Parks! America, Inc. Reports Fiscal Year 2024 Financial Results
Rhea-AI Summary
Parks! America (OTCPink: PRKA) has reported its fiscal year 2024 financial results. Total consolidated revenues increased to $9.91 million from $9.44 million in the previous year. The company's operations span three locations: Georgia, Missouri, and Texas. Georgia generated revenues of $5.96 million, Missouri $2.04 million, and Texas $1.92 million.
The company reported a consolidated loss before income taxes of $1.48 million, compared to a loss of $572,421 in the previous year. Notable expenses included $2.04 million for contested proxy matters and $871,967 in depreciation and amortization. Total consolidated assets stood at $19.19 million, with cash and short-term investments of $3.32 million as of September 29, 2024.
Positive
- Revenue growth of 5% year-over-year to $9.91 million
- Missouri segment revenue increased by 20.3% to $2.04 million
- Missouri segment income before taxes improved by 77.6% to $457,219
Negative
- Consolidated loss before income taxes widened to $1.48 million from $572,421
- Cash and short-term investments decreased to $3.32 million from $4.10 million
- Significant expense of $2.04 million for contested proxy matters
- Texas segment reported a Q4 loss of $29,216 compared to previous year's profit
News Market Reaction 1 Alert
On the day this news was published, PRKA declined 2.95%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Management to host conference call on Monday, December 16, 2024, at 4:30 PM ET
PINE MOUNTAIN, Georgia, Dec. 13, 2024 (GLOBE NEWSWIRE) -- Parks! America, Inc. (OTCPink: PRKA), today announced its financial results for fiscal year 2024 ended September 29, 2024. The summary information in this press release should not be used as the sole basis for making investment decisions. We encourage shareholders to read our complete Annual Report on Form 10-K, which has been posted on the Company's website animalsafari.com/investor-relations, for a complete view of the Company and its results.
Fiscal Year 2024 Segment Financial Results
The Company manages its operations on an individual location basis. Financial information regarding each of the Company’s reportable segments are summarized in the tables below.
| For the three months ended | For the year ended | |||||||||||||||
| September 29, 2024 | October 1, 2023 | September 29, 2024 | October 1, 2023 | |||||||||||||
| Total revenues: | ||||||||||||||||
| Georgia | $ | 1,471,131 | $ | 1,770,394 | $ | 5,960,259 | $ | 5,873,526 | ||||||||
| Missouri | 718,543 | 631,285 | 2,036,280 | 1,692,765 | ||||||||||||
| Texas | 418,017 | 451,593 | 1,915,721 | 1,873,957 | ||||||||||||
| Consolidated | $ | 2,607,691 | $ | 2,853,272 | $ | 9,912,260 | $ | 9,440,248 | ||||||||
| Income (loss) before income taxes: | ||||||||||||||||
| Georgia | $ | 570,862 | $ | 689,362 | $ | 2,294,879 | $ | 2,054,001 | ||||||||
| Missouri | 290,333 | 227,281 | 457,219 | 257,379 | ||||||||||||
| Texas | (29,216 | ) | 8,349 | 72,921 | 27,577 | |||||||||||
| Segment EBITDA | 831,979 | 924,992 | 2,825,019 | 2,338,957 | ||||||||||||
| Corporate expenses | (300,274 | ) | (269,691 | ) | (1,211,764 | ) | (1,198,652 | ) | ||||||||
| Depreciation and amortization | 199,319 | 235,702 | 871,967 | 884,459 | ||||||||||||
| Loss on asset disposals, net | 26,980 | 286,562 | 62,734 | 317,146 | ||||||||||||
| Contested proxy and related matters, net | 2,988 | - | 2,040,810 | - | ||||||||||||
| Tornado expenses and write-offs, net | - | 5,359 | (53,755 | ) | 368,955 | |||||||||||
| Legal settlement | - | - | 75,000 | - | ||||||||||||
| Other income, net | 31,623 | 15,522 | 132,948 | 80,230 | ||||||||||||
| Interest expense | (81,729 | ) | (52,657 | ) | (229,244 | ) | (222,396 | ) | ||||||||
| Consolidated | $ | 252,312 | $ | 90,543 | $ | (1,479,797 | ) | $ | (572,421 | ) | ||||||
| For the year ended | ||||||||||||||||
| September 29, 2024 | October 1, 2023 | |||||||||||||||
| Depreciation and amortization: | ||||||||||||||||
| Georgia | $ | 357,522 | $ | 324,252 | ||||||||||||
| Missouri | 231,734 | 275,533 | ||||||||||||||
| Texas | 281,055 | 283,020 | ||||||||||||||
| Corporate | 1,656 | 1,654 | ||||||||||||||
| Consolidated | $ | 871,967 | $ | 884,459 | ||||||||||||
| Capital expenditures: | ||||||||||||||||
| Georgia | $ | 593,515 | $ | 1,208,762 | ||||||||||||
| Missouri | 100,428 | 134,987 | ||||||||||||||
| Texas | 213,012 | 214,095 | ||||||||||||||
| Consolidated | $ | 906,955 | $ | 1,557,844 | ||||||||||||
| As of | ||||||||
| September 29, 2024 | October 1, 2023 | |||||||
| Total assets: | ||||||||
| Georgia | $ | 7,520,918 | $ | 8,519,619 | ||||
| Missouri | 3,399,324 | 3,335,794 | ||||||
| Texas | 7,812,661 | 7,698,400 | ||||||
| Corporate | 461,168 | 541,910 | ||||||
| Consolidated | $ | 19,194,071 | $ | 20,095,723 | ||||
| Total cash & short-term investments: | ||||||||
| Georgia | $ | 1,800,623 | $ | 3,047,188 | ||||
| Missouri | 870,918 | 671,423 | ||||||
| Texas | 570,122 | 312,563 | ||||||
| Corporate | 82,705 | 67,213 | ||||||
| Consolidated | $ | 3,324,368 | $ | 4,098,387 | ||||
| Asset less cash & short-term investments: | ||||||||
| Georgia | $ | 5,720,295 | $ | 5,472,431 | ||||
| Missouri | 2,528,406 | 2,664,371 | ||||||
| Texas | 7,242,539 | 7,385,837 | ||||||
| Corporate | 378,463 | 474,697 | ||||||
| Consolidated | $ | 15,869,703 | $ | 15,997,336 | ||||
Conference Call and Webcast Details
The Company will host a conference call to review its fiscal year 2024 results on Monday, December 16, 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.
All participants on the conference call will be invited to ask a question. You may also email your question to ralph@parksamerica.com prior to the call. 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 Annual Report on Form 10-K for the fiscal year ended September 29, 2024, is available on the Company’s website, animalsafari.com/investor-relations.
Cautionary Note Regarding Forward Looking Statements
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 on Form 10-K and other reports filed from time to time with the Securities and Exchange Commission. 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
FAQ
What was Parks! America's (PRKA) total revenue for fiscal year 2024?
How much did PRKA spend on contested proxy matters in FY 2024?
What was PRKA's cash position at the end of fiscal year 2024?
How did PRKA's Missouri segment perform in fiscal year 2024?
What was Parks! America's (PRKA) net loss for fiscal year 2024?
