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):
May 14, 2003
SCOTT'S LIQUID GOLD-INC.
(Exact name of Registrant as specified in its charter)
Colorado
(State or other jurisdiction of incorporation)
0-12343
(Commission File Number)
84-0920811
(I.R.S. Employer Identification No.)
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 May 14, 2003
concerning results of operations.
Item 9. Regulation FD Disclosure.
The information in this Item is being provided under Item 12 of
this Current Report on Form 8-K.
On May 14, 2003, Scott's Liquid Gold-Inc. announced in a press
release its operating results for the first quarter of 2003.
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)
/s/ Jeffry B. Johnson
--------------------------------------
By: Jeffry B. Johnson
Chief Financial Officer and Treasurer
Date: May 14, 2003
EXHIBIT INDEX
Exhibit
Number Document
------- --------
99 Press Release dated May 14, 2003
concerning results of operations.
EXHIBIT 99
For Immediate Release
SCOTT'S LIQUID GOLD-INC.
ANNOUNCES FIRST QUARTER OPERATING RESULTS
DENVER, Colorado (May 14, 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 first quarter of 2003.
For the three months ended March 31, 2003, net sales were
$5,735,700 compared with net sales of $4,912,400 in the
first quarter of the previous year. The Company reported
a net loss of $416,300 or ($0.04) per share, in the most
recent quarter, versus a net loss of $362,800, or ($0.04)
per share, in the three months ended March 31, 2002.
"While we are disappointed to report an unprofitable first
quarter," commented Mark E. Goldstein, Chairman and Chief
Executive Officer of Scott's Liquid Gold-Inc., "the Company
did reduce its loss from operations from $798,100 in the first
quarter of 2002 to a loss from operations of $375,700 for the
first quarter of 2003, while spending an additional $376,000
on advertising in the first quarter this year versus last
year, and we experienced an overall increase in sales from
the previous year's quarter. The increase in sales results
from an increase in sales of Montagne Jeunesse sachets which
more than offset declines in the sales of our other products."
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 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; adverse developments in pending
litigation; 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:
Jeffry B. Johnson at (303) 373-4860
SCOTT'S LIQUID GOLD-INC.
& Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Quarter ended March 31,
---------------------------
2003 2002
----------- -----------
(Unaudited) (Unaudited)
Net sales $ 5,735,700 $ 4,912,400
Operating costs and expenses:
Cost of sales 2,858,000 2,774,200
Advertising 809,000 433,100
Selling 1,420,400 1,239,700
General and administrative 1,024,000 1,263,500
___________ ___________
6,111,400 5,710,500
Loss from operations (375,700) (798,100)
Interest income 16,300 20,800
Interest expense (56,900) (68,500)
___________ ___________
(416,300) (845,800)
Income tax expense (benefit) - (483,000)
___________ ___________
Net loss $ (416,300) $ (362,800)
=========== ===========
Loss per common share:
Basic $ (0.04) $ (0.04)
=========== ===========
Diluted $ (0.04) $ (0.04)
=========== ===========
Weighted average shares
outstanding:
Basic 10,153,100 10,153,100
=========== ===========
Diluted 10,153,100 10,153,100
=========== ===========