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Cubic Awarded $65 Million Sydney Rail Contract for Services

Date : 04/24/2012 @ 7:00AM
Source : Marketwired
Stock : Cubic Corp (CUB)
Quote : 44.05  -0.46 (-1.03%) @ 1:15PM
Cubic Corp share price Chart

Cubic Awarded $65 Million Sydney Rail Contract for Services

Cubic Corp (NYSE:CUB)
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Cubic Transportation Systems, a business segment of San Diego-based Cubic Corporation (NYSE: CUB), and a leading integrator of payment and information technology and services for intelligent travel solutions, has been awarded, through its Australian division, a three-year contract to provide expanded operations, maintenance of ticketing equipment, infrastructure and delivery of associated services for passenger rail operations in Sydney, Australia's largest city.

The maximum value of the services to be provided by Cubic to RailCorp (Rail Corporation New South Wales) under the contract is expected to be approximately $65 million. The contract includes provisions to be extended with two one-year options for services.

"Cubic is delighted to have been awarded the contract, which not only continues our existing work but also expands the services we provide for RailCorp and its customers," said Tom Walker, managing director of Cubic Transportation Systems Australasia. "We have enjoyed a long and constructive relationship with RailCorp in Sydney, which we value greatly. Cubic looks forward to working closely with RailCorp to bring improved ticketing services to Sydney commuters."

Walker said the contract's service level agreement will ensure that Cubic's services meet RailCorp's key goal of continually improving services for customers. It commenced on April 21, 2012, and includes a full range of operations and services for RailCorp's Automatic Ticketing System.

The service level agreement measures system availability and service delivery against key performance indicators to promote continuous improvement and provide "world class" levels of services.

Benefits of the new contract are expected to include more efficient and effective management of ticketing, high levels of equipment availability and an improved customer experience.

Services provided by Cubic will include all maintenance for Cubic's ticketing equipment including gates, vending and booking office machines, network fault monitoring and field service management through a Ticketing Services Control Centre (TSCC), and managing cash services at RailCorp's CityRail and CountryLink stations.

CubicĀ® Transportation Systems, Inc., is part of Cubic Corporation. 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 and defense electronics. Mission Support Services is a leading provider of training, operations, maintenance, technical and other support services.

CubicĀ® Transportation Systems, Inc., is a leading integrator of payment and information technology and services for intelligent travel solutions. Cubic delivers integrated solutions that help transport operators manage their operations and services and give passengers choices in the smartest and easiest ways to pay their fares. Cubic specializes in design, development, manufacture, supply, installation, integration, services and information. Services provided by Cubic include on-site management, central systems, operations support, patron support, business support and field services.

Every year, nearly 10 billion rides are taken worldwide using Cubic payment and information systems. Cubic has delivered over 400 projects in 40 major markets on five continents. Active projects include London; Brisbane (Southeast Queensland) region, Australia; New York/New Jersey region; Washington, D.C./Baltimore/Virginia region; Los Angeles region; San Diego region; San Francisco region; Minneapolis/St. Paul; Chicago; Atlanta region; Miami (South Florida) region; Vancouver and Edmonton, Canada; Sydney (New South Wales), Australia; and Scandinavia.

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.

For more information about Cubic, see the company's Web site at www.cubic.com.

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Media Contact: Timothy A. Hill Director of Corporate Communications Cubic Corporation PH: 858-505-2430 Cell: 858-232-2927 timothy.hill@cubic.com



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