Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Scott’s Liquid Gold-Inc. Reports Second Quarter Results By: Scott’s Liquid Gold-Inc. via Business Wire August 13, 2021 at 06:00 AM EDT Second Quarter 2021 Results: Net sales of $8.4 million vs. $6.1 million in 2020 Net loss of $1.1 million (($0.08) per share) driven by restructuring costs of $0.8 million and COVID-related supply chain impacts Net cash used in operating activities of $1.0 million vs. net cash from operating activities of $5.1 million in 2020 Scott’s Liquid Gold-Inc. (OTC: SLGD) today announced operating results for the three months ended June 30, 2021. “This is a transition year for Scott’s, and we continue to review all aspects of our business with an eye towards growth and profitability,” said Tisha Pedrazzini, Interim Co-President of Scott’s Liquid Gold. "We have identified several key brands that we aim to accelerate via new consumer messaging, brand packaging, and go-to-market strategies. Our portfolio is filled with products that consumers love, as evidenced by best-in-class ratings and reviews. We are working to drive increased awareness of these brands with new digital, social, and grassroots campaigns this fall.” “While logistics and supply chain challenges impacted sales in the second quarter, we have rebuilt inventory and are back in stock on all major products,” said Kevin Paprzycki, Scott’s CFO and Interim Co-President. “We are taking actions to improve our profitability by reducing selling costs, reducing G&A expenses, and improving working capital efficiency, which we believe will start to be reflected in our financial results in the second half of the year. Given the inflationary backdrop, we have fine-tuned pricing and continue to work to be an efficient and easy partner with which to do business.” Second Quarter Financial Results In the second quarter of 2021, net sales increased 38% to $8.4 million compared to $6.1 million in the same period in 2020. The growth was driven by the BIZ and Dryel brands, which were acquired in July 2020, and by a rebound in Batiste sales in 2021, where the second quarter of 2020 was unfavorably impacted by COVID-19. Sales in the second quarter of 2021 were affected by supply chain shortages of cans, components, and other raw materials, particularly with our Scott’s Liquid Gold brand. Our net loss of $1.1 million was primarily driven by one-time restructuring charges of $0.8 million from severance payments. In addition, our operating results were also affected by supply chain shortages of certain key products including our Scott’s Liquid Gold brand. We are also experiencing increases in costs of our products and logistics-related expenses, primarily driven by COVID-related supply chain disruptions and product delays. About Scott’s Liquid Gold-Inc. Scott's Liquid Gold-Inc. and its trusted brands have been a part of consumers' lives for over 70 years. Our products deliver high-quality, proven results that are supported by best-in-class consumer ratings and reviews. Our portfolio includes some of the most trusted and recognized consumer brand names, including our namesake Scott’s Liquid Gold wood care products, as well as Kids N Pets, Dryel, Biz Stain Fighter, Denorex, Prell, and Alpha Skin Care. We are also the current American specialty channel distributor for Batiste Dry Shampoo. SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Statements of Operations (in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net sales $ 8,451 $ 6,083 $ 17,884 $ 13,937 Cost of sales 4,929 3,215 10,225 7,605 Gross Profit 3,522 2,868 7,659 6,332 Operating expenses: Advertising 203 141 362 362 Selling 2,518 1,614 5,069 3,203 General and administrative 1,687 1,293 2,972 2,487 Intangible asset amortization 387 210 775 420 Total operating expenses 4,795 3,258 9,178 6,472 (Loss) income from operations (1,273 ) (390 ) (1,519 ) (140 ) Interest income - 2 - 3 Interest expense (175 ) (74 ) (309 ) (78 ) Income from distribution agreement termination - 350 - 350 (Loss) income before income taxes (1,448 ) (112 ) (1,828 ) 135 Income tax benefit 382 34 482 64 Net (loss) income $ (1,066 ) $ (78 ) $ (1,346 ) $ 199 Net (loss) income per common share Basic $ (0.08 ) $ (0.01 ) $ (0.11 ) $ 0.02 Diluted $ (0.08 ) $ (0.01 ) $ (0.11 ) $ 0.02 Weighted average shares outstanding Basic 12,618 12,462 12,618 12,462 Diluted 12,618 12,462 12,618 12,571 SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Balance Sheets (in