Printer Friendly

TSI CORPORATION REPORTS NINE-MONTH AND THIRD QUARTER RESULTS

 WORCESTER, Mass., May 10 /PRNewswire/ -- TSI Corporation (NASDAQ: TSIN) announced today that revenues for the nine-month period ending March 28, 1993 totaled $43,391,000 compared with $24,135,000 for the same period of fiscal year 1992. The company experienced an operating loss of $24,760,000 as compared with an operating loss of $2,538,000 for the same period during 1992. The net loss for the first nine months of 1993 was $26,904,000, or ($1.30) per share compared with $4,095,000, or (25 cents) per share for the comparable period ending March 29, 1992.
 For the third quarter ending March 28, 1993, the company reported revenues of $12,748,000 and a net loss of $25,972,000, or ($1.25) per share. For the comparable period ending March 29, 1992, revenues were $8,139,000 with a net loss of $965,000 or (5 cents) per share. The company attributes $21,600,000 of the 1993 loss to restructuring and other charges.
 Robert Baldridge, board chairman, said, "The purpose of the restructuring was to focus the company's operations on its core pre-clinical and clinical businesses, reduce overhead, and improve our internal decision making processes. We are taking the necessary steps to achieve our goal of sustained profitability."
 TSI Corporation is a life sciences company offering in vitro and in vivo preclinical and toxicological testing services, and human clinical testing services. TSI also develops animal models for human diseases based on genetic engineering and transgenic techniques. These models are expected to improve the efficacy and efficiency of the pharmaceutical development process.
 TSI CORPORATION
 Consolidated Statements of Operations
 (Unaudited, in thousands, except per share data)
 Three Months Ended Nine Months Ended
 3/28/93 3/29/92 3/28/93 3/29/92
 REVENUES:
 Services $9,714 $5,139 $33,054 $15,446
 Products 2,325 1,796 8,147 5,436
 Research & development 654 1,057 2,008 2,871
 Interest 55 147 182 382
 Total 12,748 8,139 43,391 24,135
 COST & OPERATING EXPENSES:
 Services 11,260 4,234 27,841 11,794
 Products 2,433 1,514 7,512 4,587
 Research & development 789 1,003 2,184 2,663
 General & administrative 5,907 2,425 13,888 7,629
 Restructuring 16,726 --- 16,726 ---
 Total 37,115 9,176 68,151 26,673
 Loss from operations (24,367) (1,037) (24,760) (2,538)
 Interest expense (167) (102) (516) (330)
 Other non-recurring expense:
 R&D repurchase option --- --- --- (672)
 Acquisitions --- 161 --- (734)
 Disposal of operations (1,320) --- (1,320) ---
 Loss before minority
 interest and income taxes (25,854) (978) (26,596) (4,274)
 Provision (benefit) for
 income taxes 118 24 308 (91)
 Loss before
 minority interest (25,972) (1,002) (26,904) (4,183)
 Minority interest --- 37 --- 88
 Net loss $(25,972) $(965) $(26,904) $(4,095)
 Net loss per
 common share $(1.25) $(0.05) $(1.30) $(0.25)
 Number of common shares
 outstanding for purposes
 of computing net
 loss per share 20,807,642 17,809,254 20,761,718 16,636,344
 CONSOLIDATED BALANCE SHEETS
 3/28/93 6/28/92
 Cash and short term investments $4,075 $21,985
 Other current assets 13,904 14,105
 Property, plant & equipment, net 19,224 17,593
 Other assets 7,492 10,939
 Total $44,695 $64,622
 Current liabilities $22,498 $15,194
 Long term debt 4,841 4,411
 Other long term liabilities 988 1,146
 Stockholders' equity 16,368 43,871
 Total $44,695 $64,622
 -0- 5/10/93
 /CONTACT: Patricia F. Dimond, Ph.D., director, corporate communications, TSI Corporation, 508-755-0550; Marcia Kean, executive vp, Feinstein Partners Inc., 617-577-8110, for TSI Corp./
 (TSIN)


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

DJ -- NE005 -- 6523 05/10/93 13:47 EDT
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:May 10, 1993
Words:637
Previous Article:K-TEL ANNOUNCES RESULTS FOR THE THIRD QUARTER ENDED MARCH 31, 1993
Next Article:DAKA INTERNATIONAL, INC. ACQUIRES SIX FUDDRUCKERS RESTAURANTS
Topics:


Related Articles
TSI CORPORATION REPORTS NINE-MONTH AND THIRD QUARTER RESULTS
TSI ANNOUNCES ACQUISITION, FORECASTS THIRD QUARTER
TSI ANNOUNCES THIRD-QUARTER RESULTS
TSI CORPORATION FORECASTS THIRD QUARTER RESULTS AND INTENSIFIES FISCAL 1993 COST REDUCTION PROGRAM
TSI CORPORATION REPORTS MANAGEMENT CHANGES; FORECASTS ANTICIPATED THIRD QUARTER LOSS
TSI CORPORATION ANNOUNCES PRELIMINARY FISCAL 1993 RESULTS
TSI ANNOUNCES HIGHER THIRD QUARTER EARNINGS
TSI CORPORATION REPORTS THIRD QUARTER RESULTS
TSI TelSys Reports Third Quarter Results
TSI TelSys Reports Third Quarter Results (In U.S. $)

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