Parks! America, Inc. Reports Q1 Fiscal 2020 Results

PINE MOUNTAIN, Ga., Feb. 6, 2020 /PRNewswire/ -- Parks! America, Inc. PRKA, today announced the results for its first fiscal quarter ended December 29, 2019.

(PRNewsfoto/Parks! America, Inc.)

First Quarter Fiscal 2019 Highlights

Total net sales for the first fiscal quarter ended December 29, 2019 were $995,485, a decrease of $21,214, compared to $1,016,699 for the prior year first fiscal quarter ended December 30, 2018. Park attendance based net sales were $983,408, resulting in a decrease of $1,303 or 0.1%, while animal sales decreased by $19,911.

The Company reported a net loss of $89,151 for the first fiscal quarter ended December 29, 2019 compared to a net loss of $15,483 for the prior year first fiscal quarter ended December 30, 2018, resulting in an increase of $73,668. The increase in the Company's net loss during the first quarter of its 2020 fiscal year is primarily attributable to higher legal and professional fee spending, lower animal sales, and higher cost of sales, partially offset by an increase in the income tax benefit.

"Park attendance levels increased 5.7% in the quarter, while overall attendance based revenues were essentially flat, primarily reflecting strong sales of advance admissions sold to guests online, for which we offer a discount," commented Dale Van Voorhis, Chairman & CEO. "As is normal for this time of year, we are in preparation for the upcoming busy season, which historically begins in the latter half of March."

Balance Sheet and Liquidity

The Company had working capital of $3.28 million as of December 29, 2019, compared to working capital of $2.40 million as of December 30, 2018. The Company's debt to equity ratio was 0.15 to 1.0 as of December 29, 2019, compared to 0.19 to 1.0 as of December 30, 2018.

"We are continuing our due diligence with respect to the non-binding letter of intent we announced on January 16, 2020, to acquire substantially all the assets of Aggieland Safari, Inc. ("Aggieland"), noted Mr. Van Voorhis. "We anticipate obtaining debt financing of $5.0 to $5.5 million to fund roughly two-thirds of Aggieland purchase price of $7.5 million plus associated transaction costs. We believe this level of financing is reasonable for the Company as a whole and is justified by this acquisition opportunity. While a number of aspects of this proposed acquisition remain to be completed, we continue to be excited about bringing Aggieland into our family of wild animal safari parks."

About Parks! America, Inc.

Parks! America, Inc. PRKA, through its wholly owned subsidiaries, owns and operates two regional theme parks - the Wild Animal Safari theme park in Pine Mountain, Georgia, and the Wild Animal Safari theme park located in Strafford, Missouri.

Additional information, including our Form 10-K for the fiscal year ended September 29, 2019, is available on the Company's website, http://www.animalsafari.com.

Cautionary Note Regarding Forward-Looking Statements

Except for historical information contained herein, this news release contains certain "forward-looking statements" within the meaning of U.S. securities laws. You are cautioned to not place undue reliance on these forward-looking statements; actual results or outcomes could differ materially due to factors including, but not limited to: general market conditions, adverse weather, and industry competition. The Company believes that expectations reflected in forward-looking statements are reasonable, however it can give no assurances that such expectations will be realized and actual results could differ materially. The Company assumes no obligation to update any of these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements, except as required by applicable law. A further description of these risks, uncertainties and other matters can be found in the Company's annual report and other reports filed from time to time with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K for the fiscal year ended September 29, 2019.

Contact:

Todd R. White



Chief Financial Officer



(706) 663-8744



todd.white@animalsafari.com

 

PARKS! AMERICA, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

For the Three Months Ended December 29, 2019 and December 30, 2018











For the three months ended





December 29, 2019



December 30, 2018

Net sales

$                983,408



$                    984,711

Sale of animals

12,077



31,988

Total net sales

995,485



1,016,699











Cost of sales

126,860



117,333

Selling, general and administrative

851,217



782,532

Depreciation and amortization

117,500



115,199

Income (loss) from operations

(100,092)



1,635











Other income (expense), net

7,962



6,980

Interest expense

(17,721)



(19,598)

Loss before income taxes

(109,851)



(10,983)











Income tax provision

(20,700)



4,500

Net loss

$                 (89,151)



$                     (15,483)











Income per share - basic and diluted

$                     (0.00)



$                         (0.00)











Weighted average shares









outstanding (in 000's) - basic and diluted

74,821



74,721











 

PARKS! AMERICA, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of December 29, 2019, September 29, 2019 and December 30, 2018

























December 29, 2019



September 29, 2019



December 30, 2018

ASSETS











Cash

$            3,547,549



$             3,787,815



$            2,418,860

Inventory

223,201



195,201



273,904

Prepaid expenses

222,352



147,529



150,697



Total current assets

3,993,102



4,130,545



2,843,461















Property and equipment, net

6,645,420



6,620,405



6,689,898

Intangible assets, net

400



600



1,200

Other assets

11,786



11,786



12,050



Total assets

$          10,650,708



$           10,763,336



$            9,546,609















LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities











Accounts payable

$                 41,353



$                  96,270



$                 16,309

Other current liabilities

465,935



384,160



230,889

Current portion of long-term debt, net

207,055



204,355



198,378



Total current liabilities

714,343



684,785



445,576















Long-term debt, net

1,100,978



1,154,013



1,307,016



Total liabilities

1,815,321



1,838,798



1,752,592















Stockholders' equity











Common stock

74,821



74,821



74,721

Capital in excess of par

4,855,516



4,855,516



4,837,116

Treasury stock

(3,250)



(3,250)



(3,250)

Retained earnings

3,908,300



3,997,451



2,885,430



Total stockholders' equity

8,835,387



8,924,538



7,794,017



Total liabilities and stockholders' equity

$          10,650,708



$           10,763,336



$            9,546,609















 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/parks-america-inc-reports-q1-fiscal-2020-results-301000661.html

SOURCE Parks! America, Inc.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsSmall CapPress Releases
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!