBER 30, 2000 HAS BEEN DERIVED FROM THE
AUDITED FINANCIAL STATEMENTS AT THAT DATE.

SEE ACCOMPANYING NOTES


                                       3
<PAGE>


                                CUBIC CORPORATION
           CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
                                 (in thousands)

<TABLE>
<CAPTION>
                                                            Three Months Ended
                                                               December 31,
                                                             2000       1999
                                                          ---------   --------
<S>                                                        <C>        <C>
Operating Activities:
  Net income                                                $ 4,669    $ 4,127
  Adjustments to reconcile net income to net cash
   provided by (used in) operating activities:
    Depreciation and amortization                             2,480      2,496
    Changes in operating assets and liabilities             (16,245)    10,888
                                                          ---------   --------
NET CASH PROVIDED BY (USED IN) OPERATING
  ACTIVITIES                                                 (9,096)    17,511
                                                          ---------   --------

Investing Activities:
  Net additions to property, plant and equipment             (1,125)    (1,326)
  Proceeds from sale of marketable securities                 2,310          -
  Other items - net                                          (3,044)      (194)
                                                          ---------   --------
NET CASH USED IN INVESTING ACTIVITIES                        (1,859)    (1,520)
                                                          ---------   --------

Financing Activities:
  Change in short-term borrowings                                 -     (4,747)
  Purchases of treasury stock                                     -         (6)
                                                          ---------   --------
NET CASH USED IN FINANCING ACTIVITIES                             -     (4,753)
                                                          ---------   --------

Effect of exchange rates on cash                                409        105
                                                          ---------   --------

NET INCREASE (DECREASE) IN CASH AND
  CASH EQUIVALENTS                                          (10,546)    11,343

Cash and cash equivalents at the
beginning of the period                                      69,753     61,540
                                                          ---------   --------

CASH AND CASH EQUIVALENTS AT
 THE END OF THE PERIOD                                     $ 59,207   $ 72,883
                                                          =========   ========
</TABLE>


SEE ACCOMPANYING NOTES


                                    4
<PAGE>

                                CUBIC CORPORATION
               NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

                               December 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 ending September 30, 2001. 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, 2000.

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.

NOTE 2 - PER SHARE AMOUNTS

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

NOTE 3 - DERIVATIVE FINANCIAL INSTRUMENTS

The Company adopted Financial Accounting Standards Board Statement No. 133,
ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (SFAS 133)
effective October 1, 2000. Adoption of SFAS 133 has not materially affected
the results of operations or financial position of the Company.

The Company's use of derivative financial instruments is limited to foreign
exchange forward and option contracts used to hedge significant contract
sales and purchase commitments that are denominated in currencies other than
the functional currency of the subsidiary responsible for the commitment.
Gains and losses from hedging activities are recognized when the hedged sale
or purchase commitment is settled and the hedge is closed out. At December
31, 2000, the Company had foreign exchange contracts with a notional value of
$22.6 million outstanding. The net amount of deferred gains and losses at
that date was immaterial.

                                   5
<PAGE>

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

                               December 31, 2000

NOTE 4 - INVENTORIES

Inventories consist of the following (in thousands):

<TABLE>
<CAPTION>
                                    December 31,               September 30,
                                       2000                         2000
                                --------------------------------------------
<S>                             <C>                            <C>
Finished products                      $ 1,337                      $ 1,239
Work in process                         14,126                       17,699
Raw material and purchased parts        10,178                       10,561
                                --------------------------------------------
                                      $ 25,641                     $ 29,499
                                ============================================
</TABLE>

NOTE 5 - COMPREHENSIVE INCOME

Comprehensive income is as follows (in thousands):

<TABLE>
<CAPTION>
                                                                   Three Months Ended
                                                                      December 31,
                                                                   2000          1999
                                                                 -------       -------
<S>                                                              <C>           <C>
Net income                                                         4,669         4,127
Foreign currency translation adjustments                             570        (1,034)
Unrealized gains on marketable securities:
  Unrealized holding gain (loss) arising during the period           445           (27)
  Reclassification adjustment for gain included in net income       (909)            -
                                                                 -------       -------
                                                                 $ 4,775       $ 3,066
                                                                 =======       =======
</TABLE>


