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, 2008
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 5 pages
Item 8.01. OTHER EVENTS.
Press Release.
The following is the text of the press release dated August 14, 2008
reporting Transtech Industries, Inc.'s results of operations for the quarter
ended June 30, 2008.
TRANSTECH INDUSTRIES, INC. REPORTS RESULTS
FOR THE QUARTER ENDED JUNE 30, 2008
PISCATAWAY, N.J., August 14, 2008 - 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, 2008. 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 six
month periods ended June 30, 2008 were $213,000 and $372,000, respectively,
versus $78,000 and $211,000 reported for the those periods in 2007. The
increase in revenue was due to higher fees received per kWh and less
downtime for repairs. Gross revenues of the environmental services segment
for the three and six month periods ended June 30, 2008 were $218,000 and
$437,000, respectively, versus $264,000 and $536,000 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 six month periods ended June
30, 2008 were $712,000 and $1,417,000, respectively, versus $625,000 and
$1,203,000 reported for the those periods in 2007. The net increase in
costs was primarily due to an increase in professional fees and general
operating expenses. The increase in professional fees reported for the
periods in 2008 was due in large part to the Company's ongoing challenge of
attempts by two municipalities to encumber the Company's real property
located in Edison Township, N.J. and Deptford Township, N.J. The Company
has filed suits to prevent such actions.
Other income for the three and six month periods ended June 30, 2008
was $138,000 and $259,000, respectively, versus $136,000 and $250,000
reported for the those periods in 2007.
Income tax benefit for the three and six month periods ended June 30,
2008 was $31,000 and $175,000, respectively, versus $146,000 and $256,000
reported for the those periods in 2007.
Net loss for the three and six month periods ended June 30, 2008 was
$330,000, or $.11 per share, and $610,000, or $.20 per share, respectively.
Net loss reported for the three and six month periods ended June 30, 2007
was $265,000, or $.09 per share, and $486,000, or $.16 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.
As previously disclosed, the Company has challenged an arbitrator's
award of $3.5 million of insurance proceeds, held in escrow since 2002, to
SCA Services, Inc. The arbitrator's ruling was affirmed by a District
Court and in December, 2005 the Company filed an appeal of the Court's
decision. The Court of Appeals affirmed the lower Court's decision March
24, 2008, and the Company's subsequent petition for a rehearing was denied
by the Court on June 24, 2008. The Company will not continue to challenge
the Court's decision. The amount held in escrow is not reflected on the
Company's financial statements; therefore the Court's decision will not
adversely impact the Company's financial statements.
Presented below are the unaudited consolidated balance sheet of the
Company as of June 30, 2008 and comparative consolidated statements of
operations for the three and six month periods ended June 30, 2008 and
2007.
TRANSTECH INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
As of June 30, 2008
(Unaudited, in $000's)
Assets
Cash and cash equivalents $ 699
Marketable securities 2,709
Restricted escrow accounts 1,031
Other current assets 742
Total current assets 5,181
Restricted escrow accounts 6,381
Other assets 2,109
Total assets $13,671
Liabilities and Stockholders' Equity
Total current liabilities $ 2,006
Income taxes payable 657
Accrued post-closure costs 7,444
Other liabilities 12
Stockholders' equity 3,552
Total Liabilities and Stockholders' Equity $13,671
CONSOLIDATED STATEMENTS OF OPERATIONS
(In $000's, except per share data)
For the Three Months
Ended June 30,
2008 2007
Gross Revenues $ 431 $ 342
Less: Eliminations (218) (264)
Net Revenues 213 78
Cost of Operations (712) (625)
Other Income 138 136
Income Tax Benefit (Expense) 31 146
Net Income (Loss) $(330) $(265)
Loss per common share:
Net Income (Loss) $(.11) $(.09)
Number of shares used in
calculation 2,979,190 2,979,190
For the Six Months
Ended June 30,
2008 2007
Gross Revenues $ 809 $ 747
Less: Eliminations (437) (536)
Net Revenues 372 211
Cost of Operations (1,416) (1,203)
Other Income 259 250
Income Tax Benefit (Expense) 175 256
Net Income (Loss) $ (610) $ (486)
Loss per common share:
Net Income (Loss) $ (.20) $ (.16)
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: August 14, 2008