UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the Quarterly
Period Ended March 31, 2004

Commission file number:
1-3952

SIBONEY CORPORATION
(Exact name of registrant as specified in its charter)

| |                                                                       
| | ----------------------------------------------------------------------
| | Maryland(State or other jurisdiction of
incorporation or organization)

325 North Kirkwood Road, Suite 300, St. Louis, MO      63122

               
(Address of principal executive offices)           
     (Zip Code)

314-822-3163

(Registrants telephone number, including area code)

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 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 [  ]

Indicate by check mark whether the
Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).  Yes [  ] No [X]

| |                                        
| | ---------------------------------------
| | Title of class of          common stock
|
| | Common stock, par value$.10 per share  



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INDEX

PART I  FINANCIAL INFORMATION

|                                                               | 
|-------------------------------------------------------------- | 
|Item 1.  Unaudited Financial Statements                        | 
|                                                              
|Condensed Consolidated Balance Sheet, March 31,                | 
|2004 and December 31, 2003                                     | 
|                                                              
|Condensed Consolidated Statement of Operations,                | 
|Three Months Ended March 31, 2004 and March 31, 2003           | 
|                                                              
|Condensed Consolidated Statement of Stockholders Equity,      | 
|March 31, 2004 and December 31, 2003                           | 
|                                                              
|Condensed Consolidated Statement of Cash Flows Three           | 
|Months Ended March 31, 2004 and March 31, 2003                 | 
|                                                              
|Notes to Unaudited Condensed Consolidated Financial Statements | 
|                                                              
|Item 2.  Managements Discussion and Analysis of               | 
|Financial Condition and Results of Operations                  | 
|                                                              
|Item 3.  Quantitative and Qualitative Disclosures              | 
|About Market Risk                                              | 
|                                                              
|Item 4.  Controls and Procedures                               | 
|                                                              
|PART II  OTHER INFORMATION                                    
|                                                              
|Item 6.  Exhibits and Reports on Form 8-K                      | 
|                                                              
|SIGNATURES                                                     | 

2

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PART I - FINANCIAL INFORMATION
                                                 SIBONEY CORPORATION AND SUBSIDIARIES
                                                 CONDENSED CONSOLIDATED BALANCE SHEET
                                                              (Unaudited)Assets

|                                                                                                                         | March 31,2004 | December 31,2003 (SeeNote Below)
|------------------------------------------------------------------------------------------------------------------------ | ------------- | --------------------------------
|                                                                                                                         |               |                                 
|Current Assets                                                                                                           |               |                                 
|Cash                                                                                                                     |               | $1,039,905                      
|Accounts receivable                                                                                                      |               | 1,824,036                       
|Inventories                                                                                                              |               | 350,934                         
|Prepaid expenses                                                                                                         |               | 176,519                         
|Deferred tax asset                                                                                                       |               |                                
|                                                                                                                         |               |                                 
|Total Current Assets                                                                                                     |               | 3,391,394                       
|                                                                                                                        
|Property and Equipment (Net of accumulated depreciation of
$916,008 at March 31, 2004 and $862,942 at December 31, 2003) |               | 438,227                         
|                                                                                                                        
|Other Assets (Note 3)                                                                                                    |               | 2,634,558                       
|                                                                                                                         |               |                                 
|                                                                                                                         |               | $6,464,179                      
|                                                                                                                         |               |                                 
|                                                                                                                        
|Liabilities and Stockholders' Equity                                                                                    
|Current Liabilities                                                                                                      |              
|Current portion of long-term debt                                                                                        |               | $     99,920                    
|Current portion of capitalized lease obligation                                                                          |               | 24,673                          
|Accounts payable                                                                                                         |               | 190,894                         
|Accrued expenses                                                                                                         |               | 505,129                         
|Income taxes payable                                                                                                     |               | 32,800                          
|                                                                                                                         |               |                                 
|Total Current Liabilities                                                                                                |               | 853,416                         
|                                                                                                                         |               |                                 
|Long-Term Liabilities                                                                                                    |              
|Long-term debt                                                                                                           |               |                                
|Capitalized lease obligation                                                                                             |               | 30,217                          
|Deferred tax liability                                                                                                   |               | 345,000                         
|                                                                                                                         |               |                                 
|Total Long-Term Liabilities                                                                                              |               | 375,217                         
|                                                                                                                         |               |                                 
|Stockholders' Equity                                                                                                     |              
|Common stock:                                                                                                            |              
|Authorized 100,000,000 shares at $0.10 par value; issued                                                                 |              
|and outstanding 17,595,419 at March 31, 2004 and                                                                         |              
|17,591,079 at December 31, 2003                                                                                          |               | 1,759,542                       
|Additional paid-in capital                                                                                               |               | 50,744                          
|Retained earnings                                                                                                        |               | 3,425,260                       
|                                                                                                                         |               |                                 
|Total Stockholders' Equity                                                                                               |               | 5,235,546                       
|                                                                                                                         |               |                                 
|                                                                                                                        
|                                                                                                                         |               | $6,464,179                      
|                                                                                                                         |               |                                 

