PARKS AMERICA, INC
For the period ended Sep 28, 2025. Filed Dec 12, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Dec 12, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-09-29; filed 2024-12-13.
0001493152-24-049988
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-09-28; filed 2025-12-12.
0001493152-25-027496
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 81 previous paragraphs and 140 current paragraphs.
32 unchanged; 19 reworded; 87 added; 30 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 5 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (87)
Current report
You should read the following discussion in conjunction with the Consolidated Financial Statements and accompanying notes included elsewhere in this Annual Report on Form 10-K. Managements’ Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. The matters discussed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those made, projected or implied in forward-looking statements. See “Cautionary Statement Concerning Forward-Looking Statements” below and Item 1A, Risk Factors, in this Annual Report on Form 10-K for a discussion of the uncertainties, risks and assumptions associated with these statements.
Current report
As used in this Annual Report on Form 10-K, references to the “Company”, “Parks! America”, “we”, “us”, “our” and similar terms refer to Parks America, Inc. Our fiscal year ends on the Sunday closest to September 30.
Current report
Executive Overview
Current report
Each of the parks is overseen by a general manager and operates autonomously. Management reviews operating results, evaluates performance and makes operating decisions, including allocating resources, on a park-by-park basis. Discrete financial information and operating results are prepared at the individual park level for use by the CEO, who is the Chief Operating Decision Maker (“CODM”) for review and as a basis for decision making.
Current report
Basis of Presentation
Current report
The Consolidated Financial Statements have been prepared in accordance with GAAP and include the accounts of Parks! America, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated.
Current report
Seasonality
Current report
On January 19, 2024, following Focused Compounding’s submission to the Company, we adopted a rights plan (the “Rights Plan”), which provided, among other things, that if specified events occurred, our stockholders would be entitled to purchase additional shares of our common stock. On January 18, 2025, the Rights Plan expired pursuant to its terms.
Current report
We engaged legal counsel specializing in activist stockholder matters, as well as several other consultants, during this proxy contest. In Fiscal 2025, contested proxy and related matters, net was a credit of $670,814 compared to contested proxy and related matters expense, net of $2.04 million in Fiscal 2024. The $670,814 credit in Fiscal 2025 consisted of $567,157 of insurance proceeds received under our directors and officers insurance related to this matter during First Quarter 2025. These proceeds were used to pay certain legal bills associated with the contested proxy and related matters. In addition, a credit of $103,657 was recognized in Third Quarter 2025 from the reversal of previously accrued contested proxy legal fees that were waived as part of the full settlement of outstanding invoices. See Note 3,Contested Proxy and Related Matters, to the Consolidated Financial Statements.
Current report
Reverse/Forward Stock Split
Current report
At the annual shareholder meeting held on March 7, 2025, the stockholders voted to approve the amendments to the Company’s Articles of Incorporation to effect a 1 for 500 reverse stock split of the Company’s common stock followed immediately by an amendment to the Company’s Restated Articles of Incorporation to effect a 5 for 1 forward stock split of the Company’s Common Stock, herein referred to as the Reverse/Forward Stock Split.
Current report
On April 1, 2025, the Board of Directors authorized the implementation of the Reverse/Forward Stock Split.
Current report
On April 10, 2025, the Company filed a certificate of amendment to the Company’s Articles of Incorporation (“Charter”) with the Secretary of State of the State of Nevada to effect a 1-for-500 reverse stock split of the shares of the Company’s common stock, par value $0.001 per share followed immediately by the filing of a certificate of amendment to the Charter with the Secretary of State of the State of Nevada to effect a 5-for-1 forward stock split of the Company Common Stock.
Current report
The immediate goal of the Reverse/Forward Stock Split was to reduce excessive administrative costs associated with having a disproportionately large number of stockholders who owned relatively few shares.
Current report
Effective on April 30, 2025, at 5:00 p.m. Eastern Time, the Company effected a 1-for-500 reverse stock split of the shares of the Company’s common stock, followed immediately by a 5-for-1 forward stock split of the shares of the Company’s common stock at 5:01 p.m. Eastern Time herein referenced as the Reverse/Forward Stock Split.
