SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 15, 2008
TRANSTECH INDUSTRIES, INC.
(Exact name of registrant as specified in charter)
Delaware 0-6512 22-1777533
(State or other (Commission (IRS. Employer
jurisdiction of File Number) Identification No.)
incorporation)
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200 Centennial Ave., Piscataway, N.J. 08854
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (732)564-3122
(Former name or former address, if changed
since last report.) Not applicable
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
[] Written communications pursuant to Rule 425 under the Securities Act.
[] Soliciting material pursuant to Rule 14a-12 under the Exchange Act.
[] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act.
[] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act.
Page 1 of 4 pages
Item 8.01. OTHER EVENTS.
Press Release.
The following is the text of the press release dated May 15, 2008
reporting Transtech Industries, Inc.'s results of operations for the quarter
ended March 31, 2008.
TRANSTECH INDUSTRIES, INC. REPORTS RESULTS
FOR THE QUARTER ENDED MARCH 31, 2008
PISCATAWAY, N.J., May 15, 2008 - Robert V. Silva, President and Chief
Executive Officer of Transtech Industries, Inc. (OTC BULLETIN BOARD:TRTI)
announced the results of operations for the quarter ended March 31, 2008.
The Company's subsidiaries perform environmental services and generate
electricity utilizing methane gas as fuel.
Revenues for the electricity generation segment for the quarters ended
March 31, 2008 and 2007 were $159,000 and $133,000, respectively. The
increase in revenue was due to an increase in fee received per kWh. Gross
revenues of the environmental services segment for the period in 2008 and
2007 were $219,000 and $272,000, 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 quarters ended March 31, 2008 and 2007
were $704,000 and $578,000, respectively. The net increase in costs was
primarily due to an increase in professional fees and general operating
expenses.
Other income for the quarters ended March 31, 2008 and 2007 was
$121,000 and $114,000, respectively.
Income tax benefit for the quarters ended March 31, 2008 and 2007 was
$144,000 and $110,000, respectively.
Net loss for the quarter ended March 31, 2008 was $280,000, or $.09
per share, versus a net loss of $221,000, or $.07 per share, for the period
in 2007.
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.
As previously disclosed, the Company has challenged an arbitrator's
award of $3.5 million of insurance proceeds, held in escrow since 2002, to
SCA Services, Inc. The arbitrator's ruling was affirmed by a District
Court and in December, 2005 the Company filed an appeal of the Court's
decision. The Court of Appeals affirmed the lower Court's decision March
24, 2008. The Company has filed an appeal of this recent decision. The
amount held in escrow is not reflected on the Company's financial
statements; therefore the Court's decision will not adversely impact the
Company's financial statements.
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 of the
Company as of March 31, 2008 and comparative consolidated statements of
operations for the quarters ended March 31, 2008 and 2007.
TRANSTECH INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
As of March 31, 2008
(Unaudited, in $000's)
Assets
Cash and cash equivalents $ 717
Marketable securities 3,292
Restricted escrow accounts 1,025
Other current assets 662
Total current assets 5,696
Restricted escrow accounts 6,652
Other assets 2,127
Total assets $14,475
Liabilities and Stockholders' Equity
Total current liabilities $ 2,037
Income taxes payable 698
Accrued post-closure costs 7,600
Other liabilities 15
Stockholders' equity 4,125
Total Liabilities and Stockholders' Equity $14,475
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CONSOLIDATED STATEMENTS OF OPERATIONS
(In $000's, except per share data)
For the Quarters
Ended March 31,
2008 2007
Gross Revenues $ 378 $ 405
Less: Eliminations (219) (272)
Net Revenues 159 133
Cost of Operations (704) (578)
Other Income 121 114
Income Tax Benefit (Expense) 144 110
Net Income (Loss) $(280) $(221)
Loss per common share:
Net Income (Loss) $(.09) $(.07)
Number of shares used in
calculation 2,979,190 2,979,190
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
TRANSTECH INDUSTRIES, INC.
(Registrant)
By: /s/ Andrew J. Mayer, Jr.
Andrew J. Mayer, Jr., Vice
President-Finance, Chief
Financial Officer and
Secretary
Dated: May 15, 2008
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