PRKA 8-K
Parks America, Inc (PRKA)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
| Date of Report (Date of earliest event reported) | Commission File Number |
(Exact name of registrant as specified in its charter)
| (State
or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) |
(Address of Principal Executive Offices) (Zip Code)
(
(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 communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement 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 of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| OTCPink |
Item 2.02. Results of Operations and Financial Condition.
On February 7, 2025, Parks! America, Inc. (the “Company”) issued a news release (the “News Release”) reporting information regarding its results of operations for the fiscal quarter ended December 29, 2024, and its financial condition as of December 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.
Item 9.01. 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 February 7, 2025 | |
| 104 | Cover 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: February 7, 2025
| PARKS! AMERICA, INC. | ||
| By: | /s/ Rebecca S. McGraw | |
| Name: | Rebecca S. McGraw | |
| Title: | Chief Financial Officer | |
| 3 |
Exhibit 99.1
Parks! America, Inc.
Reports First Quarter Fiscal Year 2025 Financial Results
Management to host conference call on Monday, February 10, 2025, at 4:30 PM ET
PINE MOUNTAIN, Georgia, February 7, 2025 — Parks! America, Inc. (OTCPink: PRKA), today announced its financial results for the first quarter of fiscal year 2025 ended December 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 Form 10-Q, which has been posted on the Company’s website animalsafari.com/investor-relations, for a complete view of the Company and its results.
Year-to-Date Fiscal 2025 Segment Financial Results
The Company manages its operations on an individual location basis. Financial information regarding each of the Company’s reportable segments is summarized in the tables below.
| For the three months ended | ||||||||
| December 29, 2024 | December 31, 2023 | |||||||
| Total revenues: | ||||||||
| Georgia | $ | 1,110,718 | $ | 1,240,010 | ||||
| Missouri | 289,761 | 241,721 | ||||||
| Texas | 369,979 | 415,894 | ||||||
| Consolidated | $ | 1,770,458 | $ | 1,897,625 | ||||
| Income (loss) before income taxes: | ||||||||
| Georgia | $ | 333,946 | $ | 365,842 | ||||
| Missouri | (49,228 | ) | (106,768 | ) | ||||
| Texas | (51,999 | ) | (36,025 | ) | ||||
| Segment income | 232,719 | 223,049 | ||||||
| Corporate expenses | 270,352 | 317,686 | ||||||
| Depreciation and amortization | 208,548 | 223,203 | ||||||
| (Gain) loss on asset disposals, net | (52 | ) | 14,417 | |||||
| Contested proxy and related matters, net | (567,157 | ) | 126,640 | |||||
| Other (income), net | (13,382 | ) | (35,887 | ) | ||||
| Interest expense | 57,469 | 51,445 | ||||||
| Consolidated | $ | 276,941 | $ | (474,455 | ) | |||
| For the three months ended | ||||||||
| December 29, 2024 | December 31, 2023 | |||||||
| Depreciation and amortization: | ||||||||
| Georgia | $ | 89,416 | $ | 91,389 | ||||
| Missouri | 53,778 | 56,400 | ||||||
| Texas | 64,940 | 75,000 | ||||||
| Corporate | 414 | 414 | ||||||
| Consolidated | $ | 208,548 | $ | 223,203 | ||||
| Capital expenditures | ||||||||
| Georgia | $ | 495,776 | $ | 90,677 | ||||
| Missouri | 7,900 | 14,774 | ||||||
| Texas | 97,800 | 124,715 | ||||||
| Consolidated | $ | 601,476 | $ | 230,166 | ||||
| As of | ||||||||
| December 29, 2024 | September 29, 2024 | |||||||
| Total assets: | ||||||||
| Georgia | $ | 7,574,529 | $ | 7,520,918 | ||||
| Missouri | 3,032,986 | 3,399,324 | ||||||
| Texas | 7,818,685 | 7,812,661 | ||||||
| Corporate | 274,338 | 461,168 | ||||||
| Consolidated | $ | 18,700,538 | $ | 19,194,071 | ||||
| Total cash & short-term investments: | ||||||||
| Georgia | $ | 1,512,002 | $ | 1,800,623 | ||||
| Missouri | 557,188 | 870,918 | ||||||
| Texas | 539,323 | 570,122 | ||||||
| Corporate | 52,689 | 82,705 | ||||||
| Consolidated | $ | 2,661,202 | $ | 3,324,368 | ||||
| Asset less cash & short-term investments: | ||||||||
| Georgia | $ | 6,062,527 | $ | 5,720,295 | ||||
| Missouri | 2,475,798 | 2,528,406 | ||||||
| Texas | 7,279,362 | 7,242,539 | ||||||
| Corporate | 221,649 | 378,463 | ||||||
| Consolidated | $ | 16,039,336 | $ | 15,869,703 | ||||
Conference Call and Webcast Details
The Company will host a conference call to review its financial results of the first quarter of fiscal year 2025 on February 10, 2025, 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 have the opportunity to ask a question. You may also email your question to [email protected] prior to the call. A transcript of the call will be available on the Company’s website.
About Parks! 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.
Cautionary Note 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