Parks! America, Inc. Reports First Quarter Fiscal 2022 Results | Your money


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

Highlights of the first quarter of fiscal 2022

The Company’s 2022 fiscal year will consist of 52 weeks, compared to its 2021 fiscal year which included 53 weeks. The additional week of fiscal 2021 occurred during the quarter ended January 3, 2021. As such, attendance-based net sales analyzes will include 13-week comparable sales comparisons, in addition to reported sales comparisons. .

Total net sales reported 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 9.9% and animal sales decreased by $69,017. On a comparable 13-week basis, net sales based on attendance decreased by $16,819 or 0.9%.

The Company reported a net loss of $421,940, or $0.01 per basic and fully diluted share, for its fiscal quarter ended January 2, 2022, compared to net earnings of $227,935, or $0.00 $ per basic 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 fiscal first quarter net income was primarily due to lower attendance-related net sales and lower animal sales, and higher compensation, advertising, special events 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 a 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 ratio was 0.41 to 1 .0 on January 2, 2022, compared to 0.39 to 1.0 on October 3, 2021 and from 0.58 to 1.0 on January 3, 2021.

Investments and events of the 2022 financial year

“Our operating results for the fiscal first quarter ended January 2, 2022 reflect the start of a number of investments we are making with the objective of long-term revenue growth,” commented Dale Van Voorhis, President. and CEO. “These investments include increasing base pay 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 expenses. We anticipate that the income generated from some of these investments will take time to materialize.

“On a comparable 13-week basis, our fiscal first quarter year-over-year attendance-based sales decreased $16,819 or 0.9% as incremental revenue from special events at our park Missouri more than offset declines in attendance at our other two parks. Compared to the comparable 13 weeks pre-COVID-19 of our fiscal 2020 and 2019, combined attendance-based net sales for our Georgia and Missouri parks increased 54.6% and 66.2%, respectively,” commented Mr. Van Voorhis. “We believe that comparisons to pre-COVID-19 periods continue to illustrate that we have established a solid and higher foundation of attendance-based net sales on which to continue to build our business for the future.

“As outlined in our fourth quarter fiscal year 2021 results release, our plans for fiscal year 2022 include investing nearly $3.0 million in capital across our three parks. These investments include a new giraffe exhibit, which will become our Georgia Park’s signature attraction. I am also thrilled to announce that we recently welcomed a baby female giraffe, born at our Georgia Park in late January 2022. I would like to thank the animal caretakers at our Georgia Park for their extra efforts in caring for this baby.

“In summary, we remain focused on building our business for the future and making prudent investments to support and sustain that growth. The team at each of our parks is working hard on these investments and preparing for the busy fiscal year 2022 season. I thank them and our investors for your continued support.

About the parks! America, Inc.

Parks! America, Inc. (OTCPink: PRKA), through its wholly owned subsidiaries, owns and operates three regional theme parks – Wild Animal Safari Theme Park in Pine Mountain, Georgia, Wild Animal Theme Park Safari 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.

Caution Regarding Forward-Looking Statements

Except for historical information contained herein, this press release contains certain “forward-looking statements” within the meaning of United States securities laws. You are cautioned not to place undue reliance on these forward-looking statements; actual results or results could differ materially due to factors including, but not limited to: general market conditions, adverse weather conditions and industry competition. Additional risks have been added to the Company’s business by the short-term and long-term impacts of the COVID-19 pandemic on its park operations, including the perception of customers to engage in the activities involved in the visits to its parks, its ability to hire and retain its associates in light of the challenges posed by the COVID-19 pandemic, and its ability to maintain sufficient cash to fund its operations due to the potential negative impact on its revenues associated with demand disruptions resulting from the pandemic. The Company believes that the expectations reflected in the forward-looking statements are reasonable, but it cannot guarantee that these expectations will be realized, and actual results could differ materially. The Company undertakes 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 more detailed 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 [email protected]




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