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TSI ANNOUNCES PRELIMINARY RESULTS FOR FISCAL 1992

 TSI ANNOUNCES PRELIMINARY RESULTS FOR FISCAL 1992
 SHOREVIEW, Minn., April 28 /PRNewswire/ -- TSI Incorporated


(NASDAQ: TSII) Shoreview, today reported slightly increased sales but lower earnings for the fiscal year ended March 31, 1992. Results are unaudited and preliminary. The audited fiscal 1992 results will be released in early June.
 For the 1992 fiscal year, net sales rose 2 percent to $40,293,000 from last year's $39,660,000 level. Net earnings totaled $1,903,000 or $.51 per share, compared with $2,660,000, or $.72 per share, a year ago.
 For the fiscal 1992 fourth quarter, sales decreased 3 percent to $10,692,000 from last year's $11,074,000 level. Earnings were $727,000, or $.20 per share, versus $1,049,000, or $.29 per share, in the year earlier period. The fourth quarter reflects an effective tax rate of 3.2 percent due to higher than anticipated benefits from tax deductions and credits coupled with the lower than anticipated pre-tax earnings.
 TSI's financial position has remained very strong. As of March 31, 1992, cash and investments totaled $5.9 million, long-term debt to equity ratio was .04 and current ratio was 4.2. Dividends have been paid for 17 years, and the TSI board of directors has approved a stock repurchase program.
 Dr. Leroy M. Fingerson, president, stated, "Fiscal 1992 was our 20th year of increased sales and 29th year of profitable operations. However, the drop in earnings was disappointing. The year started with good backlogs, and there were many positive developments, including a 19 percent rise in international business to 41 percent of sales. But recessionary pressure, coupled with some adverse impacts on cost of sales, prevented our achievement of another year of earnings growth."
 Fingerson also said, "Fiscal 1992 was a year devoted to new product innovation and introductions with over $6 million invested in research and product development. TSI launched significant new product lines for clean room contamination monitoring and environmental monitoring for both the workplace and the atmosphere. The improved product offerings, along with recent evidence of recovery in the U.S. economy, are very important as all of us at TSI are endeavoring to achieve strong earnings growth not only in fiscal 1993 but for several year to come."
 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)
 INCOME STATEMENT DATA: Fourth Quarter Ended Fiscal Year Ended
 3/31/92 3/31/91 3/31/92 3/31/91
 (Unaudited) (Unaudited)
 Net sales $10,692 $11,074 $40,293 $39,660
 Gross profit 6,164 6,648 22,880 23,491
 Research & product dev. exp. 1,603 1,605 6,112 5,538
 Selling expenses 2,971 2,818 11,106 11,082
 General and admin. expenses 889 765 3,387 3,085
 Operating income 701 1,460 2,275 3,786
 Other income 46 231 416 504
 Earnings before income taxes 747 1,691 2,691 4,290
 Provision for income taxes 20 642 861 1,630
 Earnings before cumulative
 effect of acct. change 727 1,049 1,830 2,660
 Cumulative effect of acct.
 change for income taxes -- -- 73 --
 Net earnings $727 $1,049 $1,903 $2,660
 Earnings per share:
 Earnings before cumulative
 effect of acct. change $.20 $.29 $.49 $.72
 Cumulative effect of acct.
 change for income taxes -- -- $.02 --
 Net earnings per share $.20 $.29 $.51 $.72
 Weighted average shares for
 computation of earnings
 per share 3,665 3,621 3,714 3,696
 BALANCE SHEET DATA: 3/31/92 3/31/91
 Assets:
 Cash and investments $5,952 $3,738
 Total current assets 19,551 19,331
 Total assets 25,869 26,681
 Liabilities and equity:
 Total current liabilities 4,642 6,056
 Long-term liabilities 880 965
 -0- 4/28/92
 /CONTACT: Lowell D. Nystrom of TSI, 612-483-0900/
 (TSII) CO: TSI Incorporated ST: Minnesota IN: SU: ERN


AL -- MN015 -- 3992 04/28/92 16:24 EDT
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