UNITED STATES
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): February 24, 2005
SCOTT'S LIQUID GOLD-INC.
(Exact name of Registrant as specified in its charter)
Colorado 001-13458 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
Check the appropriate box below if the Form 8-K 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 (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Total pages: 6
Exhibit index at: 3
Item 2.02 Results of Operations and Financial Condition.
On February 24, 2005, Scott's Liquid Gold-Inc. announced in a press
release its operating results for the quarter and year ended
December 31, 2004. The press release is attached as Exhibit 99.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
The following exhibit accompanies this Report:
Exhibit No. Document
99 Press Release dated February 24, 2005
concerning results of operations.
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: February 24, 2005 /s/ Jeffry B. Johnson
----------------------------
By: Jeffry B. Johnson
Chief Financial Officer and
Treasurer
EXHIBIT INDEX
Exhibit
Number Document
99 Press Release dated February 24, 2005 concerning
results of operations.
Exhibit 99
For Immediate Release
SCOTT'S LIQUID GOLD-INC.
ANNOUNCES FY2004 OPERATING RESULTS
DENVER, Colorado (February 24, 2005) - 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 2004.
For the twelve months ended December 31, 2004, the Company reported a
net loss of ($903,100), or ($0.09) per share, on net sales of
approximately $22.6 million. These results compared with a net
loss of approximately ($189,600), or ($0.02) per share, on net
sales of approximately $24.5 million, in the previous year. Net
income of $83,400, was recorded in the fourth quarter of 2004,
versus prior year fourth quarter net income of $742,100. Net sales
of $7,013,600 in the quarter ended December 31, 2004, compared with
net sales of $7,103,400 in the year-earlier period.
Mark E. Goldstein, Chairman of the Board and Chief Executive Officer,
commented "During 2004 we experienced a small increase in sales of
household chemical products primarily because of the increased
distribution of Scott's Liquid Gold for wood. The Company commenced
in May, 2004 the introduction of an additional wood care product in
a wipe form during this period; however, sales have been minimal so far.
During 2004 the Company experienced a decrease in sales of our
skin care products. This decrease is attributable in large part
to a decrease in sales of the Montagne Jeunesse line of products
because of a decrease in the number of display promotions at
retailers in the first half of 2004 versus 2003 and to 2003
products that had not sold through retail stores until 2004 thus
resulting in fewer sales by the Company. Unit sales of the
Company's earlier-established alpha hydroxy acid products also
dropped. Our net loss for 2004 was $903,100 versus a loss of
$189,600 in 2003. The loss for 2004 was primarily due to slower
sales of Montagne Jeunesse products and reduced gross profit over
all product lines in 2004 versus 2003. Our reduced profit margin
was caused by a combination of a greater percentage of promotional
allowances, a slight increase in raw material and Montagne Jeunesse
sachet costs, reduced prices on some holiday promotions in 2004
versus 2003 and spreading the ongoing manufacturing costs over the
lower aggregate number of units sold."
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 December 31, Year Ended December 31,
-------------------------- -------------------------
2004 2003 2004 2003
----------- ----------- ----------- -----------
Net sales $ 7,013,600 $ 7,103,400 $22,647,200 $24,470,700
Operating costs
and expenses:
Cost of sales 4,057,600 3,645,000 12,907,200 12,868,500
Advertising 405,300 172,100 1,143,400 1,843,800
Selling 1,642,200 1,741,200 5,804,800 6,151,500
General and
Administrative 785,500 766,400 3,557,900 3,641,500
----------- ----------- ----------- -----------
6,890,600 6,324,700 23,413,300 24,505,300
----------- ----------- ----------- -----------
Income (loss) from
Operations 123,000 778,700 (766,100) (34,600)
Interest income 11,600 11,700 42,500 58,300
Interest expense (49,500) (48,300) (177,800) (213,300)
----------- ----------- ----------- -----------
85,100 742,100 (901,400) (189,600)
----------- ----------- ----------- -----------
Income tax expense 1,700 - 1,700 -
----------- ----------- ----------- -----------
Net income (loss) $ 83,400 $ 742,100 $ (903,100) $ (189,600)
=========== =========== =========== ===========
Net income (loss) per
common share:
Basic $ - $ 0.07 $ (0.09) $ (0.02)
=========== =========== =========== ===========
Diluted $ - $ 0.07 $ (0.09) $ (0.02)
=========== =========== =========== ===========
Weighted average
shares outstanding:
Basic 10,434,000 10,343,500 10,404,500 10,209,200
=========== =========== =========== ===========
Diluted 10,434,000 10,427,500 10,404,500 10,209,200
=========== =========== =========== ===========