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TSI CORPORATION REPORTS FIRST QUARTER RESULTS

 MILFORD, Mass., Nov. 4 /PRNewswire/ -- TSI Corporation (NASDAQ: TSIN) announced today profits of $117,000 or 1 cent per share for the fiscal quarter ended Sept. 26, 1993, as compared to a loss of $474,000 or 2 cents per share for the similar period last year. Revenues for the quarter declined six percent to $13,812,000 from $14,673,000 last year. However, excluding the results of the company's German operation and of the LAS operation, which was sold, revenues advanced eight percent in the quarter.
 Robert W. Baldridge, TSI Corporation's chairman and CEO, commented, "We are pleased that TSI was able to achieve break-even for the quarter. Moving ahead, however, we still need to achieve critical operating improvements in several of our businesses and to improve our cash position."
 The company also announced that it has terminated its research and development agreements with Exemplar Corporation, which was established in 1991 to fund the company's transgenic research activities. As a result, TSI's research and development group has been transferred to Exemplar, and the company no longer has the option to purchase Exemplar's outstanding stock.
 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 CORPORATION
 Consolidated Statements of Operations
 (Unaudited, in thousands, except share and per share data)
 Three Months Ended
 9/26/93 9/27/92
 REVENUES:
 Services $11,086 $11,394
 Products 2,242 2,550
 Research & development 484 659
 Interest --- 70
 Total 13,812 14,673
 COST & OPERATING EXPENSES:
 Services 8,104 8,070
 Products 1,994 2,230
 Research & development 445 671
 General & administrative 2,884 3,858
 Total 13,427 14,829
 Income (loss) from opers. 385 (156)
 Interest expense 146 189
 Provision for income taxes 122 129
 Net income (loss) $117 $(474)
 Net income (loss) per
 common share 1 cent (2 cents)
 Number of common shares
 outstanding for purposes
 of computing net income
 (loss) per share 20,992,149 20,721,027
 CONSOLIDATED BALANCE SHEETS
 9/26/93 6/27/93
 (unaudited)
 Cash and short term investments $720 $1,886
 Other current assets 12,935 12,326
 Property, plant & equipment, net 13,037 13,603
 Other assets 6,014 6,144
 Total $32,706 $33,959
 Current liabilities $16,945 $17,608
 Long-term debt 2,025 2,940
 Other long-term liabilities 2,016 1,912
 Stockholders' equity 11,720 11,499
 Total $32,706 $33,959
 -0- 11/4/93
 /CONTACT: Steven T. Shedd, vice president/CFO of TSI Corp., 508-478-0877; or Peter Feinstein, president of Feinstein Partners, 617-577-8110 for TSI Corp./
 (TSIN)


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

JL -- NE011 -- 0967 11/04/93 17:13 EST
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Publication:PR Newswire
Date:Nov 4, 1993
Words:455
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