8-K
PARKS AMERICA, INC (PRKA)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
| December 13, 2024 | 000-51254 |
|---|---|
| Date<br> of Report (Date of earliest event reported) | Commission<br> File Number |
PARKS!
AMERICA, INC.
(Exact name of registrant as specified in its charter)
| Nevada | 91-0626756 |
|---|---|
| (State or other jurisdiction of<br><br> <br>incorporation<br>or organization) | (I.R.S.<br> Employer<br><br> <br>Identification<br> Number) |
1300Oak Grove Road
PineMountain, GA 31822
(Address of Principal Executive Offices) (Zip Code)
### (706-663-8744)
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(g) of the Act:
| Title<br> of each class | Trading<br> Symbol(s) | Name<br> of each exchange on which registered |
|---|---|---|
| Common<br> Stock | PRKA | OTCPink |
Item2.02. Results of Operations and Financial Condition.
On December 13, 2024, Parks! America, Inc. (the “Company”) issued a news release (the “News Release”) reporting information regarding its results of operations for the fiscal year ended September 29, 2024, and its financial condition as of September 29, 2024. A copy of the News Release is attached as Exhibit 99.1 to this Report on Form 8-K.
The information in the News Release is being furnished, not filed, pursuant to Item 2.02. Accordingly, the information in the News Release shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item9.01. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired:
Not applicable
(b) Pro forma financial information:
Not applicable
(c) Shell company transactions:
Not applicable
(d) Exhibits:
| Exhibit No. | Description of Exhibit |
|---|---|
| 99.1 | News release issued by Parks! America, Inc. on December 13, 2024 |
| 104 | Cover<br> Page Interactive Data File (embedded within the Inline XBRL document) |
| 2 |
| --- |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: December 13, 2024
| PARKS!<br> AMERICA, INC. | |
|---|---|
| By: | /s/ Todd R. White |
| Name: | Todd<br> R. White |
| Title: | Chief<br> Financial Officer |
| 3 |
| --- |
Exhibit99.1
Parks!America, Inc.
ReportsFiscal Year 2024 Financial Results
Managementto host conference call on Monday, December 16, 2024, at 4:30 PM ET
**PINE MOUNTAIN, Georgia, December 13, 2024 —**Parks! America, Inc. (OTCPink: PRKA), today announced its financial results for fiscal year 2024 ended September 29, 2024. The summary information in this press release should not be used as the sole basis for making investment decisions. We encourage shareholders to read our complete Annual Report on Form 10-K, which has been posted on the Company's website animalsafari.com/investor-relations, for a complete view of the Company and its results.
FiscalYear 2024 Segment Financial Results
The Company manages its operations on an individual location basis. Financial information regarding each of the Company’s reportable segments are summarized in the tables below.
| For<br> the three months ended | For<br> the year ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September<br> 29, 2024 | October<br> 1, 2023 | September<br> 29, 2024 | October<br> 1, 2023 | |||||||||
| Total<br> revenues: | ||||||||||||
| Georgia | $ | 1,471,131 | $ | 1,770,394 | $ | 5,960,259 | $ | 5,873,526 | ||||
| Missouri | 718,543 | 631,285 | 2,036,280 | 1,692,765 | ||||||||
| Texas | 418,017 | 451,593 | 1,915,721 | 1,873,957 | ||||||||
| Consolidated | $ | 2,607,691 | $ | 2,853,272 | $ | 9,912,260 | $ | 9,440,248 | ||||
| Income<br> (loss) before income taxes: | ||||||||||||
| Georgia | $ | 570,862 | $ | 689,362 | $ | 2,294,879 | $ | 2,054,001 | ||||
| Missouri | 290,333 | 227,281 | 457,219 | 257,379 | ||||||||
| Texas | (29,216 | ) | 8,349 | 72,921 | 27,577 | |||||||
| Segment<br> EBITDA | 831,979 | 924,992 | 2,825,019 | 2,338,957 | ||||||||
| Corporate<br> expenses | (300,274 | ) | (269,691 | ) | (1,211,764 | ) | (1,198,652 | ) | ||||
| Depreciation<br> and amortization | 199,319 | 235,702 | 871,967 | 884,459 | ||||||||
| Loss<br> on asset disposals, net | 26,980 | 286,562 | 62,734 | 317,146 | ||||||||
