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Parks! America Inc (PRKA) is a company specializing in the operation of recreational parks and attractions across the United States. They offer a unique experience for visitors through their animal safaris, amusement rides, and entertainment shows. With a focus on shareholder-friendly actions and corporate governance improvements, Parks! America continues to provide value to their investors. Recent financial highlights and developments showcase the company's commitment to growth and excellence.
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.
Parks! America, Inc. (OTCPink: PRKA) reported its third quarter fiscal 2024 financial results. Key highlights include:
- Appointment of Geoff Gannon as President
- Creation of a Capital Allocation Committee
- Authorization of $0.8 million for Georgia Park restroom building
- Year-to-date segment results:
• Georgia Park: $4.42M revenue, $1.72M segment income
• Missouri Park: $1.29M revenue, $0.17M segment income
• Texas Park: $1.38M revenue, $0.10M segment income
The company's total cash and short-term investments decreased to $2.85M as of June 30, 2024, from $4.10M on October 1, 2023. Total debt reduced to $3.65M from $4.23M in the same period.
Parks! America, Inc. (OTCPink: PRKA) has announced its upcoming third quarter fiscal 2024 earnings conference call, scheduled for August 13, 2024, at 4:30 PM ET. The company, which owns and operates three regional safari parks in the United States, will release its financial results after the market closes on the same day. Investors and interested parties can access the webcast through the company's website at animalsafari.com/investor-relations. A transcript of the call will also be made available on the site.
Parks! America focuses on acquiring, developing, and operating local and regional entertainment assets across the country. For more detailed information, including the company's Form 10-K for the fiscal year ended October 1, 2023, investors are encouraged to visit the investor relations section of the company's website.
Parks! America (OTCPink: PRKA) announced that Lisa Brady has stepped down as President and CEO as of June 14, 2024, following a proxy battle and strategic realignment. During her tenure, Brady led significant modernization efforts, including enhanced marketing, dynamic pricing, and improved guest experiences. She also oversaw strategic capital investments and the recovery of the Georgia Park after a March 2023 tornado. Geoffrey Gannon, Portfolio Manager at Focused Compounding Fund, LP, has been appointed as the new President. Parks! America operates three safari parks in Georgia, Missouri, and Texas.
Parks! America, a leading U.S. regional safari park operator, announced that Institutional Shareholder Services (ISS) has recommended shareholders vote 'FOR' the Board's nominees at the upcoming Annual Meeting on June 6, 2024.
ISS supports CEO Lisa Brady and the Board's slate of directors, which includes six management nominees and one from Focused Compounding. Focused Compounding's other nominees and proposal were recommended against due to a lack of a detailed critique and concrete plans.
Lisa Brady expressed satisfaction with the endorsements from ISS and Glass Lewis, highlighting the progress in revitalizing the parks and enhancing shareholder value. Shareholders are urged to vote using the WHITE proxy card.
Parks! America (OTCPink: PRKA) has provided detailed instructions for shareholders to convert their paper stock certificates to electronic book entry format. This process aims to simplify stock management and facilitate market trading. The company will cover the administrative costs for this conversion until September 27, 2024. However, this offer might not continue if Focused Compounding replaces the current Board in the June 6, 2024, Annual Meeting. Shareholders need to mail their original certificates along with an instruction letter to Securities Transfer (STC). The company will also cover the $50 recovery fee for lost certificates, but additional costs are the shareholder's responsibility. This conversion is a precursor to further steps that will enable the trading of these shares in the public market.
Parks! America has issued an open letter to shareholders ahead of its annual meeting on June 6, 2024, addressing the ongoing proxy battle with Focused Compounding (FC). The letter outlines FC's plan to liquidate the Company's assets, which Parks! America believes is dangerous for shareholder value. FC initially acquired 17.5% of Parks! America shares in January 2020, increasing their stake to 38.5% in December 2023, and has since been pushing for control of the Board.
Parks! America has offered FC up to three of seven Board seats to end the proxy fight, but FC has refused. FC's demands include shrinking the Board, replacing the CEO, and selling Company assets. The Company criticizes FC's lack of operational experience and their simplistic approach to complex business operations. Parks! America emphasizes recent improvements in leadership, capital allocation, and marketing strategies, as well as its commitment to enhancing shareholder value.
The Company urges shareholders to vote against FC's plan, highlighting the risks and uncertainties associated with FC's proposals. Parks! America remains focused on long-term growth and value creation for all shareholders.
Parks! America (OTCPink: PRKA) has disclosed financial results for Q2 FY2024, ending March 31, 2024. The company reported consolidated revenues of $1.96 million, up 4.4% from the previous year. Missouri park saw a significant 48% revenue increase, while Georgia park, the largest revenue generator, experienced a 1.3% decline. The company reduced its debt by $751,445, achieving a debt-to-equity ratio of 0.28. Cash and short-term investments totaled $3.03 million.
However, a proxy battle with Focused Compounding has negatively impacted financial performance, leading to a net loss of $1.0 million for the quarter. Adjusted net loss, excluding unusual expenses, was $150,162. Year-to-date (YTD) revenues rose to $3.86 million, a 3.2% increase. EBITDA improved to $108,965 from a negative $197,045 in Q2 FY2023.
CEO Lisa Brady highlighted ongoing efforts to enhance operations, including marketing and infrastructure improvements. Despite challenges, the company aims for increased visitor traffic in the second half of the year.
Parks! America (OTCPink: PRKA) announced its eligibility for the DTC's Fast Automated Securities Transfer Program as of May 1, 2024. This development allows shareholders to convert paper stock certificates into electronic format. Once transitioned, shareholders can send certificates to Securities Transfer (STC) for conversion to book entry, enabling easier management and transfer of shares. The company will cover legal and compliance costs for this conversion until September 27, 2024. Parks! America operates three safari parks across Georgia, Missouri, and Texas.
Parks! America, Inc. (OTCPink: PRKA) will report its second quarter fiscal 2024 financial results on May 14, 2024, and host a conference call at 4:30 PM ET. The company operates regional safari parks in the U.S. Interested parties can access the call via phone or webcast. Parks! America owns and operates three regional safari parks in Georgia, Missouri, and Texas.
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