thousands, except par value amounts) June 30, December 31, 2021 2020 Assets Current assets: Cash and cash equivalents $ 20 $ 5 Accounts receivable, net 4,723 4,512 Inventories, net 6,770 3,988 Income taxes receivable 513 535 Prepaid expenses 542 596 Other current assets - 112 Total current assets 12,568 9,748 Property and equipment, net 12 18 Deferred tax asset 1,287 784 Goodwill 5,280 5,280 Intangible assets, net 14,014 14,703 Operating lease right-of-use assets 2,857 2,985 Other assets 38 38 Total assets $ 36,056 $ 33,556 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 4,036 $ 1,799 Accrued expenses 999 296 Current portion of long-term debt 1,000 1,000 Operating lease liabilities, current portion 245 249 Other current liabilities 67 67 Total current liabilities 6,347 3,411 Long-term debt, net of current portion and debt issuance costs 5,451 4,521 Operating lease liabilities, net of current 2,908 3,032 Other liabilities 129 127 Total liabilities 14,835 11,091 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 12,618 shares (2021) and 12,618 shares (2020) 1,262 1,262 Capital in excess of par 7,735 7,633 Retained earnings 12,224 13,570 Total shareholders’ equity 21,221 22,465 Total liabilities and shareholders’ equity $ 36,056 $ 33,556 SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands) Six Months Ended June 30, 2021 2020 Cash flows from operating activities: Net (loss) income $ (1,346 ) $ 199 Adjustments to reconcile net (loss) income to net cash provided (used) by operating activities: Depreciation and amortization 905 522 Stock-based compensation 102 71 Deferred income taxes (503 ) 65 Change in operating assets and liabilities: Accounts receivable (211 ) 156 Inventories (2,782 ) 2,905 Prepaid expenses and other assets 166 42 Income taxes receivable 22 322 Accounts payable, accrued expenses, and other liabilities 2,942 296 Total adjustments to net (loss) income 641 4,379 Net cash (used) provided by operating activities (705 ) 4,578 Cash flows from investing activities: Purchase of software (113 ) - Purchase of property and equipment - (17 ) Proceeds from sale of property and equipment - 500 Cash paid for leasehold improvements - (247 ) Reimbursement of leasehold improvements - 110 Net cash (used in) provided by investing activities (113 ) 346 Cash flows from financing activities: Proceeds from revolving credit facility 19,517 - Repayments of revolving credit facility (18,184 ) - Repayments of term loan (500 ) - Payments for debt issuance costs - (141 ) Proceeds from PPP loan - 600 Repayment of PPP loan - (600 ) Net cash provided by (used in) financing activities 833 (141 ) Net increase in cash and cash equivalents 15 4,783 Cash and cash equivalents, beginning of period 5 1,094 Cash and cash equivalents, end of period $ 20 $ 5,877 Supplemental disclosures: Cash paid during the period for interest $ 212 $ - 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, 2020 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20210813005003/en/Contacts Investor Relations Contact: Kevin Paprzycki Interim Co-President & CFO 303.576.6032 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 Second Quarter Results By: Scott’s Liquid Gold-Inc. via Business Wire August 13, 2021 at 06:00 AM EDT Second Quarter 2021 Results: Net sales of $8.4 million vs. $6.1 million in 2020 Net loss of $1.1 million (($0.08) per share) driven by restructuring costs of $0.8 million and COVID-related supply chain impacts Net cash used in operating activities of $1.0 million vs. net cash from operating activities of $5.1 million in 2020 Scott’s Liquid Gold-Inc. (OTC: SLGD) today announced operating results for the three months ended June 30, 2021. “This is a transition year for Scott’s, and we continue to review all aspects of our business with an eye towards growth and profitability,” said Tisha Pedrazzini, Interim Co-President of Scott’s Liquid Gold. "We have identified several key brands that we aim to accelerate via new consumer messaging, brand packaging, and go-to-market strategies. Our portfolio is filled with products that consumers love, as evidenced by best-in-class ratings and reviews. We are working to drive increased awareness of these brands with new digital, social, and grassroots campaigns this fall.” “While logistics and supply chain challenges impacted sales in the second quarter, we have rebuilt inventory and are back in stock on all major products,” said Kevin Paprzycki, Scott’s CFO and Interim Co-President. “We