Parks! America, Inc. Reports Q2 Fiscal 2021 Results

  • Q2 and YTD F21 attendance based sales increase 238.4% and 170.0%, respectively
  • Excluding Aggieland, Q2 and comparable 27-week attendance based sales increase 163.5% and 110.7%, respectively
  • YTD Net Income $765,983, a net increase of $1,045,286

PINE MOUNTAIN, GA / ACCESSWIRE / May 11, 2021 / Parks! America, Inc. (OTC PINK:PRKA), today announced the results for its second fiscal quarter and six months ended April 4, 2021.

Second Quarter Fiscal 2021 Highlights

Total net sales for the fiscal quarter ended April 4, 2021 were $2,476,183, an increase of $1,733,226, compared to $742,957 for the fiscal quarter ended March 29, 2020. Attendance based net sales were $2,471,733, an increase of $1,741,211 or 238.4%, while animal sales decreased by $7,985. Excluding Aggieland Wild Animal Safari (the "Texas Park"), acquired on April 27, 2020, attendance based net sales were $1,924,976, an increase of $1,194,454 or 163.5%. Texas Park attendance based net sales were $546,757.

The Company reported net income of $538,048, or $0.01 per basic share and fully diluted share, for its fiscal quarter ended April 4, 2021, compared to a net loss of $190,152, or $(0.00) per basic share and fully diluted share, for its fiscal quarter ended March 29, 2020, resulting in a net increase of $728,200. The increase in the Company's second fiscal quarter net income is primarily attributable to higher attendance based net sales, partially offset by higher cost of sales, higher compensation, advertising, depreciation, insurance and general operating expenses, as well as higher interest and income tax expenses.

Six Months Fiscal 2021 Highlights

Total net sales for the six months ended April 4, 2021 were $4,703,382, an increase of $2,964,940, compared to $1,738,442 for the six months ended March 29, 2020. Attendance based net sales were $4,627,208, an increase of $2,913,278 or 170.0%, and animal sales increased by $51,662. Excluding the Texas Park, attendance based net sales were $3,662,730, an increase of $1,948,800 or 113.7%, while animal sales were $55,735, an increase of 31,223. Texas Park attendance based net sales were $964,478 and animal sales were $20,439.

The Company's 2021 fiscal year will be comprised of 53-weeks, compared to its 2020 fiscal year which was comprised of 52-weeks. The extra week in the Company's 2021 fiscal year occurred in the first fiscal quarter. For the comparable 27-weeks ended April 4, 2021, excluding the Texas Park, attendance based net sales increased by approximately $1,924,355 or 110.7%.

The Company reported net income of $765,983, or $0.01 per basic share and fully diluted share, for the six months ended April 4, 2021, compared to a net loss of $279,303, or $(0.00) per basic share and fully diluted share, for the six months ended March 29, 2020, resulting in a net increase of $1,045,286. The increase in the Company's net income for the first six months of its 2021 fiscal year is primarily attributable to higher attendance based net sales, higher animal sales and lower professional fees, partially offset by higher cost of sales, higher compensation, advertising, depreciation, insurance and general operating expenses, as well as higher interest and income tax expenses.

Balance Sheet and Liquidity

The Company had working capital of $3,972,272 as of April 4, 2021, compared to $3,856,455 as of September 27, 2020 and $2,912,668 as of March 29, 2020. The Company's debt to equity ratio was 0.54 to 1.0 as of April 4, 2021, compared to 0.60 to 1.0 as of September 27, 2020 and 0.14 to 1.0 as March 29, 2020. Compared to March 29, 2020, the increase in the Company's debt to equity ratio is principally a result of debt incurred to finance the Texas Park acquisition, which was completed on April 27, 2020.

"First, I want to commend the teams at our Texas and Missouri Parks for their extraordinary efforts during and after the significant winter storms in February this year," commented Dale Van Voorhis, Chairman and CEO. "These teams endured many challenges and long days, addressing the initial impacts and aftermath of these storms. They did a tremendous job and were able to quickly reopen during the last few days of February, after being closed for over two weeks. In fact, both of these Parks generated a weekly record for attendance and revenues in mid-March."

