Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Scott’s Liquid Gold-Inc. Reports First Quarter Results By: Scott’s Liquid Gold-Inc. via Business Wire May 10, 2022 at 16:05 PM EDT First Quarter 2022 Highlights: First quarter 2022 net sales of $5.8 million vs. $9.4 million in 2021 Net loss of $0.5 million in Q1 2022 vs. $0.3 million in 2021 Scott’s Liquid Gold-Inc. (OTC: SLGD) today announced results for the three months ended March 31, 2022. First Quarter Financial Results In the first quarter of 2022, net sales decreased due to the sale of the Dryel brand and the conclusion of our agreement to distribute Batiste products, which collectively represented $2.5 million in sales in the first quarter of 2021. BIZ sales declined due to supply chain issues with our powder booster products. Sales of our Alpha Skin Care products decreased due to the lockdowns in China, which impacted our ability to export those products. Our Kids N Pets and Messy Pet brands experienced slight increases in sales versus the first quarter of 2021 due to targeted marketing efforts. Our net loss of $0.5 million was primarily driven by amortization of intangible assets, interest expense, and continued inflationary impacts associated with the manufacture and distribution of our products. In addition to high logistics-related expenses, the rising cost of fuel negatively impacted our inbound and outbound transportation rates. Management Commentary “We are proud of our team for their efforts to help mitigate the volatile and challenging environment,” said Tisha Pedrazzini, President of Scott’s. “While inflation continues to impact operating costs and supply chain remains uncertain, we’ve launched new line extensions that we believe set the foundation to deliver on our future growth plans. We continue to focus on both sales growth initiatives and cost structure efficiencies to drive profit improvements in the short and long term.” SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Statements of Operations (in thousands, except per share data) Three Months Ended March 31, 2022 2021 Net sales $ 5,790 $ 8,844 Cost of sales 2,856 4,840 Gross Profit 2,934 4,004 Operating expenses: Advertising 135 159 Selling 2,204 2,415 General and administrative 791 1,285 Intangible asset amortization 105 265 Total operating expenses 3,235 4,124 Loss from operations (301 ) (120 ) Interest expense (150 ) (35 ) Loss before income taxes and discontinued operations (451 ) (155 ) Income tax benefit - 41 Loss from continuing operations (451 ) (114 ) Loss from discontinued operations, net of taxes - (166 ) Net loss $ (451 ) $ (280 ) Basic and diluted net loss per common shares: Loss from continuing operations $ (0.04 ) $ (0.01 ) Loss from discontinued operations $ - $ (0.01 ) Net loss $ (0.04 ) $ (0.02 ) Weighted average shares outstanding: Basic and diluted 12,739 12,618 SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Balance Sheets (in thousands, except par value amounts) March 31, December 31, 2022 2021 Assets Current assets: Cash $ 22 $ 770 Restricted cash 375 500 Accounts receivable, net 2,399 3,516 Inventories 6,174 5,677 Income taxes receivable 320 320 Prepaid expenses 422 436 Total current assets 9,712 11,219 Property and equipment, net 5 7 Goodwill 1,710 1,710 Intangible assets, net 5,153 5,160 Operating lease right-of-use assets 2,675 2,735 Other assets 38 38 Total assets $ 19,293 $ 20,869 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 2,289 $ 2,647 Accrued expenses 693 747 Current portion of long-term debt 840 1,000 Operating lease liabilities, current portion 259 251 Total current liabilities 4,081 4,645 Long-term debt, net of current portion and debt issuance costs 1,321 1,876 Operating lease liabilities, net of current 2,711 2,780 Other liabilities 27 27 Total liabilities 8,140 9,328 Shareholders’ equity: Preferred stock, no par value, authorized 20,000 shares; no shares issued and outstanding - - Common stock; $0.10 par value, authorized 50,000 shares; issued and outstanding 12,749 shares (2022) and 12,727 shares (2021) 1,275 1,273 Capital in excess of par 7,850 7,789 Retained earnings 2,028 2,479 Total shareholders’ equity 11,153 11,541 Total liabilities and shareholders’ equity $ 19,293 $ 20,869 SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands) March 31, 2022 2021 Cash flows from operating activities: Net loss $ (451 ) $ (280 ) Adjustments to reconcile net loss to net cash (used) provided by operating activities: Depreciation and amortization 164 453 Stock-based compensation 63 69 Deferred income taxes - (97 ) Change in operating assets and liabilities: Accounts receivable 1,117 (860 ) Inventories (497 ) (738 ) Prepaid expenses and other assets 14 146 Accounts payable, accrued expenses, and other liabilities (414 ) 1,653 Total adjustments to net loss 447 626 Net cash (used) provided by operating activities (4 ) 346 Cash flows from investing activities: Purchase of software (99 ) - Net cash used in investing activities (99 ) - Cash flows from financing activities: Proceeds from revolving credit facility 8,379 8,730 Repayments of revolving credit facility (7,899 ) (8,830 ) Repayments of term loan (1,250 ) (250 ) Net cash used in financing activities (770 ) (350 ) Net decrease in cash (873 ) (4 ) Cash and restricted cash, beginning of period 1,270 5 Cash and restricted cash, end of period $ 397 $ 1 Cash and restricted cash, end of period associated with discontinued operations $ - $ - Cash and restricted cash, end of period associated with continuing operations $ 397 $ 1 Supplemental disclosures: Cash paid during the period for interest $ 95 $ 86 Note Regarding Forward-Looking Statements This news release may contain "forward-looking statements" within the meaning of the federal securities laws that are intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" generally can be identified by the use of forward-looking terminology such as "assumptions," "target," "guidance," “strategy,” "outlook," "plans," "projection," "may," "will," "would," "expect," "intend," "estimate," "anticipate," "believe”, "potential," or "continue" (or the negative or other derivatives of each of these terms) or similar terminology. Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and the Company's subsequent Quarterly Reports on Form 10-Q and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent filings with the Securities and Exchange Commission. About Scott’s Liquid Gold-Inc. Scott’s Liquid Gold-Inc. (SLG-Inc.) is a leading manufacturer and marketer of consumer products sold nationally and internationally to retail channels over the last 70 years. SLG-Inc. markets and distributes some of the most trusted and recognized consumer brand names, including its namesake wood cleaning products; Alpha Skin Care®; Kids N Pets®; Messy Pet®; BIZ®; Denorex®; Prell® and other brands. View source version on businesswire.com: https://www.businesswire.com/news/home/20220510006237/en/Contacts David Arndt Chief Financial Officer 303.576.6027 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Scott’s Liquid Gold-Inc. Reports First Quarter Results By: Scott’s Liquid Gold-Inc. via Business Wire May 10, 2022 at 16:05 PM EDT First Quarter 2022 Highlights: First quarter 2022 net sales of $5.8 million vs. $9.4 million in 2021 Net loss of $0.5 million in Q1 2022 vs. $0.3 million in 2021 Scott’s Liquid Gold-Inc. (OTC: SLGD) today announced results for the three months ended March 31, 2022. First Quarter Financial Results In the first quarter of 2022, net sales decreased due to the sale of the Dryel brand and the conclusion of our agreement to distribute Batiste products, which collectively represented $2.5 million in sales in the first quarter of 2021. BIZ sales declined due to supply chain issues with our powder booster products. Sales of our Alpha Skin Care products decreased due to the lockdowns in China, which impacted our ability to export those products. Our Kids N Pets and Messy Pet brands experienced slight increases in sales versus the first quarter of 2021 due to targeted marketing efforts. Our net loss of $0.5 million was primarily driven by amortization of intangible assets, interest expense, and continued inflationary impacts associated with the manufacture and distribution of our products. In addition to high