Current report
Prior to and on May 1, 2025, the Company’s common stock was traded on the OTC Pink Market. Effective May 2, 2025, the Company’s common stock began and continues to be traded on the OTCQX Market. As a result of the Reverse/Forward Stock Split, the Company’s common stock traded on a post-split basis under the symbol “PRKAD” for 20 trading days, including the effective date of April 30, 2025, after which it reverted to “PRKA.”
Current report
No fractional shares were issued in connection with the Reverse/Forward Stock Split. Instead, the Company paid cash (without interest) to any stockholder who would be entitled to receive a fractional share as a result of the Reverse/Forward Stock Split:
Current report
Results of Operations
Current report
Fiscal Year. Our fiscal year end is on the Sunday closest to September 30 each year. The fiscal periods in this report are presented as follows, unless the context otherwise requires:
Current report
The following table sets forth, for the periods indicated, selected income statement data.
Current report
Use of Non-GAAP Financial Measures
Current report
In addition to our net income (loss) determined in accordance with GAAP, for purposes of evaluating operating performance, we report the following non-GAAP measures: Adjusted net income (loss) and Adjusted EBITDA.
Current report
We believe presenting non-GAAP financial measures provides useful information to investors, allowing them to assess how the business performed excluding the effects of significant non-recurring and non-operational items. We believe the use of the non-GAAP financial measures facilitates comparing the results being reported against past and future results by eliminating amounts that we believe are not comparable between periods and assists investors in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management’s own methods for evaluating business performance.
Current report
The methods we use to calculate our non-GAAP financial measures may differ significantly from methods other companies use to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies. Adjusted net income (loss) and Adjusted EBITDA should not be used by investors or other third parties as the sole basis for formulating investment decisions as these measures may exclude a number of important cash and non-cash recurring items.
Current report
Adjusted net income (loss) is defined as net income (loss) excluding significant non-recurring or non-operational items as set forth below. While adjusted net income (loss) is a non-GAAP measurement, management believes that it is an important indicator of operating performance and useful to investors. Other significant non-recurring and non-operational items, while periodically affecting our results, may vary significantly from period to period and have disproportionate effects in a given period, which affects comparability of results and are described below:
Current report
The following table sets forth, for the periods indicated, a reconciliation of Net income (loss) to Adjusted net income and Adjusted diluted net income per share:
Current report
Other significant items, while periodically affecting our results, may vary significantly from period to period and have disproportionate effects in a given period, which affects comparability of results and are described below:
Current report
The following table sets forth, for the periods indicated, selected income statement data and a reconciliation of our Net income (loss) to Adjusted EBITDA:
Current report
Discussion and Analysis
Current report
(1) The significant expense categories and amounts align with the segment -level information that is regularly provided to the CODM.
Current report
(2) Other revenue driven costs include credit card fees and other revenue processing costs driven by sales volume.
Current report
(3) Personnel costs include fixed and variable wages, benefits and employer taxes.
Current report
(4) Other segment expenses include all other operating expenses, including animal expenses, park and vehicle maintenance costs, insurance, utilities, outside services, operating supplies and other miscellaneous expenses.
Current report
(5) Unallocated corporate expenses include corporate personnel costs, directors fees and compensation, directors and officers insurance, computer software and services, professional fees and public company related expenses.
Current report
Results of Operations
Current report
Fiscal 2025 compared with Fiscal 2024
Current report
Total Revenue and Park Revenue
Current report
Total revenue was $10.47 million in Fiscal 2025, an increase of $559,315 or 5.6%, compared to $9.91 million in Fiscal 2024.
Current report
Park revenue was $10.28 million in Fiscal 2025, an increase of $597,593 or 6.2%, compared to $9.68 million in Fiscal 2024.
Current report
Animal sales were $194,656 in Fiscal 2025, a decrease of $38,278 or 16.4%, compared to $232,934 in Fiscal 2024. The decrease is primarily driven by the timing of animal sales at both our Texas Park and Georgia Park year over year.
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Removed paragraphs (30)
Previous report
Management’s discussion and analysis of results of operations and financial condition (“MD&A”) is a supplement to the accompanying consolidated financial statements and provides additional information on our businesses, current developments, financial condition, cash flows and results of operations. The following discussion should be read in conjunction with our consolidated financial statements for the fiscal year ended September 29, 2024 provided in this Annual Report on Form 10-K. Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed more fully herein.
