Parks! America, Inc. Reports Q1 Fiscal 2022 Results


 Q1 fiscal 2022 reported attendance based sales decline $213,424 or 9.9%
 Q1 fiscal 2022 comparable 13-week attendance based sales decline $16,819 or 0.9%

PINE MOUNTAIN, Georgia, Feb. 09, 2022 (GLOBE NEWSWIRE) -- Parks! America, Inc. (OTCPink: PRKA), today announced the results for its first fiscal quarter ended January 2, 2022.

First Quarter Fiscal 2022 Highlights

The Company’s 2022 fiscal year will be comprised of 52-weeks, compared to its 2021 fiscal year which was comprised of 53-weeks. The extra week in 2021 fiscal year occurred in the three months ended January 3, 2021. As such, attendance based net sales analyses will include comparable 13-week sales comparisons, in addition to reported sales comparisons.

Reported total net sales for the fiscal quarter ended January 2, 2022 were $1.94 million, a decrease of $282,441, compared to $2.23 million for the fiscal quarter ended January 3, 2021. Reported attendance based net sales were $1.94 million, a decrease of $213,424 or 9.9%, and animal sales decreased by $69,017. On a comparable 13-week basis, attendance based net sales decreased by $16,819 or 0.9%.

The Company reported a net loss of $421,940, or $0.01 per basic share and fully diluted share, for its fiscal quarter ended January 2, 2022, compared to net income of $227,935, or $0.00 per basic share and fully diluted share, for its fiscal quarter ended January 3, 2021, resulting in a net decrease of $649,875. The decrease in the Company’s first fiscal quarter net income is primarily attributable to lower attendance based net sales and lower animal sales, and higher compensation, advertising, special event and general operating expenses, partially offset by higher other income, as well as lower interest expense and income taxes.

Balance Sheet and Liquidity

The Company had working capital of $4.84 million as of January 2, 2022, compared to $5.70 million as of October 3, 2021 and $3.93 million as of January 3, 2021. The Company had total debt of $5.79 million as of January 2, 2022, compared to $5.66 million as of October 3, 2021 and $6.97 million as of January 3, 2021. The Company’s debt-to-equity ratio was 0.41 to 1.0 as of January 2, 2022, compared to 0.39 to 1.0 as of October 3, 2021 and 0.58 to 1.0 as of January 3, 2021.

Fiscal 2022 Investments and Events

“Our results of operations for the first fiscal quarter ended January 2, 2022 reflect the beginning of a number of investments we are making with the objective of long-term revenue growth,” commented Dale Van Voorhis, Chairman and CEO. “These investments include increasing base compensation levels, adding several full-time positions at our Georgia Park, the first year of Christmas Light and Corn Maze special events at our Missouri Park, and increasing our advertising spend. We anticipate the revenue benefits from certain of these investments will take time to build.

“On a comparable 13-week basis, our year-over-year first fiscal quarter attendance based sales were down $16,819 or 0.9%, as additional revenues from the special events at our Missouri Park largely offset attendance declines at our other two parks. In comparison to the pre-COVID-19 comparable 13-weeks in both our 2020 and 2019 fiscal years, combined attendance based net sales for our Georgia and Missouri Parks increased 54.6% and 66.2%, respectively,” commented Mr. Van Voorhis. “We believe the comparisons to the pre-COVID-19 periods continue to illustrate that we have established a strong higher base of net attendance based sales on which to continue to build our business for the future.

“As noted in our fourth quarter 2021 fiscal year earnings release, our 2022 fiscal year plans include investing nearly $3.0 million of capital across all three of our Parks. These investments include a new giraffe exhibit, which will become the showcase attraction at our Georgia Park. I am also excited to announce that we recently welcomed a female baby giraffe, born at our Georgia Park in late January 2022. I want to thank the animal keepers at our Georgia Park for their extra efforts in caring for this baby.

“In summary, we remain focused on building our Company for the future and prudently investing to support and sustain that growth. The team at each of our Parks is working hard on these investments and in preparing for the 2022 fiscal year busy season. I thank them and our investors for your continuing support.”

About Parks! America, Inc.