are taking actions to improve our profitability by reducing selling costs, reducing G&A expenses, and improving working capital efficiency, which we believe will start to be reflected in our financial results in the second half of the year. Given the inflationary backdrop, we have fine-tuned pricing and continue to work to be an efficient and easy partner with which to do business.” Second Quarter Financial Results In the second quarter of 2021, net sales increased 38% to $8.4 million compared to $6.1 million in the same period in 2020. The growth was driven by the BIZ and Dryel brands, which were acquired in July 2020, and by a rebound in Batiste sales in 2021, where the second quarter of 2020 was unfavorably impacted by COVID-19. Sales in the second quarter of 2021 were affected by supply chain shortages of cans, components, and other raw materials, particularly with our Scott’s Liquid Gold brand. Our net loss of $1.1 million was primarily driven by one-time restructuring charges of $0.8 million from severance payments. In addition, our operating results were also affected by supply chain shortages of certain key products including our Scott’s Liquid Gold brand. We are also experiencing increases in costs of our products and logistics-related expenses, primarily driven by COVID-related supply chain disruptions and product delays. About Scott’s Liquid Gold-Inc. Scott's Liquid Gold-Inc. and its trusted brands have been a part of consumers' lives for over 70 years. Our products deliver high-quality, proven results that are supported by best-in-class consumer ratings and reviews. Our portfolio includes some of the most trusted and recognized consumer brand names, including our namesake Scott’s Liquid Gold wood care products, as well as Kids N Pets, Dryel, Biz Stain Fighter, Denorex, Prell, and Alpha Skin Care. We are also the current American specialty channel distributor for Batiste Dry Shampoo. SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Statements of Operations (in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net sales $ 8,451 $ 6,083 $ 17,884 $ 13,937 Cost of sales 4,929 3,215 10,225 7,605 Gross Profit 3,522 2,868 7,659 6,332 Operating expenses: Advertising 203 141 362 362 Selling 2,518 1,614 5,069 3,203 General and administrative 1,687 1,293 2,972 2,487 Intangible asset amortization 387 210 775 420 Total operating expenses 4,795 3,258 9,178 6,472 (Loss) income from operations (1,273 ) (390 ) (1,519 ) (140 ) Interest income - 2 - 3 Interest expense (175 ) (74 ) (309 ) (78 ) Income from distribution agreement termination - 350 - 350 (Loss) income before income taxes (1,448 ) (112 ) (1,828 ) 135 Income tax benefit 382 34 482 64 Net (loss) income $ (1,066 ) $ (78 ) $ (1,346 ) $ 199 Net (loss) income per common share Basic $ (0.08 ) $ (0.01 ) $ (0.11 ) $ 0.02 Diluted $ (0.08 ) $ (0.01 ) $ (0.11 ) $ 0.02 Weighted average shares outstanding Basic 12,618 12,462 12,618 12,462 Diluted 12,618 12,462 12,618 12,571 SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Balance Sheets (in thousands, except par value amounts) June 30, December 31, 2021 2020 Assets Current assets: Cash and cash equivalents $ 20 $ 5 Accounts receivable, net 4,723 4,512 Inventories, net 6,770 3,988 Income taxes receivable 513 535 Prepaid expenses 542 596 Other current assets - 112 Total current assets 12,568 9,748 Property and equipment, net 12 18 Deferred tax asset 1,287 784 Goodwill 5,280 5,280 Intangible assets, net 14,014 14,703 Operating lease right-of-use assets 2,857 2,985 Other assets 38 38 Total assets $ 36,056 $ 33,556 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 4,036 $ 1,799 Accrued expenses 999 296 Current portion of long-term debt 1,000 1,000 Operating lease liabilities, current portion 245 249 Other current liabilities 67 67 Total current liabilities 6,347 3,411 Long-term debt, net of current portion and debt issuance costs 5,451 4,521 Operating lease liabilities, net of current 2,908 3,032 Other liabilities 129 127 Total liabilities 14,835 11,091 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 12,618 shares (2021) and 12,618 shares (2020) 1,262 1,262 Capital in excess of par 7,735 7,633 Retained earnings 12,224 13,570 Total shareholders’ equity 21,221 22,465 Total liabilities and shareholders’ equity $ 36,056 $ 33,556 SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands) Six Months Ended June 30, 2021 2020 Cash flows from operating activities: Net (loss) income $ (1,346 ) $ 