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UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, DC 20549

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FORM 10-Q

|/x/ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2000
|--- | ----------------------------------------------------------------------------------------------------------------------------------------
|/ / | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                                

Commission File Number 1-10981

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SBS TECHNOLOGIES, INC.

New Mexico(State or other jurisdiction of
incorporation or organization)

85-0359415(IRS Employer Identification Number)


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

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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 and (2) has been subject to such filing requirements for the past 90 days. Yes /x/  No / /

As
of January 31, 2001, the Registrant had 14,107,737 shares of its common stock outstanding.

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SBS Technologies, Inc. and Subsidiaries  Form 10-Q for the Quarter Ended December 31, 2000  Table of Contents

|                               |                                                                                                           | Page                                                                                         
|------------------------------ | --------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------
|PART I - FINANCIAL INFORMATION |                                                                                                           |                                                                                              
|                               | Item 1Condensed Financial Statements                                                                     |                                                                                              
|                               |                                                                                                           | Consolidated Balance Sheets at December 31, 2000 and June 30, 2000                           
|                               |                                                                                                           | Consolidated Statements of Operations, Six and Three Months Ended December 31, 2000 and 1999 
|                               |                                                                                                           | Consolidated Statement of Changes in Stockholders' Equity, Six Months Ended December 31, 2000
|                               |                                                                                                           | Consolidated Statements of Cash Flows, Six Months Ended December 31, 2000 and 1999           
|                               |                                                                                                           | Notes to Condensed Consolidated Financial Statements as of December 31, 2000                 
|                               | Item 2Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations |                                                                                              
|                               | Item 3Quantitative and Qualitative Disclosures about Market Risk                                         |                                                                                              
|PART IIOTHER INFORMATION      |                                                                                                           | 18                                                                                           
|SIGNATURES                     |                                                                                                           | 20                                                                                           
|EXHIBIT INDEX                  |                                                                                                           | 21                                                                                           

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SBS Technologies , Inc. and Subsidiaries        Consolidated Balance Sheets        (Unaudited)

|                                     |                                                                                                                                                                       | December 31, 2000                          |            | June 30, 2000 |            
|------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------ | ---------- | ------------- | -----------
|Assets                               |                                                                                                                                                                       |                                            |           
|Current assets:                      |                                                                                                                                                                       |                                            |            |               |            
|                                     | Cash and cash equivalents                                                                                                                                             |                                            | $          | 3,637,656     |            
|                                     | Receivables, net (note 2)                                                                                                                                             |                                            |            | 31,557,492    |            
|                                     | Inventories (note 3)                                                                                                                                                  |                                            |            | 45,496,677    |            
|                                     | Deferred income taxes                                                                                                                                                 |                                            |            | 6,454,860     |            
|                                     | Income tax receivable                                                                                                                                                 |                                            |            | 1,184,404     |            
|                                     | Prepaid expenses                                                                                                                                                      |                                            |            | 627,611       |            
|                                     | Other current assets                                                                                                                                                  |                                            |            | 318,265       |            
|                                     |                                                                                                                                                                       |                                            |            |               |            
|                                     |                                                                                                                                                                       | Total current assets                       |            |               | 89,276,965 
|                                     |                                                                                                                                                                       |                                            |            |               |            
|Property and equipment, net          |                                                                                                                                                                       |                                            | 8,289,916  |               | 7,320,222  
|Intangible assets, net               |                                                                                                                                                                       |                                            | 50,414,919 |               | 54,961,154 
|Other assets                         |                                                                                                                                                                       |                                            | 624,303    |               | 130,524    
|                                     |                                                                                                                                                                       |                                            |            |               |            
|                                     |                                                                                                                                                                       | Total assets                               |            | $             | 148,606,103
|                                     |                                                                                                                                                                       |                                            |            |               |            
|Liabilities and Stockholders' Equity |                                                                                                                                                                       |                                            |           
|Current liabilities:                 |                                                                                                                                                                       |                                            |            |               |            
|                                     | Notes payable                                                                                                                                                         |                                            | $          | 11,500,000    |            
|                                     | Accounts payable                                                                                                                                                      |                                            |            | 9,818,918     |            
|                                     | Accrued representative commissions                                                                                                                                    |                                            |            | 832,549       |            
|                                     | Accrued salaries                                                                                                                                                      |                                            |            | 3,381,225     |            
|                                     | Accrued compensated absences                                                                                                                                          |                                            |            | 1,305,608     |            
|                                     | Other current liabilities                                                                                                                                             |                                            |            | 2,475,494     |            
|                                     |                                                                                                                                                                       |                                            |            |               |            
|                                     |                                                                                                                                                                       | Total current liabilities                  |            |               | 29,313,794 
|                                     |                                                                                                                                                                       |                                            |            |               |            
|Deferred income taxes                |                                                                                                                                                                       |                                            | 180,946    |               | 932,809    
|                                     |                                                                                                                                                                       |                                            |            |               |            
|                                     |                                                                                                                                                                       | Total liabilities                          |            |               | 29,494,740 
|                                     |                                                                                                                                                                       |                                            |            |               |            
|Stockholders' equity:                |                                                                                                                                                                       |                                            |            |               |            
|                                     | Common stock, no par value; 200,000,000 shares authorized,
13,922,202 issued and outstanding at December 31, 2000,
13,302,144 issued and outstanding at June 30, 2000 |                                            |            | 76,377,851    |            
|                                     | Accumulated other comprehensive loss                                                                                                                                  |                                            |            | (4,138,275    | )          
|                                     | Retained earnings                                                                                                                                                     |                                            |            | 46,871,787    |            
|                                     |                                                                                                                                                                       |                                            |            |               |            
|                                     |                                                                                                                                                                       | Total stockholders' equity                 |            |               | 119,111,363
|                                     |                                                                                                                                                                       |                                            |            |               |            
|                                     |                                                                                                                                                                       | Total liabilities and stockholders' equity |            | $             | 148,606,103
|                                     |                                                                                                                                                                       |                                            |            |               |            

