FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 2, 2004
LITTLEFIELD CORPORATION.
(exact name of registrant as specified in its charter)
| Delaware | 1-13530 | 74-2723809 |
| (State or other jurisdiction of incorporation) | (Commissions File Number) | I.R.S. Employer Identification Number) |
|
2501 North Lamar Blvd., Austin, Texas
|
78705
|
| (Address of principal executive offices) |
(Zip Code) |
| Registrant's telephone number, including area code: (512) 476-5141 |
| (Former name or former address, if changed since last report.) NA |
The following information is furnished pursuant to Item 2.02, "Results of Operations and Financial Condition."
On October 27, 2004, Littlefield Corporation issued a press release announcing 3rd quarter 2004 financial performance. A copy of that press release is attached as exhibit 99 to this report, and is included below.
Exhibit 99:
Press Release dated October 27, 2004.
For Additional Information:
Jon Lovoy
Littlefield Corporation
(512) 476-5141, PH
(512) 476-5680, FX
jlovoy@littlefield.com
Littlefield Corporation announced today earnings for the 3rd
quarter 2004. Results were improved when compared to the 3rd
quarter of 2003.
Highlights are as follows:
Year to date net income improved by over $304,000.
EBITDA improved by 16% year to date.
Entertainment net income improved by 35% for the quarter and 16% YTD.
Corporate overhead was reduced by 10% for the quarter and 9% year to date.
Earnings will be discussed in a conference call on Friday, October
29, at 11:00 AM CDT. Interested parties are directed to the Company’s
press release on October 22, 2004, which provides the details for the
conference call.
The following report is based upon accounts that have not yet been reviewed
by the Company’s auditors. Any modifications as a result of that
review will be highlighted in the Company’s 10-QSB filing, and,
if material, will be addressed in a subsequent press release. The accounts
include a positive adjustment of $100,333 in revenue which was recognized
as a result of an internal audit of the recognition of certain revenue
attributable to South Carolina C bingo halls. This revenue was not previously
recognized due to uncertainties related to the reimbursement of certain
receivables which have now been received and recognized in the third
quarter.
REVENUE:
|
QUARTERLY
|
Q3-2004
|
Q3-2003
|
Variance
|
% Change
|
|
Littlefield Corporation
|
$2,267,978
|
$2,238,893
|
$29,085
|
1%
|
|
Entertainment
|
1,766,438
|
1,537,903
|
228,535
|
15%
|
|
Hospitality
|
492,219
|
690,670
|
(198,451)
|
(29%)
|
| |
|
|
|
|
|
YTD
|
2004
|
2003
|
Variance
|
% Change
|
|
Littlefield Corporation
|
$7,212,874
|
$7,391,864
|
($178,990)
|
(2%)
|
|
Entertainment
|
5,016,165
|
4,873,930
|
142,235
|
3%
|
|
Hospitality
|
2,170,836
|
2,497,151
|
(326,315)
|
(13%)
|
|
QUARTERLY
|
Q3-2004
|
Q3-2003
|
Variance
|
% Change
|
|
Littlefield Corporation
|
$24,622
|
($99,624)
|
124,246
|
|
|
Entertainment
|
707,984
|
524,400
|
183,584
|
35%
|
|
Hospitality
|
(324,911)
|
(221,293)
|
(103,618)
|
(47%)
|
| |
|
|
|
|
|
YTD
|
2004
|
2003
|
Variance
|
% Change
|
|
Littlefield Corporation
|
$285,304
|
($19,048)
|
$304,352
|
|
|
Entertainment
|
1,921,428
|
1,660,004
|
261,424
|
16%
|
|
Hospitality
|
(595,690)
|
(480,092)
|
(115,598)
|
(24%)
|
|
QUARTERLY
|
Q3-2004
|
Q3-2003
|
Variance
|
% Change
|
|
Littlefield Corporation
|
$340,186
|
$213,059
|
$127,127
|
60%
|
|
Entertainment
|
874,022
|
677,105
|
196,917
|
29%
|
|
Hospitality
|
(225,435)
|
(117,460)
|
(107,975)
|
(92%)
|
| |
|
|
|
|
|
YTD
|
2004
|
2003
|
Variance
|
% Change
|
|
Littlefield Corporation
|
$1,220,485
|
$967,120
|
$253,365
|
26%
|
|
Entertainment
|
2,408,991
|
2,144,774
|
264,217
|
12%
|
|
Hospitality
|
(301,830)
|
(164,092)
|
(137,738)
|
(84%)
|
| |
2004
|
2003
|
Variance
|
% Change
|
|
3rd QUARTER
|
$310,565
|
$345,231
|
($34,666)
|
(10%)
|
|
YTD
|
939,814
|
1,038,407
|
(98,593)
|
(9%)
|
|
"We continue to see dramatic improvements
in South Carolina bingo and this is a direct result of our strategic
planning and realignment in the state. We plan to grow our operations
in South Carolina. We've opened two new halls there in the past
month and you can expect to see more new halls there in the months
to come. None of the new halls are included in this quarter’s
release as they were only open for a couple of days during the
third quarter. It’s important to mention that Littlefield
does business in South Carolina through wholly owned corporate
subsidiaries based in South Carolina.
Our Hospitality division had a slow 3rd
quarter which was felt industry-wide, but we are definitely seeing
a much better 4th quarter. Bookings have increased
from the 3rd quarter and the rental company has had
the best October in its existence. Nonetheless, it is important
to understand that we are disappointed in the hospitality performance
during the third quarter.
I will discuss earnings in more detail during
Friday’s conference call. Please feel free to email me any
questions you may have about this release or anything else that
might be on your mind. My email address is jminch@littlefield.com.
I look forward to visiting with you during
Friday’s conference call."
|
Investors are always cautioned to be careful in drawing conclusions
from a single press release, the Company's performance in a single quarter
or the individual opinions of any member of the Company's management
in making their individual investment decisions.