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, 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 5 pages
Item 8.01. OTHER EVENTS.
Press Release.
The following is the text of the press release dated August 14, 2009
reporting Transtech Industries, Inc.'s results of operations for the quarter
ended June 30, 2009.
TRANSTECH INDUSTRIES, INC. REPORTS RESULTS
FOR THE QUARTER ENDED JUNE 30, 2009
PISCATAWAY, N.J., August 14, 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 six month
periods ended June 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 six
month periods ended June 30, 2009 were $94,000 and $205,000, respectively,
versus $213,000 and $372,000 reported for the those periods in 2008. The
decrease in revenue was due to a 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 six month
periods ended June 30, 2009 were $178,000 and $331,000, respectively,
versus $218,000 and $437,000 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, 2009 were $509,000 and $1,209,000, respectively, versus $712,000 and
$1,417,000 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 six month periods ended June 30, 2009
was $316,000 and $455,000, respectively, versus $138,000 and $259,000
reported for the periods in 2008.
No income tax benefit was recognized for the periods in 2009 while
benefits of $31,000 and $175,000 were reported for the three and six month
periods in 2008, respectively.
Net loss for the three and six month periods ended June 30, 2009 was
$99,000, or $.03 per share, and $549,000, or $.18 per share, respectively.
Net loss reported for the three and six month periods in 2008 was
$330,000, or $.11 per share, and $610,000, or $.20 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.
During July 2009, appeal courts rejected the Company's challenge of
decisions made in two separate matters. During 2007 the Company brought
suit to obtain an accounting of $16 million it had contributed toward the
remediation of the SCP Superfund Site. During July 2009, an appeals court
affirmed the lower court's 2007 denial of the Company's request. During
2008 the Township of Edison in New Jersey brought suit to commence
condemnation proceedings on a 0.48 acre portion of riverfront property
owned by the Company. During July 2009 an appeals court affirmed the lower
court's 2008 decision in favor of the Township. The property had been
valued by the Township's appraiser at $17,000. The Company's challenge of
that valuation continues. The Company is evaluating its remaining options
with respect to these matters.
Presented below are the unaudited consolidated balance sheet of the
Company as of June 30, 2009 and comparative consolidated statements of
operations for the three and six month periods ended June 30, 2009 and
2008.
TRANSTECH INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
As of June 30, 2009
(Unaudited, in $000's)
Assets
Cash and cash equivalents $ 708
Marketable securities 1,999
Restricted escrow accounts 1,057
Other current assets 452
Total current assets 4,216
Restricted escrow accounts 5,489
Other assets 2,019
Total assets $11,724
Liabilities and Stockholders' Equity
Total current liabilities $ 1,606
Income taxes payable 496
Accrued post-closure costs 7,088
Other liabilities 55
Stockholders' equity 2,479
Total Liabilities and Stockholders' Equity $11,724
CONSOLIDATED STATEMENTS OF OPERATIONS
(In $000's, except per share data)
For the Three Months
Ended June 30,
2009 2008
Gross Revenues $ 272 $ 431
Less: Eliminations (178) (218)
Net Revenues 94 213
Cost of Operations (509) (712)
Other Income 316 138
Income Tax Benefit - 31
Net Loss $ (99) $(330)
Loss per common share:
Net Income Loss $(.03) $(.11)
Number of shares used in
calculation 2,979,190 2,979,190
For the Six Months
Ended June 30,
2009 2008
Gross Revenues $ 536 $ 809
Less: Eliminations (331) (437)
Net Revenues 205 372
Cost of Operations (1,209) (1,416)
Other Income 455 259
Income Tax Benefit - 175
Net Loss $ (549) $ (610)
Loss per common share:
Net Loss $ (.18) $ (.20)
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, 2009