NOTE: The balance sheet at December
31, 2003 has been derived from the audited financial statements at that date and
condensed.

See accompanying notes to unaudited
condensed consolidated financial statements.

3

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SIBONEY CORPORATION AND
SUBSIDIARIES

CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS(Unaudited)

|                                                               | Three Months EndedMarch 31,
|-------------------------------------------------------------- | ---------------------------
|
|
|Revenues                                                       |                            
|                                                              
|Cost of Product Sales                                          |                            
|                                                              
|Selling, General and Administrative Expenses                   |                            
|                                                               |                            
|                                                              
|Income (Loss) from Operations                                  |                            
|                                                               |                            
|                                                              
|Other Income (Expense)                                         |                            
|Interest Expense, net                                          |                            
|Miscellaneous                                                  |                            
|                                                               |                            
|Total Other Income (Expense)                                   |                            
|                                                               |                            
|                                                              
|Income Tax (Expense) Benefit                                   |                            
|                                                               |                            
|                                                              
|Net Income (Loss)                                              |                            
|                                                               |                            
|                                                              
|Earnings (Loss) per Common Share - Basic                       |                            
|                                                               |                            
|Earnings (Loss) per Common Share - Diluted                     |                            
|                                                               |                            
|                                                              
|Weighted Average Number of Common Shares  Outstanding - Basic  |                            
|                                                               |                            
|Weighted Average Number of Common Shares Outstanding - Diluted |                            
|                                                               |                            

See accompanying notes to unaudited
condensed consolidated financial statements.

4

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SIBONEY CORPORATION AND
SUBSIDIARIES

CONDENSED CONSOLIDATED
STATEMENT OF STOCKHOLDERS EQUITY(Unaudited)

|                   | Common Stock
|------------------ | ------------
|                   |             
|Balance -          |             
|December 31, 2003  |             
|                  
|Issuance of Common |             
|Stock              |             
|                  
|Net Income         |             
|                   |             
|                  
|Balance -          |             
|March 31, 2004     |             
|                   |             

See accompanying notes to unaudited
condensed consolidated financial statements.

5

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SIBONEY CORPORATION AND SUBSIDIARIES

CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOW

(Unaudited)

