Printer Friendly

TSI CORPORATION FORECASTS THIRD QUARTER RESULTS AND INTENSIFIES FISCAL 1993 COST REDUCTION PROGRAM

 WORCESTER, Mass., March 16 /PRNewswire/ -- TSI Corporation (NASDAQ: TSIN) expects to report continued operating losses for the third quarter fiscal 1993 ending March 31, 1993. The company is intensifying the cost reduction program initiated at the end of the last fiscal year.
 Company revenues are expected to be approximately 15 percent lower in the current quarter than in the prior quarter, reversing a nine quarter growth trend. As a result of this downtrend in revenues, the company expects to report a total net loss of $12 million for the quarter ending March 31, 1993. The $12 million loss is comprised of a loss from operations of $5 million, including approximately $2 million of one-time charges for write-offs and accruals relating to the smaller size of ongoing operations; and a provision for $7 million of costs associated with the restructuring of certain operating divisions, including a $4 million non-cash goodwill write-off at HSRI.
 Company management attributes the revenue decline to a slowdown in product development activity in its principal market, the biopharmaceutical industry. In response, TSI is reducing its staffing by approximately 10 percent, with particular emphasis at two divisions, in order to operate profitably at reduced revenue levels. Other reductions include administrative staff reductions company-wide.
 "During fiscal years 1991 and 1992 TSI acquired seven separate businesses, each of which had its multi-layered management and cost structure," said James P. Sherblom, chairman and CEO of TSI. "It has become clear that we had to consolidate certain functions and reduce indirect costs in each business. At the same time, demand for our services has temporarily contracted. We are, therefore, accelerating and intensifying our cost-cutting program, with a view to becoming streamlined as rapidly as possible, and enabling us to function profitably in all market environments," he added.
 TSI is a life sciences company offering in vitro and in vivo preclinical and toxicology testing services, human clinical testing services, and diagnostic intermediate products. TSI is developing advanced toxicology tests and disease models based on genetic engineering and transgenic techniques to improve the efficiency of the pharmaceutical/clinical development process.
 -0- 3/16/93
 /CONTACT: Patricia F. Dimond, Ph.D., director of Corporate Communications, TSI Corporation, 508-755-0550; Marcia A. Kean, executive vice president, Feinstein Partners Inc., 617-577-8110/
 (TSIN)


CO: TSI Corporation ST: Massachusetts IN: MTC SU: ERP

DJ-TM -- NE001 -- 6378 03/16/93 08:00 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 16, 1993
Words:392
Previous Article:AAA APPOINTS TWO VICE PRESIDENTS
Next Article:HS RESOURCES REPORTS RECORD 1992 RESULTS; PRODUCTION, REVENUE, NET INCOME AND CASH FLOWS INCREASE SIGNIFICANTLY
Topics:


Related Articles
TSI CORPORATION REPORTS RECORD FIRST QUARTER REVENUES
TSI ANNOUNCES ACQUISITION, FORECASTS THIRD QUARTER
TSI ANNOUNCES THIRD-QUARTER RESULTS
TSI ANNOUNCES PRELIMINARY RESULTS FOR FISCAL 1993 AND LARGEST CONTRACT IN COMPANY'S HISTORY
TSI CORPORATION REPORTS NINE-MONTH AND THIRD QUARTER RESULTS
TSI ANNOUNCES FINAL AUDITED RESULTS FOR FISCAL 1993
TSI CORPORATION ANNOUNCES PRELIMINARY FISCAL 1993 RESULTS
TSI CORPORATION ANNOUNCES YEAR END 1993 RESULTS
TSI CORPORATION REPORTS SECOND QUARTER RESULTS
TSI CORPORATION REPORTS THIRD QUARTER RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters