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Parks America Inc (PRKA). has submitted its 10-K filing for the fiscal year ended September 29, 2024.
The filing details the company's operations, which include owning and operating three regional safari parks in Georgia, Missouri, and Texas through its wholly owned subsidiaries.
Total revenues for the fiscal year were reported at $9.91 million, an increase from $9.44 million in the previous year. This increase was attributed to higher park revenues and animal sales.
The company reported a net loss of $1.09 million for the fiscal year, compared to a net loss of $483,738 in the previous year. The loss was primarily due to expenses related to a contested proxy and related matters.
Parks America's financial condition shows a working capital of $1.60 million as of September 29, 2024, a decrease from $3.69 million as of October 1, 2023, primarily due to cash used in contested proxy matters and capital expenditures.
The company completed a refinancing transaction on September 30, 2024, which included a new term loan of $2.5 million. This refinancing was used to pay off an existing term loan.
Parks America experienced severe weather and tornado damage at its Georgia park in March 2023, resulting in significant expenses and asset write-offs. The company received insurance proceeds to offset some of these costs.
The filing also discusses various risk factors, including competition from other entertainment venues, economic conditions, and potential impacts from natural disasters.
The company's stock is traded on the OTCPink under the symbol 'PRKA', and it has not historically paid dividends on its common stock.
Parks America continues to focus on its operations and financial performance, with an emphasis on maintaining and improving its safari parks.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Parks America Inc annual 10-K report dated December 13, 2024. To report an error, please email earnings@qz.com.