LITTLEFIELD ADAMS <LFA> MAY GET QUALIFIED AUDIT
Littlefield, Adams and Co said it
is attempting to work out new financing arrangements with
lender Congress Financial, and unless it receives an extension
of its loan to at least year-end, it expects a qualified audit
opinion on 1986 financial statements.
    The company said the revolving loan fell due at the end of
February, and Congress has so far granted two one-month
extensions.  It said it has asked the Securities and Exchange
Commission and American Stock Exchange for an extension in
filing 1986 annual reports while it tries to work out the new
funding.
    The company also said its Collegiate Pacific subsidiary has
closed its Gardena, Calif., plant and leased the facility and
equipment to a non-competing seller of printed wearables. It
said it has licensed newly-formed Collegiate Pacific West to
distribute Collegiate Pacific branded merchandise in 14 western
states, western Canada and Japan.
    It said the leasing and licensing agreements should provide
about 200,000 dlrs in revenues a year.
 Reuter
