PRESS RELEASE - MARCH 31, 2010
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TRANSTECH
INDUSTRIES, INC. REPORTS RESULTS
FOR
THE YEAR ENDED DECEMBER 31, 2009
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
(In
$000's, except per share data)
Ended December 31,
2009 2008
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.
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