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) May 17, 2005
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)981-0777
(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 May 17, 2005 reporting
Transtech Industries, Inc.'s results of operations for the quarter ended March
31, 2005.
TRANSTECH INDUSTRIES, INC. REPORTS RESULTS
FOR THE QUARTER ENDED MARCH 31, 2005
PISCATAWAY, N.J., May 17, 2005 - Robert V. Silva, President and Chief
Executive Officer of Transtech Industries, Inc. (OTC BULLETIN BOARD:TRTI)
announced the results of operations for the three months ended March 31, 2005.
The Company's subsidiaries perform environmental services and generate
electricity utilizing methane gas as fuel.
Gross revenues of the environmental services segment for the three months
ended March 31, 2005 and 2004 were $207,000 and $245,000, respectively. The
environmental services provided in both periods were to members of the
consolidated group and therefore eliminated in the calculation of net revenues.
Revenues for the electricity generation segment for the period in 2005 and 2004
were $96,000 and $63,000, respectively.
The cost of operations for the three months ended March 31, 2005 and 2004
were $366,000 and $398,000, respectively. The net decrease in expenses was
primarily due to personnel related expenses.
Other income for the three months ended March 31, 2005 was $25,000 versus
an expense of $25,000 reported for 2004. The increase in income in 2005 was
primarily due to a reduction in accrued interest expense.
No income tax benefit was recognized for the three months ended March 31,
2005, compared to a benefit of $122,000 reported for the period in 2004.
Net loss for the three months ended March 31, 2005 and 2004 were $245,000
or $.08 per share versus a net loss of $238,000 or $.08 per share, respectively.
The Company continues to face significant potential cash requirements for
litigation expenses, as well as ongoing administrative costs, and post-closure
costs associated with sites of past operations. Although the Company continues
to pursue the sale of property held for sale and claims against non-settling
insurance carriers for recoveries of past remediation costs, no assurance can be
given that the timing or amount of the proceeds from such sources will be
sufficient to meet the cash requirements of the Company.
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.
Presented below are the consolidated balance sheet and comparative
consolidated statements of operations for the three months ended March 31, 2005.
TRANSTECH INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
As of March 31, 2005
(In $000's)
Assets
Cash and cash equivalents $ 2,283
Marketable securities 499
Accounts receivable, net of reserves 339
Refundable income taxes 1,111
Other current assets 264
Total current assets 4,496
Other assets 1,923
Total assets $ 6,419
Liabilities and Stockholders' Equity
Total current liabilities $ 1,021
Income taxes payable 1,315
Accrued closure costs 2,189
Other liabilities 50
Stockholders' equity 1,844
Total Liabilities and Stockholders' Equity $ 6,419
CONSOLIDATED STATEMENTS OF OPERATIONS
(In $000's, except per share data)
For the Three Months
Ended December 31,
2005 2004
Gross Revenues $ 303 $ 308
Less: Inter-company (207) (245)
Net Revenues 96 63
Cost of operations (366) (398)
Other income (expense)(a) 25 (25)
Income (taxes) benefit - 122
Net income (loss) $ (245) $ (238)
Income (loss) per common share:
Net income (loss) $ (.08) $ (.08)
Number of shares used in
calculation 2,979,190 2,979,190
(a) Amount for 2004 includes a charge of $58,000 for interest accrued on federal
income taxes and related interest.
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: May 17, 2005