U.S. Securities and Exchange Commission
Washington, D. C.  20549
FORM 10-QSB/A

This form has been amended to include the required
certifications.

(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
	THE SECURITIES EXCHANGE ACT OF 1934
       For the quarterly period ended   March 31, 2003

[   ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
       For the transition period from             to

Commission file number  0-2054

 TSI, Inc.
 (Exact name of small business issuer as specified in its charter)

            Montana                    81-0267738
(State or other jurisdiction of    (IRS Employer Identification No.)
incorporation or organization)

128 Second Street South, Great Falls, Montana   59405
(Address of principal executive offices)

(406) 727-2600
(Issuer's telephone number)

 Not Applicable
(Former name, former address and former fiscal year, if changed since
 last report)

Check whether the issuer (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 12 months
(or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes   X     No


APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant filed all documents and reports required
 to be filed by Section 12, 13 or 15(d) of the Exchange Act after the
 distribution of securities under a plan confirmed by a court. Yes No


APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes
 of common equity, as of the latest practicable date:

                     Class                Outstanding at March 31, 2003
$.05 Par Value Common Stock                         10,468,976 Shares

Transitional Small Business Disclosure Format (Check One): Yes ; No X



TSI, INC.

INDEX


MARCH 31, 2003






Page Number
PART I

  Condensed Financial Statements:

Balance Sheet -
  March 31, 2003	                                            2

Statements of Income and Comprehensive Income -
  Three Months Ended March 31, 2003 and 2002                        3

Statements of Cash Flows -
  Three Months Ended March 31, 2003 and 2002	                    4

Notes to Financial Statements                                       5

Management's Discussion and Analysis of the
     Statements of Income	                                    6


PART II

  Other Information	                                            7

  Signatures	                                                    8

  Certifications						 9-13




1

TSI, INC.
CONSOLIDATED BALANCE SHEET
AS OF MARCH 31, 2003






ASSETS





Current Assets


   Cash						$22,689,834
   Marketable Securities, at Fair Value		  1,830,127
   Receivables, Net				    118,859
   Deferred Income Tax Asset			     20,675


      Total Current Assets			$24,659,495



Other Assets

   Noncurrent Investments, at Fair Value	    630,360
   Other Assets					      2,238


Property, Plant and Equipment, Net		    676,150


Total Assets					$25,968,243



LIABILITIES AND STOCKHOLDERS' EQUITY





Current Liabilities


   Accounts Payable and Accrued Liabilities	$  265,009
   Income Taxes Payable				    68,445
   Due to Parent Company			   447,750

       Total Current Liabilities		   781,204



Provision for Estimated Title and Escrow Losses    807,584
Minority Interests				   393,337
Deferred Income Taxes				   146,259
Excess of Fair Value of Net
    Assets Acquired Over Cost			    13,700



Stockholders' Equity


   Common Stock, $.05 Par Value,
   30,000,000 shares authorized,


     10,468,976 shares isssued			   524,157
   Additional Paid-In Capital			22,165,957
   Retained Earnings				   974,884
   Accumulated Other Comprehensive Income	   183,653
   Treasury Stock, at Cost			  (22,492)
               Total Stockholders' Equity       23,826,159



Total Liabilities and Stockholders' Equity	$25,968,243

See Notes to Consolidated Financial Statements.



2

TSI, INC.





CONSOLIDATED STATEMENTS OF INCOME and COMPREHENSIVE INCOME












For The Three Months


Ended


March 31,		  2003     and    2002


Operating Revenues	$654,971	$556,982

Operating Expenses

  Salaries and
   Payroll Costs	 231,006	$206,348
  Depreciation		  17,790	  20,898
  Other Expenses	 287,367	 155,783

  Total Expenses	 536,163	 383,029

Operating Income         118,808         173,953

Amortization of
   Deferred Credit	   2,055	   2,055

Minority Portion
   Of (Income) Loss	 (1,839)	  (2,213)

			 119,024	  173,795

Income Tax Expense	 (13,130)	 (55,700)


Net Income		  105,894 	  118,095



Other Comprehensive Income (Loss)

  Increase(Decrease) in Unrealized
  Holding Gains,
  Net of Income Taxes	   17,330	   43,470

Comprehensive
   Income (Loss)	 $123,224	  $161,565


See Notes to Consolidated Financial Statements.