"As our results for the six months ended April 4, 2021 indicate, the attendance and sales momentum each of our Parks has experienced since reopening in early May 2020 has continued through the first half of our 2021 fiscal year," noted Mr. Van Voorhis. "April 2021 was another strong month, again exceeding our expectations. Thanks to the ongoing incredible efforts of our team members, our Georgia Park also achieved a record week for attendance and revenues in April. The final five months of our 2021 fiscal year present a new challenge, as we strive to sustain the attendance levels we experienced from May through September 2020. Our teams continue to work hard to provide our guests with an outstanding wild animal safari experience. As always, we encourage our current and future investors to come out and have a memorable experience at any one of our Parks."

About Parks! America, Inc.

Parks! America, Inc. (OTC PINK: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 September 27, 2020, 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 September 27, 2020.

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 and Six Months Ended April 4, 2021 and March 29, 2020
 
                 
 
  For the three months ended     For the six months ended  
 
  April 4,
2021
    March 29,
2020
    April 4,
2021
    March 29,
2020
 
Net sales
  2,471,733     730,522     4,627,208     1,713,930  
Sale of animals
    4,450       12,435       76,174       24,512  
Total net sales
    2,476,183       742,957       4,703,382       1,738,442  
 
                               
Cost of sales
    309,852       122,905       569,847       249,765  
Selling, general and administrative
    1,337,649       763,628       2,737,494       1,614,845  
Depreciation and amortization
    172,807       117,500       340,007       235,000  
Tornado damage insurance recovery
    -       (24,373 )     -       (24,373 )
Loss on disposal of operating assets
    26,046       -       30,721       -  
Income (loss) from operations
    629,829       (236,703 )     1,025,313       (336,795 )
 
                               
Other income, net
    12,755       7,542       27,319       15,504  
Gain on extinguishment of debt
    125,371       -       125,371       -  
Interest expense
    (84,207 )       (17,191 )     (175,620 )       (34,912 )
Income (loss) before income taxes
    683,748       (246,352 )     1,002,383       (356,203 )
 
                               
Income tax provision
    145,700       (56,200 )     236,400       (76,900 )
Net income (loss)
  538,048     (190,152 )   765,983     (279,303 )
 
                               
Income per share - basic and diluted
  0.01     (0.00 )   0.01     (0.00 )
 
                               
Weighted average shares
                               
outstanding (in 000's) - basic and diluted
    75,112       75,005       75,065       74,808  
                                 
  PARKS! AMERICA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of April 4, 2021, September 27, 2020 and March 29, 2020
 
           
 
  April 4,
2021
    September 27,
2020
    March 29,
2020
 
ASSETS
                 
Cash
  5,640,643     5,505,716     2,942,037  
Accounts receivable
    -       -       24,373  
Inventory
    344,671       200,891       238,801  
Prepaid expenses
    118,002       148,732       280,183  
Total current assets
    6,103,316       5,855,339       3,485,394  
 
                       
Property and equipment, net
    13,978,878       13,654,800       6,698,734  
Intangible assets, net
    10,966       -       200  
Other assets
    12,144       12,144       115,021  
Total assets
  20,105,304     19,522,283     10,299,349  
 
                       
 
               
Liabilities
                       
Accounts payable
  140,689     178,485     36,324  
Other current liabilities
    628,258       599,390       326,729  
Current portion of long-term debt, net
    1,362,097       1,221,009       209,673  
Total current liabilities
    2,131,044       1,998,884       572,726  
 
                       
Long-term debt, net
    5,437,271       5,797,392       1,047,388  
Total liabilities
    7,568,315       7,796,276       1,620,114  
 
                       
Stockholders' equity
                       
Common stock
    75,124       75,021       75,021  
Capital in excess of par
    4,934,212       4,889,316       4,889,316  
Treasury stock
    (3,250 )     (3,250 )     (3,250 )
Retained earnings
    7,530,903       6,764,920       3,718,148  
Total stockholders' equity
    12,536,989       11,726,007       8,679,235  
Total liabilities and stockholders' equity
  20,105,304     19,522,283     10,299,349  
                         

SOURCE: Parks! America, Inc.



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