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REVISED: SBS ENGINEERING ANNOUNCES FISCAL YEAR END RESULTS: REVENUE AND NET INCOME INCREASE

    ALBUQUERQUE, N.M., Sept. 15 /PRNewswire/ -- The following is a revised version of SD001 "SBS Engineering Announces Fiscal Year End Results:  Revenues and Net Income Increase":
    SBS Engineering Inc. (NASDAQ: SBSE), a designer and producer of flight simulation systems for major aerospace contractors and the U.S. Government, announced today financial results for the fiscal year ended June 30, 1993.  Revenue for fiscal 1993 was $19,088,995, an increase of 27 percent over fiscal 1992 revenue of $14,984,677.  Earnings before income taxes for fiscal 1993 improved to $307,377, an increase of 264 percent over fiscal 1992 earnings before income taxes of $84,265.  Net earnings for fiscal 1993 were $133,377, or $0.04 per share, an increase of 231 percent over fiscal 1992 net earnings of $40,265, or $0.02 per share.  Earnings before income taxes for the fourth quarter of 1993 were $112,893 compared to a loss of $532,414 for the fourth quarter of 1992. Fourth quarter net earnings increased to $8,893, or $0.003 per share, compared to a prior year fourth quarter net loss of $354,414, or ($0.12) per share, on fourth quarter revenues of $6,248,075 and $2,348,922 for 1993 and 1992 respectively.  The comparatively low net earnings for the fourth quarter of 1993 were the result of adjustments required to properly reflect the company's projected tax liabilities.
    "Fiscal 1993 has been a year of substantial change for SBS Engineering Inc.," said Andrew C. Cruce, Chairman and Chief Executive Officer.  "We acquired businesses which will make us a more healthy company in the future.  We've improved our operating margins, and we've improved our management team.  While 1993 was certainly a better year than 1992, we believe we will substantially improve our earnings in the current fiscal year.  Our goal is for SBS Engineering Inc. to continue to grow at a 30 percent or better pace and return to pretax earnings levels in the range of 8 to 10 percent of sales," 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. & SUBSIDIARY
                  Consolidated Statements of Earnings
                              (Unaudited)
                                Year                 Three Months
                            Ended June 30,           Ended June 30,
                           1993         1992        1993        1992
    Revenues earned    $19,088,995   14,984,677   6,248,075   2,348,922
    Direct and
     allocable indirect
     costs              18,055,163   14,723,905   5,815,939   2,846,489
     Gross profit        1,033,832      260,772     432,136    (497,567)
    Other operating
     income and expense,
     net                  (613,055)    (104,652)   (276,413)    (47,778)
     Operating income      420,777      156,120     155,723    (545,345)
    Interest income          5,283       14,466       1,212       9,169
    Interest expense      (118,683)     (86,321)    (44,042)      3,762
     Total                (113,400)     (71,855)    (42,830)     12,931
    Earnings before
     income taxes          307,377       84,265     112,893    (532,414)
    Income taxes           174,000       44,000     104,000    (178,000)
     Net earnings         $133,377       40,265       8,893    (354,414)
    Earnings per common
     and common equivalent
     share                   $0.04         0.02        0.00       (0.12)
    Total common and
     common equivalent
     shares              3,180,466    2,362,706   3,334,042   2,956,177
    -0-             09/15/93
    CONTACT:  Chris Amenson, Investor Relations, 505-345-5353
    (SBSE) CO:  SBS ENGINEERING INC. IN:  ARO SU:  ERN ST:  NM


-- SD001A -- X259 09/15/93
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Date:Sep 15, 1993
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