logistics-related expenses, the rising cost of fuel negatively impacted our inbound and outbound transportation rates. Management Commentary “We are proud of our team for their efforts to help mitigate the volatile and challenging environment,” said Tisha Pedrazzini, President of Scott’s. “While inflation continues to impact operating costs and supply chain remains uncertain, we’ve launched new line extensions that we believe set the foundation to deliver on our future growth plans. We continue to focus on both sales growth initiatives and cost structure efficiencies to drive profit improvements in the short and long term.” SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Statements of Operations (in thousands, except per share data) Three Months Ended March 31, 2022 2021 Net sales $ 5,790 $ 8,844 Cost of sales 2,856 4,840 Gross Profit 2,934 4,004 Operating expenses: Advertising 135 159 Selling 2,204 2,415 General and administrative 791 1,285 Intangible asset amortization 105 265 Total operating expenses 3,235 4,124 Loss from operations (301 ) (120 ) Interest expense (150 ) (35 ) Loss before income taxes and discontinued operations (451 ) (155 ) Income tax benefit - 41 Loss from continuing operations (451 ) (114 ) Loss from discontinued operations, net of taxes - (166 ) Net loss $ (451 ) $ (280 ) Basic and diluted net loss per common shares: Loss from continuing operations $ (0.04 ) $ (0.01 ) Loss from discontinued operations $ - $ (0.01 ) Net loss $ (0.04 ) $ (0.02 ) Weighted average shares outstanding: Basic and diluted 12,739 12,618 SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Balance Sheets (in thousands, except par value amounts) March 31, December 31, 2022 2021 Assets Current assets: Cash $ 22 $ 770 Restricted cash 375 500 Accounts receivable, net 2,399 3,516 Inventories 6,174 5,677 Income taxes receivable 320 320 Prepaid expenses 422 436 Total current assets 9,712 11,219 Property and equipment, net 5 7 Goodwill 1,710 1,710 Intangible assets, net 5,153 5,160 Operating lease right-of-use assets 2,675 2,735 Other assets 38 38 Total assets $ 19,293 $ 20,869 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 2,289 $ 2,647 Accrued expenses 693 747 Current portion of long-term debt 840 1,000 Operating lease liabilities, current portion 259 251 Total current liabilities 4,081 4,645 Long-term debt, net of current portion and debt issuance costs 1,321 1,876 Operating lease liabilities, net of current 2,711 2,780 Other liabilities 27 27 Total liabilities 8,140 9,328 Shareholders’ equity: Preferred stock, no par value, authorized 20,000 shares; no shares issued and outstanding - - Common stock; $0.10 par value, authorized 50,000 shares; issued and outstanding 12,749 shares (2022) and 12,727 shares (2021) 1,275 1,273 Capital in excess of par 7,850 7,789 Retained earnings 2,028 2,479 Total shareholders’ equity 11,153 11,541 Total liabilities and shareholders’ equity $ 19,293 $ 20,869 SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands) March 31, 2022 2021 Cash flows from operating activities: Net loss $ (451 ) $ (280 ) Adjustments to reconcile net loss to net cash (used) provided by operating activities: Depreciation and amortization 164 453 Stock-based compensation 63 69 Deferred income taxes - (97 ) Change in operating assets and liabilities: Accounts receivable 1,117 (860 ) Inventories (497 ) (738 ) Prepaid expenses and other assets 14 146 Accounts payable, accrued expenses, and other liabilities (414 ) 1,653 Total adjustments to net loss 447 626 Net cash (used) provided by operating activities (4 ) 346 Cash flows from investing activities: Purchase of software (99 ) - Net cash used in investing activities (99 ) - Cash flows from financing activities: Proceeds from revolving credit facility 8,379 8,730 Repayments of revolving credit facility (7,899 ) (8,830 ) Repayments of term loan (1,250 ) (250 ) Net cash used in financing activities (770 ) (350 ) Net decrease in cash (873 ) (4 ) Cash and restricted cash, beginning of period 1,270 5 Cash and restricted cash, end of period $ 397 $ 1 Cash and restricted cash, end of period associated with discontinued operations $ - $ - Cash