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SBS ENGINEERING ANNOUNCES FIRST QUARTER RESULTS: REVENUES INCREASE 84 PERCENT AND NET INCOME INCREASES 75 PERCENT

 ALBUQUERQUE, N.M., Oct. 25 /PRNewswire/ -- SBS Engineering Inc. (NASDAQ: SBSE), a designer and producer of flight simulation systems for major aerospace contractors and the U.S. Government, today announced financial results for the first quarter ended Sept. 30, 1993. Revenue for the quarter was $6,688,411, an increase of 84 percent over the prior-year first quarter revenue of $3,626,711. Earnings before income taxes for the current year first quarter improved to $537,393, an increase of 85 percent over the prior-year first quarter earnings before income taxes of $290,666. Net earnings for the current quarter were $317,393, an increase of 75 percent over the prior-year first quarter net earnings of $180,859. Earnings per share increased from $0.06 per share to $0.10 per share.
 "A substantial portion of the revenue growth can be attributed to our aggressive acquisition strategy," said Andrew C. Cruce, chairman and chief executive officer. "We acquired businesses which have made us a more diversified company and which should help us to continue to improve our earnings per share. In addition, revenue in our core simulation business more than doubled from the first quarter of fiscal 1992. We also booked approximately $11 million of new simulation business during the quarter which will provide us with a healthy backlog for the remainder of this fiscal year," Cruce continued.
 SBS Engineering common stock is traded on NASDAQ under the symbol SBSE and on the Boston Stock Exchange under the symbol SSE.
 SBS ENGINEERING INC. AND SUBSIDIARY
 Consolidated Statements of Earnings
 (Unaudited)
 Three Months Ended
 Sept. 30,
 1993 1992
 Revenues earned $6,688,411 3,626,711
 Direct and allocable indirect costs (5,892,438) (3,282,920)
 Gross profit 795,973 343,791
 Other operating income
 and expense, net (205,628) (45,077)
 Operating income 590,345 298,714
 Interest income 617 2,035
 Interest expense (53,569) (10,083)
 Total (52,952) (8,048)
 Earnings before income taxes 537,393 290,666
 Income taxes 220,000 109,807
 Net earnings $317,393 180,859
 Earnings per common and
 common equivalent share $0.10 0.06
 SBS ENGINEERING INC. AND SUBSIDIARY
 Consolidated Balance Sheets
 (Unaudited)
 Sept. 30, June 30,
 Assets 1993 1993
 Current assets:
 Cash $123,787 200,359
 Contract receivables 8,728,161 7,281,000
 Non-trade receivables 0 500,000
 Inventories 1,058,668 1,045,530
 Other current assets 105,602 71,077
 Total current assets 10,016,218 9,097,966
 Property and equipment, at cost 1,970,030 1,714,039
 Less accumulated depreciation 762,623 690,741
 Net property and equipment 1,207,407 1,023,298
 Intangible assets 1,462,052 1,589,042
 Other assets 20,769 22,022
 Total assets $12,706,446 11,732,328
 Liabilities and Stockholders' Equity
 Current Liabilities:
 Notes payable to bank $3,737,000 3,112,000
 Accounts payable 1,498,459 1,303,988
 Accrued salaries 0 283,220
 Accrued compensated absences 345,001 341,097
 Accrued software license fees 223,000 251,000
 Income taxes 986,908 766,908
 Other current liabilities 604,758 497,781
 Total current liabilities 7,395,126 6,555,994
 Long-term debt, net of
 current installments 376,233 329,979
 Total liabilities 7,771,359 6,885,973
 Stockholders' equity:
 Common stock, no par value;
 30,000,000 shares authorized
 2,964,957 issued and outstanding
 at Sept. 30, 1993, and June 30, 1993 3,454,413 3,683,074
 Retained earnings 1,480,674 1,163,281
 Total stockholders' equity 4,935,087 4,846,355
 Total liabilities and
 stockholders' equity $12,706,446 11,732,328
 -0- 10/25/93
 /CONTACT: Chris Amenson, investor relations, of SBS Engineering, 505-345-5353/
 (SBSE)


CO: SBS Engineering Inc. ST: New Mexico IN: SU: ERN

JB-JL -- SD001 -- 6148 10/25/93 09:03 EDT
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Date:Oct 25, 1993
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