Sequential reactive systems include hardware devices and so ware programs which operate in continuous interaction with the external environment, from which they receive streams of input signals (data, commands) and in response to them form streams of output signals. Systems of this type include controllers, network switches, program interpreters, system drivers. e behavior of some reactive systems is determined not only by the sequence of values of input signals, but also by the time of their arrival at the inputs of the system and the delays in computing the output signals.ese aspects of reactive system computations are taken into account by real-time models of computation which include, in particular, realtime nite state machines (TFSMs). However, in most works where this class of real-time automata is studied a simple variant of TFSM semantics is used: the transduction relation computed by a TFSM is de ned so that the elements of an output stream, regardless of their timestamps, follow in the same order as the corresponding elements of the input stream.is straightforward approach makes the model easier to analyze and manipulate, but it misses many important features of real-time computation. In this paper we study a more realistic semantics of TFSMs and show how to represent it by means of Labeled Transition Systems. e use of the new TFSM model also requires new approaches to the solution of veri cation problems in the framework of this model. For this purpose, we propose an alternative de nition of TFSM computations by means of Labeled Transition Systems and show that the two de nitions of semantics for the considered class of real-time nite state machines are in good agreement with each other. e use of TFSM semantics based on Labeled Transition Systems opens up the possibility of adapting well known real-time model checking techniques to the veri cation of sequential reactive systems.