EX-99.1 2 ex99-1.htm

 

Exhibit 99.1

 

Parks! America, Inc.

Reports Fiscal Year 2024 Financial Results

 

Management to host conference call on Monday, December 16, 2024, at 4:30 PM ET

 

PINE MOUNTAIN, Georgia, December 13, 2024 — 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