PARKS! AMERICA INC - PRKA STOCK NEWS

Parks! America, Inc. (OTCPink: PRKA) has appointed Lisa Brady as the new President and CEO, succeeding Dale Van Voorhis on November 14, 2022. Brady brings extensive experience in the amusement park sector, having held various leadership roles at Cedar Fair Entertainment Company. Her appointment is part of the company's strategic growth initiative, with Van Voorhis continuing as Chairman of the Board. The Board expressed confidence in Brady's capabilities to drive future growth, citing organic and inorganic growth opportunities.

Parks! America released its Q3 and YTD fiscal 2022 financial results, reporting a 5.4% decline in attendance-based net sales for Q3 and 9.5% for YTD. Despite these declines, the company saw a 50.4% increase compared to pre-COVID sales in fiscal 2019. Total net sales for Q3 amounted to $3.64 million, with net income at $718,712, down from $1.27 million in the previous year. The company emphasized record investment of $1.75 million for capital projects, aiming for growth and improved offerings in future fiscal years.

Parks! America, Inc. (OTCPink: PRKA) announced the renewal of Dale Van Voorhis' contract as Interim CEO, effective June 1, 2022. The Board is beginning the search for a new CEO alongside the formation of a Strategic Growth Committee led by Rick Ruffolo. Under Van Voorhis' leadership since 2003, the company has expanded from two parks with revenues of $3.54 million in 2011 to three parks generating $11.86 million in 2021. The company's market capitalization has surged from approximately $1.5 million in 2011 to around $27.8 million today.

Parks! America, Inc. (OTCPink: PRKA) reported a significant decline in its Q2 fiscal 2022 results, with total net sales of $2.09 million, down 15.7% from $2.48 million in Q2 fiscal 2021. The company experienced a net loss of $51,690, whereas it had a net income of $538,048 in the same quarter last year. For the six months ended April 3, 2022, net sales also dropped to $4.03 million, a 13.0% decrease year-over-year. Contributing factors included adverse weather conditions, increased expenses, and competition from other entertainment options. Despite challenges, early positive reactions were noted from new capital investments.

Parks! America, Inc. (PRKA) reported Q1 fiscal 2022 results with total net sales of $1.94 million, down $282,441 from Q1 fiscal 2021. Attendance-based net sales decreased by 9.9%, impacted by lower attendance and animal sales. The company recorded a net loss of $421,940, compared to a net income of $227,935 in the previous year, due to increased expenses. Despite challenges, the company announced plans to invest nearly $3 million in capital projects to promote long-term growth, including a new giraffe exhibit and special events at the parks.

Parks! America Inc. has entered into a three-year agreement with accesso Technology Group to implement its accesso Passport ticketing solution across its Drive-Thru and Walkabout Adventure Zoo parks. This initiative aims to enhance online and on-site sales, beginning in February 2022 at various locations including Georgia, Missouri, and Texas. The solution will improve customer experience by offering easy navigation and payment processing through CyberSource integration, while also streamlining operations at park entrances.

Parks! America, Inc. (OTCPink: PRKA) reported record fiscal 2021 sales of $11.86 million and net income of $2.80 million. However, Q4 results revealed a 26.2% drop in attendance-based net sales, totaling $3.29 million. The annual net income increased slightly compared to 2020, driven by higher attendance and animal sales. Despite a challenging Q4, CEO Dale Van Voorhis highlighted a 41.9% increase in attendance-based sales compared to pre-COVID-19 levels in 2019. The company plans a $3.0 million investment for 2022, including a new giraffe exhibit.

Parks! America, Inc. (OTC PINK:PRKA) has announced the appointments of Lisa Brady and Rick Ruffolo to its Board of Directors, effective November 12, 2021. Brady brings over a decade of experience in the entertainment and hospitality sectors, focusing on strategic planning and investor relations. Ruffolo contributes three decades of expertise in consumer goods and marketing, having led successful turnarounds for private equity-backed firms. The board believes these appointments will enhance its capabilities for growth and increasing shareholder value.

Parks! America, Inc. (OTC PINK:PRKA) reported strong financial results for Q3 and YTD FY21, with attendance-based sales increasing by 19.4% and 71.9%, respectively. Total net sales for Q3 reached $3.87 million, up 20.3% from last year. Net income for the quarter was $1.27 million, consistent with the previous year despite rising operating expenses. YTD net income also grew to $2.03 million, driven by higher attendance and animal sales. The company refinanced its debt, reducing its debt-to-equity ratio from 0.71 to 0.42.