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Parks! America (OTCPink: PRKA) has disclosed financial results for Q2 FY2024, ending March 31, 2024. The company reported consolidated revenues of $1.96 million, up 4.4% from the previous year. Missouri park saw a significant 48% revenue increase, while Georgia park, the largest revenue generator, experienced a 1.3% decline. The company reduced its debt by $751,445, achieving a debt-to-equity ratio of 0.28. Cash and short-term investments totaled $3.03 million.
However, a proxy battle with Focused Compounding has negatively impacted financial performance, leading to a net loss of $1.0 million for the quarter. Adjusted net loss, excluding unusual expenses, was $150,162. Year-to-date (YTD) revenues rose to $3.86 million, a 3.2% increase. EBITDA improved to $108,965 from a negative $197,045 in Q2 FY2023.
CEO Lisa Brady highlighted ongoing efforts to enhance operations, including marketing and infrastructure improvements. Despite challenges, the company aims for increased visitor traffic in the second half of the year.
Parks! America (OTCPink: PRKA) announced its eligibility for the DTC's Fast Automated Securities Transfer Program as of May 1, 2024. This development allows shareholders to convert paper stock certificates into electronic format. Once transitioned, shareholders can send certificates to Securities Transfer (STC) for conversion to book entry, enabling easier management and transfer of shares. The company will cover legal and compliance costs for this conversion until September 27, 2024. Parks! America operates three safari parks across Georgia, Missouri, and Texas.
Parks! America, Inc. (OTCPink: PRKA) will report its second quarter fiscal 2024 financial results on May 14, 2024, and host a conference call at 4:30 PM ET. The company operates regional safari parks in the U.S. Interested parties can access the call via phone or webcast. Parks! America owns and operates three regional safari parks in Georgia, Missouri, and Texas.
Parks! America, Inc. addresses false assertions made by Focused Compounding (FC) regarding the upcoming Annual Meeting of Stockholders. FC's attempt at a hostile takeover has caused confusion and financial strain on the company. Despite PRKA's efforts to settle, FC continues to reject offers and aims to control the company without majority ownership. FC's nominees lack relevant experience to revitalize PRKA. FC's actions, including lawsuits and potential cost recovery, raise concerns about their intentions. CEO Lisa Brady has made significant progress in improving the company since taking over in 2022. Independent proxy advisory firms recommend voting against FC's proposals. PRKA urges shareholders to vote on the WHITE card for the upcoming Annual Meeting on June 6, 2024.
