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Scott’s Liquid Gold-Inc. Reports First Quarter Results

GREENWOOD VILLAGE, Colo. , May 14 /Businesswire/ - Scott’s Liquid Gold-Inc. (OTC: SLGD) today announced operating results for the three months ended March 31, 2021.

“The last 18 months have been a period of meaningful change for Scott’s,” said Dan Roller, Chair of the Board of Scott’s Liquid Gold-Inc. “Last year, the company transitioned to an asset-light model with the sale of its manufacturing assets and continued to optimize its portfolio of brands. And last month, Mark Goldstein retired as CEO after 43 years with the company. The Board was pleased to name Scott’s Board member and twenty-year veteran of the consumer products industry, Tisha Pedrazzini, and Scott’s CFO, Kevin Paprzycki, as Interim Co-Presidents to succeed Mr. Goldstein. The Board and management team are currently evaluating every aspect of our business, and we look forward to sharing more details about our strategy, plans, and long-term vision for Scott’s later this year.”

Ms. Pedrazzini said, “I have spent most of the first few weeks in my new role meeting with employees and speaking with customers. My initial findings cement what I have believed since the day I joined the Board. We have a strong portfolio of brands, a dedicated team, and fantastic distribution through our longstanding relationships with many of America’s top retailers. The Scott’s team is currently 100% focused on refining and beginning to execute on a strategy to strengthen our core and position us for sustainable growth.”

“We were pleased to see our revenue rebound over the course of the first quarter,” stated Mr. Paprzycki. “While net sales grew 20% year over year, our profitability was impacted by continued Covid-related supply chain challenges, including raw material cost increases and distribution disruptions. We are taking action to address our current operational challenges while also laying the groundwork for faster growth. We view 2021 as a transition year for Scott’s, as we are laying the groundwork to enhance our competitive position, drive growth, and maximize shareholder value.”

First Quarter Financial Results

In the first quarter of 2021, net sales increased 20% to $9.4 million compared to $7.9 million in the year ago quarter. The growth was driven by the acquisitions of Biz Stain Fighter and Dryel, which closed on July 1, 2020, and by a rebound in sales of Batiste Dry Shampoo, where sales approached pre-COVID levels at the end of the first quarter.

Our net loss of $0.3 million was primarily driven by increases in cost of sales and selling expenses with our production and distribution partners. These expenditures were driven by COVID-related supply chain disruptions and product delays as we expedited raw materials and finished goods to keep product available to customers and end consumers.

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 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

 

March 31,

 

2021

 

2020

Net sales

$

9,433

 

 

$

7,854

 

Cost of sales

 

5,296

 

 

 

4,390

 

Gross Profit

 

4,137

 

 

 

3,464

 

Gross Margin

 

43.9

%

 

 

44.1

%

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

Advertising

 

159

 

 

 

221

 

Selling

 

2,551

 

 

 

1,589

 

General and administrative

 

1,285

 

 

 

1,194

 

Intangible asset amortization

 

388

 

 

 

210

 

Total operating expenses

 

4,383

 

 

 

3,214

 

(Loss) income from operations

 

(246

)

 

 

250

 

 

 

 

 

 

 

Interest income

 

-

 

 

 

1

 

Interest expense

 

(134

)

 

 

(4

)

(Loss) income before income taxes

 

(380

)

 

 

247

 

Income tax benefit

 

100

 

 

 

30

 

Net (loss) income

$

(280

)

 

$

277

 

 

 

 

 

 

 

Net (loss) income per common share

 

 

 

 

 

Basic

$

(0.02

)

 

$

0.02

 

Diluted

$

(0.02

)

 

$

0.02

 

Weighted average shares outstanding

 

 

 

 

 

Basic

 

12,618

 

 

 

12,462

 

Diluted

 

12,618

 

 

 

12,608

 

SCOTT’S LIQUID GOLD-INC. & SUBSIDIARIES

Consolidated Balance Sheets

(in thousands, except par value amounts)

 

March 31,

 

 

December 31,

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

1

 

 

$

5

 

Accounts receivable, net

 

5,372

 

 

 

4,512

 

Inventories, net

 

4,726

 

 

 

3,988

 

Income taxes receivable

 

535

 

 

 

535

 

Prepaid expenses

 

562

 

 

 

596

 

Other current assets

 

-

 

 

 

112

 

Total current assets

 

11,196

 

 

 

9,748

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

15

 

 

 

18

 

Deferred tax asset

 

881

 

 

 

784

 

Goodwill

 

5,280

 

 

 

5,280

 

Intangible assets, net

 

14,302

 

 

 

14,703

 

Operating lease right-of-use assets

 

2,922

 

 

 

2,985

 

Other assets

 

38

 

 

 

38

 

Total assets

$

34,634

 

 

$

33,556

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

3,197

 

 

$

1,799

 

Accrued expenses

 

558

 

 

 

296

 

Current portion of long-term debt

 

1,000

 

 

 

1,000

 

Operating lease liabilities, current portion

 

247

 

 

 

249

 

Other current liabilities

 

67

 

 

 

67

 

Total current liabilities

 

5,069

 

 

 

3,411

 

 

 

 

 

 

 

 

 

Long-term debt, net of current portion and debt issuance costs

 

4,220

 

 

 

4,521

 

Operating lease liabilities, net of current

 

2,970

 

 

 

3,032

 

Other liabilities

 

121

 

 

 

127

 

Total liabilities

 

12,380

 

 

 

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

Cosmetics, Men, Retail, Chemicals/Plastics, Office Products, Manufacturing, Consumer, Home Goods, Online Retail, Department Stores, Other Retail, Supermarket, Women, Pets, United States, North America, Colorado, Earnings,
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