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TSS ESTIMATES FISCAL 1992 RESULTS

 TSS ESTIMATES FISCAL 1992 RESULTS
 PROVIDENCE, R.I., Aug. 21 /PRNewswire/ -- TSS, Ltd. (NASDAQ: TSSL)


estimated today that revenues for the fiscal year ending May 31, 1992 were approximately $1.4 million up from $400,779 a year ago. Losses are estimated to be approximately $3.4 million compared to a loss of $4,037,111 in fiscal 1991.
 In estimating the results, Michael A. Clark, president, said, "The sharply increased revenues and improvement in our losses are positive reflections of our new business strategy."
 The increase in revenues was due to coupon distribution operations under the company's new business strategy which commenced in the second quarter after an initial pilot testing stage.
 As a result of its new business strategy in which the company does not pay fees to retailers, the cost of coupon distribution is estimated to have declined for fiscal 1992, to approximately $1.2 million from $1,570,756 in fiscal 1991. General and Administrative costs are estimated to have increased to approximately $2.9 million in fiscal 1992 from $2,453,504 a year earlier as a result of increased sales and marketing expenses and commissions for a higher level of sales as well as the re-allocation of resources from research and development to general and administration. Research and development costs are estimated to have declined from $354,983 in fiscal 1991 to approximately $291,000 in fiscal 1992, the result of reduced research and development and the above mentioned re-allocation of resources. Interest expense in fiscal 1992 is estimated to have been approximately $148,000 compared to $54,222 in fiscal 1991. This increase is due to short-term convertible debt incurred during the period. Upon completion of a secondary offering in January 1992, the company repaid all principal and outstanding interest on its Series D notes and expensed the $228,426 unamortized financing fees associated with the offering of the notes. No such expenses were incurred in fiscal 1991.
 As a result of its secondary offering of 3,293,310 units (consisting of 1-1/2 shares of common stock and one warrant to purchase a share of common stock) the company raised approximately $4,939,390 net of discounts and commissions. After repayment of the Series D notes and other expenses related to the offering and continuing negative cash flow from operations, cash and equivalents are estimated to have been approximately $1.4 million on May 31, 1992 compared to $109,000 a year earlier. Current assets are estimated to have been approximately $1.8 million with total assets estimated at approximately $3.6 million while current liabilities were approximately $549,000 on May 31, 1992. This compares to current assets of $175,984 and total assets of $1,458,776 and current liabilities of $2,033,186 on May 31, 1991. There were no long term liabilities in either period.
 Clark said "With the changes implemented in the company's business strategy during fiscal 1992 significant steps are being taken to turn the business around to place its operations on what management believes will be a profitable cash flow footing."
 -0- 8/21/92
 /CONTACT: Michael A. Clark of TSS, 401-421-8990, or John Swanson of Swanson Communications, 212-683-4890, for TSS/
 (TSSL) CO: TSS, Ltd. ST: Rhode Island IN: SU: ERP


SH-LR -- NY016 -- 2155 08/21/92 13:00 EDT
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Date:Aug 21, 1992
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