Cubic Technology Spotlighted as Transport for London’s Transit Fare Collection System Wins Awards

SAN DIEGO, Calif. - The transportation segment of Cubic Corporation (AMEX:CUB) said today that its London transit customer’s regional automatic fare collection (AFC) system, PRESTIGE, recently won two more major awards.

cubic_corp.jpgPRESTIGE, Transport for London (TfL)’s cutting edge integrated smart card ticketing system was delivered by the TranSys consortium, whose principal partners are Cubic and EDS.

A panel of judges including the National Audit Office, Department of Transport, PricewaterhouseCoopers and Barclays Bank selected PRESTIGE as the best Private Finance Initiative (PFI) in two categories: Best Operational Transport Project and the Grand Prix as the Best Operational Project - all sectors. In making these awards the judges said that “PRESTIGE is an outstanding project that has delivered real improvements for the benefit of the community it serves,” and that “PRESTIGE represents a triumph in a very difficult environment and has become a benchmark for AFC systems throughout the world.”

TfL’s PRESTIGE had previously been selected as the best project for Modernizing Government by the New Statesman magazine and awarded the Gold Medal for Technology Exploitation by Management Today magazine.

PRESTIGE is a large complex system serving not only London Underground and London Buses but also Docklands Light Rail, Croydon Tramlink and many Train Operating Company stations. The system consists of over 4,000 ticket selling facilities, 16,000 ticket validators, a network of over 300 sub-computers tied into a Central Computer System and various other supporting elements. These elements operate with the Oyster contactless smart card and the conventional magnetic tickets.

PRESTIGE is an outgrowth of London Transport’s Underground Ticketing System (UTS), which was initiated in 1979. In 1995, London Regional Transport (LRT)–now TfL– decided to use the PFI process to extend and modernize UTS. In 1998, this became the PRESTIGE project.

Cubic, which designed, manufactured installed and maintained the UTS, joined forces with EDS to undertake PRESTIGE. The TranSys consortium, a special purpose company with Cubic and EDS as principle shareholders, was created to bid and deliver the PRESTIGE contract.

Under the TranSys umbrella, Cubic provides all assets, hardware and software. Cubic performed all design, manufacture and installation and also maintains the system, while EDS provides all operational services. This arrangement has worked very well by utilizing the particular expertise of both companies.

“TranSys, EDS and Cubic are greatly honored by these awards,” said Ray deKozan, chairman of TranSys and senior group vice president of Cubic Corporation. “Both Cubic and EDS greatly appreciate the support and guidance received from TfL, in particular Peter Whicher who was TfL’s project manager during the delivery phase and Charles Monheim and Jay Walder of TfL. Charles Monheim as TfL’s direct representative on the project was very supportive and helpful during the critical phase leading to system completion. Jay Walder, CFO of TfL, is the system’s supporter and advocate at the highest level.”

Richard Efland, president and CEO of Cubic Transportation Systems added, “With some 3 million Oyster cards already in circulation, PRESTIGE is highly successful as attested to by the three awards. TranSys, Cubic and EDS along with its customer, TfL are not resting on their laurels. The system is capable of providing even greater service to London and together we will do just that.”

Cubic Transportation Systems, Inc. is the world’s leading full-service systems integrator of automated fare collection systems for public transport including bus, bus rapid transit, light rail, commuter rail, heavy rail, ferry and parking. Cubic’s solutions and services include system design, back office computer systems, support equipment, equipment design and manufacturing, device-level software, integration, test, installation, warranty, maintenance, computer hosting services, call centre services, card management and distribution services, financial clearing and settlement, multi-application support and outsourcing services.

Every year, nearly 10 billion rides are taken worldwide using Cubic fare collection systems. Cubic has delivered over 400 projects in 40 major markets on five continents. Active projects include Scandinavia, London, New York / New Jersey region, Washington, D.C. / Baltimore / Virginia region, Los Angeles region, San Diego region, San Francisco, Minneapolis/St. Paul, Chicago, Atlanta, Vancouver and Edmonton, Canada, Brisbane, Australia, Italy, Singapore, China and Bangkok, Thailand.

The company’s other major business segment, Cubic Defense Applications, is a world leader in realistic combat training systems, mission support services and defense electronics. For more information about Cubic, see the company's Web site at www.cubic.com.
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