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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, Ga., Dec. 15, 2015 (GLOBE NEWSWIRE) -- 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.

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.

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, 2015September 28, 2014 September 27, 2015September 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

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


Contact: Todd R. White Chief Financial Officer (706) 663-8744 todd.white@animalsafari.com

Source:Parks! America