First quarter income down for Scott's Liquid Gold-Inc.DENVER--(BUSINESS WIRE)--April 18, 1996--Scott's Liquid Gold-Inc., trading on the NYSE NYSE See: New York Stock Exchange under the symbol SGD SGD In currencies, this is the abbreviation for the Singapore Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. , today reported a net loss of $639,200 for the quarter ended March 31, 1996 compared to a $30,100 profit for the first quarter of 1995. Scott's Liquid Gold-Inc. manufactures household chemical products, principally Scott's Liquid Gold for wood and Touch of Scent air fresheners air freshener n → ambientador m air freshener air n → désodorisant m air freshener air n → , and skin care products marketed under the name Alpha Hydrox. Company president, Mark E. Goldstein Gold·stein , Joseph Leonard Born 1940. American biochemist. He shared a 1985 Nobel Prize for discoveries related to cholesterol metabolism. , advised that net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the most recent quarter were lower than those of the first quarter of last year by $1,448,500, including a decrease in sales of Aquafilter Corporation of $38,200. However, he noted that, while net sales of household chemicals decreased by $426,200, sales of Liquid Gold for Wood remained fairly steady (down $53,600) whereas net sales of Touch of Scent decreased by $372,600; further, that although sales of Alpha Hydrox products decreased by $984,100, more than $700,000 of that amount pertained to a discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: product. Goldstein noted that the Company had successfully reduced operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. (advertising, selling, administrative, and interest) which were $1,223,400 lower in the first quarter of 1996 than in 1995, but that costs of producing goods sold during the first quarter of 1996 (calculated on a same case basis) had increased over the first quarter of 1995 by about $803,000, of which over $450,000 pertained to the reformulation of Touch of Scent, with no adjustment to selling prices of that product line during the first quarter. He noted that prices of Touch of Scent are currently being increased. Figures for the quarters ended March 31, 1996 and 1995 follow: -0-
SCOTT'S LIQUID GOLD-INC.
& consolidated subsidiaries
Financial Highlights
Three Months Ended
March 31,
1996 1995
REVENUES $13,067,600 $14,623,800 INCOME (LOSS) FROM OPERATIONS $ (639,200) $ 48,900 PROVISION FOR INCOME TAXES 0 18,800 NET (LOSS) INCOME $ (639,200) $ 30,100 NET (LOSS) INCOME PER COMMON SHARE: ($0.06) 0.00 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 10,030,900 10,280,900 CONTACT: Scott's Liquid Gold-Inc., Denver Barry Shepard or Carolyn J. Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic , (303) 373-4860 |
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