AUSTIN, TX – Littlefield Corporation, a company that owns and operates 36 charitable bingo halls in Texas, South Carolina, Alabama and Florida has released details of its third quarter performance.
Total bingo revenue from the third quarter of 2010 was $2.2 million, just over $3,000 shy of the company’s record revenue for the same period. Normally, the third quarter of the year is the weakest period in the year for bingo operations thanks to a traditional slow period in July and August.
Littlefield’s total gross profit was up by nearly 25 per cent on the same period last year to $585,000 – up nearly $113,000 on the same period last year. This also increased the company’s profit margin from 21 per cent to 27 per cent for quarter three.
The company also listed $275,000 worth of “notable items” from the Q3 2010 results, which were; $134,000 of expense associated with the start-up of new halls and re-openings at halls in Texas, $116,000 of legal expense for South Carolina, Florida, Texas and its Furtney litigation and $25,000 for non-cash stock-based compensation.
Results from the Q3 in 2009 (the companies best recorded performance in this period of the year) included $271,000 of notable items, including; $303,000 of expense associated with the start-up of new halls and re-openings at halls in Texas, $73,000 of legal expense for South Carolina, Florida, Texas and its Furtney litigation and $17,000 for non-cash stock-based compensation which were partially offset by a $122,000 reduction of estimated prior year reserve for incentive compensation.
source: Market Watch