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TSI ANNOUNCES HIGHER SECOND QUARTER EARNINGS

 SHOREVIEW, Minn., Oct. 19 /PRNewswire/ -- TSI Incorporated (NASDAQ: TSII), today reported increased sales and earnings for the second quarter ended Sept. 30, 1993.
 For the fiscal 1994 second quarter, sales rose 8 percent to $11.3 million from $10.5 million in the year-ago period. Net earnings totaled $850,000, or $.25 per share, up 28 percent from last year's $665,000, or $.19 per share.
 For the fiscal 1994 six months, sales reached $20.1 million, compared with $20.5 million a year earlier. Net earnings were $527,000, or $.15 per share, down from $1.1 million, or $.32 per share, a year ago.
 The company reported that in the second quarter revenues and profits improved in all areas compared to the first quarter. Due to higher sales volume and lower costs resulting from adjustments made earlier this year, gross profit margin improved to 57.3 percent for the second quarter from 53.1 percent for the first quarter. Shipments on the previously announced $8.6 million Army contract for PortaCount(R) fit testers began in August, helping to make this year's second quarter the strongest in history. Sales bookings were higher than the previous four quarters (not counting the PortaCount contract). Backlog at Sept. 30, 1993 was $14.4 million.
 Dr. Leroy M. Fingerson, chairman and CEO, stated, "We are pleased to report increased revenue and earnings for our second quarter, not only compared to our weak first quarter, but also ahead of last year's record second quarter. Environmental and research and analytical instrument areas showed stronger performance. Process instruments for microcontamination (clean rooms), while improved, were still below expectations. We are encouraged by the turnaround and anticipate a good second half, but we have many challenges for the future as we concentrate on solid revenue growth in our core businesses."
 TSI is a recognized worldwide leader in providing measuring instruments for environmental, research/analytical and process 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:
 Second Quarter Ended Six Months Ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Net sales $11,323 $10,509 $20,063 $20,498
 Gross profit 6,489 6,154 11,133 11,825
 Research and
 product
 dev. ex. 1,578 1,415 3,199 2,906
 Selling
 expenses 2,760 2,924 5,507 5,632
 Administrative
 expenses 913 902 1,798 1,757
 Operating
 income 1,238 913 629 1,530
 Other income 31 80 158 160
 Earnings before
 income taxes 1,269 993 787 1,690
 Provision for
 income taxes 419 328 260 558
 NET EARNINGS 850 665 527 1,132
 Earnings per
 common share $.25 $.19 $.15 $.32
 Weighted average
 shares 3,419 3,561 3,441 3,538
 BALANCE SHEET DATA:
 9/30/93 9/30/92
 Assets:
 Cash & investments $3,920 $4,230
 Inventories 5,762 5,683
 Total current assets 18,091 17,810
 Total assets 24,949 24,163
 Liabilities and Equity:
 Total current liabilities 4,853 4,049
 Long-term liabilities -- 845
 Shareholders' equity 19,869 19,134
 -0- 10/19/93
 /CONTACT: Lowell D. Nystrom, vice president and CFO of TSI, 612-483-0900/
 (TSII)


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

CP-DB -- MN001 -- 3763 10/19/93 08:54 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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