Scott’s Liquid Gold’s Third Quarter Sales Top $6.2 Million

Scott’s Liquid Gold-Inc., Denver, CO, reported for the third quarter ended Sept. 30, 2002, net income of $916,000 and net sales of $6.2 million, compared to a net loss of $657,400 and net sales of $4.8 million in the third quarter of 2001.

For the nine months ended Sept. 30, 2002, the company experienced a net income of $551,800, or compared with a net loss of $1,323,600 in the corresponding period of the previous year. Net sales totaled $17.2 million, versus $19.2 million in the year-earlier period. Currently, the income includes receipts from a lawsuit settlement.

“The net income of the company for the nine months and three months ended Sept. 30, 2002, is attributable in large part to the company receiving in the third quarter of 2002 $594,600 as payment of a judgment in a lawsuit against an insurer,” commented Mark E. Goldstein, chairman and chief executive officer, Scott’s Liquid Gold-Inc. “The company was encouraged by an increase in net sales in the third quarter of 2002 compared to the third quarter of 2001. This sales increase is entirely due to the Montagne Jeunesse line of single use sachets; however the company is still experiencing a decrease in its other cosmetic products.”

In other news, Dennis P. Passantino has been promoted to director of the company and vice president of operations. Mr. Passantino has been employed by Scott’s Liquid Gold-Inc. and its subsidiaries since July 1981 and most recently served as operations manager. He also fills a vacancy on the board of directors, which currently has six directors.

Mr. Goldstein stated, “Denny has done a fine job for the company throughout his tenure and has become an important part of our management team. He is responsible for our manufacturing operations as well as other operating matters. We are glad to recognize his important role at the company and to have his insights and judgments available on our board of directors.”