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TSI CORPORATION REPORTS RECORD FIRST QUARTER REVENUES

 TSI CORPORATION REPORTS RECORD FIRST QUARTER REVENUES
 WORCESTER, Mass., Nov. 5 /PRNewswire/ -- TSI Corporation


(NASDAQ: TSIN) announced today that revenues for the three-month period ended Sept. 27, 1992, increased 83 percent, to $14,673,000, compared with revenues of $8,009,000 in the comparable period of the prior fiscal year. The net loss in the quarter decreased to $474,000, or 2 cents per share, from $1,095,000 in the prior period, or 7 cents per share. Results for the first quarter of the prior fiscal year included a $672,000 one-time charge associated with the issuance of warrants in a private unit offering.
 "I am pleased to report the largest quarterly revenues in the company's history," commented James P. Sherblom, chairman and CEO of TSI. "Especially encouraging is the internal growth of our businesses, with revenues in the quarter, excluding the impact of recent acquisitions, advancing 21 percent from the comparable period in the prior fiscal year."
 "I am also pleased to report on our improved operating performance, with a reduction in operating losses compared with the first quarter of fiscal 1992 and a much more substantial reduction compared to the quarterly losses in the second half of fiscal 1992. I look for continued improvement in our operating results as we advance through the fiscal year."
 TSI Corporation 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/chemical development process.
 TSI CORPORATION
 Consolidated Statements of Operations
 (Unaudited, in thousands, except share and per share data)
 Three Months Ended
 09/27/92 9/29/91
 REVENUES:
 Services $11,394 $5,252
 Products 2,550 1,507
 Research & development 659 1,108
 Interest 70 142
 Total 14,673 8,009
 COST & OPERATING EXPENSES:
 Services 8,070 3,799
 Products 2,230 1,154
 Research & development 671 914
 General & administrative 3,858 2,509
 Total 14,829 8,376
 Income (loss) from operations (156) (367)
 Interest expense 189 98
 Other non-recurring expense:
 R&D repurchase option -- 672
 Income (loss) before minority
 interest and income taxes (345) (1,137)
 Provision (Benefit) for
 income taxes 129 (27)
 Income (loss) before
 minority interest (474) (1,110)
 Minority interest --- (15)
 Net income (loss) $(474) $(1,095)
 Net income (loss) per
 common share (2 cents) (7 cents)
 Number of common shares
 outstanding for purposes
 of computing net income
 (loss) per share 20,721,027 16,054,586
 Consolidated Balance Sheets
 Sept. 27, 1992 June 28, 1992
 (Unaudited)
 Cash and short term investments $9,337 $21,985
 Other current assets 19,146 14,105
 Property, plant & equipment, net 19,683 17,593
 Other assets 19,215 10,939
 Total $67,381 $64,622
 Current liabilities $17,667 $15,194
 Long term debt 4,789 4,411
 Other long term liabilities 1,116 1,146
 Stockholders' equity 43,809 43,871
 Total $67,381 $64,622
 -0- 11/5/92
 /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


DD -- NE004 -- 2834 11/05/92 08:28 EST
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Date:Nov 5, 1992
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