See
accompanying notes to condensed consolidated financial statements

2

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SBS Technologies, Inc. and Subsidiaries        Consolidated Statements of Operations        (Unaudited)

|                                               |                  | Six Months Ended
December 31, |            | Three Months Ended
December 31, |           
|---------------------------------------------- | ---------------- | ----------------------------- | ---------- | ------------------------------- | ----------
|
|Sales                                          |                  | $                             | 92,794,763 |                                 | 60,452,721
|Cost of sales                                  |                  |                               | 48,308,906 |                                 | 27,750,177
|                                               |                  |                               |            |                                 |           
|                                               | Gross Profit     |                               |            | 44,485,857                      |           
|Selling, general and administrative expense    |                  |                               | 16,040,268 |                                 | 12,262,174
|Research and development expense               |                  |                               | 9,927,227  |                                 | 7,538,146 
|Amortization of intangible assets              |                  |                               | 3,896,605  |                                 | 2,221,756 
|                                               |                  |                               |            |                                 |           
|                                               | Operating income |                               |            | 14,621,757                      |           
|                                               |                  |                               |            |                                 |           
|Interest income (expense), net                 |                  |                               | (543,531   | )                               | 174,787   
|Foreign exchange gains (losses)                |                  |                               | (63,240    | )                               | (29,982   
|                                               |                  |                               |            |                                 |           
|                                               |                  |                               | (606,771   | )                               | 144,805   
|                                               |                  |                               |            |                                 |           
|Income before income taxes                     |                  |                               | 14,014,986 |                                 | 10,825,273
|Income taxes                                   |                  |                               | 4,740,030  |                                 | 3,750,293 
|                                               |                  |                               |            |                                 |           
|Net income                                     |                  | $                             | 9,274,956  |                                 | 7,074,980 
|                                               |                  |                               |            |                                 |           
|Net income per common share                    |                  | $                             | 0.68       |                                 | 0.59      
|                                               |                  |                               |            |                                 |           
|Net income per common share
assuming dilution |                  | $                             | 0.61       |                                 | 0.54      
|                                               |                  |                               |            |                                 |           

See
accompanying notes to condensed consolidated financial statements

3

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SBS Technologies, Inc. and Subsidiaries        Consolidated Statement of Changes in Stockholders' Equity        (Unaudited)

|                                                |                                          | Common Stock |   |   |            | Accumulated
Other
Comprehensive
Loss |   |            |  
|----------------------------------------------- | ---------------------------------------- | ------------ | - | - | ---------- | ------------------------------------ | - | ---------- | -
|
|
|Balance at June 30, 2000                        |                                          | 13,302,144   |   | $ | 65,384,516 |                                      | $ | 37,596,831 |  
|Exercise of stock options and warrants          |                                          | 620,058      |   |   | 6,811,214  |                                      |   |           |  
|Stock-based compensation                        |                                          |             |   |   | 14,062     |                                      |   |           |  
|Income tax benefit from stock
options exercised |                                          |             |   |   | 4,168,059  |                                      |   |           |  
|Net income                                      |                                          |             |   |   |           |                                      |   | 9,274,956  |  
|Other comprehensive income:                     |                                          |              |   |   |            |                                      |   |            |  
|                                                | Foreign currency translation adjustments |              |  |   |            |                                     |   |            | 
|                                                |                                          |              |   |   |            |                                      |   |            |  
|Balance at December 31, 2000                    |                                          | 13,922,202   |   | $ | 76,377,851 |                                      | $ | 46,871,787 |  
|                                                |                                          |              |   |   |            |                                      |   |            |  

See
accompanying notes to condensed consolidated financial statements

4

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

|                                                                                  |                                                                         | Six Months Ended
December 31,      |                                          
|--------------------------------------------------------------------------------- | ----------------------------------------------------------------------- | ---------------------------------- | -----------------------------------------
|
|Cash flows from operating activities:                                             |                                                                         |                                    |                                          
|Net income                                                                        |                                                                         | $                                  | 9,274,956                                
|                                                                                  |                                                                         |                                    |                                          
|Adjustments to reconcile net income to net
cash provided by operating activities: |                                                                         |                                    |                                          
|                                                                                  | Depreciation                                                            |                                    |                                          
|                                                                                  | Amortization of intangible assets                                       |                                    |                                          
|                                                                                  | Bad debt expense                                                        |                                    |                                          
|                                                                                  | Deferred income taxes                                                   |                                    |                                          
|                                                                                  | Income tax benefit of stock options exercised                           |                                    |                                          
|                                                                                  | Loss on disposition of assets                                           |                                    |                                          
|                                                                                  | Foreign exchange losses                                                 |                                    |                                          
|                                                                                  | Stock-based compensation                                                |                                    |                                          
|                                                                                  | Changes in assets and liabilities, net of effects of acquisitions:      |                                    |                                          
|                                                                                  |                                                                         | Receivables                        |                                          
|                                                                                  |                                                                         | Inventories                        |                                          
|                                                                                  |                                                                         | Prepaids and other assets          |                                          
|                                                                                  |                                                                         | Accounts payable                   |                                          
|                                                                                  |                                                                         | Accrued representative commissions |                                          
|                                                                                  |                                                                         | Accrued salaries                   |                                          
|                                                                                  |                                                                         | Accrued compensated absences       |                                          
|                                                                                  |                                                                         | Income taxes                       |                                          
|                                                                                  |                                                                         | Other current liabilities          |                                          
|                                                                                  |                                                                         |                                    |                                          
|                                                                                  |                                                                         |                                    | Net adjustments                          
|                                                                                  |                                                                         |                                    |                                          
|                                                                                  |                                                                         |                                    | Net cash provided by operating activities
|                                                                                  |                                                                         |                                    |                                          
|Cash flows from investing activities:                                             |                                                                         |                                    |                                          
|                                                                                  | Acquisition of property and equipment                                   |                                    |                                          
|                                                                                  | Other                                                                   |                                    |                                          
|                                                                                  |                                                                         |                                    |                                          
|                                                                                  |                                                                         |                                    | Net cash used by investing activities    
|                                                                                  |                                                                         |                                    |                                          
|Cash flows from financing activities:                                             |                                                                         |                                    |                                          
|                                                                                  | Payments on notes payable to related parties                            |                                    |                                          
|                                                                                  | Payments on notes payable                                               |                                    |                                          
|                                                                                  | Dividends paid to former shareholders of SciTech, Inc.                  |                                    |                                          
|                                                                                  | Proceeds from exercise of stock options and warrants                    |                                    |                                          
|                                                                                  |                                                                         |                                    |                                          
|                                                                                  |                                                                         |                                    | Net cash used by financing activities    
|                                                                                  |                                                                         |                                    |                                          
|Effect of exchange rate changes on cash                                           |                                                                         |                                    | 54,528                                   
|                                                                                  |                                                                         |                                    |                                          
|Net change in cash and cash equivalents                                           |                                                                         |                                    | 42,578                                   
|Cash and cash equivalents at beginning of period                                  |                                                                         |                                    | 3,595,078                                
|                                                                                  |                                                                         |                                    |                                          
|Cash and cash equivalents at end of period                                        |                                                                         | $                                  | 3,637,656                                
|                                                                                  |                                                                         |                                    |                                          
|Supplemental disclosure of cash flow information:                                 |                                                                         |                                    |                                          
|                                                                                  | Interest paid                                                           |                                    | $                                        
|                                                                                  | Income taxes paid                                                       |                                    |                                          
|                                                                                  | Noncash financing and investing activities:                             |                                    |                                          
|                                                                                  | Summary of assets acquired and liabilities assumed through acquisition: |                                    |                                          
|                                                                                  |                                                                         | Cash and cash equivalents          |                                          
|                                                                                  |                                                                         | Receivables                        |                                          
|                                                                                  |                                                                         | Inventories                        |                                          
|                                                                                  |                                                                         | Property and equipment             |                                          
|                                                                                  |                                                                         | Accumulated depreciation           |                                          
|                                                                                  |                                                                         | Note payable                       |                                          
|                                                                                  |                                                                         | Accounts payable                   |                                          
|                                                                                  |                                                                         | Accrued salaries                   |                                          
|                                                                                  |                                                                         | Common stock                       |                                          
|                                                                                  |                                                                         | Retained earnings                  |                                          
|                                                                                  |                                                                         |                                    |                                          

