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): April 20, 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 |
Item 9. - Regulation FD Disclosure
The following information is furnished pursuant to Item 9, "Regulation FD Disclosure."
On April 20, 2004, Littlefield Corporation issued a press release announcing full year 2003 financial performance. A copy of that press release is attached as exhibit 99.1 to this report, and is included below.
Item 12. - Results of Operations and Financial Condition
The following information is furnished pursuant to Item 9, "Regulation FD Disclosure," and Item 12, "Results of Operations and Financial Condition." On April 20, 2004, Littlefield Corporation issued a press release announcing 4th quarter 2003 financial performance. A copy of that press release is attached as exhibit 99.1 to this report, and is included below.
Exhibit 99.1:
Press Release dated April 20, 2004.
FOR IMMEDIATE RELEASE
April 20, 2004
For Additional Information:
Jon Lovoy
Investor Relations
(512) 476-5141, phone
(512) 476-7388, fax
jlovoy@littlefield.com
Littlefield Corporation Announces Improved 2003 Results
Austin, Texas - Littlefield Corporation (Nasdaq: LTFD) announced today its
full year 2003 results as audited and filed with the SEC on April 15, 2004.
| |
2003
|
2002
|
Difference
|
% Change
|
|
Revenue
|
$9,971,282
|
$10,331,218
|
($359,936)
|
(3%)
|
|
Gross Margin
|
2,019,380
|
(223,011)
|
2,242,391
|
|
|
Gen, Admin Expense
|
1,472,029
|
2,104,777
|
(632,748)
|
(30%)
|
|
Operating Income (Loss)
|
547,351
|
(2,327,788)
|
2,875,139
|
|
|
Net Income (Loss)
|
$221,537
|
($2,701,397)
|
$2,922,934
|
|
Revenues
For the year ended December 31, 2003, Littlefield reported total revenues
of $9,971,000 compared to $10,331,000 in 2002, a decrease of 3.5%.
Gross Margin
Gross margin showed improvement. In 2003 gross margin was $2,019,000 or
20% of revenue, compared to gross margin in 2002 of negative $223,000. The
large difference in gross margin is largely attributable to a $1,717,000
goodwill impairment taken on 2002 related to the hospitality division.
With the goodwill impairment removed for better comparison, Littlefield
reported gross margin in 2003 of $2,019,000, or 20% of revenue compared
to a gross margin before goodwill impairment in 2002 of $1,494,000 or 14%
of revenue. This represents an increase in gross margin of over $525,000
or 5% of revenue.
General and Administrative Expense
Corporate overhead decreased by 30% in 2003. Corporate overhead was $1,472,000
in 2003 compared to $2,105,000 in 2002, a reduction in overhead expense
of $633,000. The reduction is due mostly to decreased wage expense as some
positions were eliminated.
Operating Income
Operating income was $547,000 in 2003, compared to an operating loss of
$2,328,000 in 2002. Goodwill impairment in 2002 again makes for an unusual
comparison; so with the goodwill impairment removed, Littlefield reported
net operating income of $547,000 in 2003, compared to a net operating loss
of $610,000 in 2002, a $1,157,000 increase.
Net Income
Littlefield Corporation reported net income in 2003 of $222,000 compared
to a net loss in 2002 of $2,701,000. With goodwill impairment removed there
was a $1,206,000 increase in net income compared to 2002.
Jeffrey L. Minch, President and CEO had the following comments.
|
"The year 2003 showed great improvement
over 2002 in almost every area, but there is still much room for
further improvement. We are continuing to aggressively manage our
costs in all divisions and we will continue to implement our strategy
to reduce expenses and corporate overhead.
The Hospitality division showed encouraging
improvements, but we are still implementing strategies to right-size
that division for the recovering economy.
We will continue to grow our bingo division
through attractive acquisitions that meet our criteria for expansion.
We were able to find two such acquisitions recently in Bingo Idea
and Bingo Barn, and we will continue to actively pursue other such
acquisitions."
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