SOURCE: Cubic Corporation

Cubic Corporation

August 29, 2011 07:00 ET

Cubic Receives Production Order for Tactical Vehicle Training System

SAN DIEGO, CA--(Marketwire - Aug 29, 2011) - Cubic Defense Applications, the defense systems business of Cubic Corporation (NYSE: CUB), announced today that it has received the first production order for its Tactical Vehicle System (TVS), used in combat training scenarios. The $13 million task order was issued by the U.S. Army's Program Executive Office for Simulation, Training and Instrumentation (PEO STRI) under an indefinite delivery/indefinite quantity (ID/IQ) contract awarded last year.

TVS uses laser sensors mounted at strategic spots on vehicles, a control module, and other electronics to provide instant feedback to vehicle crews when laser simulated weapons score "hits" during training.

The task order, signed at the end of July, represents the start of full production. It covers kits that Cubic will begin delivering in 2012 for use at multiple U.S. Army installations around the world. Including the task order, Cubic has been awarded almost $18 million thus far under the ID/IQ contract, which has a potential value of more than $100 million over four option years.

"This important contract positions Cubic to expand delivery of the TVS system to the U.S. Army and many international customers over the next several years," said Bradley H. Feldmann, President of Cubic Defense Applications.

Cubic Corporation is the parent company of three major business segments: Defense Systems, Mission Support Services and Transportation Systems. Cubic Defense Systems is a leading provider of realistic combat training systems, cyber technologies, asset tracking solutions, and defense electronics. Mission Support Services is a leading provider of training, operations, maintenance, technical and other support services. Cubic Transportation Systems is the world's leading provider of automated fare collection systems and services for public transit authorities. For more information about Cubic, see the company's website at www.cubic.com.

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