|                                                                               | Three Months Ended March 31,
|------------------------------------------------------------------------------ | ----------------------------
|
|Cash Flows from Operations                                                     |                             
|Net income (loss)                                                              |                             
|Adjustments to reconcile net income (loss) to net cash provided by operations: |                             
|Depreciation                                                                   |                             
|Amortization                                                                   |                             
|Deferred income tax                                                            |                             
|Change in assets and liabilities:                                              |                             
|(Increase) decrease in accounts receivable                                     |                             
|Decrease in inventories                                                        |                             
|(Increase) decrease in prepaid expenses & deposits                             |                             
|Increase in income tax payable                                                 |                             
|Decrease in accounts payable and accrued expenses                              |                             
|                                                                               |                             
|                                                                              
|Net Cash Provided by Operations                                                |                             
|                                                                               |                             
|                                                                              
|Cash Flows from Investing Activities                                           |                             
|Payments for equipment                                                         |                             
|Payments for capitalized software development cost                             |                             
|Payments for assets of unrelated entity                                        |                             
|                                                                               |                             
|Net Cash Used in Investing Activities                                          |                             
|                                                                               |                             
|                                                                              
|Cash Flows from Financing Activities                                           |                             
|                                                                              
|Proceeds from issuance of common stock                                         |                             
|Payments on capital leases                                                     |                             
|Principal payments on long-term debt                                           |                             
|                                                                               |                             
|Net Cash Used in Financing Activities                                          |                             
|                                                                               |                             
|                                                                              
|Net Decrease in Cash                                                           |                             
|                                                                              
|Cash - Beginning of Period                                                     |                             
|                                                                               |                             
|                                                                              
|Cash - End of Period                                                           |                             
|                                                                               |                             
|                                                                              
|Supplemental Disclosure of Cash Flow Information                               |                             
|                                                                              
|Interest paid                                                                  |                             

See accompanying notes to unaudited condensed consolidated financial statements.

6

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SIBONEY CORPORATION AND SUBSIDIARIES
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTSMARCH 31, 2004 AND 2003

1.  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The condensed  consolidated  balance sheet as of March 31, 2004, the condensed  consolidated  statement of stockholders' equity for
    the three-month period ended March 31, 2004, the condensed  consolidated  statement of operations for the three-month periods ended
    March 31, 2004 and 2003 and the condensed  consolidated  statement of cash flows for the  three-month  periods then ended have been
    prepared by the Company,  without  audit.  In the opinion of  management,  all  adjustments  (which  include only normal  recurring
    adjustments)  necessary to present  fairly the financial  position at March 31, 2004 and the results of  operations  for all of the
    periods reported have been made.

Certain  information  and footnote  disclosures  normally  included in financial  statements  prepared in accordance with generally
    accepted accounting  principles have been condensed or omitted.  These condensed  consolidated  financial statements should be read
    in conjunction  with the financial  statements and notes thereto  included in the Company's Annual Report on Form 10-K for the year
    ended  December 31, 2003.  The results of  operations  for the period ended March 31, 2004 are not  necessarily  indicative  of the
    operating results for the full year.

2.  INVENTORIES

Inventories
consist of:

|               |  | March 31, 2004 |  | December 31, 2003 | 
|-------------- |  | -------------- |  | ----------------- | 
|Raw materials  |  | $253,733       |  | $283,917          | 
|Finished goods |  | 97,201         |  | 93,465            | 
|               |  |                |  |                  
|               |  | $350,934       |  | $377,382          | 
|               |  |                |  |                  

3.  OTHER ASSETS

Other
assets consist of:

|                               |  | March 31, 2004 |  | December 31, 2003 | 
|------------------------------ |  | -------------- |  | ----------------- | 
|Software development costs     |  | $2,966,830     |  | $2,858,518        | 
|Goodwill                       |  | 1,045,015      |  | 1,045,015         | 
|Deposits                       |  | 3,071          |  | 3,685             | 
|                               |  |                |  |                  
|                               |  | 4,014,916      |  | 3,907,218         | 
|Less: Accumulated amortization |  | 1,380,358      |  | 1,224,428         | 
|                               |  |                |  |                  
|                               |  | $2,634,558     |  | $2,682,790        | 
|                               |  |                |  |                  

The Company capitalizes costs
associated with the development of computer software for sale. Costs are capitalized at
the point the Company determines that it is technologically feasible to produce the

7

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software title.
Such costs are amortized at the greater of the amount computed using (a)
the ratio that current gross revenues for a product bear to the total of current and
anticipated future gross revenues for the product or (b) the straight-line method over the
remaining estimated economic life of the product. Amortization begins when the product is
available for general release to customers.

Goodwill represents the purchase
price of an acquired companys assets in excess of the fair value of those net assets
at the date of acquisition.

Covenants not to compete are being
amortized on a straight-line basis over two years, which is the life of the covenant
agreements.

