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LTFD News Littlefield Corporation Announces Record Hospitality Revenue

AUSTIN, Texas--(BUSINESS WIRE)--Littlefield Corporation (OTCBB:LTFD) announces that its hospitality brands, Word of Mouth custom catering and Premiere Tents & Events (collectively and legally Littlefield Hospitality, Inc.), achieved the highest revenue level in Q4-2006 since their acquisition by Littlefield in 2001.

Total quarterly revenue for Q4-2006, after appropriate intracompany eliminations, will exceed $2,000,000, an increase of over $500,000 or in excess of 35% when compared to Q4-2005.

Total annual revenue for FY 2006, after appropriate intracompany eliminations, will exceed $5,300,000, an increase of approximately $1,000,000 or in excess of 20% when compared to FY 2005.

Jeffrey L. Minch, President and Chief Executive Officer of Littlefield Corporation, offered the following comments:

"2006 was a good year for our hospitality businesses. We always want
even more improvement but exceeding the $5,000,000 revenue level is a
wonderful and meaningful business achievement.

"As in any growth situation, growth in revenue does not relate
linearly to growth in earnings. Revenue growth always seems to lead
earnings growth; but, it should be expected that earnings growth will
occur when a fixed level of overhead is spread over a larger
revenue base.

"It was difficult to discern what was happening with revenue in
Q4-2006 as many orders came in at the last minute -- a trend which
seems to be consistent in the marketplace.

"The ability to execute at this level is also an excellent indication
of the capability of management at these brands and companies."

In evaluating this Press Release it is important to note that in accordance with GAAP, sales revenue between Word of Mouth and Premiere is subject to an intracompany elimination. In addition, revenue figures do not include sales tax. The inclusion of sales tax -- which is not in accordance with the Company’s revenue recognition principles -- would increase the perceived level of revenue. Competitors of Word of Mouth and Premiere (primarily private companies) may routinely include sales tax when discussing revenue.

Investors are always cautioned to be careful in drawing conclusions from a single press release, the Company’s performance in a single quarter or the individual opinions of any member of the Company’s management in making their individual investment decisions. These admonitions are particularly pertinent to this Press Release as it discusses only a portion of the Company’s business operations.

In accordance with the safe harbor provisions of the Private Securities Reform Act of 1995: except for historical information contained herein, certain matters set forth in this press release are forward-looking statements that are subject to substantial risks and uncertainties, including government regulation, taxation, competition, market risks, customer attendance, spending, general economic conditions and other risks detailed in the Company’s Securities and Exchange Commission filings and reports.