3

TSI, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS


For the Three Months Ended
March 31, 			 2003 	 	  2002


CASH FLOWS FROM OPERATING ACTIVITIES

Net Cash Provided By
Operating Activities
				$157,562	$135,054




CASH FLOWS FROM INVESTING ACTIVITIES

  Cash Received on Sales and
  Redemptions of Property
  and Equipment			   --		   --

  Cash Purchases of
  Furniture and Equipment	(14,206)	 (5,351)

  Cash Used For Purchases of
  Marketable Securities
  Available For Sale    	(1,012,610)	(339,828)

  Cash Received on
  Dispositions of
  Marketable Securities
  Available for Sale		  117,782	 645,592



Net Cash Provided (Used) By
   Investing Activities		(909,034)	 300,413



CASH FLOWS FROM FINANCING ACTIVITIES



 Cash Purchases of
 Treasury Stock			 (1,700)	 (1,941)


 Cash Provided From
 Parent Company			 105,857	 151,150


Net Cash Provided (Used) By
 Financing Activities		 104,157	 149,209



NET INCREASE IN CASH		 (647,315)	 584,676


CASH - BEGINNING OF PERIOD	23,337,149	22,140,919


CASH - END OF PERIOD		22,689,834	22,725,595


See Notes to Consolidated Financial Statements.


4


TSI, INC.

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2003

In the opinion of management, all adjustments necessary (consisting
of only normal recurring accruals) have been made to the unaudited
financial statements to present fairly the Company's financial
position as of March 31, 2003 and the results of the Company's
operations and cash flows for the three months ended March 31, 2003
and 2002.

The results of operations for the three months ended March 31, 2003
and 2002 are not indicative of the results to be expected for the
full year.

The consolidated financial statements include the accounts of the
Company, its wholly owned subsidiaries and its majority owned
subsidiaries. All significant intercompany transactions and balances
have been eliminated in consolidation.

M Corp, Great Falls, Montana, owns approximately 92% of the
Company's issued and outstanding common stock.

The Company adopted the provisions of Statement of Financial
Accounting Standards No. 115, Accounting for Certain Investments
in Debt and Equity Securities (SFAS No. 115) effective January 1, 1994.

In accordance with SFAS No. 115 the Company's portfolios, current
and noncurrent, are carried at fair value in the Company's balance
sheet at March 31, 2003. The net unrealized holding gain at
March 31, 2003, net of the estimated income tax effects and
minority interests in the unrealized holding gains, is included
in Accumulated Other Comprehensive Income at March 31, 2003 in
accordance with the provisions of Financial Accounting Standards
No. 130.

Sales to outside concerns, interest revenues and segment operating
profit for the Company's reportable segments were as follows for
the period ended March 31, 2003:



			Sales To			Segment
			Outside		Interest	Operating
			Concerns	Revenues	Profit


Financial Holding
Company			$  10,905	$ 11,748	$(24,445)

Title Insurance
Operations		  519,782	  18,806	  166,713

Rental Properties	   93,370	    --		 (23,460)


Consolidated		$  624,417	$ 30,554	$ 118,808



5



TSI, INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS
       OF THE STATEMENTS OF INCOME

MARCH 31, 2003


A summary of the period to period changes in items included in the
statements of income is shown below.