Amortization expense charged against
earnings amounted to:

|                           | Three Months Ended March 31,
|-------------------------- | ----------------------------
|                           |                             
|Software development costs |                             
|Covenants not to compete   |                             
|                           |                             
|                           |                             
|                           |                             

4.  Stock Based
Compensation

The Company applies APB Opinion No.
25 and related interpretations in accounting for all its stock option plans. Accordingly,
no compensation cost has been recognized under these plans. The Company has adopted the
disclosure-only provisions of SFAS No. 123, Accounting for Stock-Based
Compensation, and SFAS No. 148, Accounting for Stock-Based
Compensation-Transition and Disclosure, which was released in December 2002 as an
amendment to SFAS No. 123. The following table illustrates the effect on net income (loss)
and earnings per share if the fair value based method had been applied to all awards.

|                                               | Three Months Ended March 31,
|---------------------------------------------- | ----------------------------
|                                               |                             
|Reported net income (loss)                     |                             
|Stock-based employee compensation expense      |                             
|determined under the fair value based method,  |                             
|net of related tax effects                     |                             
|                                               |                             
|Pro forma net income (loss)                    |                             
|                                               |                             
|Earnings (loss) per share (basic and diluted): |                             
|As reported                                    |                             
|Pro forma                                      |                             

8

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SIBONEY CORPORATION AND SUBSIDIARIES

ITEM 2.  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

OVERVIEW

The Companys principal
subsidiary, Siboney Learning Group, Inc. (SLG), publishes and distributes
educational software, primarily for schools. The Company has 59 full-time employees.

The Company has served the
educational market for more than 35 years. Since 1986, the Companys main business
has been publishing educational software in reading, language arts, math, science and
English as a Second Language for students and teachers in levels kindergarten through
adult. The Company is best known for its software which is designed to motivate students
to master key skills and keep track of student progress for teachers to review.

The Companys growing portfolio
of products now includes more than 190 active titles that focus on teaching basic skills
and new concepts while meeting the different learning needs of all students through
time-on-task instruction. Popular titles include Math Concepts, Phonics Mastery, Reading
Concepts, Touchdown Math, Diascriptive Reading and Process Writing.

Siboney Learning Group currently
offers five distinct product categories which are developed, marketed and supported by the
same core team: Orchard Teachers Choice Software; Teacher Support Software;
Educational Activities Software; Journey; and GAMCO Educational Software. These products
allow the Company to offer a wide range of product selection to schools and adult
education centers at a variety of budget levels.

Orchard Teachers Choice
Software (Orchard) offers schools and school districts a broad
curriculum-based solution with universal management and assessment. Orchard is sold
through a network of dealers and direct and independent representatives who actively call
on schools to sell larger curriculum- and technology-based learning solutions. Orchard
includes universal management which tracks student progress across all programs, as well
as pre- and post-test assessment that identifies problem areas and measures instructional
gain. The Company believes that Orchard has become a recognized competitor in the growing
Integrated Learning Systems market as a result of its motivating and balanced content
designed for instructional improvement, strong correlation to major national tests and
state objectives, and its cost-effective pricing structure. The Company believes that its
new Orchard For Your State (OFYS) versions will help maintain Orchards
consistent growth in sales as schools look for proven ways to meet the new federal mandate
for accountability in all states provided in the No Child Left Behind Act of 2001. Orchard
For Your State offers schools and school districts state-specific versions of Orchard that
are directly correlated to each states educational standards. The No Child Left
Behind Act of 2001 will require all students in grades three to eight in all states to
take important tests based upon each states standards. Orchard For Your State is a
direct response to, and solution for, the emerging critical need for state-specific
accountability and instructional improvement. The Company has released 33 state-specific
versions of Orchard For Your State and is planning to release 7 additional versions during
the remainder of 2004.

The Teacher Support Software
(TSS) product line which was acquired in 2000, is best known for its popular
tools for teachers, including Worksheet Magic, and its effective and comprehensive reading
programs, including WordWorks. TSS products are sold through all of the Companys
sales channels as single-title solutions and as part of comprehensive Orchard solutions.
The Company has actively

9

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ITEM 2.  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS (Continued)

upgraded older TSS products to be
compatible with the computers and networks found in schools today.

