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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2003

Commission File Number 1-10981

SBS Technologies, Inc.

Incorporated in New Mexico

IRS Employer Identification No. 85-0359415

2400 Louisiana Blvd. NE AFC Building 5, Suite 600,
Albuquerque, New Mexico 87110
(505) 875-0600

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO o

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). YES x NO o

The total number of shares outstanding of the registrant’s Common Stock as of January 30, 2004 was 15,133,367.

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SBS Technologies, Inc. and Subsidiaries
Form 10-Q for the Quarter Ended December 31, 2003
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FORWARD-LOOKING STATEMENTS

     This Form 10-Q contains forward-looking statements with respect to the financial condition, results of operations and business of SBS Technologies, Inc. and subsidiaries (referred to variously as “SBS”, “we”, “us” and “our”). You may find many of these statements by looking for words like “intends,” “expects,” “projects,” “believes,” “anticipates” or similar expressions in this Form 10-Q. We consider all statements regarding anticipated or future matters, including the following, to be forward-looking statements:

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statements about future events and our future financial performance;

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expected sales and gross margin;

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financing plans and expectations of internally-generated cash flows, including cash flows from employee stock option exercises;

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new product introductions;

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growth of the markets we serve;

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business strategy and competitive position;

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plans and objectives of management for future operations;

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growth opportunities for existing products and services; and

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benefits from new technology.

     These statements are not guarantees of our future performance. They are based upon our assumptions and assessments only on the date we made them and in light of our experience and our perception of historical trends, current conditions, expected future developments, and other factors we believe to be appropriate. Our assumptions and assessments include the volume and product mix of sales, estimates of costs and inventory and receivable levels based on preliminary information, and others. Risks, uncertainties, and other important factors could cause actual performance or achievements to be materially different from those we may project. These risks, uncertainties, and factors include:

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general business and economic conditions affecting our customers and their end customers, including changes in the size and program priorities of military procurement budgets, may be less favorable than we expect, resulting in lower sales and earnings;

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a high degree of uncertainty and rapid change in the markets addressed by our products, which may affect the timing and amount of future sales levels or cause the market value of our inventory to decline, resulting in reduced gross profit levels;

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customer demand for and acceptance of our products, which may be less than we expect, which may decrease both sales and margins;

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our ability to acquire and integrate new businesses, which may be more costly than we expect;

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our ability to design, test, and introduce new products on a timely basis, which if not timely, may decrease both sales and margins;

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the financial condition of our customers, which, if less favorable than we expect, could result in reduced sales and earnings;

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changes in foreign currency exchange rates, which could impact our financial results;

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changes in U.S. and foreign laws and regulations, which could result in increased costs, lowered sales, or reduced earnings; and

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the other risk factors listed under “Risk Factors” included in SBS’ Annual Report on Form 10-K for the year ended June 30, 2003.

     Many of the factors that will determine these items are beyond our ability to control or predict. We caution you not to place undue reliance on our forward-looking statements, which speak only as of the date of this Form 10-Q. We do not undertake any obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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SBS Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
Thousands (except share amounts)
(Unaudited)

See accompanying notes to condensed consolidated financial statements

3

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SBS Technologies, Inc. and Subsidiaries
Consolidated Statements of Operations
Thousands (except per share amounts)
(Unaudited)

See accompanying notes to condensed consolidated financial statements

4

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SBS Technologies, Inc. and Subsidiaries
Consolidated Statement of Changes in Stockholders’ Equity
For Six Months Ended December 31, 2003
Thousands (except share amounts)
(Unaudited)

See accompanying notes to condensed consolidated financial statements

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SBS Technologies, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Thousands
(Unaudited)