Parks! America, Inc. (OTCPink: PRKA), through its wholly owned subsidiaries, owns and operates three regional theme parks - the Wild Animal Safari theme park in Pine Mountain, Georgia, the Wild Animal Safari theme park located in Strafford, Missouri, as well as the Aggieland Wild Animal Safari theme park, located near Bryan/College Station, Texas, which was acquired on April 27, 2020.

Additional information, including our Form 10-K for the fiscal year ended October 3, 2021, 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. Additional risks have been added to the Company’s business by the near-term and long-term impacts of the COVID-19 pandemic on the operations of its Parks, including customers perceptions of engaging in the activities involved in visiting its Parks, its ability to hire and retain associates in light of the issues posed by the COVID-19 pandemic, and its ability to maintain sufficient cash to fund operations due to the potential negative impact on its revenues associated with disruptions in demand as a result of the pandemic. 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 October 3, 2021.

Contact: Todd R. White
Chief Financial Officer
(706) 663-8744
todd.white@animalsafari.com

PARKS! AMERICA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended January 2, 2022 and January 3, 2021
 
  For the three months ended 
  January 2, 2022  January 3, 2021 
Net sales $1,942,051  $2,155,475 
Sale of animals  2,707   71,724 
Total net sales  1,944,758   2,227,199 
         
Cost of sales  283,036   259,995 
Selling, general and administrative  1,976,797   1,399,845 
Depreciation and amortization  193,075   167,200 
(Gain) loss on disposal of operating assets  (18,000)  4,675 
(Loss) income from operations  (490,150)  395,484 
         
Other income, net  26,906   14,564 
Interest expense  (68,896)  (91,413)
(Loss) income before income taxes  (532,140)  318,635 
         
Income tax (benefit) provision  (110,200)  90,700 
Net (loss) income $(421,940) $227,935 
         
(Loss) income per share - basic and diluted $(0.01) $0.00 
         
Weighted average shares outstanding (in 000's) - basic and diluted  75,124   75,021 


PARKS! AMERICA, INC. AND SUBSIDIARIES
ATTENDANCE BASED NET SALES BY PARK
             
  Reported  Comparable 13-Weeks 
  For the three months ended  For the three months ended 
  January 2, 2022  January 3, 2021  January 2, 2022  January 3, 2021 
Georgia $1,308,440  $1,524,576  $1,308,440  $1,392,025 
Missouri  267,395   213,178   267,395   188,059 
Texas  366,216   417,721   366,216   378,786 
Total attendance based sales $1,942,051  $2,155,475  $1,942,051  $1,958,870 

 

PARKS! AMERICA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of January 2, 2022, October 3, 2021 and January 3, 2021
 
   January 2, 2022   October 3, 2021   January 3, 2021 
ASSETS            
Cash $5,875,181  $6,654,348  $5,615,622 
Accounts receivable  6,810   4,469   - 
Inventory  460,691   314,103   299,631 
Prepaid expenses  324,173   175,248   195,570 
Total current assets  6,666,855   7,148,168   6,110,823 
             
Property and equipment, net  13,904,735   13,806,868   13,713,382 
Right of use asset, net  309,661   -   - 
Intangible assets, net  10,691   10,966   - 
Other assets  15,974   15,974   12,144 
Total assets $20,907,916  $20,981,976  $19,836,349 
             
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities            
Accounts payable $304,845  $221,414  $145,442 
Other current liabilities  662,148   531,347   764,939 
Current portion of finance lease obligation  155,836   -   - 
Current portion of long-term debt, net  707,639   699,483   1,274,580 
Total current liabilities  1,830,468   1,452,244   2,184,961 
             
Long-term portion of finance lease obligation  149,804   -   - 
Long-term debt, net  4,780,032   4,960,180   5,697,446 
Total liabilities  6,760,304   6,412,424   7,882,407 
             
Stockholders’ equity            
Common stock  75,124   75,124   75,021 
Capital in excess of par  4,934,212   4,934,212   4,889,316 
Treasury stock  (3,250)  (3,250)  (3,250)
Retained earnings  9,141,526   9,563,466   6,992,855 
Total stockholders’ equity  14,147,612   14,569,552   11,953,942 
Total liabilities and stockholders’ equity $20,907,916  $20,981,976  $19,836,349