The Companys Educational
Activities Software (EAS) line, which was acquired in 2001, is best known for
its Diascriptive Reading series, which is sold through a network of independent
representatives to schools, community colleges, adult learning centers and correctional
facilities. This line is the Companys primary product offering for the adult
learning market and allows the Company to achieve incremental sales growth in a growing
market for instruction in basic skills for adults. The Company has committed developmental
resources to web enable selected EAS titles since the older learner market appears to be
increasingly responsive to software delivered to students over the Internet. In addition,
the Company sells selected EAS titles to its K-12 school customers and has released a new
comprehensive solution with universal management, called Real Achievement, based upon EAS
titles and appropriate titles from the Companys portfolio of other software.

Journey, the comprehensive software
product line acquired in 2001 is being upgraded to be competitive with other structured
comprehensive solutions. The Company believes that Journey is an attractive complementary
product for Orchard due to its structured and sequenced content that adapts to individual
learning needs. The Company is presently web-enabling Journey and the new web-enabled
version is planned for release in 2004.

GAMCO Educational Software
(GAMCO), the Companys original product, provides schools with single
titles and series which the Company believes are highly motivating. GAMCO products are
sold through major national and regional school software dealers, the Companys
inside sales force and its direct catalog and promotions. All GAMCO titles include
management features that track student progress and allow teachers to modify the
instruction to meet individual learning needs.

The Company also has generated sales
of select products through a direct-to-the-home marketer of educational software. This
alliance allows the Company to reach families in their homes without relying on expensive
retail distribution.

The Company also has certain natural
resources interests, including coal, oil and gas, through Siboney Coal Company, Inc. and
several other subsidiaries which are not believed to be material to the Companys
results of operations or financial condition.

The Company recently became aware
that a new residential subdivision being developed in Johnson County, Kentucky encroaches
on property owned by Siboney Coal Company, a subsidiary. As a result, the Company has
agreed to enter into an agreement and signed a Quitclaim Deed transferring approximately
82 acres to the developers of the subdivision in return for $220,000.

10

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ITEM 2.  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS (Continued)

Results of Operations

The following is managements
discussion and analysis of certain significant factors which have affected the
Companys financial position and operating results during the periods covered by the
accompanying condensed consolidated financial statements.

Three Months Ended March
31, 2004 Compared To March 31, 2003

Total revenues increased 73.7% or
$1,127,425 during the three-month period ended March 31, 2004 compared to the first
quarter of 2003, reflecting higher sales at Siboney Learning Group. Sales of the
Companys Orchard Software increased 81% during the first quarter of 2004 compared to
the first quarter of 2003 while sales of the Companys other product categories
increased 15% compared to the first quarter of 2003. Two large district-wide orders for
Orchard for Your State were primarily responsible for the increase in Orchard sales. The
Company believes Orchards success in improving student achievement in individual
school buildings is leading to district-wide orders in school districts facing increasing
demands for Adequate Yearly Progress as mandated by the No Child Left Behind Act.

Cost of product sales increased 41.8%
or $158,105 during the first quarter of 2004 compared to the first quarter of the previous
year. This increase was primarily due to increased sales at Siboney Learning Group. Cost
of product sales as a percentage of revenue decreased from 24.7% for the first quarter of
2003 to 20.2% for the first quarter of 2004 due to increased sales of higher margin
Orchard Software during the first quarter of 2004.

Selling, general and administrative
expenses increased 14.2% or $218,328 during the quarter ended March 31, 2004 compared to
the first quarter of 2003, primarily due to increased salary and payroll-related expenses
and increased commissions paid as the result of increased sales.

The Companys net income for the
first quarter of 2004, primarily for the reasons above, was $222,200 after income tax
expense of $144,290 compared to a net loss of $241,986 after income tax benefit of
$150,000 for the first quarter of 2003. Earnings per common share, basic and diluted, was
$0.01 for the first quarter of 2004 compared to a loss of $0.01 per common share, basic
and diluted, for the first quarter of 2003.

