TRTI Transtech Industries Inc (CE)

Robert V. Silva, President and Chief Executive Officer of Transtech Industries, Inc. (OTC BULLETIN BOARD:TRTI) announced the results of operations for the three and nine month periods ended November 30, 2006. The Company�s subsidiaries perform environmental services and generate electricity utilizing methane gas as fuel. Revenues for the electricity generation segment for the three months ended September 30, 2006 and 2005 were $110,000 and $145,000, respectively. The decrease in revenue was due to a decline in the rate per kilowatt received for the power generated. Gross revenues of the environmental services segment for the period in 2006 and 2005 were $334,000 and $223,000, respectively. The environmental services in both 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 months ended September 30, 2006 and 2005 were $515,000 and $435,000, respectively. The net increase was primarily due to increased equipment repair, general operating and personnel costs. Other income for the three months ended September 30, 2006 and 2005 was $224,000 and $637,000, respectively, and includes $89,000 and $510,000, respectively, of proceeds from claims against excess insurance carriers. Income tax benefit for the three months ended September 30, 2006, was $69,000 compared to an expense of $189,000 reported for the period in 2005. Net loss for the three months ended September 30, 2006 was $112,000, or $.04 per share, versus net income of $158,000, or $.05 per share, for the period in 2005. Revenues for the electricity generation segment for the nine months ended September 30, 2006 and 2005 were $277,000 and $296,000, respectively. The decrease in revenue was due to a decline in the rate per kilowatt received for the power generated. Gross revenues of the environmental services segment for the period in 2006 and 2005 were $951,000 and $652,000, respectively. The environmental services in both 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 nine months ended September 30, 2006 and 2005 were $1,720,000 and $1,452,000, respectively. The net increase was primarily due to increased personnel costs, legal and other professional expenses. Other income for the nine months ended September 30, 2006 and 2005 was $1,006,000 and $3,324,000, respectively, and includes $435,000 and $3,220,000, respectively, of proceeds from claims against excess insurance carriers. Income tax benefit for the nine months ended September 30, 2006, was $141,000 compared to an expense of $836,000 reported for the period in 2005. Net loss for the nine months ended September 30, 2006 was $296,000, or $.10 per share, versus net income of $1,332,000, or $.45 per share, for the period in 2005. As previously reported, the Company completed the sale of certain real property and buildings during October 2006. The Company will include a pretax net gain of approximately $1.9 million from the sale in its results for the year ended December 31, 2006. The Company and certain subsidiaries previously participated in the waste recovery and waste management industries. The Company continues to incur administrative and litigation expenses on matters related to past participation in those industries. In addition, the Company may incur significant remediation and post-closure costs related to sites of past operations. 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 unaudited consolidated balance sheet as of September 30, 2006 and comparative consolidated statements of operations for the three and nine months ended September 30, 2006 and 2005. TRANSTECH INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET As of September 30, 2006 (In $000's) � Assets Cash and cash equivalents $ 3,166� Marketable securities 2,383� Restricted escrow accounts 1,007� Other current assets 267� Total current assets 6,823� Restricted escrow accounts 6,497� Other assets 2,093� Total assets $ 15,413� � Liabilities and Stockholders' Equity Total current liabilities $ 2,156� Income taxes payable 987� Accrued post-closure costs 8,479� Other liabilities 29� Stockholders' equity 3,762� Total Liabilities and Stockholders' Equity $ 15,413� CONSOLIDATED STATEMENTS OF OPERATIONS (In $000's, except per share data) � For the Three Months Ended September 30, 2006 2005 Gross Revenues $ 444� $ 368� Less: Eliminations (334) (223) Net Revenues 110� 145� Cost of operations (515) (435) Other income 224� 637� Income (taxes) benefit 69� (189) Net income (loss) $ (112) $ 158� � Income (loss) per common share: Net income (loss) $ (.04) $ .05� Number of shares used in calculation 2,979,190� 2,979,190� � � For the Nine Months Ended September 30, 2006 2005� Gross Revenues $ 1,228� $ 948� Less: Inter-company (951) (652) Net Revenues 277� 296� Cost of operations (1,720) (1,452) Other income(a) 1,006� 3,324� Income (taxes) benefit 141� (836) Net income (loss) $ (296) $ 1,332� � Income (loss) per common share: Net income (loss) $ (.10) $ .45� Number of shares used in calculation 2,979,190� 2,979,190� � (a) Includes proceeds from insurance claims of $435,000 and $3,220,000 in 2006 and 2005, respectively. Robert V. Silva, President and Chief Executive Officer of Transtech Industries, Inc. (OTC BULLETIN BOARD:TRTI) announced the results of operations for the three and nine month periods ended November 30, 