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) August 14, 2006
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 5 pages
Item 8.01. OTHER EVENTS.
Press Release
The following is the text of the press release dated August 14, 2006
reporting Transtech Industries, Inc.'s results of operations for the three and
six month periods ended June 30, 2006.
TRANSTECH INDUSTRIES, INC. REPORTS RESULTS
FOR THE THREE AND SIX MONTH PERIODS ENDED June 30, 2006
PISCATAWAY, N.J., August 14, 2006 - 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 six month periods ended
June 30, 2006. The Company's subsidiaries perform environmental services and
generate electricity utilizing methane gas as fuel.
Revenues for the electricity generation segment for the three months ended
June 30, 2006 and 2005 were $58,000 and $55,000, respectively. The increase in
revenue was due to an increase in kilowatt hours generated. Gross revenues of
the environmental services segment for the period in 2006 and 2005 were $348,000
and $222,000, respectively. The environmental services in both 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 months ended June 30, 2006 and 2005
were $656,000 and $544,000, respectively. The net increase was primarily due to
increased equipment repair, legal and other professional expenses.
Other income for the three months ended June 30, 2006 and 2005 was $507,000
and $2,555,000, respectively, and includes $346,000 and $2,710,000,
respectively, of proceeds from claims against excess insurance carriers.
Income tax benefit for the three months ended June 30, 2006, was $27,000
compared to an expense of $647,000 reported for the period in 2005.
Net loss for the three months ended June 30, 2006 was $64,000, or $.02 per
share, versus net income of $1,419,000, or $.48 per share, for the period in
2005.
Revenues for the electricity generation segment for the six months ended
June 30, 2006 and 2005 were $167,000 and $151,000, respectively. The increase
in revenue was due to an increase in kilowatts hours generated. Gross revenues
of the environmental services segment for the period in 2006 and 2005 were
$617,000 and $429,000, respectively. The environmental services in both 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 six months ended June 30, 2006 and 2005 were
$1,205,000 and $1,017,000, respectively. The net increase was primarily due to
increased personnel costs, legal and other professional expenses.
Other income for the six months ended June 30, 2006 and 2005 was $782,000
and $2,687,000, respectively. In addition to the proceeds from insurance claims
discussed above, other income for 2006 includes $129,000 received in settlement
of litigation regarding the Company's interest in a former partnership.
Income tax benefit for the six months ended June 30, 2006, was $72,000
compared to an expense of $647,000 reported for the period in 2005.
Net loss for the six months ended June 30, 2006 was $184,000, or $.06 per
share, versus net income of $1,174,000, or $.39 per share, for the period in
2005.
The Company and certain subsidiaries previously participated in the waste
recovery and waste management industries. The Company continues to incur
administrative and litigation expenses on matters related to past participation
in those industries. In addition, the Company may incur significant remediation
and post-closure costs related to sites of past operations.
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 unaudited consolidated balance sheet as of June 30,
2006 and comparative consolidated statements of operations for the three and six
months ended June 30, 2006 and 2005.
TRANSTECH INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
As of June 30, 2006
(In $000's)
Assets
Cash and cash equivalents $ 1,263
Marketable securities 4,533
Restricted escrow accounts 1,000
Other current assets 205
Total current assets 7,001
Restricted escrow accounts 6,551
Other assets 1,971
Total assets $15,523
Liabilities and Stockholders' Equity
Total current liabilities $ 2,197
Income taxes payable 1,042
Accrued post-closure costs 8,532
Other liabilities 43
Stockholders' equity 3,709
Total Liabilities and Stockholders' Equity $15,523
CONSOLIDATED STATEMENTS OF OPERATIONS
(In $000's, except per share data)
For the Three Months
Ended June 30,
2006 2005
Gross Revenues $ 406 $ 277
Less: Eliminations (348) (222)
Net Revenues 58 55
Cost of operations (656) (544)
Other income(a) 507 2,555
Income (taxes) benefit 27 (647)
Net income (loss) $ (64) $1,419
Income (loss) per common share:
Net income (loss) $ (.02) $ .48
Number of shares used in
calculation 2,979,190 2,979,190
For the Six Months
Ended June 30,
2006 2005
Gross Revenues $ 784 $ 580
Less: Inter-company (617) (429)
Net Revenues 167 151
Cost of operations (1,205) (1,017)
Other income(a) 782 2,687
Income (taxes) benefit 72 (647)
Net income (loss) $ (184) $1,174
Income (loss) per common share:
Net income (loss) $ (.06) $ .39
Number of shares used in
calculation 2,979,190 2,979,190
(a) Amounts for 2006 and 2005 include $346,000 and $2,710,000 of proceeds from
insurance claims.
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: August 14, 2006