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TSI CORPORATION REPORTS SIX-MONTH AND SECOND QUARTER RESULTS

 WORCESTER, Mass., Jan. 25 /PRNewswire/ -- TSI Corporation (NASDAQ-NMS: TSIN) announced today that the revenues for the six-month period ending Dec. 27, 1992 increased 91.6 percent to $30,643,000 compared with revenues of $15,996,000 for the same period of fiscal year 1992. The company had an operating loss of $393,000 as compared with an operating loss of $1,501,000 for the comparable 1992 period, with a net loss of $932,000, or 4 cents per share for the six-month period, as compared with a loss of $3,130,000, or 19 cents per share over the comparable period ending Dec. 29, 1991.
 For the second quarter ending Dec. 27, 1992, the company reported revenues of $15,970,000 and a net loss of $458,000 or 2 cents per share. For the comparable period ending Dec. 29, 1991, revenues were $7,987,000, with a net loss of $2,035,000 or 13 cents per share.
 James P. Sherblom, TSI Corporation's chairman and CEO says, "I'm particularly happy that for the second quarter in a row we have a net quarter-to-quarter increase in revenues of 9 percent resulting in an annual internal growth rate in excess of 35 percent. Our losses are down sharply from one year ago, and our cash position is improving. We continue to remain confident that our growth strategy is sound and that TSI can build a profitable company in the near term."
 TSI Corporation is a life sciences company offering in vitro and in vivo preclinical and toxicological testing services, human clinical testing services, and biologicals to support diagnostic intermediate products. TSI is also developing animal models for human diseases based on genetic engineering and transgenic techniques. These models will 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 Six Months Ended
 12/27/92 12/29/91 12/27/92 12/29/91
 REVENUES:
 Services $11,946 $5,055 $23,340 $10,307
 Products 3,272 2,133 5,822 3,640
 Research & development 695 706 1,354 1,814
 Interest 57 93 127 235
 Total 15,970 7,987 30,643 15,996
 COST & OPERATING EXPENSES:
 Services 8,511 3,761 16,581 7,560
 Products 2,849 1,919 5,079 3,073
 Research & development 724 746 1,395 1,660
 General & administrative 4,123 2,695 7,981 5,204
 Total 16,207 9,121 31,036 17,497
 Income (loss) from operations (237) (1,134) (393) (1,501)
 Interest expense (160) (130) (349) (228)
 Other non-recurring expense:
 R&D repurchase option -- (672)
 Acquisitions -- (895) -- (895)
 Loss before minority
 interest and income taxes (397) (2,195) (742) (3,926)
 Provision (benefit) for
 income taxes 61 (88) 190 (115)
 Loss) before
 minority interest (458) (2,071) (932) (3,181)
 Minority interest --- 36 --- 51
 Net loss $(458) $(2,035) $(932) $(3,130)
 Net loss per
 common share $(0.02) $(0.13) $(0.04) $(0.19)
 Number of common shares
 outstanding for purposes
 of computing net income
 (loss) per share 20,763,956 16,057,138 20,742,629 16,055,862
 -0- 1/25/93
 /CONTACT: Patricia F. Dimond, Ph.D., director of corporate communications for TSI Corporation, 508-755-0550; Robert Gottleib, senior vice president of Feinstein Partners, 617-577-8110, for TSI/
 (TSIN)


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

CH -- NE003 -- 8235 01/25/93 07:58 EST
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Date:Jan 25, 1993
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