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TSI ANNOUNCES FIRST-QUARTER RESULTS

 SHOREVIEW, Minn., July 22 /PRNewswire/ -- TSI Incorporated (NASDAQ: TSII), a maker of a wide range of precision instruments, today reported net sales of $8,740,000 for the fiscal 1994 first quarter ended June 30, 1993, compared with $9,900,000 for the same period a year ago. The company haD a loss of $323,000, or 9 cents per share, compared with earnings of $468,000, or 13 cents per share, for last year's first quarter.
 The company reported that, although Research and Analytical Instrumentation products recovered from losses in fiscal 1993 to become profitable in the first quarter, both sales and gross profit margins suffered in the Microcontamination (clean room) and Meteorological (Handar) products. First-quarter earnings were also affected by start- up costs for the previously announced $8.6 million Army contract for PortaCount(R) fit testers which will begin shipping in the second quarter.
 Dr. Leroy M. Fingerson, TSI's chief executive officer, stated, "We are disappointed with TSI's performance and are strongly focused on returning the company to a solid revenue growth track, which will lead to better earnings. Further, costs have been reduced in several areas. The second quarter, while still not expected to be exceptional, should be much improved and profitable. We expect a strong second half due to the scheduled shipping rate on the Army contract, improved cost structures in areas where we have experienced weakness and other new orders either already or soon to be booked."
 TSI is a leading designer and manufacturer of fluid flow, particle measurement and meteorological instrumentation. The company's common stock is traded on the national over-the-counter market under the NASDAQ symbol TSII.
 TSI INCORPORATED
 SUMMARY CONSOLIDATED FINANCIAL DATA
 (In Thousands, Except Per Share Data)
 (Unaudited)
 Income Statement Data:
 First Quarter Ended
 6/30/93 6/30/92
 Net sales $8,740 $9,990
 Gross profit 4,644 5,671
 Research & product development
 expenses 1,621 1,492
 Selling Expense 2,747 2,707
 General & administrative expenses 885 855
 Operating income (loss) (609) 618
 Other income 127 80
 Earnings (loss) before income taxes (482) 698
 Provision for income taxes (159) 230
 Net earnings (loss) $(323) $468
 Earnings (loss) per common share $(.09) $.13
 Weighted average shares 3,468 3,582
 Balance Sheet Data:
 6/30/93 6/30/92
 Assets:
 Cash & investments $5,270 $4,400
 Inventories 5,732 6,058
 Total current assets 17,780 18,291
 Total assets 24,821 24,657
 Liabilities and equity:
 Total current liabilities 4,900 4,402
 Long-term liabilities -- 845
 Shareholders' equity 19,693 19,276
 -0- 7/22/92
 /CONTACT: Lowell D. Nystrom, vice president & CFO, 612-483-0900, of TSI Incorporated/
 (TSII)


CO: TSI Incorporated ST: Minnesota IN: SU: ERN

DB -- MN020 -- 4810 07/22/93 17:20 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
Words:457
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