PRESS RELEASE - MAY 15, 2007
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TRANSTECH
INDUSTRIES, INC. REPORTS RESULTS
FOR THE THREE MONTH
PERIOD ENDED MARCH 31, 2007
PISCATAWAY, N.J., May
15, 2007
- Robert V. Silva, President and Chief Executive Officer of Transtech
Industries, Inc. (OTC BULLETIN BOARD:TRTI) announced the results of operations
for the three month period ended March 31, 2007. 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 March 31, 2007 and 2006 were $133,000 and $109,000,
respectively. The increase in revenue
was due to an increase in kilowatts delivered.
Gross revenues of the environmental services segment for the period in
2007 and 2006 were $272,000 and $253,000, 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 March 31, 2007 and 2006 were $578,000 and $549,000, respectively. The net increase was primarily due to
increased equipment repair and general operating costs.
Other income for the three months ended March
31, 2007 and 2006 was $114,000 and $275,000, respectively. The amount reported for 2006 includes
$129,000 received in settlement of litigation.
Income tax benefit for the three months
ended March 31, 2007 and 2006 was $110,000 and $45,000, respectively.
Net loss for the three months ended March 31, 2007 was $221,000,
or $.07 per share, versus a net loss of $120,000, or $.04 per share, for the
period in 2006.
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 March 31, 2007 and comparative consolidated
statements of operations for the three ended March 31, 2007 and 2006.
TRANSTECH INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEET
As of March 31,
2007
(In $000's)
Assets
Cash and cash
equivalents $3,063
Marketable
securities 2,780
Restricted escrow
account 1,000
Other current
assets 273
Total current
assets 7,116
Other assets 2,019
Total assets $15,731
Liabilities and
Stockholders' Equity
Total current
liabilities $
2,075
Income taxes
payable 878
Accrued
post-closure costs
8,236
Other
liabilities 23
Stockholders'
equity 4,519
Total Liabilities and Stockholders'
Equity $15,731
(In $000's, except
per share data)
Ended March
31,
2007 2006
Less:
Eliminations (272) (253)
Net Revenues 133 109
Cost of
operations (578) (549)
Other income 114 275
Income (taxes)
benefit 110
45
Net income
(loss) $(221) $(120)
Income (loss) per common
share:
Net income (loss) $(.07) $(.04)
Number of shares
used in
calculation 2,979,190 2,979,190
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