Previous report
Overview
Previous report
The table below outlines our annual net sales, reported and adjusted income before income taxes, earnings before interest, taxes, depreciation and amortization, and non-recurring items (“Adjusted EBITDA”), and net cash provided by operating activities for the last five fiscal years. We believe attendance at our parks benefited starting in May 2020 through August 2022 from the COVID-19 pandemic which drove an increase in demand for outdoor entertainment. Our park revenue remains above pre-pandemic levels, however, is down from the high in our 2021 fiscal year. In our 2023 fiscal year park revenue was negatively impacted by approximately $1.0 million at our Georgia Park from the March severe weather and tornado event, subsequent closure and multi-phased reopening.
Previous report
Excludes net contested proxy and related expenses of $2.04 million, a legal settlement charge of $75,000 and tornado related insurance proceeds of $53,755 in 2024; net tornado expenses and asset write-offs of $368,955 in 2023; a $100,000 legal settlement charge in 2022; a $189,988 gain on extinguishment of debt in 2021; and $24,373 of tornado related insurance proceeds in 2020.
Previous report
The following table provides a reconciliation of our income before income taxes to our Adjusted EBITDA for our last five fiscal years:
Previous report
We engaged legal counsel specializing in activist stockholder matters, as well as several other consultants, during this proxy contest and for the year ended September 29, 2024, we incurred $2.04 million of associated expenses, net. As of September 29, 2024, we had approximately $982,200 of unpaid expenses associated with the contested proxy and related matters. We are working with our directors and officers insurance carrier regarding potential insurance coverage related to the expenses associated with the contested proxy and related matters. See “NOTE 3. CONTESTED PROXY AND RELATED MATTERS” of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for additional information.
Previous report
Georgia Park Severe Weather and Tornado
Previous report
For the year ended October 1, 2023, we incurred $780,941 of Georgia Park severe weather and tornado related expenses, primarily due to tree and other debris removal, repairing and replacing underground water pipes throughout the property, as well as general clean-up efforts. In addition, we had tornado and severe weather-related asset write-offs of $275,297, primarily associated with damage to various animal exhibits, several buildings, fencing and other infrastructure. These expenses and asset write-offs were partially offset by insurance proceeds totaling $687,283, net of deductibles and co-insurance. We also estimate our Georgia park revenues for our 2023 fiscal year were negatively impacted by approximately $1.0 million as a result of the severe weather and tornado event, subsequent closure and multi-phased reopening. For the year ended September 29, 2024, we received the final expected insurance proceeds of $53,755 related to the Georgia Park 2023 tornado event. See “NOTE 4. TORNADO EXPENSES AND ASSET WRITE-OFFS” of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for additional information.
Previous report
Our total revenues for the year ended September 29, 2024 were $9.91 million, an increase of $472,012, compared to the year ended October 1, 2023. Our park revenues increased by $404,761 or 4.4% and animal sales increased by $67,251. In mid-January 2024 we completed the strategic switch to a new online ticketing platform. While this change had a net neutral impact on our profitability, we no longer directly up-charge customer transaction fees. On a pro forma basis, adjusting for the impact of our Georgia Park closure and phased reopening that extended over roughly an eight week period during the year ended October 1, 2023, as well as the change in accounting for customer transaction processing fees, our park revenues for the year ended September 29, 2024 decreased by approximately $470,800 or 4.6%.
Previous report
Georgia park revenues were $5.88 million, an increase of $52,387 or 0.9%. On a pro forma basis, adjusting for the tornado damage closure and phased reopening, as well as the change in accounting for transaction processing fees, Georgia park revenue decreased by approximately $892,500 or 13.2%. Missouri park revenues were $2.01 million, an increase of $315,479 or 18.6%. On a pro forma basis, adjusting for the change in accounting for transaction processing fees, Missouri park revenues increased by approximately $354,600 or 21.4%. Texas park revenues were $1.79 million, an increase of $36,895 or 2.1%. On a pro forma basis, adjusting for the change in accounting for transaction processing fees, Texas park revenues increased by approximately $67,200 or 3.9%.
