SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 13, 2009
TRANSTECH INDUSTRIES, INC.
(Exact name of registrant as specified in charter)
Delaware 0-6512 22-1777533
(State or other (Commission (IRS. Employer
jurisdiction of File Number) Identification No.)
incorporation)
|
200 Centennial Ave., Piscataway, N.J. 08854
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (732)564-3122
(Former name or former address, if changed
since last report.) Not applicable
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
[] Written communications pursuant to Rule 425 under the Securities Act.
[] Soliciting material pursuant to Rule 14a-12 under the Exchange Act.
[] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act.
[] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act.
Page 1 of 4 pages
Item 8.01. OTHER EVENTS.
Press Release.
The following is the text of the press release dated November 13, 2009
reporting Transtech Industries, Inc.'s results of operations for the quarter
ended September 30, 2009.
TRANSTECH INDUSTRIES, INC. REPORTS RESULTS
FOR THE QUARTER ENDED SEPTEMBER 30, 2009
PISCATAWAY, N.J., November 13, 2009 - Robert V. Silva, President and
Chief Executive Officer of Transtech Industries, Inc. (OTC BULLETIN
BOARD:TRTI) announced the results of operations for the three and nine
month periods ended September 30, 2009. The Company's subsidiaries perform
environmental services and generate electricity utilizing methane gas as
fuel.
Revenues for the electricity generation segment for the three and nine
month periods ended September 30, 2009 were $108,000 and $313,000,
respectively, versus $201,000 and $573,000 reported for the those periods
in 2008. The decrease in revenue reflects the decline in the price
received per kilowatt generated as the kilowatt output was comparable for
the periods. Gross revenues of the environmental services segment for the
three and nine month periods ended September 30, 2009 were $178,000 and
$509,000, respectively, versus $186,000 and $623,000 reported for the those
periods last year. The environmental services performed in the periods
were conducted on sites owned or leased by members of the consolidated
group and therefore eliminated in the calculation of net revenues.
The cost of operations for the three and nine month periods ended
September 30, 2009 were $588,000 and $1,797,000, respectively, versus
$644,000 and $2,060,000 reported for the periods in 2008. The net decrease
in costs was primarily due to a decrease in professional fees and general
operating expenses.
Other income for the three and nine month periods ended September 30,
2009 was $197,000 and $652,000, respectively, versus $220,000 and $479,000
reported for the periods in 2008.
Income tax benefit recognized for the three and nine month periods
ended September 30, 2009 was $162,000 versus $86,000 and $261,000 reported
for the periods in 2008, respectively.
Net loss for the three and nine month periods ended September 30, 2009
was $121,000, or $.04 per share, and $670,000, or $.22 per share,
respectively. Net loss reported for the three and nine month periods in
2008 was $137,000, or $.05 per share, and $747,000, or $.25 per share,
respectively.
The Company and certain subsidiaries previously participated in the
waste recovery and waste management industries. The Company continues to
incur administrative and legal expenses on matters related to its past
participation in those industries. In addition, the Company may incur
significant remediation and post-closure costs related to sites of past
operations in excess of amounts accrued for such costs.
Presented below are the unaudited consolidated balance sheet of the
Company as of September 30, 2009 and comparative consolidated statements of
operations for the three and nine month periods ended September 30, 2009
and 2008.
TRANSTECH INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
As of September 30, 2009
(Unaudited, in $000's)
Assets
Cash and cash equivalents $ 664
Marketable securities 1,700
Restricted escrow accounts 1,063
Other current assets 618
Total current assets 4,045
Restricted escrow accounts 5,581
Other assets 1,999
Total assets $11,625
Liabilities and Stockholders' Equity
Total current liabilities $ 1,872
Income taxes payable 456
Accrued post-closure costs 6,876
Other liabilities 51
Stockholders' equity 2,370
Total Liabilities and Stockholders' Equity $11,625
|
CONSOLIDATED STATEMENTS OF OPERATIONS
(In $000's, except per share data)
For the Three Months
Ended September 30,
2009 2008
Gross Revenues $ 286 $ 387
Less: Eliminations (178) (186)
Net Revenues 108 201
Cost of Operations (588) (644)
Other Income 197 220
Income Tax Benefit 162 86
Net Loss $(121) $(137)
Loss per common share:
Net Income Loss $(.04) $(.05)
Number of shares used in
calculation 2,979,190 2,979,190
For the Nine Months
Ended September 30,
2009 2008
Gross Revenues $ 822 $1,196
Less: Eliminations (509) (623)
Net Revenues 313 573
Cost of Operations (1,797) (2,060)
Other Income 652 479
Income Tax Benefit 162 261
Net Loss $ (670) $ (747)
Loss per common share:
Net Loss $ (.22) $ (.25)
Number of shares used in
calculation 2,979,190 2,979,190
|
This news release may contain forward-looking statements as defined by
federal securities laws, that are based on current expectations and involve
a number of known and unknown risks, uncertainties and other factors that
may cause the actual results, levels of activity, performance or
achievements to differ materially from results expressed or implied by this
press release. Such risks and uncertainties include among others, the
following: general economic and business conditions; the ability of the
Company to implement its business strategy; the Company's ability to
successfully identify new business opportunities; changes in the industry;
competition; the effect of regulatory and legal proceedings. The forward-
looking statements contained in this news release speak only as of the date
of release; and the Company does not undertake to revise those forward-
looking statements to reflect events after the date of this release.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
TRANSTECH INDUSTRIES, INC.
(Registrant)
By: /s/ Andrew J. Mayer, Jr.
Andrew J. Mayer, Jr., Vice
President-Finance, Chief
Financial Officer and
Secretary
Dated: November 13, 2009
|
Transtech Industries (CE) (USOTC:TRTI)
Historical Stock Chart
From May 2024 to Jun 2024
Transtech Industries (CE) (USOTC:TRTI)
Historical Stock Chart
From Jun 2023 to Jun 2024