199 Adjustments to reconcile net (loss) income to net cash provided (used) by operating activities: Depreciation and amortization 905 522 Stock-based compensation 102 71 Deferred income taxes (503 ) 65 Change in operating assets and liabilities: Accounts receivable (211 ) 156 Inventories (2,782 ) 2,905 Prepaid expenses and other assets 166 42 Income taxes receivable 22 322 Accounts payable, accrued expenses, and other liabilities 2,942 296 Total adjustments to net (loss) income 641 4,379 Net cash (used) provided by operating activities (705 ) 4,578 Cash flows from investing activities: Purchase of software (113 ) - Purchase of property and equipment - (17 ) Proceeds from sale of property and equipment - 500 Cash paid for leasehold improvements - (247 ) Reimbursement of leasehold improvements - 110 Net cash (used in) provided by investing activities (113 ) 346 Cash flows from financing activities: Proceeds from revolving credit facility 19,517 - Repayments of revolving credit facility (18,184 ) - Repayments of term loan (500 ) - Payments for debt issuance costs - (141 ) Proceeds from PPP loan - 600 Repayment of PPP loan - (600 ) Net cash provided by (used in) financing activities 833 (141 ) Net increase in cash and cash equivalents 15 4,783 Cash and cash equivalents, beginning of period 5 1,094 Cash and cash equivalents, end of period $ 20 $ 5,877 Supplemental disclosures: Cash paid during the period for interest $ 212 $ - 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, 2020 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20210813005003/en/Contacts Investor Relations Contact: Kevin Paprzycki Interim Co-President & CFO 303.576.6032
Second Quarter 2021 Results: Net sales of $8.4 million vs. $6.1 million in 2020 Net loss of $1.1 million (($0.08) per share) driven by restructuring costs of $0.8 million and COVID-related supply chain impacts Net cash used in operating activities of $1.0 million vs. net cash from operating activities of $5.1 million in 2020
Scott’s Liquid Gold-Inc. (OTC: SLGD) today announced operating results for the three months ended June 30, 2021. “This is a transition year for Scott’s, and we continue to review all aspects of our business with an eye towards growth and profitability,” said Tisha Pedrazzini, Interim Co-President of Scott’s Liquid Gold. "We have identified several key brands that we aim to accelerate via new consumer messaging, brand packaging, and go-to-market strategies. Our portfolio is filled with products that consumers love, as evidenced by best-in-class ratings and reviews. We are working to drive increased awareness of these brands with new digital, social, and grassroots campaigns this fall.” “While logistics and supply chain challenges impacted sales in the second quarter, we have rebuilt inventory and are back in stock on all major products,” said Kevin Paprzycki, Scott’s CFO and Interim Co-President. “We are taking actions to improve our profitability by reducing selling costs, reducing G&A expenses, and improving working capital efficiency, which we believe will start to be reflected in our financial results in the second half of the year. Given the inflationary backdrop, we have fine-tuned pricing and continue to work to be an efficient and easy partner with which to do business.” Second Quarter Financial Results In the second quarter of 2021, net sales increased 38% to $8.4 million compared to $6.1 million in the same period in 2020. The growth was driven by the BIZ and Dryel brands, which were acquired in July 2020, and by a rebound in Batiste sales in 2021, where the second quarter of 2020 was unfavorably impacted by COVID-19. Sales in the second quarter of 2021 were affected by supply chain shortages of cans, components, and other raw materials, particularly with our Scott’s Liquid Gold brand. Our net loss of $1.1 million was primarily driven by one-time restructuring charges of $0.8 million from severance payments. In addition, our operating results were also affected by supply chain shortages of certain key products including our Scott’s Liquid Gold brand. We are also experiencing increases in costs of our products and logistics-related expenses, primarily driven by COVID-related supply chain disruptions and product delays. About Scott’s Liquid Gold-Inc. Scott's Liquid Gold-Inc. and its trusted brands have been a part of consumers' lives for over 70 years. Our products deliver high-quality, proven results that are supported by best-in-class