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) November 14, 2006
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)
200 Centennial Ave., Piscataway, N.J. 08854
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (732)981-0777
(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 5 pages
Item 8.01. OTHER EVENTS.
Press Release
The following is the text of the press release dated November 14, 2006
reporting Transtech Industries, Inc.'s results of operations for the three
and nine month periods ended September 30, 2006.
TRANSTECH INDUSTRIES, INC. REPORTS RESULTS
FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2006
PISCATAWAY, N.J., November 14, 2006 - 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.
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: November 14, 2006