2006. The Company's subsidiaries perform environmental services and generate electricity utilizing methane gas as fuel. Revenues for the electricity generation segment for the three months ended September 30, 2006 and 2005 were $110,000 and $145,000, respectively. The decrease in revenue was due to a decline in the rate per kilowatt received for the power generated. Gross revenues of the environmental services segment for the period in 2006 and 2005 were $334,000 and $223,000, respectively. The environmental services in both 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 months ended September 30, 2006 and 2005 were $515,000 and $435,000, respectively. The net increase was primarily due to increased equipment repair, general operating and personnel costs. Other income for the three months ended September 30, 2006 and 2005 was $224,000 and $637,000, respectively, and includes $89,000 and $510,000, respectively, of proceeds from claims against excess insurance carriers. Income tax benefit for the three months ended September 30, 2006, was $69,000 compared to an expense of $189,000 reported for the period in 2005. Net loss for the three months ended September 30, 2006 was $112,000, or $.04 per share, versus net income of $158,000, or $.05 per share, for the period in 2005. Revenues for the electricity generation segment for the nine months ended September 30, 2006 and 2005 were $277,000 and $296,000, respectively. The decrease in revenue was due to a decline in the rate per kilowatt received for the power generated. Gross revenues of the environmental services segment for the period in 2006 and 2005 were $951,000 and $652,000, respectively. The environmental services in both 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 nine months ended September 30, 2006 and 2005 were $1,720,000 and $1,452,000, respectively. The net increase was primarily due to increased personnel costs, legal and other professional expenses. Other income for the nine months ended September 30, 2006 and 2005 was $1,006,000 and $3,324,000, respectively, and includes $435,000 and $3,220,000, respectively, of proceeds from claims against excess insurance carriers. Income tax benefit for the nine months ended September 30, 2006, was $141,000 compared to an expense of $836,000 reported for the period in 2005. Net loss for the nine months ended September 30, 2006 was $296,000, or $.10 per share, versus net income of $1,332,000, or $.45 per share, for the period in 2005. As previously reported, the Company completed the sale of certain real property and buildings during October 2006. The Company will include a pretax net gain of approximately $1.9 million from the sale in its results for the year ended December 31, 2006. The Company and certain subsidiaries previously participated in the waste recovery and waste management industries. The Company continues to incur administrative and litigation expenses on matters related to past participation in those industries. In addition, the Company may incur significant remediation and post-closure costs related to sites of past operations. 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 unaudited consolidated balance sheet as of September 30, 2006 and comparative consolidated statements of operations for the three and nine months ended September 30, 2006 and 2005. -0- *T TRANSTECH INDUSTRIES, INC. AND SUBSIDIARIES -------------------------------------------------------------- CONSOLIDATED BALANCE SHEET As of September 30, 2006 (In $000's) Assets --------------------------------------------- Cash and cash equivalents $ 3,166 Marketable securities 2,383 Restricted escrow accounts 1,007 Other current assets 267 -------- Total current assets 6,823 Restricted escrow accounts 6,497 Other assets 2,093 -------- Total assets $ 15,413 ======== Liabilities and Stockholders' Equity --------------------------------------------- Total current liabilities $ 2,156 Income taxes payable 987 Accrued post-closure costs 8,479 Other liabilities 29 Stockholders' equity 3,762 -------- Total Liabilities and Stockholders' Equity $ 15,413 ========= *T -0- *T CONSOLIDATED STATEMENTS OF OPERATIONS (In $000's, except per share data) For the Three Months Ended September 30, 2006 2005 ------------- ------------- Gross Revenues $ 444 $ 368 Less: Eliminations (334) (223) ------------- ------------- Net Revenues 110 145 Cost of operations (515) (435) Other income 224 637 Income (taxes) benefit 69 (189) ------------- ------------- Net income (loss) $ (112) $ 158 ============= ============= Income (loss) per common share: Net income (loss) $ (.04) $ .05 ============= ============= Number of shares used in calculation 2,979,190 2,979,190 For the Nine Months Ended September 30, 2006 2005 ------------- ------------- Gross Revenues $ 1,228 $ 948 Less: Inter-company (951) (652) ------------- ------------- Net Revenues 277 296 Cost of operations (1,720) (1,452) Other income(a) 1,006 3,324 Income (taxes) benefit 141 (836) ------------- ------------- Net income (loss) $ (296) $ 1,332 ============= ============= Income (loss) per common share: Net income (loss) $ (.10) $ .45 ============= ============= Number of shares used in calculation 2,979,190 2,979,190 (a) Includes proceeds from insurance claims of $435,000 and $3,220,000 in 2006 and 2005, respectively. *T