| Contested<br> proxy and related matters, net | 2,988 | - | 2,040,810 | - | ||||||||
| Tornado<br> expenses and write-offs, net | - | 5,359 | (53,755 | ) | 368,955 | |||||||
| Legal<br> settlement | - | - | 75,000 | - | ||||||||
| Other<br> income, net | 31,623 | 15,522 | 132,948 | 80,230 | ||||||||
| Interest<br> expense | (81,729 | ) | (52,657 | ) | (229,244 | ) | (222,396 | ) | ||||
| Consolidated | $ | 252,312 | $ | 90,543 | $ | (1,479,797 | ) | $ | (572,421 | ) | ||
| For<br> the year ended | ||||||||||||
| September<br> 29, 2024 | October<br>1, 2023 | |||||||||||
| Depreciation<br> and amortization: | ||||||||||||
| Georgia | $ | 357,522 | $ | 324,252 | ||||||||
| Missouri | 231,734 | 275,533 | ||||||||||
| Texas | 281,055 | 283,020 | ||||||||||
| Corporate | 1,656 | 1,654 | ||||||||||
| Consolidated | $ | 871,967 | $ | 884,459 | ||||||||
| Capital<br> expenditures: | ||||||||||||
| Georgia | $ | 593,515 | $ | 1,208,762 | ||||||||
| Missouri | 100,428 | 134,987 | ||||||||||
| Texas | 213,012 | 214,095 | ||||||||||
| Consolidated | $ | 906,955 | $ | 1,557,844 | ||||||||
| As<br> of | ||||||||||||
| --- | --- | --- | --- | --- | ||||||||
| September<br> 29, 2024 | October<br> 1, 2023 | |||||||||||
| Total assets: | ||||||||||||
| Georgia | $ | 7,520,918 | $ | 8,519,619 | ||||||||
| Missouri | 3,399,324 | 3,335,794 | ||||||||||
| Texas | 7,812,661 | 7,698,400 | ||||||||||
| Corporate | 461,168 | 541,910 | ||||||||||
| Consolidated | $ | 19,194,071 | $ | 20,095,723 | ||||||||
| Total cash & short-term<br> investments: | ||||||||||||
| Georgia | $ | 1,800,623 | $ | 3,047,188 | ||||||||
| Missouri | 870,918 | 671,423 | ||||||||||
| Texas | 570,122 | 312,563 | ||||||||||
| Corporate | 82,705 | 67,213 | ||||||||||
| Consolidated | $ | 3,324,368 | $ | 4,098,387 | ||||||||
| Asset less cash & short-term<br> investments: | ||||||||||||
| Georgia | $ | 5,720,295 | $ | 5,472,431 | ||||||||
| Missouri | 2,528,406 | 2,664,371 | ||||||||||
| Texas | 7,242,539 | 7,385,837 | ||||||||||
| Corporate | 378,463 | 474,697 | ||||||||||
| Consolidated | $ | 15,869,703 | $ | 15,997,336 |
ConferenceCall and Webcast Details
The Company will host a conference call to review its fiscal year 2024 results on Monday, December 16, 2024, at 4:30 pm ET. The conference call will be webcast and can be accessed on the Company’s website, animalsafari.com/investor-relations.
All participants on the conference call will be invited to ask a question. You may also email your question to ralph@parksamerica.com prior to the call. A transcript of the call will be available on the Company’s website.
AboutParks! America, Inc.
Parks! America, Inc. (OTCPink: PRKA), through our wholly owned subsidiaries, owns and operates three regional safari parks and is in the business of acquiring, developing and operating local and regional entertainment assets in the United States.
Additional information, including our Annual Report on Form 10-K for the fiscal year ended September 29, 2024, is available on the Company’s website, animalsafari.com/investor-relations.
CautionaryNote Regarding Forward Looking Statements
This news release may contain “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements include statements concerning our future plans, business strategy, liquidity, capital expenditures, sources of revenue and other similar statements that are not historical in nature. You are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this news release and speak only as of the date hereof. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results to differ significantly from those expressed or implied by such forward-looking statements. Readers are advised to consider the factors listed under the heading “Risk Factors” and the other information contained in the Company’s Annual Report on Form 10-K and other reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Contact:
Ralph Molina
Head of Investor Relations and Corporate Strategy
(706) 940-2209