PRESS RELEASE - AUGUST 14, 2009
Home Page | Investor Relations | Transtech Profile | Press Releases | United Environmental Services Profile
TRANSTECH
INDUSTRIES, INC. REPORTS RESULTS
FOR
THE QUARTER ENDED JUNE 30, 2009
Revenues for the electricity generation
segment for the three and six month periods ended June 30, 2009 were $94,000
and $205,000, respectively, versus $213,000 and $372,000 reported for the those
periods in 2008. The decrease in revenue
was due to a decline in the price received per kilowatt generated as the
kilowatt output was comparable for the periods.
Gross revenues of the environmental services segment for the three and
six month periods ended June 30, 2009 were $178,000 and $331,000, respectively,
versus $218,000 and $437,000 reported for the those periods last year. The environmental services performed in the
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 and
six month periods ended June 30, 2009 were
$509,000 and $1,209,000, respectively, versus $712,000 and $1,417,000
reported for the periods in 2008. The net decrease in costs was primarily due
to a decrease in professional fees and general operating expenses.
Other income for the three and six month periods ended June 30, 2009 was $316,000 and $455,000, respectively, versus $138,000 and $259,000 reported for the periods in 2008.
No income tax benefit was recognized for
the periods in 2009 while benefits of $31,000 and $175,000 were
reported for the three and six month periods in 2008, respectively.
Net loss for the three and six month
periods ended June 30, 2009 was $99,000, or $.03 per share, and $549,000, or $.18
per share, respectively. Net loss
reported for the three and six month periods in 2008 was $330,000, or $.11 per
share, and $610,000, or $.20 per share, respectively.
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 in excess of amounts accrued for such costs.
During July 2009, appeal courts rejected the
Company’s challenge of decisions made in two separate matters. During 2007 the Company brought suit to
obtain an accounting of $16 million it had contributed toward the remediation
of the SCP Superfund Site. During July
2009, an appeals court affirmed the lower court’s 2007 denial of the Company’s
request. During 2008 the
Presented below are the unaudited
consolidated balance sheet of the Company as of June 30, 2009 and comparative
consolidated statements of operations for the three and six month periods
ended June 30, 2009 and 2008.
TRANSTECH INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEET
As
of June 30, 2009
(Unaudited,
in $000's)
Assets
Cash
and cash equivalents $ 708
Marketable securities 1,999
Restricted escrow accounts 1,057
Other current assets 452
Total current assets 4,216
Restricted escrow accounts 5,489
Other assets 2,019
Total assets
$11,724
Liabilities
and Stockholders' Equity
Total current liabilities $ 1,606
Income taxes payable 496
Accrued post-closure costs 7,088
Other liabilities 55
Stockholders' equity 2,479
Total Liabilities and Stockholders' Equity $11,724
(In
$000's, except per share data)
Ended June
30,
2009 2008
Less: Eliminations (178) (218)
Net Revenues 94
213
Cost of Operations (509) (712)
Other Income 316 138
Income Tax Benefit - 31
Net Loss $
(99) $(330)
Loss per common share:
Net Income Loss $(.03) $(.11)
Number of shares used in
calculation 2,979,190 2,979,190
Ended June 30,
2009 2008
Less: Eliminations (331) (437)
Net Revenues 205 372
Cost of Operations (1,209)
(1,416)
Other Income 455 259
Income Tax Benefit - 175
Net Loss $ (549) $ (610)
Loss per common share:
Net Loss $ (.18) $ (.20)
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.
Home Page | Investor Relations | Transtech Profile | Press Releases | United Environmental Services Profile