EXHIBIT 99
For Immediate Release
SCOTT'S LIQUID GOLD-INC.
STATES CORRECTION AND REPLACEMENT OF
PRESS RELEASE ANNOUNCING FY2005 OPERATING RESULTS
DENVER - (BUSINESS WIRE) - March 15, 2006 - In BW5995 issued
March 14, 2006: In the financial table, under "Year
Ended December 31," the year over the left column
should read "2005" and the year over the right column should
read "2004".
The corrected release reads:
SCOTT'S LIQUID GOLD-INC. ANNOUNCES FY2005 OPERATING RESULTS
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 2005.
For the twelve months ended December 31, 2005, the Company reported
a net loss of ($198,100), or ($0.02) per share, on net sales of
approximately $24.0 million. These results compared with a net
loss of approximately ($903,100), or ($0.09) per share, on net
sales of approximately $22.6 million, in the previous year. The
Company experienced a net loss of ($248,400), was recorded in the
fourth quarter of 2005, versus prior year fourth quarter net income
of $83,400. Net sales of $6,385,900 in the quarter ended
December 31, 2005, compared with net sales of $7,013,600 in the
year-earlier period.
Mark E. Goldstein, Chairman of the Board and Chief Executive Officer
of Scott's Liquid Gold-Inc., commented "During 2005 we experienced
an increase in sales of our Alpha Hydrox skin care products because
of the introduction of new Alpha Hydrox products, while experiencing
a decrease in our line of household products and a small decrease in
sales of our Montagne Jeunesse sachet products. Our net loss for
2005 was $198,100 versus $903,100 for 2004. Our improvement over
last year was primarily due to the increase in sales from our new
Alpha Hydrox product introductions. We have been advertising both our
household chemical products and our skin care products in the first
quarter of 2006. As a result of this advertising expense and lower
than expected sales in the beginning of 2006, we anticipate that we
will experience a net loss for the first quarter of 2006 and most
likely will have a net loss at least through the first half of 2006."
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
each of our significant products in the marketplace; the degree of
success of any new product or product line introduction by us;
consumer acceptance of the new Alpha Hydrox products; competitive
factors; any decrease in distribution of (i.e., retail stores
carrying) our significant products; continuation of our
distributorship agreement with Montagne Jeunesse; the need for
effective advertising of our products; limited resources
available for such advertising; new competitive products and/or
technological changes; dependence upon third party vendors and
upon sales to major customers; changes in the regulation of our
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 Year ended
December 31, December 31,
------------------------ -----------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
Net sales $ 6,385,900 $ 7,013,600 $24,139,200 $22,647,200
Operating costs
and expenses:
Cost of sales 3,762,000 4,057,600 13,514,500 12,907,200
Advertising 644,900 405,300 1,275,200 1,143,400
Selling 1,511,600 1,642,200 5,933,600 5,804,800
General and
administrative 682,900 785,500 3,462,000 3,557,900
----------- ----------- ----------- -----------
6,601,400 6,890,600 24,185,300 23,413,300
----------- ----------- ----------- -----------
Income (loss) from
operations (215,500) 123,000 (46,100) (766,100)
Interest income 12,100 11,600 42,300 42,500
Interest expense (45,000) (49,500) (194,300) (177,800)
----------- ----------- ----------- -----------
Loss before income
taxes (248,400) 85,100 (198,100) (901,400)
Income tax expense - 1,700 - 1,700
----------- ----------- ----------- -----------
Net income (loss) $ (248,400) $ 83,400 $ (198,100) $ (903,100)
=========== =========== =========== ===========
Net income (loss)
per common share:
Basic and
Diluted $ (0.02) $ - $ (0.02) $ (0.09)
=========== =========== =========== ===========
Weighted average
shares outstanding:
Basic and
Diluted 10,501,700 10,434,000 10,484,600 10,404,500
=========== =========== =========== ===========