Litchfield Financial closes a public offering of 1,250,000 shares of common stock at $15; Company anticipates reporting record results for the third quarter ended Sept. 30, 1995

Business Wire, Nov 3, 1995

Stamford, Vt.--(BUSINESS WIRE)--Nov. 3, 1995- Litchfield Financial Corp. (NASDAQ:LTCH) announced today that it has closed a public offering of 1,250,000 shares of Common Stock at $15.

The offering was co-managed by McDonald & Company Securities, Inc.; J.C. Bradford & Co.; and Oppenheimer & Co., Inc.

After deducting the underwriting discount and offering expenses, the company will receive net proceeds of approximately $17.5 million which will be used to fund additional portfolio purchases to fund the cash requirements of the company's future loan securitizations and for general corporate purposes.

The company anticipates that revenues for the third quarter ended Sept. 30, 1995 will exceed last year's results for the same quarter by over 45 percent. The company expects that net income and net income per share results for the quarter will be the highest in the company's history.

The company expects to report final results for the third quarter on Tues., Nov. 7, 1995.

Litchfield Financial Corporation is a specialty consumer finance company which provides mortgage financing for the purchase of rural and vacation properties, financing of vacation ownership interests (popularly known as timeshare interests), and loans to rural land dealers and resort developers secured by consumer receivables.

Litchfield is listed on the NASDAQ Stock Market under the symbol LTCH.

CONTACT: Litchfield Financial Group

Ronald E. Rabidou, 802/694-1200