EXHIBIT 15 - INDEPENDENT ACCOUNTANTS' REVIEW REPORT



Board of Directors and Shareholders
Cubic Corporation


We have reviewed the accompanying consolidated condensed balance sheet of
Cubic Corporation as of December 31, 2000, and the related consolidated
condensed statements of income and cash flows for the three-month periods
ended December 31, 2000 and 1999. These financial statements are the
responsibility of the Company's management.

We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit in
accordance with auditing standards generally accepted in the United States,
which will be performed for the full year with the objective of expressing an
opinion regarding the financial statements taken as a whole. Accordingly, we
do not express such an opinion.

Based on our reviews, we are not aware of any material modifications that
should be made to the accompanying consolidated condensed financial
statements referred to above for them to be in conformity with accounting
principles generally accepted in the United States.

We have previously audited, in accordance with auditing standards generally
accepted in the United States, the consolidated balance sheet of Cubic
Corporation as of September 30, 2000 and the related consolidated statements
of income, changes in shareholders' equity and cash flows for the year then
ended (not presented herein) and in our report dated November 28, 2000, we
expressed an unqualified opinion on those consolidated financial statements.
In our opinion, the information set forth in the accompanying consolidated
condensed balance sheet at September 30, 2000, is fairly stated, in all
material respects, in relation to the consolidated balance sheet from which
it has been derived.

                                                ERNST & YOUNG LLP


San Diego, California
February 2, 2001