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 March 31, 1997, and the related consolidated 
condensed statement of income for the three and six-month periods ended March 
31, 1997 and 1996, and consolidated condensed statement of cash flows for the 
six-month periods ended March 31, 1997 and 1996.  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

May 2, 1997
San Diego, California