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): December 31, 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 of 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: 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 March 8, 2004
concerning results of operations.
Item 12. Results of Operations and Financial Condition.
On March 8, 2004, Scott's Liquid Gold-Inc. announced in a press
release its operating results for the fourth quarter of 2003 and
for the twelve months ended December 31, 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: March 8, 2004 /s/ Jeffry B. Johnson
By: Jeffry B. Johnson
Chief Financial Officer
and Treasurer
EXHIBIT INDEX
Exhibit
Number Document
99 Press Release dated March 8, 2004 concerning
results of operations.
EXHIBIT 99
For Immediate Release
SCOTT'S LIQUID GOLD-INC.
ANNOUNCES FY2003 OPERATING RESULTS
DENVER, Colorado (March 8, 2004) -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 year 2003.
For the twelve months ended December 31, 2003, the Company
reported a net loss of ($189,600), or ($0.02) per share, on net
sales of approximately $24.5 million. These results compared
with a net income of approximately $1.6 million, or $0.15 per
share, on net sales of approximately $25.0 million, in the
previous year. Net income of $742,100 or $0.07 per share, was
recorded in the fourth quarter of 2003, versus prior year fourth
quarter net income of $1,143,500, or $0.11 per share. Net sales
approximated $7.1 million in the quarter ended December 31, 2003,
compared with net sales of approximately $8.0 million in the
year-earlier period.
"While we are reporting net income for the fourth quarter, this
is tempered by the fact that we had a net loss for the year,"
commented Mark E. Goldstein, Chairman and Chief Executive Officer
of Scott's Liquid Gold-Inc. "During 2003 our distribution and
sale of the Montagne Jeunesse line of products continued to grow
while our household chemical products and other skin care products,
other than the Montagne Jeunesse products, declined in sales over
2002. Our decrease in net income for 2003 was the result of three
factors (1) the increase in advertising of both our household
chemical products and Alpha Hydrox skin care products which did
not result in increased sales of the products over 2002, (2) other
income in 2002 from the settlement of a lawsuit, and (3) an income
tax refund in 2002. In addition, we will be advertising during the
first quarter of 2004 our household products, and to a limited
degree a few cosmetic products. Because of this expense as well
as other factors we will expect a loss for the first quarter of
2004."
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:
Jeffry B. Johnson at (303) 373-4860
SCOTT'S LIQUID GOLD-INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter Ended Year ended
December 31, December 31,
------------------------ ------------------------
2003 2002 2003 2002
----------- ----------- ----------- -----------
Net sales $ 7,103,400 $ 8,046,200 $24,470,700 $24,959,000
Operating costs
and expenses:
Cost of sales 3,645,000 4,337,100 12,868,500 13,354,800
Advertising 172,100 396,100 1,843,800 1,200,300
Selling 1,741,200 1,393,000 6,151,500 5,594,500
General and
administrative 766,400 724,800 3,641,500 4,105,000
----------- ----------- ----------- -----------
6,324,700 6,851,000 24,505,300 24,254,600
----------- ----------- ----------- -----------
Income (loss) from
operations 778,700 1,195,200 (34,600) 704,400
Interest income 11,700 11,200 58,300 54,000
Interest expense 48,300 (60,000) (213,300) (261,100)
Other income - - - 594,600
----------- ----------- ----------- -----------
742,100 1,146,400 (189,600) 1,091,900
----------- ----------- ----------- -----------
Income tax
expense (benefit) - 2,900 - (480,100)
----------- ----------- ----------- -----------
Net income (loss) $ 742,100 $ 1,143,500 $ (189,600) $ 1,572,000
=========== =========== =========== ===========
Net income (loss) per
common share:
Basic $ 0.07 $ 0.11 $ (0.02) $ 0.15
=========== =========== =========== ===========
Diluted $ 0.07 $ 0.11 $ (0.02) $ 0.15
=========== =========== =========== ===========
Weighted average shares
outstanding:
Basic 10,343,500 10,153,100 10,209,200 10,153,100
=========== =========== ========== ==========
Diluted 10,427,500 10,153,100 10,209,200 10,153,100