EXHIBIT 15 -- INDEPENDENT ACCOUNTANTS' REVIEW REPORT
 
 
The Board of Directors
Cubic Corporation
 
 
We have reviewed the accompanying consolidated condensed balance sheet of Cubic
Corporation as of December 31, 1996, and the related consolidated condensed
statements of income and cash flows for the three-month periods ended December
31, 1996 and 1995.  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 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 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, 1996, 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 December 4, 1996, 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, 1996, is
fairly stated in all material respects in relation to the consolidated balance
sheet from which it has been derived.
 
 
                                         ERNST & YOUNG LLP
 
February 3, 1997
San Diego, California