Littlefield Reports Improved Financial Performance
AUSTIN, Texas Littlefield Corporation (OTCBB:LTFD) today announced that is has delivered a substantial improvement in financial performance during February 2006. Highlights are as follows:
1. Littlefield Corporation experienced a $316,000 increase in Net Income for February 2006 contributing to a YTD 2006 Net Income increase of $445,000.
2. Littlefield Entertainment experienced a $241,000 increase in Net Income for February 2006 contributing to an 87% YTD 2006 Net Income increase of $353,000.
3. Littlefield Hospitality narrowed the normal loss for February by $29,000 or 39% contributing to a narrowing of its YTD 2006 loss by $7,000.
Net income, revenue, and EBITDA, for February 2006 and YTD 2006, were up across the board for the Texas, South Carolina and Alabama bingo sectors of Littlefield Entertainment. Expense reduction also contributed meaningfully to the improved financial performance. New and newly acquired bingo halls which previously had not contributed in a meaningful way to financial performance in both Texas and South Carolina had a significant impact on improved performance.
Net income, revenue and EBITDA all improved at Word of Mouth and Premiere Tents & Events for February and YTD 2006 though January performance at Word of Mouth was weak. EBITDA YTD 2006 was ($13,000).
At the corporate level, lower legal fees contributed significantly to improved expenses.
This information is being provided as a snapshot and will be included in the Company's normal earnings reporting at the end of Q1-2006.
Jeffrey L. Minch, President and Chief Executive Officer of Littlefield Corporation, offered the following comments:
"From time to time, we are able to share information morefrequently than our normal quarterly earnings reports particularlywhen they are indicative of a turning point, meaningful or new trendor report on an aspect of the Company which is of great interest toshareholders.
The increases in net income, revenue and EBITDA all come fromimproving revenue generated by existing, new and newly acquired bingounits and continuing improvement, including expense reduction, inentertainment, hospitality and corporate performance.
Sometimes it is difficult to predict how far in the future we willbe able to reap the benefit of startups and acquisitions made in FY2004-5. This improvement is, in no small measure, the result of thoseefforts.
We will continue to work hard to improve performance and toparticularly control expenses including legal fees. Congratulations toall of our team in Texas, South Carolina and Alabama these resultsare the product of YOUR hard work! Thanks!"
2006-03-29
