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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended JUNE 30, 1998
Commission File Number: 0-19822
LITCHFIELD FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
MASSACHUSETTS
04-3023928
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
430 MAIN STREET, WILLIAMSTOWN, MA 01267
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code: (413) 458-1000
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes X No
As of August 12, 1998, there were 6,669,751 shares of common stock of
Litchfield Financial Corporation outstanding.
FORM 10-Q/A
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EXPLANATORY NOTE
Amendment No. 1
The Company is filing this Form 10-Q/A to correct the
Consolidated Balance Sheet on Page 3 of Form 10-Q for the period ended
June 30, 1998. There is a typographical error under the June 30, 1998
column in the asset section for the line that reads, "Other loans, net
of allowance for loan losses of $2,459 in 1998 and $2,044 in 1997".
The Form 10-Q Consolidated Balance Sheet had an amount of 137,147.
The correct amount should be 134,147.
On the following page, please note the corrected Consolidated
Balance Sheet.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
LITCHFIELD FINANCIAL CORPORATION
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
<TABLE>
<S> <C> <C>
June 30, December 31,
1998 1997
(unaudited)
ASSETS
Cash and cash equivalents...................... $ 14,568 $ 19,295
Restricted cash................................ 27,472 23,496
Loans held for sale, net of allowance for loan
losses of
$942 in 1998 and $1,388 in 1997............. 13,546 16,366
Other loans, net of allowance for loan losses of
$2,459 in 1998 and $2,044 in 1997........... 134,147 86,307
Retained interests in loan sales, net of 31,007 30,299
allowance for loan loses of
$3,062 in 1998 and $2,445 in 1997...........
Other.......................................... 12,941 11,027
Total assets............................. $233,681 $186,790
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Lines of credit............................. $ 22,601 $ 177
Term note payable........................... 3,717 5,210
Accounts payable and accrued liabilities.... 9,671 6,479
Dealer/developer reserves................... 10,444 10,655
Deferred income taxes....................... 8,178 6,851
54,611 29,372
9.3% Notes.................................. 20,000 20,000
8.45% Notes due 2002........................ 51,750 51,750
8.875% Notes due 2003....................... 15,066 15,317
10% Notes due 2004.......................... 18,240 18,280
105,056 105,347
Stockholders' equity
Preferred stock, $.01 par value; authorized
1,000,000 shares, none
issued and outstanding................... --- ---
Common stock, $.01 par value; authorized
12,000,000 shares,
6,669,751 shares issued and outstanding in
1998 and 5,656,609
shares issued and outstanding in 1997.... 66 56
Additional paid in capital.................. 54,575 36,681
Accumulated other comprehensive income...... 1,251 1,071
Retained earnings........................... 18,122 14,263
Total stockholders' equity............... 74,014 52,071
Total liabilities and stockholders' equity $233,681 $186,790
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
LITCHFIELD FINANCIAL CORPORATION
DATE: August 28, 1998 /s/ Richard A. Stratton
RICHARD A. STRATTON
Chief Executive Officer,
President and Director
DATE: August 28, 1998 /s/ Ronald E. Rabidou
RONALD E. RABIDOU
Chief Financial Officer
