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Littlefield Corp (LTFD) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Littlefield Corp

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CIK: 931683 Ticker: LTFD


Exhibit 99.1


FOR IMMEDIATE RELEASE


7 March 2012

Company contact:
Cecil R Whitmore
Investor Relations
Littlefield Corporation
512-476-5141
cwhitmore@littlefield.com

Littlefield Corporation Announces
Q4 2011 and FY 2011 Results

Austin, Texas - Littlefield Corporation (OTCQB: LTFD) today announced results for the fourth quarter and full year of 2011.

For the fourth quarter, total revenue increased to $2,162,000; surpassing last year by $77,000 or 4%, making this the second highest level of fourth quarter revenue in the Company’s history.  Gross profit margin was 21% of revenue; the same level as last year.

For the year, the Company achieved revenue of $9.43 million, within 2% of its prior annual record level of bingo revenue reached last year.  Gross profit margin was 30% versus 34% in the prior year.

For 2011, the Company recorded a charge of $389,000 reflecting the impact of closing two bingo halls whose leases expired in accordance with the terms of those leases.  This is a non-cash cost.

Full year 2011 income (loss) from continuing operations include approximately $1,544,000 of notable items:
 
 
·  
$654,000 of legal expense for South Carolina, Texas and its Furtney litigation,
 
·  
$401,000 of expense associated with the start-up of halls in Texas,
 

 
 
The following information was filed by Littlefield Corp (LTFD) on Thursday, March 8, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: LTFD
CIK: 931683
Form Type: 10-K Annual Report
Accession Number: 0001185185-12-000518
Submitted to the SEC: Tue Mar 27 2012 5:14:38 PM EST
Accepted by the SEC: Tue Mar 27 2012
Period: Saturday, December 31, 2011
Industry: Miscellaneous Amusement And Recreation

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