Previous report
Our segment income was $2.83 million for the year ended September 29, 2024, an increase of $486,062, compared to a segment income of $2.39 million for the year ended October 1, 2023. Our Georgia Park generated segment income of $2.29 million, an increase of $240,878, primarily attributable to higher park revenues and animal sales, as well as lower advertising and general operating expenses, partially offset by lower food service and gift shop margins, as well as higher insurance expense. Our Missouri Park generated segment income of $457,219, an increase of $199,840, primarily attributable to higher park revenues and animal sales, as well as lower general operating costs, partially offset by higher staffing related costs, animal feed costs, and insurance costs. Our Texas Park generated segment income of $72,921, an increase of $45,344, primarily attributable to higher park revenues, as well as lower advertising and general operating expenses, partially offset by higher staffing related costs, expenses associated with animal sales and insurance costs.
Previous report
Corporate Expenses
Previous report
Corporate spending increased by $13,112 to $1.21 million for the year ended September 29, 2024, primarily due to higher severance costs and annual stockholders meeting costs, as well as higher general expenses, partially offset by lower other compensation related expense and lower travel costs.
Previous report
Depreciation and amortization expense for the year ended September 29, 2024 decreased by $12,492, to $871,967, primarily attributable to lower depreciation expense for our Missouri Park higher, partially offset by higher depreciation expense for our Georgia Park.
Previous report
Loss on Asset Disposals, Net
Previous report
Our net loss on asset disposals for the year ended September 29, 2024 totaled $62,734, a decrease of $254,412. Our 2024 fiscal year net loss on asset disposals is primarily attributable to animal deaths prior to the end of their estimated life expectancy as well as the disposal of certain assets no longer useful to the business or deemed too costly to maintain or repair. Our 2023 fiscal year net loss on asset disposals was primarily attributable to terminated capital projects and contracts, as well as animal losses.
Previous report
During the year ended September 29, 2024, we recorded $2.04 million of net expenses associated with a contested proxy and related matters. This includes costs associated with preparation for and conducting a Special Meeting of Stockholders held on February 26, 2024, legal costs associated with a lawsuit filed in the State of Nevada by Focused Compounding on March 1, 2024, as well as costs leading up to and associated with the annual stockholder meeting on June 6, 2024. These costs were partially offset by directors and officers insurance proceeds of $50,000 received in October 2024. See “NOTE 3. CONTESTED PROXY AND RELATED MATTERS” of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for additional information.
Previous report
Other income, net, was $132,948 for the year ended September 29, 2024, an increase of $52,718, attributable to lower non-operating expenses and higher interest income, partially offset by lower mineral rights royalty income from our Texas Park property.
Previous report
Interest expense for the year ended September 29, 2024 was $229,244, an increase of $6,848, due to the write-off of deferred financing costs associated with our Texas Park term loan that was refinanced on September 30, 2024, partially offset by a reduction in term loan interest expense. See “NOTE 5. LONG-TERM DEBT” of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for additional information.
Previous report
For the year ended September 29, 2024, we generated a pre-tax loss of $1.48 million and recorded a tax benefit provision of $385,316, resulting in an effective tax rate of approximately 26.0%. For the year ended October 1, 2023, a pre-tax loss of $572,421 and recorded a tax benefit provision of $88,683, resulting in an effective tax rate of approximately 15.5%, which was unfavorably impacted by state income taxes due to operating losses for our Missouri and Texas Parks. For additional information, see “Note 9. Income Taxes” of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K.
Previous report
Our reported net loss for the year ended September 29, 2024 was $1.09 million or $0.01 per basic share and per fully diluted share, an increase of $610,743 compared with a reported net loss of $483,738 or $0.01 per basic share and per fully diluted share, for the year ended October 1, 2023.
Previous report
As shown in the table above, several one-time items impacted our year-over-year reported net income comparison. Excluding the after-tax impact of these items our adjusted net income for our 2024 fiscal year increased by a net $625,227. This increase in adjusted net income is attributable to a $240,878 increase in Georgia Park segment, a $199,840 increase in Missouri park segment income, a $45,344 increase in Texas park segment income, a $254,412 decrease in losses on asset disposals, a $52,718 increase in other income, and a $12,492 decrease in depreciation and amortization expense, partially offset by a $13,112 increase in Corporate expenses, a $6,848 increase in interest expense and a higher adjusted income tax expense of $160,497.
Previous report
Our working capital was $1.60 million as of September 29, 2024, compared to $3.69 million as of October 1, 2023. The year-over-year decrease in working capital primarily reflects cash used in the contested proxy and related matters, for capital expenditures, and scheduled term loan payments, partially offset by cash generated by operating activities during our 2024 fiscal year, excluding the contested proxy matter.
