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) April 15, 2009
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 April 15, 2009
reporting Transtech Industries, Inc.'s results of operations for the year
ended December 31, 2008.
TRANSTECH INDUSTRIES, INC. REPORTS RESULTS
FOR THE YEAR ENDED DECEMBER 31, 2008
PISCATAWAY, N.J., April 15, 2009 - Robert V. Silva, President and
Chief Executive Officer of Transtech Industries, Inc. (OTC BULLETIN
BOARD:TRTI) announced the results of operations for the year ended December
31, 2008. The Company's subsidiaries perform environmental services and
generate electric power utilizing methane gas as fuel.
Revenues for the electricity generation segment for the years ended
December 31, 2008 and 2007 were $689,000 and $537,000, respectively. The
increase in revenue was due to an increase in both kilowatt hours generated
and fee received per kilowatt. Gross revenues of the environmental
services segment for 2008 and 2007 were $737,000 and $933,000,
respectively. The environmental services were conducted on sites owned or
leased by members of the consolidated group in both years and therefore
eliminated in the calculation of net revenues.
The cost of operations for the years ended December 31, 2008 and 2007
were $2,764,000 and $2,532,000, respectively. The net increase in costs
was primarily due to an increase in professional fees and general operating
expenses. The increase in professional fees in 2008 was primarily due to
litigation initiated by the Company to challenge two municipalities'
attempts to encumber the Company's real property located in Edison
Township, N.J. and Deptford Township, N.J.
Other income for the years ended December 31, 2008 and 2007 was
$764,000 and $725,000, respectively.
Income tax benefit for the years ended December 31, 2008 and 2007 was
$374,000 and $454,000, respectively.
Net loss for the year ended December 31, 2008 was $937,000, or $.31
per share, versus a net loss $816,000, or $.27 per share, for 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.
Presented below are the audited consolidated balance sheet as of
December 31, 2008 and comparative consolidated statements of operations for
the years ended December 31, 2008 and 2007.
TRANSTECH INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
As of December 31, 2008
(In $000's)
Assets
Cash and cash equivalents $ 716
Marketable securities 2,480
Restricted escrow accounts 1,044
Other current assets 945
Total current assets 5,185
Restricted escrow accounts 6,019
Other assets 2,001
Total assets $13,205
Liabilities and Stockholders' Equity
Total current liabilities $ 1,833
Income taxes payable 577
Accrued post-closure costs 7,312
Other liabilities 8
Stockholders' equity 3,475
Total Liabilities and Stockholders' Equity $13,205
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CONSOLIDATED STATEMENTS OF OPERATIONS
(In $000's, except per share data)
For the Years
Ended December 31,
2008 2007
Gross Revenues $1,426 $1,470
Less: Eliminations (737) (933)
Net Revenues 689 537
Cost of Operations (2,764) (2,532)
Other Income(a) 764 725
Income Tax Benefit (Expense) 374 454
Net Income (Loss) $ (937) $ (816)
Loss per common share:
Net Income (Loss) $ (.31) $ (.27)
Number of shares used in
calculation 2,979,190 2,979,190
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(a) Amounts for 2008 and 2007 include $95,000 and $137,000, respectively, of
proceeds from insurance claims.
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.
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: April 15, 2009
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