                                       6
<PAGE>

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

                               December 31, 2000

NOTE 6 - BUSINESS SEGMENT INFORMATION

Business segment financial data is as follows (in millions):

<TABLE>
<CAPTION>
                                                     Three Months Ended
                                                        December 31,
                                                   2000             1999
                                                 --------         --------
<S>                                              <C>              <C>
REVENUES:
Transportation systems                             $ 50.3           $ 52.0
Defense                                              66.3             59.4
                                                 --------         --------
  Total for reportable segments                     116.6            111.4
Other revenues                                        7.1              5.5
                                                 --------         --------
                                                  $ 123.7          $ 116.9
                                                 ========         ========

OPERATING PROFIT (LOSS):
Transportation systems                              $ 4.5            $ 3.3
Defense                                               0.6              3.2
                                                 --------         --------
  Total for reportable segments                       5.1              6.5
Other profit                                          2.9              0.9
Interest expense                                     (0.9)            (0.9)
                                                 --------         --------
Income before income taxes                          $ 7.1            $ 6.5
                                                 ========         ========
</TABLE>

NOTE 7 - 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

                                December 31, 2000

RESULTS OF OPERATIONS

Revenues for the first quarter of fiscal 2001 were 6% higher than the first
quarter of fiscal 2000, as the result of increased sales in the defense
segment that offset slightly lower sales in the transportation segment. Other
revenues increased primarily due to a gain of $1.4 million, before applicable
income taxes, realized when the Company sold marketable equity securities.

The increase in defense segment sales for the quarter resulted from
acquisitions made in fiscal 2000 and from growth in the computerized
battlefield simulation business. The 3% decline in transportation systems
sales reflected a 10% decrease in the translation rate of British Pounds to
U.S. Dollars, from the quarter ended December 31, 1999 to the quarter ended
December 31, 2000, rather than a real decline in operating activities of the
segment. This translation difference negatively impacted sales by
approximately $3.3 million, as more than half of the transportation segment's
revenues came from its European operations.

Although this translation difference also negatively impacted operating
profits of the transportation segment by nearly $300 thousand, increased
profits from contracts in North America and the Far East, as well as European
service contracts, improved the profit performance of this segment in the
current year. Defense segment operating profits in the first quarter were
lower than last year, due to legal and consulting costs incurred in the
preparation of a claim for the MILES 2000 contract situation described in
previous reports. In addition, defense segment profits were negatively
impacted by certain costs incurred related to an air combat training range
the Company had hoped to sell to the Australian Ministry of Defence. Although
the Company had previously been selected to perform this work, budgetary
funding issues in the Australian government, which arose during the quarter,
caused the award of the contract to be postponed indefinitely, resulting in
the expensing of pre-contract costs incurred by the Company.

Other profits in the first quarter increased by $2 million over the previous
year as a result of the sale of certain marketable securities at a profit, as
mentioned above, and due to generally higher interest rates earned on the
Company's cash investments in the current year.

LIQUIDITY AND CAPITAL RESOURCES

Operating activities for the quarter resulted in negative cash flow, as
accounts receivable related to certain U.S. government contracts increased.
This increase is expected to turn around in the second quarter of the fiscal
year and generate positive cash flow from operations.

The Company's financial condition remains strong with working capital of
$164.6 million and a current ratio of 3.0 to 1 at December 31, 2000. The
Company expects that cash on hand and its unused debt capacity will be
adequate to meet its working capital requirements for the foreseeable future.
The backlog of orders at December 31, 2000 was $760 million compared to $802
million at September 30, 2000 and $843 million at December 31, 1999.


                                    8
<PAGE>

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

                              December 31, 2000

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 exhibit is included herein:

         15--Independent Accountants' Review Report



(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  February 5, 2001                   /s/ W. W. Boyle
      ----------------                   ---------------------------------
                                         W. W. Boyle
                                         Vice President and CFO


Date  February 5, 2001                   /s/ T. A. Baz
      ----------------                   ---------------------------------
                                         T. A. Baz
                                         Vice President and Controller


                                  10