Press Release Source: Littlefield Corporation
Littlefield Corporation Announces Record Hospitality Revenue
Thursday March 29, 7:41 pm ET
AUSTIN, Texas--(BUSINESS WIRE)--Littlefield Corporation (OTCBB: LTFD - News) announces that its hospitality brands, Word of Mouth custom catering and Premiere Tents & Events (collectively and legally Littlefield Hospitality, Inc.), are projected to achieve the highest first quarter revenue in their history with Littlefield Hospitality.
Word of Mouth is projected to achieve a revenue level of approximately $725,000, an increase of over 75% when compared to Q1-2006.
Premiere Tents & Events is projected to achieve a revenue level of approximately $520,000, an increase of over 35% when compared to Q1-2006. This is the first time Q1 revenue has ever exceeded $500,000.
Littlefield Hospitality (the combination of Word of Mouth and Premiere Tents & Events with intracompany revenue eliminated) is projected to achieve a revenue level of approximately $1,100,000, an increase of over 55% when compared to Q1-2006.
The revenue level in excess of $1,000,000 for the first quarter is also an important symbolic achievement as it crosses a threshold never achieved before by Littlefield Hospitality during the first quarter.
The increases were driven by some important events including the Neiman Marcus grand opening and the South by Southwest Musical Festival. In addition, the level of business from loyal customers was particularly high during the first quarter perhaps signaling an increase in hospitality spending.
This impressive first quarter comes on the heels of record revenue achieved in each of the last three quarters with particular note being given to surpassing the $2,000,000 level in Q4-2006. This makes four consecutive quarters in which the Littlefield Hospitality revenue was the highest each quarter for its respective quarter. When taken together this signals a trailing annual revenue of approximately $5,800,000. As a comparative benchmark, FY 2003 (the post 9-11 low water mark) revenue was approximately $3,410,000.
While the performance of both Word of Mouth and Premiere Tents & Events is noteworthy, Premiere has enjoyed a greater rate of growth and has achieved a continuing pattern of quarterly increases for the last three years with the exception of only one quarter.
Jeffrey L. Minch, President and Chief Executive Officer of Littlefield Corporation, offered the following comments:
"Both of our hospitality companies have enjoyed a great first
quarter. Word of Mouth has achieved an increase in revenue of
over 75% in a quarter which is typically a very difficult
quarter as hospitality spending in January and February is
usually very low.
Premiere Tents & Events continues its growth rate of over 30%
which it has now demonstrated for over two years.
These revenue increases are attributable to hard work by each and
every member of the Word of Mouth and Premiere teams.
Congratulations to all and I truly appreciate all of your hard
work!
From a macro perspective these continuing increases seem to
signal a growing level of hospitality spending in Austin and we
will continue to seek to acquire our fair share of the market
and an increasing share of the growth.
We appreciate all the clients who have allowed us to participate
in making the memories of their lives."
