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 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 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