SOURCE: Cubic Corporation

Cubic Corporation

June 10, 2009 07:00 ET

Cubic Reports $45 Million in New Bookings for Latest-Generation P5 Air Combat Training Instrumentation

Defense Systems Business Has Received $260 Million in Orders to Date

SAN DIEGO, CA--(Marketwire - June 10, 2009) - Cubic Defense Applications, Inc., the defense systems business of Cubic Corporation (NYSE: CUB), reported more than $45 million in new bookings for its fifth-generation air combat training instrumentation, the P5 Combat Training System/Tactical Combat Training System. The new bookings -- for the U.S. Air Forces Europe and U.S. Navy -- bring to $260 million the company's revenues to date for the P5 system. P5 is currently operational at 13 military bases across America and has flown more than 100,000 sorties, earning its wings as a proven and reliable training tool for combat aviators.

Cubic Defense Applications and its principal subcontractor, DRS Technologies, Inc. are providing P5 CTS/TCTS systems under a 10-year indefinite delivery/indefinite quantity contract awarded in June 2003 with a ceiling value of $525 million. P5 features easily transportable components, advanced security features, real-time weapons simulations and live monitoring functions. Key components include aircraft-mounted airborne instrumentation pods and ground stations with display systems that aircrews can use to conduct, monitor and control live air combat training, as well as post-flight debriefs.

The system is already helping pilots sharpen their maneuvering skills at many Air Force Bases, including Eglin; Luke, Seymour-Johnson, Mountain Home, Homestead, Shaw, Tyndall and Langley. In addition, P5 has been fielded at Naval Air Station Key West, and the Gulfport and Savannah Air National Guard facilities, and is operational at Fort Irwin and Fort Polk, where it supports joint Army-Air Force "Green Flag" exercises. In March, these 13 locations flew a total of 6,000 sorties using the P5 system, the most ever in a single month.

Several Navy and Marine Corps bases are due to receive the P5 system in the near future, including Marine Corps Air Stations Miramar, El Centro and Yuma, which pioneered Cubic's very first instrumented air combat training system back in the 1970s. This year also will mark the first fielding of the P5 system to the U.S. Army. P5 will be delivered to Fort Bliss, Texas, where it will be used to support Air Defense Training related to the Patriot missile.

As a result of orders placed this year, Cubic will deliver the system later in 2009 to NAS Fallon, home of the Navy Fighter Weapons School, more popularly known as TOPGUN. TOPGUN has a long and venerable association with Cubic's air combat training instrumentation. The P5 system will also be delivered to NAS Lemoore and MCAS Beaufort.

The latest orders will also provide fifth-generation air combat training capability to the U.S. Air Forces Europe. P5 systems will be installed in Lakenheath, United Kingdom; Spangdahlem, Germany; and Aviano, Italy. All of these Europe-based systems will include an air-to-air data link that operates in the "S" band, the preferred frequency band for European air combat training, to allow joint training with NATO air forces.

A cooperative multi-service program, P5 CTS/TCTS is contracted through the 689th Armament System Squadron at Eglin AFB. The Navy portion of the program is managed through PMA-205 at Naval Air Systems Command, Patuxent River, Maryland.

Cubic Defense Applications (CDA), one of Cubic Corporation's major segments, is a world leader in realistic combat training systems, mission support services and defense electronics. The corporation's other major segment, Cubic Transportation Systems, designs and manufactures automatic fare collection systems for public mass transit authorities. For more information, about Cubic, see the company's website at www.cubic.com.

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