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 month period ended March 31, 2007. 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 March 31, 2007 and 2006 were $133,000 and $109,000, respectively. The increase in revenue was due to an increase in kilowatts delivered. Gross revenues of the environmental services segment for the period in 2007 and 2006 were $272,000 and $253,000, 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 March 31, 2007 and 2006 were $578,000 and $549,000, respectively. The net increase was primarily due to increased equipment repair and general operating costs. Other income for the three months ended March 31, 2007 and 2006 was $114,000 and $275,000, respectively. The amount reported for 2006 includes $129,000 received in settlement of litigation. Income tax benefit for the three months ended March 31, 2007 and 2006 was $110,000 and $45,000, respectively. Net loss for the three months ended March 31, 2007 was $221,000, or $.07 per share, versus a net loss of $120,000, or $.04 per share, for the period in 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 March 31, 2007 and comparative consolidated statements of operations for the three ended March 31, 2007 and 2006. TRANSTECH INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET As of March 31, 2007 (In $000's) � Assets Cash and cash equivalents $ 3,063� Marketable securities 2,780� Restricted escrow account 1,000� Other current assets � 273� Total current assets 7,116� Restricted escrow account 6,596� Other assets � 2,019� Total assets $ 15,731� � Liabilities and Stockholders' Equity Total current liabilities $ 2,075� Income taxes payable 878� Accrued post-closure costs 8,236� Other liabilities 23� Stockholders' equity � 4,519� Total Liabilities and Stockholders' Equity $ 15,731� CONSOLIDATED STATEMENTS OF OPERATIONS (In $000's, except per share data) � For the Three Months Ended March 31, 2007 2006 Gross Revenues $ 405� $ 362� Less: Eliminations � (272) � (253) Net Revenues 133� 109� Cost of operations (578) (549) Other income 114� 275� Income (taxes) benefit � 110� � 45� Net income (loss) $ (221) $ (120) Income (loss) per common share: Net income (loss) $ (.07) $ (.04) � Number of shares used in calculation 2,979,190� 2,979,190