PRESS RELEASE - MAY 17, 2005
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TRANSTECH
INDUSTRIES, INC. REPORTS RESULTS
FOR
THE QUARTER ENDED MARCH 31, 2005
PISCATAWAY,
N.J., May 17, 2005 - Robert V. Silva, President and Chief
Executive Officer of Transtech Industries, Inc. (OTC BULLETIN BOARD:TRTI)
announced the results of operations for the three months ended March 31,
2005. The Company’s subsidiaries
perform environmental services and generate electricity utilizing methane gas
as fuel.
Gross revenues of the environmental
services segment for the three months ended March 31, 2005 and 2004 were
$207,000 and $245,000,
respectively. The environmental
services provided in both periods were to members of the consolidated group and
therefore eliminated in the calculation of net revenues. Revenues for the electricity generation
segment for the period in 2005 and 2004 were $96,000 and $63,000, respectively.
The cost of operations for the three months ended March 31, 2005 and 2004 were $366,000 and $398,000, respectively. The net decrease in expenses was primarily due to personnel related expenses.
Other income for the three months ended March 31,
2005 was $25,000 versus an expense of $25,000 reported for 2004. The increase
in income in 2005 was primarily due to a reduction in accrued interest expense.
No income tax benefit was recognized for the three months ended
March 31, 2005, compared to a benefit of $122,000 reported for the period in
2004.
Net loss for the three months ended March
31, 2005 and 2004 were $245,000 or $.08 per share versus a net loss of $238,000
or $.08 per share, respectively.
The Company continues to
face significant potential cash requirements for litigation expenses, as well
as ongoing administrative costs, and post-closure costs associated with sites
of past operations. Although the Company
continues to pursue the sale of property held for sale and claims against
non-settling insurance carriers for recoveries of past remediation costs, no
assurance can be given that the timing or amount of the proceeds from such
sources will be sufficient to meet the cash requirements of the Company.
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 consolidated
balance sheet and comparative consolidated statements of operations for the
three months ended March 31, 2005.
TRANSTECH INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEET
As
of March 31, 2005
(In
$000's)
Assets
Cash
and cash equivalents $ 2,283
Marketable
securities
499
Accounts
receivable, net of reserves 339
Refundable
income taxes 1,111
Other
current assets 264
Other
assets 1,923
Total assets $ 6,419
Liabilities
and Stockholders' Equity
Total
current liabilities
$ 1,021
Income
taxes payable 1,315
Accrued
closure costs
2,189
Other
liabilities 50
Stockholders'
equity
1,844
Total Liabilities and Stockholders'
Equity $ 6,419
(In
$000's, except per share data)
Ended December 31,
2005 2004
Less:
Inter-company (207) (245)
Net
Revenues
96 63
Cost
of operations
(366) (398)
Other
income (expense)(a)
25 (25)
Income
(taxes) benefit - 122
Net
income (loss) $ (245) $ (238)
Income
(loss) per common share:
Net income (loss) $ (.08) $ (.08)
Number
of shares used in
calculation 2,979,190 2,979,190
(a) Amount for 2004 includes a
charge of $58,000 for interest accrued on federal income taxes and related
interest.
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