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Non-Tech : Littlefield Corporation (LTFD)

LTFD 0.170

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Sep 29 11:29 AM EST

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To: Yamakita who wrote (8538)	5/15/1998 6:28:00 AM
From: T.K. Allen	Read Replies (1) of 10368

Yamakita: Unless the press release of 4/14/98 announcing 4th quarter earnings is complete and detailed BS, I think it is likely we will see a return to profitability. 4th quarter was an $0.08/share loss. According to the 4/14 press release, $0.06 of this loss was due to a "one-time accounting charge" for "...capitalized start-up costs." In addition, AB&G states that $0.03 of the $0.08 loss was due to changes in bingo regulations. However, they go on to say: "Bingo attendance and revenues have since increased sharply and expenses have decreased, improving first quarter earnings." Keep in mind, this statement was issued 2 weeks after 1st quarter was actually over so they should have had a pretty good handle on what went on in the first quarter. These two factors alone would put AB&G at $0.01/share profit. If any of the other factors they referred to in the 4/14 release as "temporary earnings issues" are even partially true, then we may, in fact, approach the $0.07/share net income figure AB&G stated would have been earned. Obviously, management's credibility is not particularly high at this point in time, but I see Wilson stepping down as CEO and Harrison taking over as acting CEO as a sign that significant changes in the way AB&G does business are being made. I think the 4th quarter losses are part of an effort to put these old and destructive practices behind them. So, I am inclined to believe the 4/14 press release. TKA

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