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Non-Tech : Local Financial (LFIN)

LFIN 0.0001000

+899.9%

Aug 8 12:25 PM EST

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To: Paul Lee who wrote ()	2/3/2000 1:27:00 PM
From: Paul Lee	of 22

in line Local Financial Corporation Announces Strong Earnings for 1999 OKLAHOMA CITY, Feb. 3 /PRNewswire/ -- Local Financial Corporation (Nasdaq: LFIN) reported net income before extraordinary item for the year ended December 31, 1999 of $22.2 million or $1.08 basic earnings per share compared to earnings per share of $0.90 for the same period one year ago, an increase of 20%. (Cash earnings for 1999 were $1.15 per share versus $0.96 per share for 1998.) During the year ended December 31, 1999, the Company purchased $4.75 million of Senior Notes which had been issued in connection with the Company's recapitalization in 1997. This move will reduce future interest costs associated with those notes. As a result, there is an extraordinary item charge to income amounting to $257,000 net of tax, which reduces year-to-date net income to $22.0 million or $1.07 basic earnings per share, an increase of 19%. Chairman Edward A. Townsend stated, "We are extremely pleased with Local's performance in 1999 and are confident and excited about the Company's plans for the coming year".

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