See accompanying notes to condensed consolidated financial statements

5

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SBS Technologies, Inc. and Subsidiaries        Notes to Condensed Consolidated Financial Statements        December 31, 2000        (Unaudited)

Note 1Summary of Significant Accounting Policies

The accounting policies as set forth in SBS Technologies, Inc.'s ("SBS") Annual Report on Form 10-K for the year ended
June 30, 2000 have been adhered to in preparing the accompanying interim consolidated financial statements. These statements are unaudited but include all adjustments, consisting of normal
recurring adjustments, that SBS considers necessary for a fair presentation of the financial position, results of operations, and cash flows for such interim periods. Results for such interim periods
are not necessarily indicative of results for a full year.

Effective
July 1, 2000, SBS adopted Statement of Financial Accounting Standards ("SFAS") 133, "Accounting for Derivative Instruments and Hedging Activities," as amended by
SFAS 138. SFAS 133, as amended, establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts and for
hedging activities. SBS did not have any outstanding derivatives at December 31, 2000 or July 1, 2000, and, as such, adoption of SFAS 133 had no impact on SBS' financial position
or results of operations for the periods ended December 31, 2000.

On
August 18, 2000, SBS declared a two-for-one stock split for stockholders of record on September 5, 2000, distributed on September 20,
2000. All references to net income per common share, net income per common shareassuming dilution, common stock, and stockholders' equity have been restated as if the stock split occurred
as of the earliest period presented.

Note 2Receivables, net

Receivables, net consist of the following:

December 31, 2000

June 30, 2000Accounts receivable

$
32,684,900

29,993,290Less: allowance for doubtful accounts


(1,127,408
)
(829,033
)$
31,557,492

29,164,257


Note 3Inventories

Inventories consist of the following:

December 31, 2000

June 30, 2000Raw materials

$
19,653,762

15,010,729Work in process


16,468,502

8,902,019Finished goods


8,371,295

5,379,699Inventory consigned to others


1,003,118

1,200,332$
45,496,677

30,492,779


6

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Note 4Earnings Per Share

Net income per common share is based on weighted average shares outstanding. Net income per common shareassuming dilution includes the dilutive
effects of potential common shares outstanding during the period.

A
reconciliation of the numerator and denominator of the per share and per shareassuming dilution calculation follows:

|                                                            |  | 2000 |           | 1999
|----------------------------------------------------------- |  | ---- | --------- | ----
|
|
|Net Income Per Common Share Net Income                      |  | $    | 9,274,956 |     
|                                                            |  |      |           |     
|Effect of Dilutive Securities Dilutive options and warrants |  |      |          |     
|                                                            |  |      |           |     
|Net Income Per Common Share assuming dilution Net Income   |  | $    | 9,274,956 |     
|                                                            |  |      |           |     

|                                                            |  | 2000 |           | 1999
|----------------------------------------------------------- |  | ---- | --------- | ----
|
|
|Net Income Per Common Share Net Income                      |  | $    | 4,949,888 |     
|                                                            |  |      |           |     
|Effect of Dilutive Securities Dilutive options and warrants |  |      |          |     
|                                                            |  |      |           |     
|Net Income Per Common Share assuming dilution Net Income   |  | $    | 4,949,888 |     
|                                                            |  |      |           |     

For
the six months ended December 31, 2000 and 1999, options to purchase 19,111 and 1,055,836 shares of common stock, respectively, were outstanding but were not included in
the computation of net income per common shareassuming dilution because the options' exercise price was greater than the average market price of the common shares. For the three months
ended December 31, 2000 and 1999, options to purchase 17,029 and 539,162 shares of common stock, respectively, were outstanding but were not included in the computation of net income per common
shareassuming dilution because the options' exercise price was greater than the average market price of the common shares.

Note 5Comprehensive Income

Comprehensive income for the six and three months ended December 31, 2000, was $9.1 million and $6.2 million, respectively. Comprehensive
income for the six and three months ended

7

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December 31, 1999 was $6.2 million and $3.0 million, respectively. The difference between comprehensive income and net income was related to foreign currency translation
adjustments.

Note 6Segment Financial Data

SBS operates internationally through three operating segments: the Communications Group, the Computer Group, and the Aerospace Group. These segments are based
on the markets that are served and the products that are provided to those markets, and have managers who report directly to the chief operating decision-maker. Reportable segments for the fiscal 2000
periods have been reclassified to conform to the segment structure implemented during the third quarter of fiscal 2000.

