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TSI ANNOUNCES SALES AND INCOME GAINS FOR FISCAL 1993 FIRST QUARTER

 TSI ANNOUNCES SALES AND INCOME GAINS FOR FISCAL 1993 FIRST QUARTER
 MINNEAPOLIS, July 23 /PRNewswire/ -- TSI Incorporated (NASDAQ: TSII) today reported net sales of $9,990,000 for the first quarter ended June 30, 1992, up 12 percent from $8,905,000 for the same period last year. First quarter earnings of $467,000, or 13 cents per share compared with earnings of $318,000, or nine cents per share, last year, based on continuing operations.
 Dr. Leroy M. Fingerson, president, stated, "We are pleased to announce increased shipments and earnings for our first quarter. However, order bookings have continued to be below expectations in some areas, and our gross profit margins were still below our normal range. We are encouraged by recent increased sales activity, but under the existing economic conditions worldwide, TSI's future performance is more difficult to predict than normal."
 TSI is a recognized worldwide leader in providing measuring instruments for environmental monitoring and control, industrial process control and research applications emphasizing non-contact technology. 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
 6/30/92 6/30/91
 Net sales $9,990 $8,905
 Gross profit 5,671 5,130
 Research and product development expenses 1,492 1,424
 Selling expenses 2,707 2,579
 General & administrative expenses 855 758
 Operating income 618 369
 Other income 80 143
 Earnings before income taxes 698 512
 Provision for income taxes 230 194
 Earnings from continuing operations $468 $318
 Cumulative effect of
 accounting change for income taxes -- 73
 Net earnings $468 $391
 Earnings per common share:
 Earnings from continuing operations $.13 $.09
 Cumulative effect of accounting change
 for income taxes -- $.02
 Net earnings $.13 $.11
 Weighted average shares 3,582 3,723
 BALANCE SHEET DATA:
 6/30/92 6/30/91
 Assets:
 Cash and equivalents $4,400 $4,817
 Total current assets 18,291 19,241
 Total assets 24,657 26,662
 Liabilities and equity:
 Total current liabilities 4,402 5,770
 Long-term liabilities 845 965
 Shareholders' equity $19,276 $19,210
 Inventories 6,058 6,878
 -0- 7/23/92
 /CONTACT: Lowell D. Nystrom of TSI, 612-483-0900/
 (TSII) CO: TSI Incorporated ST: Minnesota IN: SU: ERN


AL -- MN014 -- 2721 07/23/92 16:35 EDT
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Publication:PR Newswire
Date:Jul 23, 1992
Words:393
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