Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K CURRENT REPORT - PARKS AMERICA, INC | f8k121515_8k.htm |
Date: December 15, 2015
News Release – Investor Update
Parks! America Reports Record Net Sales and
Record Net Income for the Fiscal Year Ended September 27, 2015
· Total Net Sales increase 9.2% to $4.38 million
· Adjusted Net Income increases by $327,853 to $624,599
PINE MOUNTAIN, Georgia, December 15, 2015 – Parks! America, Inc. (OTCPink: PRKA), announced today results for its fourth quarter and full fiscal year ended September 27, 2015.
Fourth Quarter 2015 Highlights
Total net sales for the quarter ended September 27, 2015 increased 7.3% to $1,530,363, primarily as a result of increased attendance at our Georgia Park, higher revenue per guest and higher animal sales. The Company’s net income for the quarter ended September 27, 2015 was $424,508, a $362,063 improvement over the comparable period in 2014. Excluding the impact of the $304,328 charge for the judgment under appeal in the fourth quarter of 2014, net income for the quarter ended September 27, 2015 increased $57,735.
Full 2015 Fiscal Year Highlights
The Company generated record total net sales for its 2015 fiscal year of $4,379,156, an increase of $369,319 or 9.2%, driven by higher attendance and higher average revenue per guest. The Company reported record net income of $624,599 for its 2015 fiscal year, an improvement of $632,181 compared to a net loss of $7,582 during its 2014 fiscal year. Excluding the judgment under appeal charge in 2014, net income the 2015 fiscal year increased $327,853. Higher net sales and lower legal fees, partially offset by higher income taxes and higher interest expense, drove this improvement.
“We are very gratified to report record net sales and record net income for our 2015 fiscal year,” commented Dale Van Voorhis, Chairman & CEO. “The momentum that began in the spring carried throughout most of the summer. Both of our Parks performed well and continue to deliver an outstanding wild animal safari experience to our guests.”
Balance Sheet and Liquidity
The Company’s working capital improved by $277,159 to $444,602 as of September 27, 2015. The Company’s debt to equity ratio improved to 0.97 to 1.00 as of September 27, 2015, compared to 1.21 to 1.00 as of September 28, 2014.
“We are pleased with our ability to generate strong cash flow from operations and the resulting improvement in our financial position as of September 27, 2015,” noted Mr. Van Voorhis.
About Parks! America, Inc.
Parks! America, Inc. (OTCPink: PRKA), through its wholly owned subsidiaries, owns and operates two regional theme parks - the Wild Animal Safari park in Pine Mountain, Georgia, and the Wild Animal Safari theme park located in Strafford, Missouri.
Additional information, including our Form 10-K for the fiscal year ended September 27, 2015, is available on the Company’s website, http://www.animalsafari.com.
1
Cautionary Note Regarding Forward-Looking Statements
Except for historical information contained herein, this news release contains certain forward-looking statements within the meaning of US 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. 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. 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 SEC, including but not limited to the Company’s Annual Report on Form 10-K for the fiscal year ended September 27, 2015.
Contact: Todd R. White
Chief Financial Officer
(706) 663-8744
todd.white@animalsafari.com
2
PARKS! AMERICA, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
For the Three Months and Years Ended September 27, 2015 and September 28, 2014
|
| For the three months ended |
| For the year ended | ||||||||
|
| September 27, 2015 |
| September 28, 2014 |
| September 27, 2015 |
| September 28, 2014 | ||||
Net sales | $ | 1,516,486 |
| $ | 1,424,040 |
| $ | 4,339,587 |
| $ | 3,942,535 | |
Sale of animals |
| 13,877 |
|
| 2,381 |
|
| 39,569 |
|
| 67,302 | |
Total net sales |
| 1,530,363 |
|
| 1,426,421 |
|
| 4,379,156 |
|
| 4,009,837 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
| 208,330 |
|
| 161,169 |
|
| 531,485 |
|
| 500,750 | |
Selling, general and administrative |
| 718,059 |
|
| 742,809 |
|
| 2,617,289 |
|
| 2,659,863 | |
Judgment under appeal |
| - |
|
| 304,328 |
|
| - |
|
| 304,328 | |
Depreciation and amortization |
| 82,649 |
|
| 85,435 |
|
| 326,399 |
|
| 318,955 | |
(Gain) loss on disposal of operating assets, net |
| 17,905 |
|
| 12,131 |
|
| 10,561 |
|
| 8,167 | |
Income from operations |
| 503,420 |
|
| 120,549 |
|
| 893,422 |
|
| 217,774 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense), net |
| 2,457 |
|
| 430 |
|
| 8,435 |
|
| 7,766 | |
Interest expense |
| (50,267) |
|
| (50,637) |
|
| (216,350) |
|
| (209,964) | |
Amortization of loan fees |
| (2,602) |
|
| (2,602) |
|
| (10,408) |
|
| (10,408) | |
Income before income taxes |
| 453,008 |
|
| 67,740 |
|
| 675,099 |
|
| 5,168 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
| 28,500 |
|
| 5,295 |
|
| 50,500 |
|
| 12,750 | |
Net income (loss) | $ | 424,508 |
| $ | 62,445 |
| $ | 624,599 |
| $ | (7,582) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share - basic and diluted | $ | 0.01 |
| $ | 0.00 |
| $ | 0.01 |
| $ | (0.00) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares |
|
|
|
|
|
|
|
|
|
|
| |
| outstanding (in 000's) - basic and diluted |
| 74,382 |
|
| 74,232 |
|
| 74,348 |
|
| 74,205 |
3
PARKS! AMERICA, INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of September 27, 2015 and September 28, 2014
|
| September 27, 2015 |
| September 28, 2014 | ||
ASSETS |
|
|
|
|
| |
Cash – unrestricted | $ | 563,096 |
| $ | 661,842 | |
Cash – restricted |
| 456,492 |
|
| - | |
Inventory |
| 139,324 |
|
| 136,334 | |
Prepaid expenses |
| 87,633 |
|
| 87,899 | |
| Total current assets |
| 1,246,545 |
|
| 886,075 |
|
|
|
|
|
|
|
Property and equipment, net |
| 6,362,790 |
|
| 6,117,869 | |
Intangible assets, net |
| 158,661 |
|
| 169,070 | |
Other assets |
| 8,500 |
|
| 8,500 | |
| Total assets | $ | 7,776,496 |
| $ | 7,181,514 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
| |
Liabilities |
|
|
|
|
| |
Accounts payable | $ | 141,404 |
| $ | 118,523 | |
Other current liabilities |
| 247,449 |
|
| 193,042 | |
Accrued judgment under appeal |
| 304,328 |
|
| 304,328 | |
Current maturities of long-term debt |
| 108,762 |
|
| 102,739 | |
| Total current liabilities |
| 801,943 |
|
| 718,632 |
|
|
|
|
|
|
|
Long-term debt |
| 3,374,406 |
|
| 3,491,984 | |
| Total liabilities |
| 4,176,349 |
|
| 4,210,616 |
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
| |
Common stock |
| 74,381 |
|
| 74,231 | |
Capital in excess of par |
| 4,801,506 |
|
| 4,797,006 | |
Treasury stock |
| (3,250) |
|
| (3,250) | |
Accumulated deficit |
| (1,272,490) |
|
| (1,897,089) | |
Total stockholders’ equity |
| 3,600,147 |
|
| 2,970,898 | |
Total liabilities and stockholders’ equity | $ | 7,776,496 |
| $ | 7,181,514 | |
4