Liquidity and Capital
Resources

Accounts receivable increased 18.9%
or $289,489 at March 31, 2004 compared to December 31, 2003 due to increased sales during
February and March 2004 compared to November and December 2003.

The Company has financed its business
primarily with cash generated from operating activities, accessing its bank revolving line
of credit and purchase money financing provided by the sellers of companies acquired. The
line of credit agreement, which matures in June 2004 provides for maximum borrowings of
$1.0 million and is secured by the Companys accounts receivable, equipment and
inventory. The loan agreement requires the Company to maintain a net worth of at least
$2.5 million. As of March 31, 2004, the Company reported a net worth of $5.2 million and
there was no balance outstanding under the Companys line of credit. The Company
believes that it will be able to renew its line of credit and that its available capital
resources are adequate to support its current business levels.

11

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ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company presently does not use
any derivative financial instruments to hedge its exposure to adverse fluctuations in
interest rates, foreign exchange rates, fluctuations in commodity prices or other market
risks, nor does the Company invest in speculative financial instruments. Borrowings with
the bank bear interest at prime rate and 0.25% above prime rate.

Due to the nature of the
Companys borrowings, it has concluded that there is no material market risk exposure
and, therefore, no quantitative tabular disclosures are required.

ITEM 4.  CONTROLS AND PROCEDURES

Based on his evaluation as of the end
of the period covered by this report, Timothy J. Tegeler, the Companys Chief
Executive Officer and Chief Financial Officer, has concluded that the Companys
disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the
Securities Exchange Act of 1934, as amended) are effective. There have been no changes in
internal controls over financial reporting during the period covered by this report that
have materially affected, or are reasonably likely to materially affect, the
Companys internal control over financial reporting.

***

This report contains
forward-looking statements as that term is defined in Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Any
forward-looking statements are necessarily subject to significant uncertainties and risks.
When used in this report, the words believes, anticipates,
intends, expects and similar expressions are intended to identify
forward-looking statements. Actual results could be materially different as a result of
various possibilities.

Factors that could cause actual
results to differ materially from the forward-looking statements include, but are not
limited to, the following: (1) the Companys ability to enhance its existing products
and introduce new products; (2) a delay or reduction in school purchases of the
Companys products due to governmental budgetary and funding constraints resulting in
a reduction in the funds available to the Companys school customers; (3) acceptance
and demand for new educational products; (4) an overall decline in sales of the
Companys Orchard product category, which accounts for a significant portion of the
Companys revenue; (5) the impact of competitive products and pricing; (6) the
Companys ability to establish and protect its copyrights, licenses and other
intellectual property rights; (7) seasonal variations due to, among other things, the
budget and school year cycles of the Companys school customers; and (8) the risks
detailed from time to time in the Companys filings with the Securities and Exchange
Commission.

Readers are cautioned not to place
undue reliance on forward-looking statements, which speak only as of the date hereof. The
Company undertakes no obligation to publicly release the results of any revisions to these
forward-looking statements which may be made to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.

12

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PART II - OTHER INFORMATION

ITEM 2.  CHANGES IN
SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES

On March 8, 2004, the Board of
Directors authorized a stock repurchase program under which the Company may purchase up to
1,000,000 shares of the Companys common stock from time to time in the open market
or in privately negotiated transactions. The Company made no purchases under the plan
during the period covered by this report.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)  
          Exhibits: Exhibits required as part of this report are listed in the index
          appearing on page 14.

(b)  
          Reports on Form 8-K: None.

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.

| | SIBONEY CORPORATION
 
 
 
By: /s/ Timothy J. Tegeler
       Timothy J. Tegeler
       Chief Executive Officer and
       Chief Financial Officer
       (Authorized officer and principal financial officer)
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

May 10, 2004

13

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Index to Exhibits

Exhibit

|31 |  | Certification
Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|-- |  | ----------------------------------------------------------------------------------------------------------------------
|  
|32 |  | Certification
Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002

14