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) August 14, 2007
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 August 14, 2007
reporting Transtech Industries, Inc.'s results of operations for the quarter
ended June 30, 2007.
TRANSTECH INDUSTRIES, INC. REPORTS RESULTS
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2007
PISCATAWAY, N.J., August 14, 2007 - 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 six month
periods ended June 30, 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 June 30, 2007 and 2006 were $78,000 and $58,000, respectively. The
increase in revenue was due to an increase in both kilowatt hours generated
and fee received. Gross revenues of the environmental services segment for
the period in 2007 and 2006 were $264,000 and $357,000, 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 June 30, 2007 and
2006 were $625,000 and $656,000, respectively. The net decrease was
primarily due to a decrease in equipment repair costs and professional
fees.
Other income for the three months ended June 30, 2007 and 2006 was
$136,000 and $507,000, respectively. The amount for 2006 includes $346,000
of proceeds from claims against excess insurance carriers.
Income tax benefit for the three months ended June 30, 2007 and 2006
was $146,000 and $27,000, respectively.
Net loss for the three months ended June 30, 2007 was $265,000, or
$.09 per share, versus a net loss of $64,000, or $.02 per share, for the
period in 2006.
Revenues for the electricity generation segment for the six months
ended June 30, 2007 and 2006 were $211,000 and $167,000, respectively. The
increase in revenue was due to an increase in kilowatts hours generated and
fee received. Gross revenues of the environmental services segment for the
period in 2007 and 2006 were $536,000 and $610,000, 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 six months ended June 30, 2007 and 2006
were $1,203,000 and $1,205,000, respectively.
Other income for the six months ended June 30, 2007 and 2006 was
$250,000 and $782,000, respectively. In addition to the proceeds from
insurance claims discussed above, other income for 2006 includes $129,000
received in settlement of litigation regarding the Company's interest in a
former partnership.
Income tax benefit for the six months ended June 30, 2007 and 2006 was
$256,000 and $72,000, respectively.
Net loss for the six months ended June 30, 2007 was $486,000, or $.16
per share, versus a net loss of $184,000, or $.06 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.
On August 8, 2007, the Planning Board of Deptford Township, New Jersey
approved a study that concluded an area within the Township which includes
approximately 364 acres of property owned by the Company is in need of
redevelopment. The declaration of an area as a redevelopment zone under
the laws of the State of New Jersey grants a municipality many options to
achieve its objectives regarding the use of property within the zone.
Municipalities may acquire property for redevelopment using their powers of
eminent domain, compensating the property owner for its "fair market
value". The owner of property included within a zone may challenge the
creation of the redevelopment area and/or the amount of compensation
received for property. The declaration of a redevelopment zone requires
the approval of the Township's governing body. Presently the Company does
not know what course the Township intends to take with respect to the area,
or if all or any of the Company's property will ultimately be included.
The Company has filed objections to certain errors and mischaracterizations
contained within the study, as well as its conclusion.
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
June 30, 2007 and comparative consolidated statements of operations for the
three and six months ended June 30, 2007 and 2006.
TRANSTECH INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
As of June 30, 2007
(In $000's)
Assets
Cash and cash equivalents $ 793
Marketable securities 4,100
Restricted escrow accounts 1,006
Other current assets 464
Total current assets 6,363
Restricted escrow accounts 6,552
Other assets 2,055
Total assets $14,970
Liabilities and Stockholders' Equity
Total current liabilities $ 1,958
Income taxes payable 823
Accrued post-closure costs 8,017
Other liabilities 22
Stockholders' equity 4,150
Total Liabilities and Stockholders' Equity $14,970
CONSOLIDATED STATEMENTS OF OPERATIONS
(In $000's, except per share data)
For the Three Months
Ended June 30,
2007 2006
Gross Revenues $ 342 $ 415
Less: Eliminations (264) (357)
Net Revenues 78 58
Cost of Operations (625) (656)
Other Income(a) 136 507
Income (Taxes) Benefit 146 27
Net Income (Loss) $ (265) $ (64)
Income (loss) per common share:
Net income (loss) $ (.09) $ (.02)
Number of shares used in
calculation 2,979,190 2,979,190
For the Six Months
Ended June 30,
2007 2006
Gross Revenues $ 747 $ 777
Less: Eliminations (536) (610)
Net Revenues 211 167
Cost of Operations (1,203) (1,205)
Other Income(a) 250 782
Income (Taxes) Benefit 256 72
Net Income (Loss) $ (486) $ (184)
Income (loss) per common share:
Net income (loss) $ (.16) $ (.06)
Number of shares used in
calculation 2,979,190 2,979,190
(a) Amount for 2006 includes $346,000 of proceeds from insurance claims.
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: August 14, 2007