Cubic signs Australian contract for $95 million

Cubic Corp. and its Australian subsidiary, Cubic Transportation Systems-Australia Pty Ltd., signed a $95 million contract to design, build, operate and maintain a smart-card based integrated ticketing system for public transport in South East Queensland, Australia. Cubic will replace the existing paper and magnetic tickets with its open system smart card ticketing technology. The new system, the first of its kind in the region, will link most urban rail, bus and ferry services, and allow public transport commuters to use one smart card to pay for all their fares. Work on the contract will begin immediately, with a trial scheduled for late 2004.