PRESS RELEASE - NOVEMBER 13, 2009
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TRANSTECH
INDUSTRIES, INC. REPORTS RESULTS
FOR
THE QUARTER ENDED SEPTEMBER 30, 2009
Revenues for the electricity generation
segment for the three and nine month periods ended September 30, 2009 were $108,000
and $313,000, respectively, versus $201,000 and $573,000 reported for the those
periods in 2008. The decrease in revenue
reflects the 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 nine
month periods ended September 30, 2009 were $178,000 and $509,000, respectively,
versus $186,000 and $623,000 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 nine month periods ended September 30, 2009 were $588,000 and $1,797,000, respectively, versus $644,000 and $2,060,000 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 nine month periods ended September 30, 2009 was $197,000 and $652,000, respectively, versus $220,000 and $479,000 reported for the periods in 2008.
Income tax benefit recognized for the three and nine month periods ended September 30, 2009 was $162,000
versus $86,000 and $261,000 reported for the periods in 2008, respectively.
Net loss for the three and nine month
periods ended September 30, 2009 was $121,000, or $.04 per share, and $670,000,
or $.22 per share, respectively. Net
loss reported for the three and nine month periods in 2008 was $137,000, or $.05
per share, and $747,000, or $.25 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.
Presented below are the unaudited
consolidated balance sheet of the Company as of September 30, 2009 and
comparative consolidated statements of operations for the three and nine month
periods ended September 30, 2009 and 2008.
TRANSTECH INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEET
As
of September 30, 2009
(Unaudited,
in $000's)
Assets
Cash
and cash equivalents $ 664
Marketable securities 1,700
Restricted escrow accounts 1,063
Other current assets 618
Total current assets 4,045
Restricted
escrow accounts 5,581
Other assets 1,999
Total assets
$11,625
Liabilities
and Stockholders' Equity
Total current liabilities $ 1,872
Income taxes payable 456
Accrued post-closure costs 6,876
Other liabilities 51
Stockholders' equity 2,370
Total Liabilities and Stockholders' Equity $11,625
(In
$000's, except per share data)
Ended September 30,
2009 2008
Less: Eliminations (178) (186)
Net Revenues 108 201
Cost of Operations (588)
(644)
Other Income
197 220
Income Tax Benefit 162 86
Net Loss $(121) $(137)
Loss per common share:
Net Income
Loss $(.04) $(.05)
Number of shares used in
calculation 2,979,190 2,979,190
Ended
September 30,
2009 2008
Less: Eliminations (509) (623)
Net Revenues 313 573
Cost of Operations (1,797)
(2,060)
Other Income 652 479
Income Tax Benefit 162 261
Net Loss $ (670) $ (747)
Loss per common share:
Net
Loss $ (.22) $ (.25)
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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