For the year, the company said it had net income of $1.6 million, equating to 21 cents per share. It said EBITDA was $3.4 million. That compares to a net loss of $1.6 million in 2000 and EBITDA earnings of $464,566. The company did not disclose revenues for either year.
In the 2001 fourth quarter, Littlefield reported net income of $117,021, 1 cent per share, and EBITDA of $598,000. Those figures for the 2000 fourth quarter were a net loss of $1.4 million and EBITDA loss of $1 million.
Jeffrey Minch, Littlefield's CEO, called the year's earnings a significant milestone for the company. "They are the first definitive indication of the conclusion of the company's two-year turn-around effort," he said. Shareholders, he added, should expect the company's operations to become more "predictable and stable and profitable." He said the fourth-quarter slowdown, attributed to the aftermath of the Sept. 11 attacks, was a one-time occurrence rather than a trend.
Littlefield is the largest public owner of charitable bingo halls in the United States. It operates two other subsidiaries besides bingo and hospitality. Its amusement business operates arcades in Alabama and its real estate unit is renovating a South Carolina shopping mall and planning to acquire similar properties.
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