EXHIBIT 15 -- INDEPENDENT ACCOUNTANTS' REVIEW REPORT


The Board of Directors
Cubic Corporation
San Diego, California


We have reviewed the accompanying consolidated condensed balance sheet of Cubic
Corporation as of December 31, 1995, and the related consolidated condensed
statements of income and cash flows for the three month periods ended December
31, 1995 and 1994.  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 generally accepted auditing standards, 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 review, 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 generally accepted accounting
principles.

We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of Cubic Corporation as of September
30, 1995, and the related consolidated statements of income, retained earnings,
and cash flows for the year then ended (not presented herein) and in our report
dated November 29, 1995, 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, 1995, is
fairly stated, in all material respects, in relation to the consolidated balance
sheet from which it has been derived.


                                             ERNST & YOUNG LLP

January 31, 1996