Littlefield Corporation Announces First Quarter 2001 Earnings

Apr 10, 2001, 01:00 ET from Littlefield Corporation

    AUSTIN, Texas, April 10 /PRNewswire/ --
 Littlefield Corporation (Nasdaq:   LTFD) announces its earnings for the first
 quarter of 2001.  Earnings will be discussed in a conference call on Friday,
 20 April 2001 at 11:00 AM CDT.
     The following report is based upon accounts that have not yet been
 reviewed by the Company's auditors.  Any modifications as a result of the
 audit will be highlighted in the reviewed 10Q-SB filing; and, if material,
 will be addressed in a subsequent press release.
     Comparisons to prior years are not meaningful due to the cessation of
 South Carolina video poker that occurred on 30 June 2000.  Because of this
 fact, earnings are being presented in a format that does not include these
 comparisons.
 
      Net earnings (incl non-recurring income):    $830,980    $0.1039/share
      Net earnings (excl non-recurring income):    $365,820    $0.0457/share
      EBITDA (incl non-recurring income):        $1,255,537
      EBITDA (excl non-recurring income):          $790,377
      Cash flow:                                 $1,040,127
 
     First quarter earnings included non-recurring income items previously
 reported:
 
     1)  The Company gained $215,410 on the settlement of outstanding debt at a
         discount.
 
     2)  The Company gained $249,750 on the disposition of excess amusement
         machines.
 
     There were no other non-recurring income or expense items.  It is worth
 noting that the Company's recent acquisition of Tents & Events resulted in a
 first quarter 2001 operating loss of approximately $128,809 ($98,680 EBITDA)
 as a result of its seasonality, start up expenses, extraordinary marketing
 expenses, additional sales personnel and the lag time between costs and
 revenue.  This should not occur in future quarters.
     The EBITDA numbers no longer include any licensing expense.  EBITDA is
 used as a measure of the Company's ability to fund its future cash flow
 requirements.  This quarter, a specific measure of cash flow has been added.
     The Company's strategic realignment of South Carolina bingo has been
 effective as South Carolina bingo enjoyed a 143% improvement in financial
 performance while Alabama amusements have become a meaningful contributor to
 cash flow and Texas bingo has increased approximately 10%.
 
 
          CORPORATE OVERHEAD BEFORE ONE-TIME AND NON-RECURRING CHARGES
 
                            Q1-2000     Q1-2001    Variance $    Variance %
     Corporate overhead    $283,722    $290,007    ($6,285)        (2%)
 
      $96,669/month average in current quarter 2001
 
     This small variance from the current quarter to last year's first quarter
 indicates our ability to maintain the monthly corporate expenses below
 $100,000 per month on a consistent basis.
     In commenting on Littlefield Corporation's earnings report for the first
 quarter of 2001, Jeffrey L Minch, the President of Littlefield Corporation
 offered the following:
     "The current quarterly results are very encouraging.  Our strategic
 realignment of South Carolina bingo has increased revenues substantially over
 all quarters in 2000.  Our amusement business in Alabama, while starting off
 rather slowly, appears to have turned a corner and is expected to be a
 consistent contributor to the Company's cash flow.
     "We continue to resolve lingering problems related to the dramatic changes
 in the Company's troubled history.  At some time in the reasonably near
 future, all these problems will be resolved and we will be left to operate
 without the uncertainties and vagaries that such trouble leaves in its path.
 That day is rapidly approaching.
     "Our financial performance will not only become predictable but will be
 improving.  The underlying financial performance in the first quarter of 2001
 proves that very fact.
     "I am looking forward to further explaining these matters during next
 week's conference call."
 
     CONFERENCE CALL
     Littlefield Corporation will conduct a conference call on Friday,
 April 20, 2001, at 11:00 a.m. CDT to discuss the results.
     The conference call may be accessed by calling 1-800-210-5603 and
 referencing the Littlefield conference call.  Conference call operators are
 instructed to ask each participant for their name and e-mail address.
     The conference call will feature a question and answer period.  Any
 participant may ask a question prior to the conference call by contacting:
 
      Jeffrey L Minch, President
      Littlefield Corporation
      512-476-5141 PH
      512-476-5680 FX
      jminch@littlefield.com
 
     Any person desiring to receive an agenda for the conference call can
 obtain one by making contact as instructed above.  Agendas will be available
 the day before the conference call.
     After the conference call has concluded, a complete written transcript of
 the call will be available by e-mailing: rfeit@littlefield.com, or by calling
 Risa Feit at (512) 476-5141.  Please indicate whether the transcript should be
 e-mailed, faxed, or mailed.
 
     In accordance with the safe harbor provisions of the Private Securities
 Reform Act of 1995: except for historical information contained herein,
 certain matters set forth in this press release are forward looking statements
 that are subject to substantial risks and uncertainties, including government
 regulation, taxation, competition, market risks, customer attendance,
 spending, general economic conditions and other risks detailed in the
 Company's Securities and Exchange Commission filings and reports.
 
