Management to host conference call today, August 13, 2024, at 4:30 PM ET
PINE MOUNTAIN, Georgia, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Parks! America, Inc. (OTCPink: PRKA), today announced the financial results for the third quarter of fiscal year 2024 ended June 30, 2024.
March - August 2024 Strategic Highlights
●
Appointed Geoff Gannon as President
●
Created Capital Allocation Committee composed of three directors: Andrew Kuhn, Jacob McDonough, and Todd White
●
Authorized $0.8 million of capital expenditures for restroom building for Georgia Park
●
Managing cash in light of ~$2.0 million of proxy contest expenses, Georgia Park’s restroom building, and severance payments
Georgia Park revenues of $4.42 million, segment income of $1.72 million, and total assets of $7.11 million, which includes cash and short-term investments of $1.61 million
●
Missouri Park revenues of $1.29 million, segment income of $0.17 million, and total assets of $3.09 million, which includes cash and short-term investments of $0.54 million
●
Texas Park revenues of $1.38 million, segment income of $0.10 million, and total assets of $7.96 million, which includes cash and short-term investments of $0.64 million
Consolidated Balance Sheet
The Company had total cash and short-term investments of $2.85 million as of June 30, 2024, compared to $4.10 million at the end of October 1, 2023. The Company had total debt of $3.65 million as of June 30, 2024, compared to $4.23 million at the end of October 1, 2023.
Conference Call and Webcast Details
The Company will host a conference call to review the results of the third quarter of the 2024 fiscal year today, August 13, 2024, at 4:30 pm ET.
The conference call will be webcast and can be accessed on the Company’s website, animalsafari.com/investor-relations. A transcript of the call will be available on the Company’s website.
About Parks! America, Inc.
Parks! America, Inc. (OTCPink: PRKA), through our wholly owned subsidiaries, owns and operates three regional safari parks and is in the business of acquiring, developing and operating local and regional entertainment assets in the United States.
Additional information, including our Form 10-K for the fiscal year ended October 1, 2023, is available on the Company’s website, animalsafari.com/investor-relations.
This news release may contain “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements include statements concerning our future plans, business strategy, liquidity, capital expenditures, sources of revenue and other similar statements that are not historical in nature. You are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this news release and speak only as of the date hereof. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results to differ significantly from those expressed or implied by such forward-looking statements. Readers are advised to consider the factors listed under the heading “Risk Factors” and the other information contained in the Company’s annual report and other reports filed from time to time with the SEC. We undertake no obligation to publicly update or revise any forward looking statements whether as a result of new information, future events or otherwise, except as required by law.
Contact: Ralph Molina Head of Investor Relations and Corporate Strategy (706) 940-2209
PARKS! AMERICA, INC. AND SUBSIDIARIES REPORTED AND PRO FORMA PARK REVENUES For the Three Months and Nine Months Ended June 30, 2024 and July 2, 2023
For the three months ended
July 2, 2023
June 30, 2024
Actual
Pro Forma1
Georgia Park
$
2,166,574
$
1,713,205
$
2,348,677
Missouri Park
668,097
570,888
556,619
Texas Park
522,052
517,419
508,858
Total park revenues
$
3,356,723
$
2,801,512
$
3,414,154
For the nine months ended
July 2, 2023
June 30, 2024
Actual
Pro Forma1
Georgia Park
$
4,419,214
$
4,059,002
$
5,050,530
Missouri Park
1,293,101
1,061,480
1,039,008
Texas Park
1,377,882
1,356,174
1,334,449
Total park revenues
$
7,090,197
$
6,476,656
$
7,423,987
1.
Pro Forma Park Revenues reflect:
a.
The estimated impact on park revenues resulting from the tornado damage closure and phased reopening of our Georgia Park during the first six weeks of the fiscal quarter ended July 2, 2023, as well as for roughly eight weeks during the nine months ended July 2, 2023, assuming Georgia Park revenues in each respective period were flat to the comparable period in fiscal 2022; and
b.
The estimated impact of the strategic switch to a new ticketing platform early in the second quarter of fiscal 2024. We believe this change has improved the overall guest experience, lowering the overall transaction fees incurred by our guests for online ticket purchases, while also improving functionality for our park customer service teams. While this change has a net neutral impact on our profitability, we no longer directly up-charge customer transaction fees, resulting in a reduction in park revenues, with a corresponding decrease in operating expenses.
PARKS! AMERICA, INC. AND SUBSIDIARIES BUSINESS SEGMENTS
For the three months ended
For the nine months ended
June 30, 2024
July 2, 2023
June 30, 2024
July 2, 2023
Total revenues:
Georgia
$
2,200,174
$
1,713,536
$
4,489,128
$
4,103,132
Missouri
675,283
570,888
1,317,737
1,061,480
Texas
573,287
565,708
1,497,704
1,422,364
Consolidated
$
3,448,744
$
2,850,132
$
7,304,569
$
6,586,976
Income (loss) before income taxes:
Georgia
$
1,172,530
$
709,499
$
1,724,017
$
1,364,639
Missouri
222,714
167,503
166,886
30,098
Texas
107,086
82,010
102,137
19,228
Segment EBITDA
1,502,330
959,012
1,993,040
1,413,965
Corporate
(401,082
)
(308,044
)
(911,490
)
(928,961
)
Depreciation and amortization
230,852
222,124
672,648
648,757
Loss on asset disposals, net
-
-
35,754
30,584
Contested proxy and related matters
746,570
-
2,037,822
-
Tornado expenses and write-offs, net
(53,755
)
(268,776
)
(53,755
)
363,596
Legal settlement
75,000
-
75,000
-
Other income, net
31,412
3,429
101,325
64,708
Interest expense
(46,923
)
(54,514
)
(147,515
)
(169,739
)
Consolidated
$
87,070
$
646,535
$
(1,732,109
)
$
(662,964
)
June 30, 2024
October 1, 2023
July 2, 2023
Total assets:
Georgia
$
7,114,797
$
8,519,619
$
8,445,755
Missouri
3,085,406
3,335,794
3,169,692
Texas
7,959,080
7,698,400
7,957,349
Corporate
847,033
541,910
696,548
Consolidated
$
19,006,316
$
20,095,723
$
20,269,344
Total cash & short-term
Georgia
$
1,606,283
$
3,047,188
$
2,066,426
Missouri
542,270
671,423
394,968
Texas
641,233
312,563
350,354
Corporate
62,297
67,213
64,141
Consolidated
$
2,852,083
$
4,098,387
$
2,875,889
Assets less cash & short-term
Georgia
$
5,508,514
$
5,472,431
$
6,379,329
Missouri
2,543,136
2,664,371
2,774,724
Texas
7,317,847
7,385,837
7,606,995
Corporate
784,736
474,697
632,407
Consolidated
$
16,154,233
$
15,997,336
$
17,393,455
PARKS! AMERICA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months and Nine Months Ended June 30, 2024 and July 2, 2023
For the three months ended
For the nine months ended
June 30, 2024
July 2, 2023
June 30, 2024
July 2, 2023
Park revenues
$
3,356,723
$
2,801,512
$
7,090,197
$
6,476,656
Sale of animals
92,021
48,620
214,372
110,320
Total revenues
3,448,744
2,850,132
7,304,569
6,586,976
Cost of sales
436,348
374,131
1,047,267
929,632
Selling, general and administrative
1,911,148
1,825,033
5,175,752
5,172,340
Depreciation and amortization
230,852
222,124
672,648
648,757
Contested proxy and related matters
746,570
-
2,037,822
-
Tornado expenses and write-offs, net
(53,755
)
(268,776
)
(53,755
)
363,596
Legal settlement
75,000
-
75,000
-
Loss on asset disposals, net
-
-
35,754
30,584
Income (loss) from operations
102,581
697,620
(1,685,919
)
(557,933
)
Other income, net
31,412
3,429
101,325
64,708
Interest expense
(46,923
)
(54,514
)
(147,515
)
(169,739
)
Income (loss) before income taxes
87,070
646,535
(1,732,109
)
(662,964
)
Income tax expense (benefit)
19,200
134,500
(430,400
)
(175,900
)
Net income (loss)
$
67,870
$
512,035
$
(1,301,709
)
$
(487,064
)
Income (loss) per share - basic and diluted
$
0.00
$
0.01
$
(0.02
)
$
(0.01
)
Weighted average shares outstanding (in 000’s) - basic and diluted
75,727
75,270
75,677
75,248
PARKS! AMERICA, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS As of June 30, 2024, October 1, 2023 and July 2, 2023
June 30, 2024
October 1, 2023
July 2, 2023
ASSETS
Cash
$
2,026,084
$
4,098,387
$
2,875,889
Short-term investments
825,999
-
-
Accounts receivable
22,962
36,172
673,956
Inventory
369,946
419,149
469,343
Prepaid expenses
859,433
558,678
760,078
Total current assets
4,104,424
5,112,386
4,779,266
Property and equipment, net
14,848,121
14,910,097
15,397,446
Intangible assets, net
35,196
52,331
71,723
Other assets
18,575
20,909
20,909
Total assets
$
19,006,316
$
20,095,723
$
20,269,344
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Accounts payable
$
999,187
$
79,352
$
139,372
Other current liabilities
379,498
571,343
463,733
Current portion of long-term debt, net
793,842
767,675
758,724
Total current liabilities
2,172,527
1,418,370
1,361,829
Long-term debt, net
2,860,461
3,459,816
3,654,738
Deferred tax liability, net
232,329
232,329
270,895
Total liabilities
5,265,317
5,110,515
5,287,462
Stockholders’ equity
Common stock
75,727
75,518
75,518
Capital in excess of par
5,159,762
5,102,471
5,102,471
Retained earnings
8,505,510
9,807,219
9,803,893
Total stockholders’ equity
13,740,999
14,985,208
14,981,882
Total liabilities and stockholders’ equity
$
19,006,316
$
20,095,723
$
20,269,344
PARKS! AMERICA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the Nine Months Ended June 30, 2024 and July 2, 2023
For the nine months ended
June 30, 2024
July 2, 2023
OPERATING ACTIVITIES:
Net loss
$
(1,301,709
)
$
(487,064
)
Reconciliation of net loss to net cash used in operating activities:
