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):
March 31, 2003
SCOTT'S LIQUID GOLD-INC.
(Exact name of Registrant as
specified in its charter)
Colorado 0-12343 84-0920811
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of Incorporation)
4880 Havana Street, Denver, CO 80239
(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (303) 373-4860
Total pages: 4
Exhibit index at: 2
Item 5. Other Events and Regulation FD Disclosure.
Scott's Liquid Gold-Inc. (the "Company") announced in a press
release on March 31,2003 that the Company expects to file its
10-K Report for the year ended December 31, 2002 after March 31,
2003 and on or before April 15, 2003. The Company also stated
that this Report will contain revised financial statements of the
Company for the years of 2000 and 2001, as well as the first
three quarters of 2002, to reflect certain adjustments.
The Company expects the net effect of the adjustments will be,
among other things, to improve the Company's working capital
ratio and retained earnings positions at the year ended
December 31, 2002. A copy of the press release dated March 31,
2003 is attached as an exhibit to this Report and incorporated
herein by this reference.
Item 7. Financial Statements and Exhibits.
The following exhibit is filed with this Report:
Exhibit No. Document
1 Press Release of Scott's Liquid Gold-Inc.
dated March 31, 2003 regarding revision
of financial statements resulting in
improved stockholders equity and working
capital ratio.
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: March 31, 2003 /s/ Jeffry B. Johnson
Jeffry B. Johnson
Chief Financial Officer and
Treasurer
EXHIBIT INDEX
Exhibit No.
1
Document
1
Press Release of Scott's Liquid Gold-Inc. dated March 31, 2003
regarding revision of financial statements resulting in
improved stockholders equity and working capital ratio.
EXHIBIT 1
For Immediate Release
SCOTT'S LIQUID GOLD-INC.
ANNOUNCES PLANNED REVISION OF FINANCIAL STATEMENTS, RESULTING
IN IMPROVED STOCKHOLDERS EQUITY AND WORKING CAPITAL RATIO
DENVER, Colorado (March 31, 2003) - Scott's Liquid Gold-Inc.
(OTCBB:SLGD) announced today that the Company expects to file
its 10-K Report for the year ended December 31, 2002 after
March 31, 2003 and on or before April 15, 2003. The Company
also stated that this Report will contain restated financial
statements of the Company for the years of 2000 and 2001, as
well as the first three quarters of 2002, to reflect certain
adjustments.
The adjustments that will result in restated financial
statements were identified while working with the Company's
new auditor, KPMG LLP, in connection with the audit of the
Company's financial statements for the year ended
December 31, 2002. Some of these adjustments concern years
ending prior to 2000, thus affecting the beginning balances
of the Company's assets, liabilities and retained earnings in
2000, but are not part of revised financial statements
expected to be in the Company's Annual Report on Form
10-K for the year ended December 31, 2002.
The Company anticipates that the net impact of the adjustments
will be the following:
* A reduction of the net loss in 2000;
* A reduction in the net loss in 2001;
* An increase in retained earnings as of December 31, 2000;
* An increase in retained earnings as of December 31, 2001; and
* A reduction of net income for the first three quarters of 2002.
The Company anticipates that it will have a net profit for
the fourth quarter of 2002 and the 2002 year and that this
profit for 2002 will be higher than the net profit previously
reported for the nine months ended September 30, 2002.
The Company currently expects that the more significant
adjustments involved in the anticipated revisions will involve,
among other things, the Company's deferred tax valuation
allowance, accrued taxes, inventory reserves, year-end
revenues, corresponding changes in costs of goods sold, and
accrued expenses. The Company expects the net effect of these
adjustments will be to report improved working capital ratio
and retained earnings positions at the year ended
December 31, 2002.
The possibility of revised financial statements resulted in a
re-audit by the Company's new independent auditor of the
Company's 2000 and 2001 years. The time involved in this
audit and a final determination regarding adjustments has
caused a delay in filing the Company's 10-K Report for the
year ended December 31, 2002. This Report will contain the
revised financial statements of the Company for the periods
indicated above.
As a result of the anticipated restatements, the Company's
financial statements for the affected periods should no longer
be relied upon, including the audited financial statements for
2000 and 2001 contained in the Company's annual report on
Form 10-K for the years ended December 31, 2001 and 2000, and
including the non-audited financial statements for the nine
months ended September 30, 2002.
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 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; 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:
Jeff Johnson at (303) 373-4860