PRESS RELEASE - NOVEMBER 14, 2008
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TRANSTECH
INDUSTRIES, INC. REPORTS RESULTS
FOR
THE QUARTER ENDED SEPTEMBER 30, 2008
Revenues for the electricity generation
segment for the three and nine month periods ended September 30, 2008 were $201,000
and $573,000, respectively, versus $189,000 and $400,000 reported for the those
periods in 2007. The increase in revenue
was due to higher fees received per kWh and less downtime for repairs. Gross revenues of the environmental services
segment for the three and nine month periods ended September 30, 2008 were $186,000
and $623,000, respectively, versus $209,000 and $745,000 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, 2008 were $651,000
and $2,068,000, respectively, versus $612,000 and $1,815,000 reported for the
those periods in 2007. The net increase in
costs was primarily due to an increase in professional fees and general
operating expenses. The increase in
professional fees reported for the periods in 2008 was due to litigation
initiated by the Company to challenge the attempts by two municipalities to
encumber the Company’s real property located in
Other income for the three and nine month periods ended September 30, 2008 was $220,000 and $479,000, respectively, versus $210,000 and $460,000 reported for the those periods in 2007.
Income tax benefit for the three and nine month
periods ended September 30, 2008 was $86,000 and $261,000, respectively, versus
$42,000 and $298,000 reported for the those periods in 2007.
Net loss for the three and nine month
periods ended September 30, 2008 was $137,000, or $.05 per share, and $747,000,
or $.25 per share, respectively. Net
loss reported for the three and nine month periods ended September 30, 2007 was
$171,000, or $.06 per share, and $657,000, or $.22 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.
Presented below are the unaudited consolidated balance sheet of the Company as of September 30, 2008 and comparative consolidated statements of operations for the three and nine month periods ended September 30, 2008 and 2007.
TRANSTECH INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEET
As
of September 30, 2008
(Unaudited,
in $000's)
Assets
Cash
and cash equivalents $ 1,067
Marketable
securities 2,697
Restricted
escrow accounts 1,037
Other
current assets 882
Total current assets 5,683
Other
assets 2,023
Total assets $13,272
Liabilities
and Stockholders' Equity
Total
current liabilities $ 1,945
Income
taxes payable 617
Accrued
post-closure costs 7,334
Other
liabilities 10
Stockholders'
equity 3,366
Total Liabilities and Stockholders'
Equity $13,272
(Unaudited,
in $000's, except per share data)
Ended September 30,
2008 2007
Less:
Eliminations (186) (209)
Net
Revenues 201 189
Cost
of Operations (651) (612)
Gain
on
Other
Income 220 210
Income
Tax Benefit (Expense) 86 42
Net
Income (Loss) $(137) $(171)
Loss
per common share:
Net Income (Loss) $(.05) $(.06)
Number
of shares used in
calculation 2,979,190 2,979,190
Ended September 30,
2008 2007
Less:
Eliminations (623) (745)
Net
Revenues 573 400
Cost
of Operations (2,068)
(1,815)
Gain
on
Other
Income 479 460
Income
Tax Benefit (Expense) 261 298
Net
Income (Loss) $ (747) $ (657)
Loss
per common share:
Net Income (Loss) $ (.25) $ (.22)
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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