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TSI CORPORATION REPORTS FISCAL 1992 RESULTS

 TSI CORPORATION REPORTS FISCAL 1992 RESULTS
 WORCESTER, Mass., Aug. 27 /PRNewswire/ -- TSI Corporation (NASDAQ:


TSIN) announced today it financial results for the three and 12-month periods ended June 28, 1992.
 For the three-month period ended June 28, 1992, revenue increased 93 percent to $11,220,000, compared to $5,815,000 for the fourth quarter of fiscal 1991, due primarily to revenues of businesses acquired after fiscal 1991. The loss for the fourth quarter totaled $7,108,000, or (35 cents) per share, compared to a loss of $276,000, or (2 cents) per share, in the fourth quarter of the previous year. Of this loss, $4,473,000 was attributable to certain one-time charges and adjustments previously announced in June that relate to consolidating, restructuring and integrating the company's operations.
 For the 12-month period ended June 28, 1992, revenue increased 52 percent to $35,355,000 compared to $23,319,000 in fiscal 1991, due primarily to revenues of businesses acquired after fiscal 1991. The loss for the year was $11,203,000, or (64 cents) per share in fiscal 1992, up from a loss of $376,000, or (3 cents) per share in fiscal 1991. Non-recurring charges and adjustments accounted for $5,924,000 of the loss, including the fourth quarter charges and adjustments described above plus $1,451,000 of non-recurring charges for acquisition costs and warrant issuance.
 "Fiscal 1992 was a significant transition period for the company," said James P. Sherblom, chairman and chief executive officer of TSI. "Our rapid expansion into a world-wide provider of products and services to the biopharmaceutical industry created operating challenges that were greater than we anticipated. However, we believe the steps we have taken to integrate our operations will position the company in fiscal 1993 for growth and profitablility."
 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 also developing advanced toxicology tests and disease models based on genetic engineering and transgenic techniques to improve the efficiency of the pharmaceutical/chemical development process.
 TSI CORPORATION
 Consolidated Statements of Operations
 (Unaudited, in thousands, except per share data)
 Three Months Ended Twelve Months Ended
 6/28/92 6/30/91 6/28/92 6/30/91
 REVENUES:
 Services $7,602 $3,341 $23,048 $15,361
 Products 2,463 1,749 7,899 5,105
 Research & development 881 495 3,752 2,335
 Interest 274 230 656 518
 Total 11,220 5,815 35,355 23,319
 COST & OPERATING EXPENSES:
 Services 7,969 2,365 19,763 9,735
 Products 2,403 1,078 6,990 3,865
 Research & development 879 799 3,542 3,114
 General & administrative 6,855 1,864 14,484 6,162
 Total 18,106 6,106 44,779 22,876
 Operating Income(loss) (6,886) (291) (9,424) 443
 OTHER INCOME (EXPENSE):
 Interest expense (138) (68) (468) (310)
 Other non-recurring expense:
 Acquisition costs (45) -- (779) (120)
 R&D repurchase option -- -- (672) --
 Income (loss) before income
 taxes and minority
 interest (7,069) (359) (11,343) 13
 Provision (Benefit) for
 income taxes 39 (83) (52) 389
 Loss before minority
 interest (7,108) (276) (11,291) (376)
 Minority interest --- --- 88 ---
 Net income (loss) $(7,108) $(276) $(11,203) $(376)
 Net income (loss) per
 common share (35 cents) (2 cents) (64 cents) (3 cents)
 Weighted average number
 of shares
 outstanding 20,516,716 11,600,136 17,615,400 11,461,643
 Consolidated Balance Sheets
 June 28, 1992 June 30, 1991
 Cash and short term investments $21,985 $12,662
 Other current assets 14,105 7,614
 Property, plant & equipment, net 17,593 6,203
 Other assets 10,939 7,929
 Total $64,622 $34,408
 Current liabilities $15,194 $5,743
 Long term debt 4,411 2,084
 Other long term debt liabilities 1,146 652
 Stockholders' equity 43,871 25,929
 Total $64,622 $34,408
 -0- 8/27/92 R
 /CONTACT: Munro Pitt, senior vice president, TSI Corporation, 508-755-0550; or Robert Gottlieb, vice president of Feinstein Partners Inc., 617-577-8110, for TSI Corporation/
 (TSIN) CO: TSI Corporation ST: Massachusetts IN: MTC SU: ERN


DH -- NE002R -- 3850 08/27/92 10:15 EDT
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Date:Aug 27, 1992
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