PRESS RELEASE - APRIL 15, 2009
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TRANSTECH
INDUSTRIES, INC. REPORTS RESULTS
FOR
THE YEAR ENDED DECEMBER 31, 2008
Revenues for the electricity generation
segment for the years ended December 31, 2008 and 2007 were $689,000 and $537,000,
respectively. The increase in revenue
was due to an increase in both kilowatt hours generated and fee received per
kilowatt. Gross revenues of the environmental
services segment for 2008 and 2007 were $737,000 and $933,000, respectively.
The environmental services were conducted on sites owned or leased by members
of the consolidated group in both years and therefore eliminated in the
calculation of net revenues.
The cost of operations for the years ended December 31, 2008 and
2007 were $2,764,000 and $2,532,000, respectively. The net increase in costs was primarily due
to an increase in professional fees and general operating expenses. The increase in professional fees in 2008 was
primarily due to litigation initiated by the Company to challenge two municipalities’
attempts to encumber the Company’s real property located in
Other income for the years ended December 31, 2008 and 2007 was $764,000 and $725,000, respectively.
Income tax benefit for the years ended December 31, 2008 and
2007 was $374,000 and $454,000, respectively.
Net loss for the year ended December 31,
2008 was $937,000, or $.31 per share, versus a net loss $816,000, or $.27 per
share, for 2007.
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.
Presented below are the audited consolidated balance
sheet as of December 31, 2008 and comparative consolidated statements of
operations for the years ended December 31, 2008 and 2007.
TRANSTECH INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEET
As
of December 31, 2008
(In
$000's)
Assets
Cash and cash equivalents $ 716
Marketable securities 2,480
Restricted escrow accounts 1,044
Other current assets 945
Total current assets 5,185
Other assets 2,001
Total assets
$13,205
Liabilities
and Stockholders' Equity
Total current liabilities $ 1,833
Income taxes payable 577
Accrued post-closure costs 7,312
Other liabilities 8
Stockholders' equity 3,475
Total Liabilities and Stockholders' Equity $13,205
(In
$000's, except per share data)
Ended December 31,
2008 2007
Less: Eliminations (737) (933)
Net Revenues 689 537
Cost of Operations (2,764) (2,532)
Other Income(a) 764 725
Income Tax Benefit (Expense) 374 454
Net Income (Loss) $ (937) $ (816)
Loss per common share:
Net Income (Loss) $
(.31) $
(.27)
Number
of shares used in
calculation 2,979,190 2,979,190
(a) Amounts for 2008 and 2007 include
$95,000 and $137,000, respectively, of proceeds from insurance claims.
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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