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) March 31, 2010
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 March 31, 2010
reporting Transtech Industries, Inc.'s results of operations for the year
ended December 31, 2009.
TRANSTECH INDUSTRIES, INC. REPORTS RESULTS
FOR THE YEAR ENDED DECEMBER 31, 2009
PISCATAWAY, N.J., March 31, 2010 - Robert V. Silva, President and
Chief Executive Officer of Transtech Industries, Inc. (OTC BULLETIN
BOARD:TRTI) announced the results of operations for the year ended December
31, 2009. The Company's subsidiaries perform environmental services and
generate electricity utilizing methane gas as fuel.
Revenues for the electricity generation segment for the year ended
December 31, 2009 were $413,000 versus $689,000 reported for 2008. The
decrease in revenue reflects the decline in the price received per kilowatt
generated as the kilowatt output increased 11% in 2009. Gross revenues of
the environmental services segment for year ended December 31, 2009 were
$658,000 versus $737,000 reported for 2008. The environmental services
performed in both years 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 year ended December 31, 2009 were
$2,458,000 versus $2,764,000 reported for 2008. The net decrease in costs
was primarily due to a decrease in professional fees and general operating
expenses.
Other income for year ended December 31, 2009 was $750,000 versus
$764,000 reported for 2008.
Income tax benefit recognized for the year ended December 31, 2009 was
$598,000 versus $374,000 reported for 2008.
Net loss for the year ended December 31, 2009 was $697,000, or $.23
per share versus $937,000, or $.31 per share, reported for 2008.
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, and has been named as a potentially
responsible party for the remediation of four sites. The Company has
reported significant operating loses in each of the last five years, and it
is anticipated that such operating losses will continue as the Company's
expenses exceed revenue from its operations in the near term. The Company
may also incur significant remediation and landfill post-closure
maintenance costs in excess of amounts accrued. The Company therefore is
unable to determine whether the timing and amount of cash generated from
its efforts to enhance its liquidity, through the sale of real property and
otherwise, and from the Company's remaining operations will be adequate to
satisfy its future cash requirements. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
Presented below are the audited consolidated balance sheet of the
Company as of December 31, 2009 and comparative consolidated statements of
operations for the years ended December 31, 2009 and 2008.
TRANSTECH INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
As of December 31, 2009
(Audited, in $000's)
Assets
Cash and cash equivalents $ 1,087
Marketable securities 1,300
Restricted escrow accounts 1,070
Other current assets 675
Total current assets 4,132
Restricted escrow accounts 5,100
Other assets 1,983
Total assets $11,215
Liabilities and Stockholders' Equity
Total current liabilities $ 1,625
Income taxes payable 416
Accrued post-closure costs 6,895
Other liabilities 46
Stockholders' equity 2,233
Total Liabilities and Stockholders' Equity $11,215
CONSOLIDATED STATEMENTS OF OPERATIONS
(In $000's, except per share data)
For the Year
Ended December 31,
2009 2008
Gross Revenues $1,071 $1,426
Less: Eliminations (658) (737)
Net Revenues 413 689
Cost of Operations (2,458) (2,764)
Other Income 750 764
Income Tax Benefit 598 374
Net Loss $ (697) $ (937)
Loss per common share:
Net Income Loss $(.23) $(.31)
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: March 31, 2010