Press Release Source: Littlefield Corporation
Littlefield Corporation Announces Substantially Improved Financial Performance in May 2006
Friday June 9, 4:35 pm ET
AUSTIN, Texas--(BUSINESS WIRE)--June 9, 2006--Littlefield Corporation (OTCBB:LTFD - News) today announced that its results from operations in May 2006 are substantially improved when compared to May 2005.
Highlights are as follows:
1. Littlefield Corporation revenue increased 55% or $493,268
($1,389,063 v $895,795). Entertainment revenue is up by 34% or
$179,209 and Hospitality revenue is up by $306,770 or 82%.
2. Net income for the month is $327,253 which is a $469,039
improvement. Entertainment improved by $136,886 and Hospitality
increased by $186,533.
3. Year to date net income (disregarding extraordinary and
non-recurring income and expense items for both 2005 and 2006)
is up $1,389,501 with Entertainment increasing by $608,013 and
Hospitality increasing by $173,028.
4. Corporate overhead is down $134,223 for the month and $243,957
for the year to date. The most significant element of this
improvement is the continuing improvement in legal expenses
($164,916 for the month and $271,701 year to date).
The numbers being reported are unreviewed and are only intended for the limited purpose of providing an insight into meaningful operating trends.
Jeffrey L. Minch, President and Chief Executive Officer of Littlefield Corporation, offered the following comments:
"These numbers, stripped of extraordinary and non-recurring income
and expense items, provide a keen insight into clearly improving
and accelerating trends in both of our businesses.
"This is a measure of the health of our operating businesses and
their ability to provide revenue, control expenses and create
profit. This is only a snapshot taken at an instant in time but it
is the naked information that management looks at to assess the
health of the underlying business engine which ultimately propels
the Company.
"Entertainment revenue improved in all of the states in which we
operate. Both the catering and party rental businesses improved
revenue and net income substantially.
"Legal fees have become more reasonable in the wake of concluding
some costly litigation.
"From an operating perspective, new operations are beginning to
contribute in a meaningful way while existing operations
(particularly Hospitality) are improving significantly.
"Most importantly, much of the improvement is now becoming
'structural' by which I mean it will continue to operate at that
base level of performance in the months ahead. This will not fully
blunt the natural seasonality of our business but will elevate it
to a higher plane before that seasonality asserts itself.
"These results represent the efforts of a lot of folks and I
appreciate all of their hard work. Thank you and well done!" |