consumer ratings and reviews. Our portfolio includes some of the most trusted and recognized consumer brand names, including our namesake Scott’s Liquid Gold wood care products, as well as Kids N Pets, Dryel, Biz Stain Fighter, Denorex, Prell, and Alpha Skin Care. We are also the current American specialty channel distributor for Batiste Dry Shampoo. SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Statements of Operations (in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net sales $ 8,451 $ 6,083 $ 17,884 $ 13,937 Cost of sales 4,929 3,215 10,225 7,605 Gross Profit 3,522 2,868 7,659 6,332 Operating expenses: Advertising 203 141 362 362 Selling 2,518 1,614 5,069 3,203 General and administrative 1,687 1,293 2,972 2,487 Intangible asset amortization 387 210 775 420 Total operating expenses 4,795 3,258 9,178 6,472 (Loss) income from operations (1,273 ) (390 ) (1,519 ) (140 ) Interest income - 2 - 3 Interest expense (175 ) (74 ) (309 ) (78 ) Income from distribution agreement termination - 350 - 350 (Loss) income before income taxes (1,448 ) (112 ) (1,828 ) 135 Income tax benefit 382 34 482 64 Net (loss) income $ (1,066 ) $ (78 ) $ (1,346 ) $ 199 Net (loss) income per common share Basic $ (0.08 ) $ (0.01 ) $ (0.11 ) $ 0.02 Diluted $ (0.08 ) $ (0.01 ) $ (0.11 ) $ 0.02 Weighted average shares outstanding Basic 12,618 12,462 12,618 12,462 Diluted 12,618 12,462 12,618 12,571 SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Balance Sheets (in thousands, except par value amounts) June 30, December 31, 2021 2020 Assets Current assets: Cash and cash equivalents $ 20 $ 5 Accounts receivable, net 4,723 4,512 Inventories, net 6,770 3,988 Income taxes receivable 513 535 Prepaid expenses 542 596 Other current assets - 112 Total current assets 12,568 9,748 Property and equipment, net 12 18 Deferred tax asset 1,287 784 Goodwill 5,280 5,280 Intangible assets, net 14,014 14,703 Operating lease right-of-use assets 2,857 2,985 Other assets 38 38 Total assets $ 36,056 $ 33,556 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 4,036 $ 1,799 Accrued expenses 999 296 Current portion of long-term debt 1,000 1,000 Operating lease liabilities, current portion 245 249 Other current liabilities 67 67 Total current liabilities 6,347 3,411 Long-term debt, net of current portion and debt issuance costs 5,451 4,521 Operating lease liabilities, net of current 2,908 3,032 Other liabilities 129 127 Total liabilities 14,835 11,091 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 12,618 shares (2021) and 12,618 shares (2020) 1,262 1,262 Capital in excess of par 7,735 7,633 Retained earnings 12,224 13,570 Total shareholders’ equity 21,221 22,465 Total liabilities and shareholders’ equity $ 36,056 $ 33,556 SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands) Six Months Ended June 30, 2021 2020 Cash flows from operating activities: Net (loss) income $ (1,346 ) $ 199 Adjustments to reconcile net (loss) income to net cash provided (used) by operating activities: Depreciation and amortization 905 522 Stock-based compensation 102 71 Deferred income taxes (503 ) 65 Change in operating assets and liabilities: Accounts receivable (211 ) 156 Inventories (2,782 ) 2,905 Prepaid expenses and other assets 166 42 Income taxes receivable 22 322 Accounts payable, accrued expenses, and other liabilities 2,942 296 Total adjustments to net (loss) income 641 4,379 Net cash (used) provided by operating activities (705 ) 4,578 Cash flows from investing activities: Purchase of software (113 ) - Purchase of property and equipment - (17 ) Proceeds from sale of property and equipment - 500 Cash paid for leasehold improvements - (247 ) Reimbursement of leasehold improvements - 110 Net cash (used in) provided by investing activities (113 ) 346 Cash flows from financing activities: Proceeds from revolving credit facility 19,517 - Repayments of revolving credit facility (18,184 ) - Repayments of term loan (500 ) - Payments for debt issuance costs - (141 ) Proceeds from PPP loan - 600 Repayment of PPP loan - (600 ) Net cash provided by (used in) financing activities 833 (141 ) Net increase in cash and cash equivalents 15 4,783 Cash and cash equivalents, beginning of period 5 1,094 Cash and cash equivalents, end of period $ 20 $ 5,877 Supplemental disclosures: Cash paid during the period for interest $ 212 $ - 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, 2020 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20210813005003/en/