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): September 30, 2003
SCOTT'S LIQUID GOLD-INC.
(Exact name of Registrant as specified in its charter)
Colorado 001-13458 84-0920811
(State or other (Commission File (I.R.S. Employer
jurisdiction Number) Identification No.)
of incorporation)
4880 Havana Street, Denver, CO 80239
(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (303) 373-4860
Total pages: 6
Exhibit index at: 3
Item 7. Financial Statements and Exhibits.
(c) Exhibits. The following exhibit accompanies this Report:
Exhibit No. Document
99 Press Release dated November 4, 2003 concerning
results of operations.
Item 12. Results of Operations and Financial Condition.
On November 4, 2003, Scott's Liquid Gold-Inc. announced in a press
release its operating results for the third quarter of 2003 and for
the nine months ended September 30, 2003. The press release is
attached as Exhibit 99.
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.
SCOTT'S LIQUID GOLD-INC.
(Registrant)
----------------------
Date: November 4, 2003 /s/ Jeffry B. Johnson
By: Jeffry B. Johnson
Chief Financial Officer
and Treasurer
EXHIBIT INDEX
Exhibit
Number Document
99 Press Release dated November 4, 2003 concerning
results of operations.
EXHIBIT 99
For Immediate Release
SCOTT'S LIQUID GOLD-INC.
REPORTS THIRD QUARTER OPERATING RESULTS
DENVER, Colorado (November 4, 2003) -- Scott's Liquid Gold-Inc.
(OTC BB: "SLGD"), which develops, manufactures and markets
household and skin care products, today announced its operating
results for the third quarter and first nine months of the year
2003.
For the three months ended September 30, 2003, the Company
reported a net income of $231,100, or $0.02 per share, on net
sales of approximately $6 million. These results compared with
net income of $871,900, or $0.09 per share, and net sales of
approximately $6.2 million, in the third quarter of 2002.
For the nine months ended September 30, 2003, the Company reported
a net loss of $931,700, or ($0.09) per share compared with net
income of $428,600, or $0.04 per share, in the corresponding
period of the previous year. Net sales totaled approximately
$17.3 million in the first nine months of the current year,
versus approximately $16.9 million in the year-earlier period.
"While we are disappointed to report an unprofitable nine months,"
commented Mark E. Goldstein, Chairman and Chief Executive Officer
of Scott's Liquid Gold-Inc., "the Company did experience an
overall increase in net sales and spent approximately
$870,000 more on advertising in the first nine months of 2003
versus the first nine months of 2002." Mr. Goldstein also
noted that the loss from operations for the first nine months
of 2002 was $490,700 and that the net income for that period
included revenue from a lawsuit settlement of $594,600 and a
tax benefit of $483,000, compared to a loss from operations
for the first nine months of 2003 of $813,300.
Scott's Liquid Gold-Inc. develops, manufactures and markets
high quality household and consumer products, including Scott's
Liquid Gold wood cleaners/preservatives, Touch of Scent air
fresheners, Alpha Hydrox skin care products, and Neoteric
Diabetic Skin Care products. Scott's Liquid Gold-Inc. also
distributes skin care and other sachets of Montagne Jeunesse. The
Company is headquartered in Denver, Colorado, and its common
stock trades on the OTC Bulletin Board under the symbol "SLGD".
Additional information on Scott's Liquid Gold-Inc. and its
products can be accessed on the World Wide Web:
www.scottsliquidgold.com, www.alphahydrox.com,
www.touchofscent.com, and www.neotericdiabetic.com.
This press release may contain "forward-looking" statements
within the meaning of U.S. federal securities laws. These
statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements and the Company's performance
inherently involve risks and uncertainties that could cause
actual results to differ from such forward-looking statements.
Factors that would cause or contribute to such differences
include, but are not limited to, continued acceptance of the
Company's products in the marketplace; acceptance in the
marketplace of the Company's new product lines; competitive
factors; continuation of the Company's distributorship
agreement with Montagne Jeunesse; the need for effective
advertising of the Company's products; limited resources
available for such advertising; new product introductions
by others; technological changes; dependence upon third-party
vendors and upon sales to major customers; changes in the
regulation of the Company's products, including applicable
environmental regulations; the loss of any executive officer;
and other risks discussed in this release and in the Company's
periodic report filings with the Securities and Exchange
Commission. By making these forward-looking statements, the
Company undertakes no obligation to update these statements
for revisions or changes after the date of this release.
For further information, please contact:
Jeff Johnson at (303) 373-4860
SCOTT'S LIQUID GOLD-INC.
and Consolidated Subsidiaries
CONDENSED STATEMENT OF OPERATIONS (Unaudited)
Three Months Nine Months
Ended September 30, Ended September 30,
------------------------- ------------------------
2003 2002 2003 2002
----------- ----------- ----------- -----------
Net sales $ 6,023,600 $ 6,226,900 $17,367,300 $16,912,800
Operating costs
and expenses:
Cost Of Sales 3,302,200 2,986,200 9,223,500 9,017,700
Advertising 171,100 282,600 1,671,700 804,200
Selling 1,402,900 1,431,400 4,410,300 4,201,400
General and
administrative 875,400 1,190,500 2,875,100 3,380,200
----------- ----------- ----------- -----------
5,751,600 5,890,700 18,180,600 17,403,500
----------- ----------- ----------- -----------
Income (loss)from
operations 272,000 336,200 (813,300) (490,700)
Interest income 12,100 6,200 46,600 42,800
Interest expense 53,000 65,100 165,000 201,100
Other revenue - 594,600 - 594,600
----------- ----------- ----------- -----------
231,100 871,900 (931,700) (54,400)
Income tax expense
(benefit) - - - (483,000)
----------- ----------- ----------- -----------
Net income (loss) $ 231,100 $ 871,900 $ (931,700) $ 428,600
=========== =========== =========== ===========
Net income (loss)
per common share :
Basic $ .02 $ .09 $ (.09) $ .04
=========== =========== =========== ==========
Diluted $ .02 $ .09 $ (.09) $ .04
=========== =========== =========== ==========
Weighted average
shares outstanding:
Basic 10,187,100 10,153,100 10,164,400 10,153,100
=========== =========== =========== ===========
Diluted 10,203,500 10,153,100 10,164,400 10,153,100
=========== =========== =========== ===========