      For Additional Information:
      Risa Feit
      Director of Marketing/Communications
      Littlefield Corporation
      512-476-5141 PH
      512-476-5680 FX
      rfeit@littlefield.com
 
 

SOURCE Littlefield Corporation
    AUSTIN, Texas, April 10 /PRNewswire/ --
 Littlefield Corporation (Nasdaq:   LTFD) announces its earnings for the first
 quarter of 2001.  Earnings will be discussed in a conference call on Friday,
 20 April 2001 at 11:00 AM CDT.
     The following report is based upon accounts that have not yet been
 reviewed by the Company's auditors.  Any modifications as a result of the
 audit will be highlighted in the reviewed 10Q-SB filing; and, if material,
 will be addressed in a subsequent press release.
     Comparisons to prior years are not meaningful due to the cessation of
 South Carolina video poker that occurred on 30 June 2000.  Because of this
 fact, earnings are being presented in a format that does not include these
 comparisons.
 
      Net earnings (incl non-recurring income):    $830,980    $0.1039/share
      Net earnings (excl non-recurring income):    $365,820    $0.0457/share
      EBITDA (incl non-recurring income):        $1,255,537
      EBITDA (excl non-recurring income):          $790,377
      Cash flow:                                 $1,040,127
 
     First quarter earnings included non-recurring income items previously
 reported:
 
     1)  The Company gained $215,410 on the settlement of outstanding debt at a
         discount.
 
     2)  The Company gained $249,750 on the disposition of excess amusement
         machines.
 
     There were no other non-recurring income or expense items.  It is worth
 noting that the Company's recent acquisition of Tents & Events resulted in a
 first quarter 2001 operating loss of approximately $128,809 ($98,680 EBITDA)
 as a result of its seasonality, start up expenses, extraordinary marketing
 expenses, additional sales personnel and the lag time between costs and
 revenue.  This should not occur in future quarters.
     The EBITDA numbers no longer include any licensing expense.  EBITDA is
 used as a measure of the Company's ability to fund its future cash flow
 requirements.  This quarter, a specific measure of cash flow has been added.
     The Company's strategic realignment of South Carolina bingo has been
 effective as South Carolina bingo enjoyed a 143% improvement in financial
 performance while Alabama amusements have become a meaningful contributor to
 cash flow and Texas bingo has increased approximately 10%.
 
 
          CORPORATE OVERHEAD BEFORE ONE-TIME AND NON-RECURRING CHARGES
 
                            Q1-2000     Q1-2001    Variance $    Variance %
     Corporate overhead    $283,722    $290,007    ($6,285)        (2%)
 
      $96,669/month average in current quarter 2001
 
     This small variance from the current quarter to last year's first quarter
 indicates our ability to maintain the monthly corporate expenses below
 $100,000 per month on a consistent basis.
     In commenting on Littlefield Corporation's earnings report for the first
 quarter of 2001, Jeffrey L Minch, the President of Littlefield Corporation
 offered the following:
     "The current quarterly results are very encouraging.  Our strategic
 realignment of South Carolina bingo has increased revenues substantially over
 all quarters in 2000.  Our amusement business in Alabama, while starting off
 rather slowly, appears to have turned a corner and is expected to be a
 consistent contributor to the Company's cash flow.
     "We continue to resolve lingering problems related to the dramatic changes
 in the Company's troubled history.  At some time in the reasonably near
 future, all these problems will be resolved and we will be left to operate
 without the uncertainties and vagaries that such trouble leaves in its path.
 That day is rapidly approaching.
     "Our financial performance will not only become predictable but will be
 improving.  The underlying financial performance in the first quarter of 2001
 proves that very fact.
     "I am looking forward to further explaining these matters during next
 week's conference call."
 
     CONFERENCE CALL
     Littlefield Corporation will conduct a conference call on Friday,
 April 20, 2001, at 11:00 a.m. CDT to discuss the results.
     The conference call may be accessed by calling 1-800-210-5603 and
 referencing the Littlefield conference call.  Conference call operators are
 instructed to ask each participant for their name and e-mail address.
     The conference call will feature a question and answer period.  Any
 participant may ask a question prior to the conference call by contacting:
 
      Jeffrey L Minch, President
      Littlefield Corporation
      512-476-5141 PH
      512-476-5680 FX
      jminch@littlefield.com
 
     Any person desiring to receive an agenda for the conference call can
 obtain one by making contact as instructed above.  Agendas will be available
 the day before the conference call.
     After the conference call has concluded, a complete written transcript of
 the call will be available by e-mailing: rfeit@littlefield.com, or by calling
 Risa Feit at (512) 476-5141.  Please indicate whether the transcript should be
 e-mailed, faxed, or mailed.
 
     In accordance with the safe harbor provisions of the Private Securities
 Reform Act of 1995: except for historical information contained herein,
 certain matters set forth in this press release are forward looking statements
 that are subject to substantial risks and uncertainties, including government
 regulation, taxation, competition, market risks, customer attendance,
 spending, general economic conditions and other risks detailed in the
 Company's Securities and Exchange Commission filings and reports.
 
      For Additional Information:
      Risa Feit
      Director of Marketing/Communications
      Littlefield Corporation
      512-476-5141 PH
      512-476-5680 FX
      rfeit@littlefield.com
 
 SOURCE  Littlefield Corporation