SBS
measures its segments' results of operations based on income before income taxes and before allocation of corporate overhead expenses, amortization of goodwill and intangibles
from acquisitions, corporate interest income and expense, and acquired in-process research and development charges

8

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associated with purchase business combinations. The accounting policies used to measure segment results of operations are the same as those referred to in Note 1.

|                                     |                             |      |            | Communications
Group |            | Computer
Group |            | Aerospace
Group |            | Corporate
and Un-
Allocated (1) |            | Total      |            
|------------------------------------ | --------------------------- | ---- | ---------- | -------------------- | ---------- | -------------- | ---------- | --------------- | ---------- | ------------------------------- | ---------- | ---------- | -----------
|Six Months Ended December 31         |                             |      |            |                      |            |                |            |                 |            |                                 |            |            |            
|Gross Sales                          |                             | 2000 |            | $                    | 49,767,591 |                | 34,219,470 |                 | 12,092,892 |                                 |           |            | 96,079,953 
|Intersegment sales                   |                             |      | (1,813,807 | )                    | (1,461,043 | )              | (10,340    | )               |           |                                 | (3,285,190 | )         
|                                     |                             |      |            |                      |            |                |            |                 |            |                                 |            |            |            
|                                     | Sales to external customers |      |            | 47,953,784           |            | 32,758,427     |            | 12,082,552      |            |                                |            | 92,794,763 |            
|Gross Sales                          |                             | 1999 |            |                      | 16,973,894 |                | 28,838,816 |                 | 15,022,919 |                                 |           |            | 60,835,629 
|Intersegment sales                   |                             |      | (121,292   | )                    | (92,469    | )              | (169,147   | )               |           |                                 | (382,908   | )         
|                                     |                             |      |            |                      |            |                |            |                 |            |                                 |            |            |            
|                                     | Sales to external customers |      |            | 16,852,602           |            | 28,746,347     |            | 14,853,772      |            |                                |            | 60,452,721 |            
|Segment profit (Income before taxes) |                             | 2000 |            |                      | 12,193,764 |                | 6,857,594  |                 | 2,865,573  |                                 | (7,901,945 | )          | 14,014,986 
|                                     |                             | 1999 |            |                      | 3,946,459  |                | 6,496,217  |                 | 4,377,259  |                                 | (3,994,662 | )          | 10,825,273 
|Three Months Ended December 31       |                             |      |            |                      |            |                |            |                 |            |                                 |            |           
|Gross Sales                          |                             | 2000 |            |                      | 27,309,181 |                | 18,293,708 |                 | 5,988,562  |                                 |           |            | 51,591,451 
|Intersegment sales                   |                             |      | (1,395,895 | )                    | (1,068,988 | )              | (10,340    | )               |           |                                 | (2,475,223 | )         
|                                     |                             |      |            |                      |            |                |            |                 |            |                                 |            |            |            
|                                     | Sales to external customers |      |            | 25,913,286           |            | 17,224,720     |            | 5,978,222       |            |                                |            | 49,116,228 |            
|Gross Sales                          |                             | 1999 |            |                      | 10,581,097 |                | 15,270,261 |                 | 6,777,898  |                                 |           |            | 32,629,256 
|Intersegment sales                   |                             |      | (62,456    | )                    | (79,508    | )              | (57,693    | )               |           |                                 | (199,657   | )         
|                                     |                             |      |            |                      |            |                |            |                 |            |                                 |            |            |            
|                                     | Sales to external customers |      |            | 10,518,641           |            | 15,190,753     |            | 6,720,205       |            |                                |            | 32,429,599 |            
|Segment profit (Income before taxes) |                             | 2000 |            |                      | 6,737,606  |                | 3,430,713  |                 | 1,545,195  |                                 | (3,836,891 | )          | 7,876,623  
|                                     |                             | 1999 |            |                      | 2,732,054  |                | 3,669,774  |                 | 1,574,178  |                                 | (2,127,645 | )          | 5,848,361  
|Balance at December 31               |                             |      |            |                      |            |                |            |                 |            |                                 |            |            |            
|Total assets                         |                             | 2000 |            |                      | 43,818,289 |                | 31,789,607 |                 | 9,424,860  |                                 | 63,573,347 |            | 148,606,103
|Total assets                         |                             | 1999 |            |                      | 16,872,704 |                | 23,055,886 |                 | 10,707,633 |                                 | 47,877,243 |            | 98,513,466 

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9

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SBS Technologies, Inc. and Subsidiaries

Management's Discussion and Analysis of Consolidated

Financial Condition and Results of Operations

December 31, 2000

The following discussion and analysis should be read in conjunction with the Company's Financial Statements and Notes thereto. Information discussed herein, other than
statements of historical fact, that addresses future financial performance, activities, events or developments that SBS or management intends, expects, projects, believes or anticipates will or may
occur in the future are forward-looking statements. These statements are based upon certain assumptions and assessments made by management of SBS in light of its experience and its perception of
historical trends, current conditions, expected future developments and other factors it believes to be appropriate. The forward-looking statements included in this Form 10-Q are
also subject to a number of risks and uncertainties, including but not limited to economic, competitive, supply and demand, governmental and technological factors affecting SBS' operations, markets,
products,
services, prices, and other risk factors listed in the Company's Form 10-K for the year ended June 30, 2000. These forward-looking statements are not guarantees of future
performance, and actual results, developments and business decisions may differ from those expressed or implied by these forward-looking statements.

Results of Operations

Six Months Ended December 31, 2000 Compared To Six Months Ended December 31, 1999

Sales.For the six-month period ended December 31, 2000, sales increased 53.5%, or
$32.3 million, from $60.5 million for the six-month period ended December 31, 1999, to $92.8 million. Of this 53.5% increase, sales contributed by the
acquisition of SDL on April 12, 2000 comprised 22.5%, and 31.0% was attributable to SBS' other product lines. Unit shipments increased within the Computer Group segment, primarily due to an
increase in sales of the Group's computer connectivity and expansion unit products and general purpose I/O products. Unit shipments of the Computer Group's computer processor products increased, but
sales were negatively impacted by changes in exchange rates, as the U.S. dollar strengthened against the Deutsche mark. Unit shipments increased among all product lines within the Communications
Group. Unit shipments declined within the Aerospace Group primarily due to continued declines in the commercial satellite and military markets and in major new aircraft development programs.

