Parks! America, Inc. Reports Q1 Fiscal 2022 Results
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.
- Investment of nearly $3 million planned for capital projects across three parks.
- Increased attendance-based net sales of 54.6% in Georgia and 66.2% in Missouri compared to pre-COVID-19 levels.
- Net loss of $421,940 for Q1, a decline from previous year's net income.
- Attendance-based net sales declined by 9.9%.
| ● | Q1 fiscal 2022 reported attendance based sales decline | |
| ● | Q1 fiscal 2022 comparable 13-week attendance based sales decline |
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
The Company reported a net loss of
Balance Sheet and Liquidity
The Company had working capital of
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
“As noted in our fourth quarter 2021 fiscal year earnings release, our 2022 fiscal year plans include investing nearly
“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 | ||||||
FAQ
What were the total net sales for Parks! America (PRKA) in Q1 2022?
What was the net loss reported by PRKA for Q1 fiscal 2022?
How much is Parks! America investing in capital projects for fiscal 2022?
How did attendance-based sales compare to pre-COVID-19 levels for PRKA?