Previous report
Net cash provided by operating activities was $801,456 for our 2024 fiscal year, compared to $927,478 for our 2023 fiscal year, resulting in a decrease of $126,022, primarily due to lower non-cash operating expenses and higher net loss, offset by lower net working capital cash usage.
Previous report
Net cash used in investing activities was $1.63 million for our 2024 fiscal year, compared to $1.56 million for our 2023 fiscal year, resulting in an increase of $70,053. Our 2024 fiscal year investing activities included $906,955 of capital expenditures, compared to $1.56 million spent on capital expenditures during our 2023 fiscal year, a decrease of $650,889. We also made $800,000 of net investments in certificates of deposit during our 2024 fiscal year.
Previous report
During our 2024 fiscal year, capital expenditures at our Georgia Park included various infrastructure improvements to roadways, fencing and sidewalks, several animal acquisitions, a walk-in freezer, and improvements to several animal habitats. We also started a restroom facility replacement and new carnivore night house, with each project expected to be completed early in calendar 2025. During our 2023 fiscal year, capital expenditures at our Georgia Park included various enclosure updates including the addition of a state-of-the-art ring-tailed lemur exhibit, an aviary and walk-in budgie parrot feeding experience, the general rebuild of many areas impacted by the severe weather and tornado event, as well as guest rental vehicle fleet and capital equipment additions.
Previous report
Net cash used in financing activities totaled $777,986 for the year ended September 29, 2024, compared to $738,617 million for the year ended October 1, 2023, resulting in an increase of $39,369, primarily due to scheduled principal payments on our term loans.
Previous report
Subsequent Events
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Contingencies
Previous report
We have various contingencies, as described in “NOTE 10. COMMITMENTS AND CONTINGENCIES” of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K. We are not aware of any other legal matters involving the Company, however, there can be no assurance that all proceedings that may currently be brought against us are known by us at this time.
Reworded paragraphs (19)
Previous wording
Consolidated and Segment Results of Operations for the Year Ended September 29, 2024 as Compared to the Year Ended October 1, 2023
Current wording
This section discusses our results of operations for the year ended September 28, 2025 as compared to the year ended September 29, 2024.
Previous wording
Through our wholly owned subsidiaries, we own and operate three regional safari parks and are in the business of acquiring, developing and operating local and regional entertainment assets in the United States. Our wholly owned subsidiaries are Wild Animal Safari, Inc., a Georgia corporation (“Wild Animal – Georgia”), Wild Animal, Inc., a Missouri corporation (“Wild Animal – Missouri”), and Aggieland-Parks, Inc., a Texas corporation (“Aggieland Wild Animal – Texas”). Wild Animal – Georgia owns and operates the Wild Animal Safari park in Pine Mountain, Georgia (the “Georgia Park”). Wild Animal – Missouri owns and operates the Wild Animal Safari park located in Strafford, Missouri (the “Missouri Park”). Aggieland Wild Animal – Texas owns and operates the Aggieland Wild Animal Safari park near Bryan/College Station, Texas (the “Texas Park”).
Current wording
We own and operate three regional safari parks and are in the business of acquiring, developing and operating local and regional entertainment assets in the United States. Our wholly owned subsidiaries are Wild Animal Safari, Inc., a Georgia corporation (“Wild Animal – Georgia”), Wild Animal, Inc., a Missouri corporation (“Wild Animal – Missouri”), and Aggieland-Parks, Inc., a Texas corporation (“Aggieland Wild Animal – Texas”). Wild Animal – Georgia owns and operates the Wild Animal Safari Pine Mountain located in Pine Mountain, Georgia (the “Georgia Park”). Wild Animal – Missouri owns and operates the Wild Animal Safari Springfield located in Strafford, Missouri (the “Missouri Park”). Aggieland Wild Animal – Texas owns and operates the Aggieland Safari located near Bryan/College Station, Texas (the “Texas Park”).
Previous wording
Our parks are open year round, but experience increased seasonal attendance, typically beginning in the latter half of March through early September. Combined third and fourth quarter park revenues were 61.4% and 60.4% of annual park revenues for our 2024 and 2023 fiscal years, respectively.