      COMPARISON OF
Three Months
Ended
March 31,
    				      2003    and   2002



Increases
(Decreases)

 Revenues                         $     97,989         17.6%

 Operating Expenses               $    153,134         39.9%

 Net Income                       $    (12,202)        (10.3%)

	Revenues increased $97,989 in the first quarter of 2003 as
compared with the first quarter of 2002 due primarily to an increase
in title revenue of $188,527 (51.5%) and losses in security sales
of $61,286 during first quarter 2003.  Other factors include:
decrease in rent of $8,121 (7.9%), a decrease in interest and
dividends of $34,871 (40.9%), and an increase in other revenues of
$13,740 (3.2%).  Operating expenses increased $153,134 during the
first quarter 2003 as compared with the first quarter of 2002, due
to an increase in salaries of $24,658 (11.9%), a decrease in
depreciation of $3,108 (14.9%),and an increase in other expenses
by $131,584 (107%).  The provision for income tax expense decreased
by $42,569 (76.4%) in the first quarter of 2003 as compared with the
first quarter of 2002.


6


TSI, INC.

PART II

OTHER INFORMATION

MARCH 31, 2003




ITEM 1	LEGAL PROCEEDINGS

None

ITEM 2	CHANGES IN SECURITIES AND USE OF PROCEEDS

None

ITEM 3	DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None

ITEM 5	OTHER INFORMATION

None

ITEM 6	EXHIBITS AND REPORTS ON FORM 8-K

None














7





SIGNATURES







In accordance with the requirements of the Exchange Act, the registrant
 caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.





TSI, INC.
Registrant









Date: May 8, 2004        s/Paul McCann, Jr.,
                          President and CEO





Date: May 8, 2004        s/M. A. Arneson,
                         Director and CFO



8

 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
 AS ADOPTED UPRSUANT TO
 SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of TSI, Inc. on Form
10-QSB for the period ending March 31, 2003 as filed with the Securites
and Exchange Commission on the date hereof (the "Report"), I, Paul
McCann,Jr., Representative of TSI, Inc., certify, pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the Subanes-
Oxley Act of 2002, to the best of my knowledge and belief, that;

1.  The report fully complies with the requirements of section 13(a) or
    15(d) of the Securities Exchange Act of 1934; and

2.  The information contained in the Report fairly presents, in all
    material respects, the financial condition and result of operations
    of TSI, Inc.


Date:   May 8, 2004             s/Paul McCann, Jr.
                                Paul J. McCann, Jr.,
                                President,
				Chief Executive Officer



CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
 AS ADOPTED UPRSUANT TO
 SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of TSI, Inc. on Form
10-QSB for the period ending March 31, 2003 as filed with the Securites
and Exchange Commission on the date hereof (the "Report"), I, M. A.
Arneson, Representative of TSI, Inc., certify, pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the Subanes-
Oxley Act of 2002, to the best of my knowledge and belief, that;

1.  The report fully complies with the requirements of section 13(a) or
    15(d) of the Securities Exchange Act of 1934; and

2.  The information contained in the Report fairly presents, in all
    material respects, the financial condition and result of operations
    of TSI, Inc.


Date:   May 8, 2004                s/M. A. Arneson
                                     M.A. Arneson,
                                      Director, Chief Financial Officer


9
CERTIFICATION

I, Paul McCann, Jr., certify that:


1.  I have reviewed this quarterly report on Form 10-QSB of
    TSI, Inc.

2.  Based on my knowledge, this quarterly report does not contain
    any untrue statement of a material fact or omit to state a
    material fact necessary to make the statements made, in light
    of the circumstances under which such statements were made, not
    misleading with respect to the period covered by this quarterly
    report;

3.  Based on my knowledge, the financial statements, and other
    financial information included in the quarterly report, fairly
    present in all material respects the financial condition, results
    of operations and cash flows of TSI, Inc., as of, and for, the
    periods presented in this quarterly report.

