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TSI CORPORATION ANNOUNCES YEAR END 1993 RESULTS

 MILFORD, Mass., Oct. 13 /PRNewswire/ -- TSI Corporation (NASDAQ: TSIN) today announced its financial results for the three and twelve months ended June 27, 1993.
 For the three-month period, revenue increased 32.9 percent to $14,909,000 from $11,220,000 in the similar period of 1992, reflecting growth in the existing businesses as well as businesses acquired after the fourth quarter of 1992. The net loss for the fourth quarter was $5,119,000 which includes the disposal-of-operations charge of $5,007,000 related to the net assets of the company's German testing and regulatory consulting subsidiary, IBR Forschungs GmbH. The 1993 loss compared to a loss of $7,108,000 in the same period of 1992 when the company reported a total of $4,473,000 in one-time charges and adjustments.
 For the 12 month period ended June 27, 1993, revenue increased to $58,300,000 compared to $35,355,000 in fiscal 1992, reflecting growth in the existing businesses as well as businesses acquired after the fourth quarter of fiscal 1992. The final 1993 loss was $32,023,000 compared to a loss of $11,203,000 in fiscal 1992. The 1993 loss included $15,647,000 of one-time charges related to the company's restructuring announced in the 1993 third quarter, and $6,327,000 due to the company's intent to dispose of certain operations.
 TSI is a life sciences company offering in vitro and in vivo preclinical and toxicology testing services, human clinical testing services and diagnostic intermediate products.
 TSI CORPORATION
 Consolidated Statements of Operations
 (Unaudited, in thousands, except per share data)
 Three Months Ended Twelve Months Ended
 6/27/93 6/28/92 6/28/93 6/28/92
 REVENUES:
 Services $11,428 $7,602 $44,482 $23,048
 Products 2,815 2,463 10,962 7,899
 Research & development 654 881 2,662 3,752
 Interest 12 274 194 656
 Total 14,909 11,220 58,300 35,355
 COST & OPERATING EXPENSES:
 Services 9,366 7,969 37,207 19,763
 Products 2,439 2,403 9,951 6,990
 Research & development 645 879 2,829 3,542
 General & administrative 2,925 6,855 16,813 14,484
 Restructuring (1,079) --- 15,647 ---
 Total 14,296 18,106 82,447 44,779
 Operating income (loss) 613 (6,886) (24,147) (9,424)
 Other income (expense):
 Interest expense (183) (138) (699) (468)
 Other non-recurring expense:
 Acquisition costs --- (45) --- (779)
 R&D repurchase option --- --- --- (672)
 Disposal of operations (5,007) --- (6,327) ---
 Income (loss) before
 income taxes and minority
 interest (4,577) (7,069) (31,173) (11,343)
 Provision (benefit) for
 income taxes 542 39 850 (52)
 Loss before
 minority interest (5,119) (7,108) (32,023) (11,291)
 Minority interest --- --- --- 88
 Net income (loss) $(5,119) $(7,108) $(32,023) (11,203)
 Net income (loss) per
 common share $(0.25) $(0.35) $(1.54) $(0.64)
 Weighted average no.
 of shares outstand. 20,860,442 20,516,716 20,787,929 17,615,400
 CONSOLIDATED BALANCE SHEETS
 6/27/93 6/28/92
 Cash and short term investments $1,886 $21,985
 Other current assets 12,326 14,105
 Property, plant & equipment, net 13,603 17,593
 Other assets 6,144 10,939
 Total $33,959 $64,622
 Current liabilities $17,608 $15,194
 Long term debt 2,940 4,411
 Other long term debt liabilities 1,912 1,146
 Stockholders' equity 11,499 43,871
 Total $33,959 $64,622
 -0- 10/13/93
 /CONTACT: Steven T. Shedd, vice president and CFO of TSI Corp., 508- 478-0877; or Peter Feinstein, president of Feinstein Partners, 617-577-8110, for TSI Corp./
 (TSIN)


CO: TSI Corporation ST: Massachusetts IN: MTC SU: ERN

JL -- NE002 -- 1506 10/13/93 08:59 EDT
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Date:Oct 13, 1993
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