Current wording
The Company’s operations are seasonal. Our parks are open year-round, and we experience increased seasonal attendance, typically beginning in the latter half of March through early September, and historically have realized a significant portion of our annual park revenue during our third and fourth fiscal quarters. We generated approximately 64.0% and 61.4% of our annual park revenue in the third and fourth fiscal quarters of Fiscal 2025 and Fiscal 2024, respectively.
Previous wording
Adjusted EBITDA is not a measurement of operating performance computed in accordance with generally accepted accounting principles (“GAAP”) and should not be considered as a substitute for operating income, net income or cash flows from operating activities computed in accordance with GAAP. We believe that Adjusted EBITDA is a meaningful measure as it is widely used by analysts, investors and comparable companies in the entertainment and attractions industry to evaluate our operating performance on a consistent basis, as well as more easily compare our results with those of other companies in our industry. We also believe Adjusted EBITDA is a meaningful measure of park-level operating profitability. Adjusted EBITDA is a supplemental measure of our operating results and is not intended to be a substitute for operating income, net income or cash flows from operating activities as defined under GAAP.
Current wording
While Adjusted EBITDA is a non-GAAP measurement, management believes that Adjusted EBITDA is a meaningful measure as it is widely used by analysts, investors and comparable companies in the entertainment and attractions industry to evaluate our operating performance on a consistent basis, as well as more easily compare our results with those of other companies in our industry. We also believe Adjusted EBITDA is a meaningful measure of park-level operating profitability. Adjusted EBITDA is a supplemental measure of our operating results and is not intended to be a substitute for operating income, net income or cash flows from operating activities as defined under GAAP.
Previous wording
We manage our operations on an individual location basis. Discrete financial information is maintained for each park and provided to our corporate management for review and as a basis for decision-making. The primary performance measures used to allocate resources are park earnings before interest, tax, depreciation and amortization, and free cash flow. We use park earnings before interest, tax, depreciation and amortization, and free cash flow as a measure of profitability to gauge segment performance because we believe this measure is the most indicative of performance trends and the overall earnings potential of each segment.
Current wording
We manage our operations on an individual park location basis. Discrete financial information is maintained for each park and provided to our President, as CODM, for review and as a basis for decision making. The primary performance measures used by the CODM to allocate resources is segment income/(loss), defined as park earnings before interest, tax, depreciation and amortization, and free cash flow. We use segment income/(loss) and free cash flow as a measure of profitability to gauge segment performance because we believe these measures are the most indicative of performance trends and overall earnings potential of each segment.
Previous wording
The following table shows our consolidated and segment operating results for the years ended September 29, 2024 and October 1, 2023:
Current wording
The following table shows our consolidated and segment operating results for Fiscal 2025 and Fiscal 2024:
Previous wording
As a result of the tornado and severe weather damage at our Georgia Park during March 26-27, 2023, for the year ended October 1, 2023, we recorded $780,941 of tornado related expenses, primarily due to tree and other debris removal, repairing and replacing underground water pipes throughout the property, as well as general clean-up and reopening efforts. In addition, we recorded tornado and severe weather-related asset write-offs of $275,297, primarily associated with damage to various animal exhibits, several buildings, fencing and other infrastructure. These expenses and write-offs were partially offset by $687,283 of insurance proceeds from our commercial property coverage. During year ended September 29, 2024, we received the final expected insurance proceeds of $53,755 related to the Georgia Park 2023 tornado event.
Current wording
As a result of the tornado and severe weather damage at our Georgia Park in March 2023, during Fiscal 2024 we received the final insurance proceeds of $53,755 related to the Georgia Park 2023 tornado event.
Previous wording
During the year ended September 29, 2024, we entered into a settlement agreement and paid $75,000 to settle a lawsuit initiated by a former employee alleging several instances of employment discrimination. See “NOTE 10. COMMITMENTS AND CONTINGENCIES” of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for additional information.
Current wording
We entered into a settlement agreement and paid $75,000 during Fiscal 2024 to settle a lawsuit initiated by a former employee alleging several instances of discrimination in employment. See Note 10,Commitments and Contingencies, to the Consolidated Financial Statements.
Previous wording
Our primary sources of liquidity are cash generated by operations and borrowings under our loan agreements. Historically, our slow season starts after Labor Day in September and runs until Spring Break, which typically begins toward the end of March. The first and second quarters of our fiscal year have historically generated negative cash flow, requiring us to use cash generated from prior fiscal years, as well as borrowing on a seasonal basis, to fund operations and prepare our parks for the busy season during the third and fourth quarters of our fiscal year.
