PRESS RELEASE - MAY 13, 2009
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TRANSTECH
INDUSTRIES, INC. REPORTS RESULTS
FOR
THE QUARTER ENDED MARCH 31, 2009
Revenues for the electricity generation
segment for the quarter ended March 31, 2009 were $111,000 versus $159,000
reported for the period in 2008. The decrease
in revenue was due to a decline in the price received per kilowatt generated. Gross revenues of the environmental services
segment for the period in 2009 and 2008 were $153,000 and $219,000,
respectively. The environmental services were conducted on sites owned or
leased by members of the consolidated group in both quarters and therefore
eliminated in the calculation of net revenues.
The cost of operations for the quarters ended March 31, 2009 and 2008 were $700,000 and $704,000, respectively, and other income was $139,000 and $121,000, respectively.
No income tax benefits were recognized in the period for 2009
versus $144,000 reported for the period in 2008.
Net loss for the quarter ended March 31,
2009 was $450,000, or $.15 per share, versus a net loss $280,000, or $.09 per
share, for period in 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. In
addition, the Company may incur significant remediation and post-closure costs
related to sites of past operations.
Presented below are the unaudited consolidated
balance sheet as of March 31, 2009 and comparative consolidated statements of
operations for the quarters ended March 31, 2009 and 2008.
TRANSTECH INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEET
As
of March 31, 2009
(Unaudited,
in $000's)
Assets
Cash and cash equivalents $ 741
Marketable securities 1,999
Restricted escrow accounts 1,050
Other current assets 884
Total current assets 4,674
Restricted escrow accounts 6,005
Other assets 1,978
Total assets
$12,657
Liabilities
and Stockholders' Equity
Total current liabilities $ 1,989
Income taxes payable 537
Accrued post-closure maintenance 7,232
Other liabilities 7
Stockholders' equity 2,892
Total Liabilities and Stockholders' Equity $12,657
(In
$000's, except per share data)
Ended March
31,
2009 2008
Gross Revenues $ 264
$ 378
Less: Eliminations (153) (219)
Net Revenues 111 159
Cost of Operations (700)
(704)
Other Income
139 121
Income Tax Benefit - 144
Net Loss $ (450) $ (280)
Loss per common share:
Net Loss $
(.15) $
(.09)
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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