Gross Profit.For the six-month period ended December 31, 2000, gross profit increased 36.0%, or
$11.8 million from $32.7 million for the six-month period ended December 31, 1999, to $44.5 million. Of this 36.0% increase, gross profit contributed by the
acquisition of SDL on April 12, 2000 comprised 20.3%, and 15.7% was attributable to SBS' other product lines. As expected, for the six-month period ended December 31, 2000,
gross profit as a percentage of sales decreased to 47.9% from 54.1% for the six-month period ended December 31, 1999, primarily due to the significant sales mix change that has been
occurring, as SBS continues to transition to higher volume, lower margin OEM production orders, and becomes less dependent on its high-margin legacy products. Gross margins as a percentage
of sales are expected to continue to decrease slightly, as SBS' lower margin production and systems business continues to be a larger portion of total sales mix.

Selling, General and Administrative Expense.For the six-month period ended December 31, 2000,
selling, general and administrative (SG&A) expense increased 30.8%, or $3.7 million, from $12.3 million for the six-month period ended December 31, 1999, to
$16.0 million. Of this 30.8% increase, 8.4% was due to the acquisition of SDL on April 12, 2000, and 22.4% was primarily due to an increase in costs commensurate with the growth of the
Communications Group, partially offset by cost reductions within the Aerospace Group, commensurate with the Group's decline in sales volume. For

10

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the six-month period ended December 31, 2000, SG&A expense as a percentage of sales decreased to 17.3% from 20.3% in the six-month period ended December 31, 1999,
as the increase in sales volume more than offset the increase in expense.

Research and Development Expense.For the six-month period ended December 31, 2000, research and
development (R&D) expense increased 31.7%, or $2.4 million, from $7.5 million for the six-month period ended December 31, 1999, to $9.9 million. Of this 31.7%
increase, 25.0% was due to the acquisition of SDL on April 12, 2000, and 6.7% was primarily due to increased investment in product development within the Communications Group, commensurate with
the growth of the segment, partially offset by cost reductions within the Aerospace Group, commensurate with the Group's decline in sales volume. For the six-month period ended
December 31, 2000, R&D expense as a percentage of sales decreased to 10.7% from 12.5% in the six-month period ended December 31, 1999, as the increase in sales volume more
than offset the increase in expense.

Amortization of Intangible Assets.For the six-month period ended December 31, 2000, amortization of
intangible assets increased 75.4%, or $1.7 million, from $2.2 million for the six-month period ended December 31, 1999, to $3.9 million. This increase was the
result of the amortization of intangibles and goodwill associated with the acquisition of SDL on April 12, 2000 and amortization of SBS' license agreement for fibre channel technology purchased
in the fourth quarter of fiscal 2000.

Interest Income (Expense), Net.For the six-month period ended December 31, 2000, net interest
expense of $544,000 consisted of interest expense associated with borrowings used to fund the acquisition of SDL on April 12, 2000, partially offset by interest income associated with surplus
cash. For the six-month period ended December 31, 1999, net interest income of $175,000 consisted primarily of interest income associated with amendments to prior years' tax returns
for research and experimental tax credits, and interest income on surplus cash, partially offset by interest expense associated with borrowings under SBS' line of credit.

Foreign Exchange Gains (Losses).For the six-month period ended December 31, 2000, the $63,000
foreign exchange loss was primarily attributable to the change in exchange rates relating to interest payable on debt from SBS' foreign subsidiary, partially offset by a foreign exchange gain
attributable to the change in exchange rates relating to payments by SBS' U.S. subsidiaries to an SBS foreign subsidiary for commissions accrued at June 30, 2000.

Income Taxes.For the six-month periods ended December 31, 2000 and 1999, income taxes represented
effective income tax rates of 33.8% and 34.6%, respectively. The decrease in the effective income tax rate was primarily due to a favorable ruling by the German tax authorities allowing for the
deduction of goodwill amortization for trade tax purposes. This ruling was applied retroactively to January 1, 1999 and resulted in an approximate 2.6% decrease in the effective rate for the
six-month period ended December 31, 2000. The decrease in the effective tax rate was partially offset by an adjustment to SBS' German deferred tax assets due to a legislative change
in the German tax rate structure, which was enacted into law in the quarter ended December 31, 2000. Management expects the effective rate for the remaining two quarters in fiscal 2001 to be
approximately 36.0%. Actual results may vary.

Earnings Per Share.For the six-month period ended December 31, 2000, net income per common share
was $0.68 compared to $0.59 for the six-month period ended December 31, 1999. For the

11

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six-month period ended December 31, 2000, net income per common share-assuming dilution was $0.61 compared to $0.54 for the six-month period ended December 31,
1999.

Review of Business Segments

SBS is managed and operates through three operating segments: the Communications Group, the Computer Group and the Aerospace Group. Reportable segments for the
fiscal 2000 periods have been reclassified to conform to the segment structure implemented during the third quarter of fiscal 2000.

The
following is a discussion of sales to external customers and segment profit for each reportable segment. SBS does not allocate to these segments costs associated with its
corporate headquarters, substantially all of the amortization expense associated with acquisitions, substantially all interest income earned on cash balances, interest expense associated with SBS
borrowing facilities and acquired in-process research and development charges. This measure of segment profit described above is referred to in this review as "Segment Profit."

Communications Group

For the six-month period ended December 31, 2000, Communications Group sales to external customers increased 184.5%, or
$31.1 million, from $16.9 million for the six-month period ended December 31, 1999 to $48.0 million. Of this 184.5% increase, sales contributed from the
acquisition of SDL on April 12, 2000 accounted for 80.8% of the increase. The balance of the increase was primarily attributable to a 147.5% increase in sales of the Group's PowerPC based
processor products, resulting from growth in sales to wireless internet access, high speed router, optical switch, wide area network monitoring, and IP routing application customers.

For
the six-month period ended December 31, 2000, Communications Group segment profit increased 209.0%, or $8.3 million, from $3.9 million for the
six-month period ended December 31, 1999, to $12.2 million. This increase was primarily due to earnings contributed by the acquisition of SDL on April 12, 2000 and an
increase in sales among the Group's PowerPC products, partially offset by an increase in SG&A and R&D expenses, commensurate with the growth of the segment. Segment profit as a percentage of sales
increased from 23.4% for the six-month period ended December 31, 1999 to 25.4% for the same period in 2000, as the increase in sales volume more than offset the increase in
expenses.

