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 8, 2003
SCOTT'S LIQUID GOLD-INC.
(Exact name of Registrant as specified in its charter)
Colorado 0-12343 84-0920811
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
4880 Havana Street, Denver, CO 80239
(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (303) 373-4860
Total pages: 5
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 August 8, 2003 concerning
results of operations.
Item 12. Results of Operations and Financial Condition.
On August 8, 2003, Scott's Liquid Gold-Inc. announced in a press
release its operating results for the second quarter of 2003 and
for the six months ended June 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: August 8, 2003 /s/ Jeffry B. Johnson
-------------------------
By: Jeffry B. Johnson
Chief Financial Officer
and Treasurer
EXHIBIT INDEX
Exhibit
Number Document
99 Press Release dated August 8, 2003 concerning
results of operations.
EXHIBIT 99
For Immediate Release
SCOTT'S LIQUID GOLD-INC.
ANNOUNCES SECOND QUARTER OPERATING RESULTS
DENVER, Colorado (August 8, 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 second quarter and first six months of the year
2003.
For the three months ended June 30, 2003, net sales were
$5,608,000 compared with net sales of $5,773,500 in the second
quarter of the previous year. The Company reported a net loss
for the quarter of 746,500, or $(0.07) per share, versus a net
loss of $80,500, in the three months ended June 30, 2002.
Net sales for the six months ended June 30, 2003 totaled
$11,343,700, compared with $10,685,900 in 2002. The Company
reported a first half 2003 net loss of $1,162,800, or ($0.11)
per share, as compared with a net loss of $443,300, or ($0.04)
per share, in the six months ended June 30, 2002.
"While we are disappointed to report an unprofitable first
half," 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, while spending approximately
$1,000,000 more on advertising in the first half of 2003 versus
the first half of 2002." Mr. Goldstein also noted that the loss
before income taxes for the first half of 2002 was $926,300 and
that the net loss for that period included a tax benefit of
$483,000, compared to a loss before income taxes and net loss
for the first half of 2003 of $1,162,800.
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 June 30, Six months ended June 30,
2003 2002 2003 2002
------------ ------------ ------------ ------------
(Unaudited) (Unaudited)
Revenues:
Net sales $ 5,608,000 $ 5,773,500 $11,343,700 $10,685,900
Operating costs
and expenses:
Cost of sales 3,063,300 3,257,300 5,921,300 6,031,500
Advertising 691,600 88,500 1,500,600 521,600
Selling 1,587,000 1,530,300 3,007,400 2,770,000
General and
administrative 975,700 926,200 1,999,700 2,189,700
----------- ----------- ----------- -----------
6,317,600 5,802,300 12,429,000 11,512,800
Loss from
operations (709,600) (28,800) (1,085,300) (826,900)
Interest income 18,200 15,800 34,500 36,600
Interest expense (55,100) (67,500) (112,000) (136,000)
----------- ----------- ----------- -----------
(746,500) (80,500) (1,162,800) (926,300)
Income tax expense
(benefit) - - - (483,000)
----------- ----------- ----------- -----------
Net loss $ (746,500) $ (80,500) $(1,162,800) $ (443,300)
=========== =========== =========== ===========
Net income (loss)
per common share:
Basic $ (0.07) $ (0.01) $ (0.11) $ (0.04)
=========== =========== =========== ===========
Diluted $ (0.07) $ (0.01) $ (0.11) $ (0.04)
=========== =========== =========== ===========
Weighted average
shares outstanding:
Basic 10,153,100 10,153,100 10,153,100 10,153,100
=========== =========== =========== ===========
Diluted 10,153,100 10,153,100 10,153,100 10,153,100
=========== =========== =========== ===========