4.  TSI, Inc.'s other certifying officers and I are responsible
    for establishing and maintaining disclosure controls and
    procedures (as defined in Exchange Act Rules 13a-15(e) and
    15d-15(e) and internal control over financial reporting (as
    defined in Exchange Act Rules 13(a)-15(f) and 15(d)-15(f) for
    TSI, Inc. and have:

    a.  Designed such disclosure controls and procedures, or caused
        such disclosure controls and procedures to be designed under
	our supervision, to ensure that material information relating
	to TSI, Inc., including its consolidated subsidiaries, is made
	known to us by others within those entities, particularly
	during the period in which this quarterly report is being
	prepared;

    b.  Evaluated the effectiveness of TSI's disclosure controls
        and procedures and presented in this report our conclusions
	about the effectiveness of the disclosure controls and
	procedures, as of the end of the period covered by this
	report based on such evaluation; and:

    c.  Disclosed in this quarterly report any change in TSI,
	Inc.'s internal control over financial reporting that
	occurred during TSI's first fiscal quarter that has
	materially affected, or is reasonably likely to materially
	affect TSI, Inc's internal control over financial
	reporting;

Page 10

CERTIFICATION - continued

5.  TSI, Inc.'s other certifying officers and I have disclosed,
    based on our most recent evaluation of internal control
    over financial reporting, to TSI, Inc.'s auditors
    and the audit committee of TSI, Inc.'s board of directors
    (or persons performing the equivalent functions):

    a.  All significant deficiencies and material weaknesses in
	the design or operation of internal controls over
	financial reporting which are reasonably likely to
	adversely affect TSI's ability to record, process,
	summarize and report financial information; and I have
	identified for TSI, Inc.'s auditors any material
	weaknesses in internal controls; and

    b.  Any fraud, whether or not material, that involves
	management or other employees who have a significant role
	in TSI's internal control over financial reporting.


 Date:  May 8, 2004             s/Paul McCann, Jr.
                                  President, CEO

 Page 11

CERTIFICATION

I, M.A. Arneson, certify that:


1.  I have reviewed this quarterly report on Form 10-QSB of
    TSI, Inc.

2.  Based on my knowledge, this quarterly report does not contain
    any untrue statement of a material fact or omit to state a
    material fact necessary to make the statements made, in light
    of the circumstances under which such statements were made, not
    misleading with respect to the period covered by this quarterly
    report;

3.  Based on my knowledge, the financial statements, and other
    financial information included in the quarterly report, fairly
    present in all material respects the financial condition, results
    of operations and cash flows of TSI, Inc., as of, and for, the
    periods presented in this quarterly report.

4.  TSI, Inc.'s other certifying officers and I are responsible
    for establishing and maintaining disclosure controls and
    procedures (as defined in Exchange Act Rules 13a-15(e) and
    15d-15(e) and internal control over financial reporting (as
    defined in Exchange Act Rules 13(a)-15(f) and 15(d)-15(f) for
    TSI, Inc. and have:

    a.  Designed such disclosure controls and procedures, or caused
        such disclosure controls and procedures to be designed under
	our supervision, to ensure that material information relating
	to TSI, Inc., including its consolidated subsidiaries, is made
	known to us by others within those entities, particularly
	during the period in which this quarterly report is being
	prepared;

    b.  Evaluated the effectiveness of TSI's disclosure controls
        and procedures and presented in this report our conclusions
	about the effectiveness of the disclosure controls and
	procedures, as of the end of the period covered by this
	report based on such evaluation; and:

    c.  Disclosed in this quarterly report any change in TSI,
	Inc.'s internal control over financial reporting that
	occurred during TSI's first fiscal quarter that has
	materially affected, or is reasonably likely to materially
	affect TSI, Inc's internal control over financial
	reporting;

Page 12

CERTIFICATION - continued

5.  TSI, Inc.'s other certifying officers and I have disclosed,
    based on our most recent evaluation of internal control
    over financial reporting, to TSI, Inc.'s auditors
    and the audit committee of TSI, Inc.'s board of directors
    (or persons performing the equivalent functions):

    a.  All significant deficiencies and material weaknesses in
	the design or operation of internal controls over
	financial reporting which are reasonably likely to
	adversely affect TSI's ability to record, process,
	summarize and report financial information; and I have
	identified for TSI, Inc.'s auditors any material
	weaknesses in internal controls; and

    b.  Any fraud, whether or not material, that involves
	management or other employees who have a significant role
	in TSI's internal control over financial reporting.


 Date:  May 8, 2004             s/M. A. Arneson
                                  Director, CFO

Page 13