Computer Group

For the six-month period ended December 31, 2000, Computer Group sales to external customers increased 14.0%, or $4.0 from
$28.7 million for the six-month period ended December 31, 1999 to $32.7 million. Sales of the Group's general purpose I/O products and computer connectivity and
expansion unit products increased 45.4% and 12.3%, respectively, primarily the result of an increase in sales to semiconductor equipment manufacturers, and an increase in sales to the entertainment
production equipment and defense and aerospace industries. Unit shipments of the Group's computer processor products increased slightly compared to the six-month period ended
December 31, 1999, but sales were negatively impacted by changes in exchange rates by approximately $900,000, as the U.S. dollar strengthened against the Deutsche mark.

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For the six-month period ended December 31, 2000, Computer Group segment profit increased 5.6%, or $361,000, from $6.5 million for the six-month
period ended December 31, 1999 to $6.9 million. This increase was primarily due to the increase in sales of the Group's general purpose I/O products and computer connectivity and
expansion unit products, partially offset by the shift in sales mix to lower margin OEM production orders and amortization of the Group's license agreement for fibre channel technology purchased in
the fourth quarter of fiscal 2000. For the same reasons, segment profit as a percentage of sales decreased from 22.6% for the six-month period ended December 31, 1999 to 20.9% for
the same period in 2000.

Aerospace Group

For the six-month period ended December 31, 2000, Aerospace Group sales to external customers decreased 18.7%, or $2.8 million, from
$14.9 million for the six-month period ended December 31, 1999 to $12.1 million. This decrease was primarily the result of the continued declines in the commercial
satellite and military markets served by the Group, and in major new aircraft development programs. Management expects an approximate 5% to 8% decline in Aerospace Group sales to external customers in
fiscal 2001 as compared to fiscal 2000.

For
the six-month period ended September 30, 2000, Aerospace Group segment profit decreased 34.5%, or $1.5 million, from $4.4 million for the
six-month period ended December 31, 1999 to $2.9 million. This decrease was primarily due to lower sales of the Group's telemetry and avionics interface product lines and a
shift in sales mix to lower margin products, partially offset by R&D and SG&A cost reductions, commensurate with the decline in the Group's sales volume. For the same reasons, segment profit as a
percentage of sales decreased from 29.5% for the six-month period ended December 31, 1999 to 23.7% for the same period in 2000.

Three Months Ended December 31, 2000 Compared To Three Months Ended December 31, 1999

Sales.For the three-month period ended December 31, 2000, sales increased 51.4%, or $16.7 million, from
$32.4 million for the three-month period ended December 31, 1999, to $49.1 million. Of this 51.4% increase, sales contributed by the acquisition of SDL on April 12, 2000
comprised 19.2%, and 32.2% was attributable to SBS' other product lines. Unit shipments increased within the Computer Group segment, primarily due to an increase in sales of the Group's computer
connectivity and expansion unit products and general purpose I/O products. Sales of the Computer Group's computer processor products decreased, due to a slight decline in unit shipments, combined with
the negative impact of changes in exchange rates, as the U.S. dollar strengthened against the Deutsche mark. Unit shipments of Communications Group's PowerPC based processor products increased. Unit
shipments of the Communication Group's industrial systems and enclosures products were consistent with the three-month period ended December 31, 1999. Unit shipments declined within the
Aerospace Group primarily due to the continued decline in the commercial satellite and military markets and decline in major new aircraft development programs.

Gross Profit.For the three-month period ended December 31, 2000, gross profit increased 34.5%, or
$5.9 million from $17.1 million for the three-month period ended December 31, 1999, to $23.0 million. Of this 34.5% increase, gross profit contributed by the acquisition of
SDL on April 12, 2000 comprised
17.4%, and 17.1% was attributable to SBS' other product lines. As expected, for the three-month period ended December 31, 2000, gross profit as a percentage of sales decreased to 46.9%

13

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from 52.8% for the three-month period ended December 31, 1999, primarily due to the significant sales mix change that has been occurring, as SBS continues to transition to higher volume, lower
margin OEM production orders, and becomes less dependent on its high-margin legacy products. Gross margins as a percentage of sales are expected to continue to decrease slightly, as SBS'
lower margin production and systems business continues to be a larger portion of total sales mix.

Selling, General and Administrative Expense.For the three-month period ended December 31, 2000, SG&A expense
increased 27.6%, or $1.8 million, from $6.3 million for the three-month period ended December 31, 1999, to $8.1 million. Of this 27.6% increase, 7.7% was due to the
acquisition of SDL on April 12, 2000, and 19.9% was primarily due to an increase in costs commensurate with the growth of the Communications Group, partially offset by cost reductions within
the Aerospace Group, commensurate with the decline in the Group's sales volume. For the three-month period ended December 31, 2000, SG&A expense as a percentage of sales decreased to 16.5% from
19.6% in the three-month period ended December 31, 1999, as the increase in sales volume more than offset the increase in expense.

Research and Development Expense.For the three-month period ended December 31, 2000, R&D expense increased
28.3%, or $1.1 million, from $3.9 million for the three-month period ended December 31, 1999, to $5.0 million. Of this 28.3% increase, 23.9% was due to the acquisition of
SDL on April 12, 2000, and 4.4% was primarily due to increased investment in product development within the Communications Group, commensurate with the growth of the segment, partially offset
by cost reductions within the
Aerospace Group, commensurate with the Group's decline in sales volume. For the three-month period ended December 31, 2000, R&D expense as a percentage of sales decreased to 10.1% from 11.9% in
the three-month period ended December 31, 1999, as the increase in sales volume more than offset the increase in expense.

Amortization of Intangible Assets.For the three-month period ended December 31, 2000, amortization of
intangible assets increased 73.4%, or $814,000, from $1.1 million for the three-month period ended December 31, 1999, to $1.9 million. This increase was the result of the
amortization of intangibles and goodwill associated with the acquisition of SDL on April 12, 2000 and amortization of SBS' license agreement for fibre channel technology purchased in the fourth
quarter of fiscal 2000.

Interest Income (Expense), Net.For the three-month period ended December 31, 2000, net interest expense of
$190,000 consisted of interest expense associated with borrowings used to fund the acquisition of SDL on April 12, 2000, partially offset by interest income associated with surplus cash. For
the three-month period ended December 31, 1999, net interest income of $88,000 consisted primarily of interest income associated with amendments to prior years' tax returns for research and
experimental tax credits and interest income associated with surplus cash.

