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TSI ANNOUNCES THIRD-QUARTER RESULTS

 TSI ANNOUNCES THIRD-QUARTER RESULTS
 ST. PAUL, Minn., Jan. 23 /PRNewswire/ -- TSI Incorporated


(NASDAQ: TSII), Shoreview, Minn., today reported increased sales but lower earnings for the third-quarter and nine-month periods ended Dec. 31, 1991.
 For the fiscal 1992 third quarter, sales rose 7 percent to $10.8 million from $10.1 million in the year-ago period. Net earnings totaled $556,000, or $.15 per share versus $633,000, or $.17 per share.
 For the 1992 nine months, sales reached $29.6 million, up 4 percent from $28.6 million a year earlier. Net earnings decreased to $1.2 million, or $.32 per share, from $1.6 million, or $.43 per share.
 Dr. Leroy M. Fingerson, president, stated, "While we are pleased to report increased revenue through this difficult recessionary period, the sales gains are below our plan. We had anticipated higher third-quarter earnings, but gross profit margins came in lower than budget.
 "Going forward," Fingerson concluded, "at this point in time, we expect a good fourth quarter. The fourth quarter is typically the year's strongest. That should lead to higher revenues than a year ago. Even so, it now appears likely that our fiscal year earnings will be down compared with last year's record results. Although this is a disappointment, we have always had a long-term time horizon. TSI has continued our long-term commitment to growth through innovation by introducing new, superior product lines in our major markets. This gives us good reason to be optimistic about our future."
 The company has paid dividends to shareholders for 17 consecutive years and has also implemented a stock buyback program.
 TSI is a recognized worldwide leader in providing measuring instruments for environmental monitoring and control, research applications, and industrial process control, emphasizing non-contact technology.
 TSI INCORPORATED
 SUMMARY CONSOLIDATED FINANCIAL DATA
 (In thousands, except per share data)
 (Unaudited)
 INCOME STATEMENT DATA:
 Third Quarter Ended Nine Months Ended
 12/31/91 12/31/90 12/31/91 12/31/90
 Net sales $10,765 $10,072 $29,601 $28,586
 Gross profit 6,062 6,006 16,716 16,843
 Research & product
 dev. expenses 1,598 1,353 4,509 3,933
 Selling expenses 2,822 2,894 8,135 8,264
 General & admin. expenses 888 830 2,498 2,320
 Operating income 754 929 1,574 2,326
 Other income 89 92 370 273
 Earnings before income taxes 843 1,021 1,944 2,599
 Provision for income taxes 287 388 841 988
 Earnings before cumulative
 effect FAS 96 556 633 1,103 1,611
 Cumulative effect of FAS 96 -- -- 73 --
 Net earnings $556 $633 $1,176 $1,611
 Earnings per share:
 Net earnings before cumulative
 effect FAS 96 $.15 $.17 $.30 $.44
 Cumulative effect FAS 96 -- -- .02 --
 Net earnings $.15 $.17 $.32 $.44
 Weighted average shares for
 computation of earnings per
 share 3,711 3,654 3,718 3,724
 BALANCE SHEET DATA:
 12/31/91 12/31/90
 Assets:
 Cash and equivalents $5,363 $4,260
 Total current assets 19,143 17,630
 Total assets 25,657 24,908
 Liabilities and equity:
 Total current liabilities 4,775 5,033
 Long-term liabilities 965 1,106
 Deferred income taxes 579 741
 Shareholders' equity 19,338 18,028
 -0- 1/23/92
 /CONTACT: Lowell D. Nystrom of TSI, 612-483-0900/
 (TSII) CO: TSI Incorporated ST: Minnesota IN: SU: ERN


AL -- MN015 -- 2986 01/23/92 16:20 EST
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Date:Jan 23, 1992
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