and restricted cash, end of period associated with continuing operations $ 397 $ 1 Supplemental disclosures: Cash paid during the period for interest $ 95 $ 86 Note Regarding Forward-Looking Statements This news release may contain "forward-looking statements" within the meaning of the federal securities laws that are intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" generally can be identified by the use of forward-looking terminology such as "assumptions," "target," "guidance," “strategy,” "outlook," "plans," "projection," "may," "will," "would," "expect," "intend," "estimate," "anticipate," "believe”, "potential," or "continue" (or the negative or other derivatives of each of these terms) or similar terminology. Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and the Company's subsequent Quarterly Reports on Form 10-Q and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent filings with the Securities and Exchange Commission. About Scott’s Liquid Gold-Inc. Scott’s Liquid Gold-Inc. (SLG-Inc.) is a leading manufacturer and marketer of consumer products sold nationally and internationally to retail channels over the last 70 years. SLG-Inc. markets and distributes some of the most trusted and recognized consumer brand names, including its namesake wood cleaning products; Alpha Skin Care®; Kids N Pets®; Messy Pet®; BIZ®; Denorex®; Prell® and other brands. View source version on businesswire.com: https://www.businesswire.com/news/home/20220510006237/en/Contacts David Arndt Chief Financial Officer 303.576.6027
First Quarter 2022 Highlights: First quarter 2022 net sales of $5.8 million vs. $9.4 million in 2021 Net loss of $0.5 million in Q1 2022 vs. $0.3 million in 2021
Scott’s Liquid Gold-Inc. (OTC: SLGD) today announced results for the three months ended March 31, 2022. First Quarter Financial Results In the first quarter of 2022, net sales decreased due to the sale of the Dryel brand and the conclusion of our agreement to distribute Batiste products, which collectively represented $2.5 million in sales in the first quarter of 2021. BIZ sales declined due to supply chain issues with our powder booster products. Sales of our Alpha Skin Care products decreased due to the lockdowns in China, which impacted our ability to export those products. Our Kids N Pets and Messy Pet brands experienced slight increases in sales versus the first quarter of 2021 due to targeted marketing efforts. Our net loss of $0.5 million was primarily driven by amortization of intangible assets, interest expense, and continued inflationary impacts associated with the manufacture and distribution of our products. In addition to high logistics-related expenses, the rising cost of fuel negatively impacted our inbound and outbound transportation rates. Management Commentary “We are proud of our team for their efforts to help mitigate the volatile and challenging environment,” said Tisha Pedrazzini, President of Scott’s. “While inflation continues to impact operating costs and supply chain remains uncertain, we’ve launched new line extensions that we believe set the foundation to deliver on our future growth plans. We continue to focus on both sales growth initiatives and cost structure efficiencies to drive profit improvements in the short and long term.” SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Statements of Operations (in thousands, except per share data) Three Months Ended March 31, 2022 2021 Net sales $ 5,790 $ 8,844 Cost of sales 2,856 4,840 Gross Profit 2,934 4,004 Operating expenses: Advertising 135 159 Selling 2,204 2,415 General and administrative 791 1,285 Intangible asset amortization 105 265 Total operating expenses 3,235 4,124 Loss from operations (301 ) (120 ) Interest expense (150 ) (35 ) Loss before income taxes and discontinued operations (451 ) (155 ) Income tax benefit - 41 Loss from continuing operations (451 ) (114 ) Loss from discontinued operations, net of taxes - (166 ) Net loss $ (451 ) $ (280 ) Basic and diluted net loss per common shares: Loss from continuing operations $ (0.04 ) $ (0.01 ) Loss from discontinued operations $ - $ (0.01 ) Net loss $ (0.04 ) $ (0.02 ) Weighted average shares outstanding: Basic and diluted 12,739 12,618 SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Balance Sheets (in thousands, except par value amounts) March 31, December 31, 2022 2021 Assets Current assets: Cash $ 22 $ 770 Restricted cash 375 500 Accounts receivable, net 2,399 3,516 Inventories 6,174 5,677 Income taxes receivable 320 320 Prepaid expenses 422 436 Total current assets 9,712 11,219 Property and equipment, net 5 7 Goodwill 1,710 1,710 Intangible assets, net 5,153 5,160 Operating lease right-of-use assets 2,675 2,735 Other assets 38 38 Total assets $ 19,293 $ 20,869 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 2,289 $ 2,647 Accrued expenses 693 747 Current portion of long-term debt 840 1,000 Operating lease liabilities, current portion 259 251 Total current liabilities 4,081 4,645 Long-term debt, net of current portion and debt issuance costs 1,321 1,876 Operating lease liabilities, net of current 2,711 2,780 Other liabilities 27 27 Total liabilities 8,140 9,328 Shareholders’ equity: Preferred stock, no par value, authorized 20,000 shares; no shares issued and outstanding - - Common stock; $0.10 par value, authorized 50,000 shares; issued and outstanding 12,749 shares (2022) and 12,727 shares (2021) 1,275 1,273 Capital in excess of par 7,850 7,789 Retained earnings 2,028 2,479 Total shareholders’ equity 11,153 11,541 Total liabilities and shareholders’ equity $ 19,293 $ 20,869 SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands) March 31, 2022 2021 Cash flows from operating activities: Net loss $ (451 ) $ (280 ) Adjustments to reconcile net loss to net cash (used) provided by operating activities: Depreciation and amortization 164 453 Stock-based compensation 63 69 Deferred income taxes - (97 ) Change in operating assets and liabilities: Accounts receivable 1,117 (860 ) Inventories (497 ) (738 ) Prepaid expenses and other assets 14 146 Accounts payable, accrued expenses, and other liabilities (414 ) 1,653 Total adjustments to net loss 447 626 Net cash (used) provided by operating activities (4 ) 346 Cash flows from investing activities: Purchase of software (99 ) - Net cash used in investing activities (99 ) - Cash flows from financing activities: Proceeds from revolving credit facility 8,379 8,730 Repayments of revolving credit facility (7,899 ) (8,830 ) Repayments of term loan (1,250 ) (250 ) Net cash used in financing activities (770 ) (350 ) Net decrease in cash (873 ) (4 ) Cash and restricted cash, beginning of period 1,270 5 Cash and restricted cash, end of period $ 397 $ 1 Cash and restricted cash, end of period associated with discontinued operations $ - $ - Cash and restricted cash, end of period associated with continuing operations $ 397 $ 1 Supplemental disclosures: Cash paid during the period for interest $ 95 $ 86 Note Regarding Forward-Looking Statements This news release may contain "forward-looking statements" within the meaning of the federal securities laws that are intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" generally can be identified by the use of forward-looking terminology such as "assumptions," "target," "guidance," “strategy,” "outlook," "plans," "projection," "may," "will," "would," "expect," "intend," "estimate," "anticipate," "believe”, "potential," or "continue" (or the negative or other derivatives of each of these terms) or similar terminology. Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and the Company's subsequent Quarterly Reports on Form 10-Q and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent filings with the Securities and Exchange Commission. About Scott’s Liquid Gold-Inc. Scott’s Liquid Gold-Inc. (SLG-Inc.) is a leading manufacturer and marketer of consumer products sold nationally and internationally to retail channels over the last 70 years. SLG-Inc. markets and distributes some of the most trusted and recognized consumer brand names, including its namesake wood cleaning products; Alpha Skin Care®; Kids N Pets®; Messy Pet®; BIZ®; Denorex®; Prell® and other brands. View source version on businesswire.com: https://www.businesswire.com/news/home/20220510006237/en/