Foreign Exchange Gains (Losses).For the three-month period ended December 31, 2000, the $19,000 foreign
exchange gain was primarily attributable to the change in exchange rates relating to interest payable on debt from SBS' foreign subsidiary.

Income Taxes.For the three-month periods ended December 31, 2000 and 1999, income taxes represented effective
income tax rates of 37.2% and 32.6%, respectively. The increase in the effective income tax rate was primarily due to the reinstatement through legislation of the research and experimental tax credit
in the quarter ended December 31, 1999, which resulted in a year-to-date tax

14

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rate adjustment in the quarter ended December 31, 1999, and an adjustment to SBS' German deferred tax assets due to a legislative change in the German tax rate structure, which was enacted into
law in the quarter ended December 31, 2000. Management expects the effective rate for the remaining two quarters in fiscal 2001 to be approximately 36.0%. Actual results may vary.

Earnings Per Share.For the three-month period ended December 31, 2000, net income per common share was $0.36
compared to $0.32 for the three-month period ended December 31, 1999. For the three-month period ended December 31, 2000, net income per common share-assuming dilution was $0.32 compared
to $0.29 for the three-month period ended December 31, 1999.

Review of Business Segments

SBS is managed and operates through three operating segments: the Communications Group, the Computer Group and the Aerospace Group. Reportable segments for the
fiscal 2000 periods have been reclassified to conform to the segment structure implemented in the third quarter of fiscal 2000.

The
following is a discussion of sales to external customers and segment profit for each reportable segment. SBS does not allocate to these segments costs associated with its
corporate headquarters, substantially all of the amortization expense associated with acquisitions, substantially all interest income earned on cash balances, interest expense associated with SBS
borrowing facilities and acquired in-process research and development charges. This measure of segment profit described above is referred to in this review as "Segment Profit."

Communications Group

For the three-month period ended December 31, 2000, Communications Group sales to external customers increased 146.4%, or $15.4 million, from
$10.5 million for the three-month period ended December 31, 1999 to $25.9 million. Of this 146.4% increase, sales contributed from the acquisition of SDL on April 12, 2000
accounted for 59.1% of the increase. The balance of the increase was primarily attributable to a 122.1% increase in sales of the Group's PowerPC based processor products, resulting from growth in
sales to wireless internet access, high speed router, optical switch, wide area network monitoring, and IP routing application customers.

For
the three-month period ended December 31, 2000, Communications Group segment profit increased 146.6%, or $4.0 million, from $2.7 million for the three-month
period ended December 31, 1999, to $6.7 million. This increase was primarily due to earnings contributed by the acquisition of SDL on April 12, 2000 and an increase in sales among
the Group's PowerPC based processor products, partially offset by an increase in SG&A and R&D expenses, commensurate with the growth of the segment. Segment profit for the three-month period ended
December 31, 2000 was 26.0%, consistent with the
three-month period ended December 31, 1999, primarily due to the increase in SG&A and R&D expenses noted above.

Computer Group

For the three-month period ended December 31, 2000, Computer Group sales to external customers increased 13.4%, or $2.0 million from
$15.2 million for the three-month period ended December 31, 1999 to $17.2 million. Sales of the Group's general purpose I/O products and computer connectivity and expansion unit
products increased 57.0% and 8.8%, respectively, primarily the result of

15

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an increase in sales to semiconductor equipment manufacturers, and an increase in sales to the entertainment production equipment and defense and aerospace industries. Sales of the Group's computer
processor products decreased, due to a slight decline in unit shipments, combined with the approximate $460,000 negative impact of changes in exchange rates, as the U.S. dollar strengthened against
the Deutsche mark.

For
the three-month period ended December 31, 2000, Computer Group segment profit decreased 6.5%, or $239,000, from $3.7 million for the three-month period ended
December 31, 1999 to $3.4 million. Although the Group experienced an increase in sales, this increase was offset by a shift in sales mix to lower margin OEM production orders, and
amortization of the Group's license agreement for fibre channel technology purchased in the fourth quarter of fiscal 2000. For the same reasons,
segment profit as a percentage of sales decreased from 24.2% for the three-month period ended December 31, 1999 to 19.9% for the same period in 2000.

Aerospace Group

For the three-month period ended December 31, 2000, Aerospace Group sales to external customers decreased 11.0%, or $742,000, from $6.7 million
for the three-month period ended December 31, 1999 to $6.0 million. This decrease was primarily the result of the continued declines in the commercial satellite and military markets
served by the Group, and in major new aircraft development programs. Management expects an approximate 5% to 8% decline in Aerospace Group sales to external customers in fiscal 2001 as compared to
fiscal 2000.

For
the three-month period ended December 31, 2000, Aerospace Group segment profit decreased $29,000 compared to the three-month period ended December 31, 1999. This
decrease was primarily due to lower sales of the Group's telemetry and avionics interface product lines and a shift in sales mix to lower margin products, partially offset by R&D and SG&A cost
reductions, commensurate with the Group's decline in sales volume. Segment profit as a percentage of sales increased from 23.4% for the three-month period ended December 31, 1999 to 25.8% for
the same period in 2000, primarily due to the R&D and SG&A cost reductions.

Liquidity and Capital Resources

SBS uses a combination of the sale of equity securities, internally generated funds and bank borrowings to finance its acquisitions, working capital
requirements, capital expenditures and operations.

Cash
totaled $3.6 million at December 31, 2000, an increase of $43,000 from June 30, 2000. This increase was the result of $3.4 million of cash flow from
operations and $6.8 million from the exercise of stock options, partially offset by $2.2 million of expenditures for capital equipment and $8.5 million of payments on SBS' line of
credit. SBS' growth during the six-month period ended December 31, 2000 caused an increase in accounts receivable and inventory. Liabilities were in line with the current level of
business. The exercise of stock options reduced SBS' tax liability.

SBS
has experienced and may continue to experience component part shortages. In order to help prevent shortages of critical components, SBS has built an inventory of these components.
To date, the shortages have had minimal impact on results of operations. However, the impact of potential shortages on future periods cannot be predicted with certainty.

16

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As of December 31, 2000, borrowings drawn on SBS' $30.0 million Credit Agreement ("Agreement") with Bank of America, N.A. totaled $11.5 million, and SBS was in
compliance with all of the covenants of the Agreement. The Agreement expires on March 31, 2001. Management expects to renew the
Agreement in the normal course of business. Management believes that its financial resources, including its internally generated funds and debt capacity, will be sufficient to finance SBS' current
operations and capital expenditures, excluding acquisitions, for the next twelve months. In addition to normal capital expenditures, management expects to incur approximately $1.5 million over
the next six months with the implementation of SBS' customer relationship management system.

