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TSI ANNOUNCES PRELIMINARY RESULTS FOR FISCAL 1993 AND LARGEST CONTRACT IN COMPANY'S HISTORY

 SHOREVIEW, Minn., April 29 /PRNewswire/ -- TSI Incorporated, (NASDAQ: TSII) today reported slightly increased sales and higher earnings for the fiscal year ended March 31, 1993. Results are unaudited and preliminary. The audited results will be released in early June. The company also announced an $8.6 million government contract.
 For the 1993 fiscal year, net sales were $40,589,000 compared with last year's $40,293,000, extending TSI's record of annual sales increases to 21 years. Net earnings totaled $2,344,000, or $.67 per share, compared with $1,830,000, or $.49 per share, a year go (based on continuing operations). Net earnings for fiscal 1993 rose substantially more than sales mainly due to the resolution of litigation which TSI pursued following the Internal Revenue Service's disqualification of TSI's Domestic International Sales Corporation. This, included in other income, added approximately $.20 per share to net earnings for the fourth quarter and fiscal 1993. For the fiscal 1993 fourth quarter, sales increased to $10,834,000 from $10,692,000 a year ago. Net earnings were $1,141,000, or $.33 per share, versus $726,000, or $.20 per share, a year earlier.
 Regarding the major contract, it was awarded by the Department of Defense for 1,650 units of a military version of TSI's PORTACCOUNT(R) Respiratory Fit Tester and spare parts. The contract amount is $8.6 million -- the largest TSI has ever received. Deliveries of 100 units per month will begin in September 1993 and continue for about 17 months.
 Commenting on these developments, Dr. Leroy M. Fingerson, TSI's chief executive officer, said, "While we experienced order delays in fiscal 1993 in several markets, particularly internationally, we enhanced TSI's competitiveness by adding to and improving our product lines and customer service." Fingerson continued, "This government contract is a substantial boost to the company, representing a major addition to sales and earnings for the fiscal years ending March 31, 1994 and 1995. As we go forward, we are strongly committed to sales growth through more and better product lines and closer involvement with our customers."
 TSI's financial position remains very strong. During fiscal 1993 all remaining long-term debt of $965,000 was paid, and approximately $2.5 million was invested in repurchases of TSI stock. Yet, cash and investments totaled $4.3 million, and the current ratio was 3.6 as of March 31, 1993.
 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
 PRELIMINARY CONSOLIDATED FINANCIAL DATA
 (In thousands, except per share data)
 (Unaudited)
 Fourth Quarter Ended Fiscal Year Ended
 Income Statement Data: 3/31/93 3/31/92 3/31/93 3/31/92
 Net sales $10,834 $10,692 $40,589 $40,293
 Gross profit 5,868 6,164 22,877 22,880
 Research & prod.
 dev. expenses 1,529 1,603 5,847 6,112
 Selling expenses 2,968 2,971 11,409 11,106
 Administrative expenses 817 890 3,476 3,387
 Operating income 554 700 2,145 2,275
 Other income 765 46 969 416
 Earnings before income taxes 1,319 746 3,114 2,691
 Provision for income taxes 178 20 770 861
 Earnings before
 cumulative effect 1,141 726 2,344 1,830
 Cumulative effect of
 accounting change -- -- -- 73
 Net earnings $1,141 $726 $2,344 $1,903
 Earnings per share:
 Earnings before
 cumulative effect
 of accounting change $.33 $.20 $.67 $.49
 Accounting change -- -- -- .02
 Net earnings $.33 $.20 $.67 $.51
 Weighted average shares 3,503 3,665 3,511 3,714
 Balance Sheet Data:
 (Thousands) 3/31/93 3/31/92
 Assets:
 Cash & investments $4,256 $5,952
 Total current assets 18,463 19,551
 Total assets 25,661 25,869
 Liabilities and equity:
 Total current liabilities 5,171 4,642
 Long-term liabilities -- 880
 Shareholders' equity 20,193 19,918
 -0- 4/29/93
 /CONTACT: Lowell D. Nystrom, vice president & CFO of TSI Incorporated, 612-483-0900/
 (TSII)


CO: TSI Incorporated ST: Minnesota IN: CPR SU: ERP

DS -- MN005 -- 2513 04/29/93 09:56 EDT
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Date:Apr 29, 1993
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