For
the six-month period ended December 31, 2000, there was no significant impact from inflation.

Euro Conversion

On January 1, 1999, eleven of the fifteen member countries of the European Union adopted the euro as their common legal currency and established fixed
conversion rates between their existing sovereign currencies and the euro. The legacy currencies of the participating European Union members will remain legal tender in the participating countries for
the transition period from January 1, 1999 to January 1, 2002. Beginning January 1, 2002, the participating countries will issue new euro-denominated bills and coins
for use in cash transactions. Legacy currencies will no longer be legal tender for any transactions beginning July 1, 2002, making conversion to the euro complete. SBS is assessing its need to
adapt information technology and other systems to accommodate euro-denominated transactions, any potential impact on terms and enforceability of legacy denominated contracts, and potential
tax consequences of currency conversion. This assessment is being conducted to determine whether the euro conversion will have a material adverse effect on SBS' financial position, results of
operations, or liquidity.

New Accounting Standards

In December 1999, the Securities and Exchange Commission issued Staff Accounting Bulletin ("SAB") No. 101, "Revenue Recognition in Financial
Statements." This bulletin summarizes certain of the staff's views in applying generally accepted accounting principles to revenue recognition in financial statements. In June 2000, the
Securities and Exchange Commission issued SAB No. 101B that delayed the implementation date of SAB No. 101 until the fourth fiscal quarter of fiscal years beginning after
December 15, 1999, although early adoption is allowed. SBS does not expect the adoption of the provisions of this bulletin to have a material effect on its financial position or results of
operations.

Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes in the information on this risk that was provided in the Company's Form 10-K for the year ended
June 30, 2000.

Business Outlook

Consistent with SBS' press release dated January 16, 2001, management expects total sales and net income per common shareassuming dilution
for fiscal 2001 to be at the high end of $185.0 million to $190.0 million, and $1.25 to $1.30, respectively. Management expects third quarter sales to increase
slightly over the second quarter and net income per common shareassuming dilution for the third quarter to be between $0.33 and $0.35. Actual results may vary.

17

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PART IIOTHER INFORMATION

Item
1. Legal ProceedingsNone

Item
2. Changes in SecuritiesNone

Item
3. Defaults by the Company upon its Senior SecuritiesNone

Item
4. Submission of Matters to a Vote of Security Holders

The
following items were submitted to a vote and approved at the Annual Meeting of Stockholders held on November 9, 2000 and adjourned and reconvened on December 29,
2000:

TABULATION OF VOTES **

Item Voted

For

Against
or Withheld

Abstentions and
Broker Non-VotesElection of Directors:Scott A. Alexander

6,284,342

207,032Christopher J. Amenson

5,970,137

521,237Warren W. Andrews

6,282,442

208,932Lawrence A. Bennigson

6,285,742

205,632Peter D. Fenner

6,280,042

211,332Louis C. Golm

6,279,942

211,432Alan F. White

6,285,742

205,632Ratification of KPMG LLP as the Company's
independent auditor for fiscal year
ending June 30, 2001.

6,464,876

14,769

11,729Ratification of the 2000 Long-Term
Equity Incentive Plan.

3,544,156

1,595,549

1,351,669


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Item 5. Other InformationNone

18

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Item 6. Exhibits and Reports on Form 8-K.



|Exhibit Number |  | Description                                                                                                                                                                                                                                                         
|-------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|03.i (1)       |  | Restated Articles of Incorporation                                                                                                                                                                                                                                  
|03.ii(1)       |  | Restated and Amended Bylaws                                                                                                                                                                                                                                         
|04.a(1)        |  | Article VI of the Restated Articles of Incorporation,
as included in the Restated Articles of Incorporation
of SBS Technologies, Inc.                                                                                                                               
|04.b(1)        |  | Articles I and II of the Restated and Amended Bylaws of
SBS Technologies, Inc.                                                                                                                                                                                      
|04.c(1)        |  | Form of certificate evidencing Common stock                                                                                                                                                                                                                         
|04.1(1)        |  | Rights Agreement dated September 15, 1997 between SBS
Technologies, Inc. and First Security Bank, National Association,
as Rights Agent, which includes the form of Right Certificate as
Exhibit A and the Summary of Rights to Purchase Common Stock
as Exhibit B.2



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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.

|                        |  |                                                                                                                       
|----------------------- |  | ----------------------------------------------------------------------------------------------------------------------
|                        |  | SBS TECHNOLOGIES, INC.                                                                                                
|                        |  |                                                                                                                       
|Date: February 13, 2001 |  | /s/CHRISTOPHER J. AMENSONChristopher J. Amenson Chairman of the Board,
Chief Executive Officer
and President          
|                        |  |                                                                                                                       
|Date: February 13, 2001 |  | /s/JAMES E. DIXON, JR.James E. Dixon, Jr. Finance and Administration;
Chief Financial Officer, Secretary and
Treasurer

20

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SBS TECHNOLOGIES, INC. AND SUBSIDIARIES    EXHIBIT INDEX

|Exhibit Number |  | Description                                                                                                                                                                                                                                                          |  | Method of Filing
|-------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------
|03.i (1)       |  | Restated Articles of Incorporation                                                                                                                                                                                                                                   |  |                
|03.ii(2)       |  | Restated and Amended Bylaws                                                                                                                                                                                                                                          |  |                
|04.a(3)        |  | Article VI of the Restated Articles of Incorporation,
as included in the Restated Articles of Incorporation
of SBS Technologies, Inc.                                                                                                                                |  |                
|04.b(4)        |  | Articles I and II of the Restated and Amended Bylaws of
SBS Technologies, Inc.                                                                                                                                                                                       |  |                
|04.c(5)        |  | Form of certificate evidencing Common stock                                                                                                                                                                                                                          |  |                
|04.1(6)        |  | Rights Agreement dated September 15, 1997 between SBS
Technologies, Inc. and First Security Bank, National Association,
as Rights Agent, which includes the form of Right Certificate as
Exhibit A and the Summary of Rights to Purchase Common Stock
as Exhibit B.2 |  |                

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