Current wording
Our primary sources of liquidity are cash generated by operations and borrowings under our loan agreements. Historically, our slow season starts after Labor Day in September and runs until Spring Break period, which typically begins toward the end of March. The first and second quarters of our fiscal year have historically generated negative cash flow, requiring us to use cash generated from prior fiscal years, as well as borrowing on a seasonal basis, to fund operations and prepare our parks for the busy season during the third and fourth quarters of our fiscal year.
Previous wording
Total loan debt, including current maturities, as of September 29, 2024 was $3.50 million compared to $4.23 million as of October 1, 2023. The year-over-year decrease in total loan debt is primarily the result of scheduled term loan payments during our 2024 fiscal year.
Current wording
Total loan debt, including current maturities, as of September 28, 2025 was $3.19 million compared to $3.50 million as of September 29, 2024. The year-over-year decrease in total loan debt is primarily the result of scheduled term loan principal payments during Fiscal Year 2025. The refinancing of the 2020 Term Loan to the 2025 Term Loan decreased the monthly principal payments by approximately $34,000.
Previous wording
As of September 29, 2024, we had equity of $13.95 million and total loan debt of $3.50 million, resulting in a debt to equity ratio of 0.25 to 1.0, compared to 0.28 to 1.0 as of October 1, 2023.
Current wording
As of September 28, 2025, we had equity of $15.27 million and total loan debt of $3.19 million, resulting in a debt-to-equity ratio of 0.21 to 1.0, compared to 0.25 to 1.0 as of September 29, 2024.
Previous wording
For our Missouri Park, 2024 fiscal year capital expenditures included a new nature path, including a walking bridge and fish feeding experience, a hay storage barn, as well as various vehicles and equipment to improve operations. During our 2023 fiscal year, capital expenditures at our Missouri Park included the completion of a new otter exhibit which opened in May 2023, renovations of various animal shelters and exhibits, and capital equipment additions.
Current wording
In Fiscal 2025, capital expenditures at our Missouri Park included animal acquisitions, the addition of the giraffe feeding deck to improve guest experience, as well as the addition of two stand-alone buildings located within the park for tickets and concessions. Fiscal 2024 capital expenditures included a new nature path, including a walking bridge and fish feeding experience, a hay storage barn, as well as various vehicles and equipment to improve operations.
Previous wording
For our Texas Park, 2024 fiscal year capital expenditures included an upgrade to the electrical infrastructure, completion of a keeper building to improvement the efficiency of operations, and a hay storage barn to allow for more cost effective hay purchasing. During our 2023 fiscal year, capital expenditures at our Texas Park included several animal acquisitions, an additional drive-through zone for zebras and camels, and several capital maintenance projects.
Current wording
In Fiscal 2025, capital expenditures at our Texas Park included a new playground structure added in the walkthrough adventure zoo as well as repairs to existing drive-through tour buses that extended the useful life of the asset. Fiscal 2024 capital expenditures included an upgrade to the electrical infrastructure, completion of a keeper building to improve the efficiency of operations, and a hay storage barn to allow for more cost-effective hay purchasing.
Previous wording
On June 18, 2021, through our wholly owned subsidiary Wild Animal – Georgia, we completed a refinancing transaction (the “2021 Refinancing”) with Synovus Bank. The 2021 Refinancing included a term loan in the original principal amount of $1.95 million. The 2021 Term Loan bears interest at a rate of 3.75% per annum and is payable in monthly installments of approximately $26,480, based on a seven-year amortization period. The 2021 Term Loan has a maturity date of June 18, 2028. The 2021 Term Loan is secured by a security deed on the assets of Wild Animal – Georgia. We paid a total of approximately $1,514 in fees and expenses in connection with the 2021 Refinancing. The outstanding balance of the 2021 Term Loan was $1.11 million as of September 29, 2024.
Current wording
On June 18, 2021, through our wholly owned subsidiary Wild Animal – Georgia, we completed a refinancing transaction with Synovus Bank. The 2021 Term Loan included an original principal amount of $1.95 million. The 2021 Term Loan bears interest at a rate of 3.75% per annum and is payable in monthly installments of approximately $26,480, based on a seven-year amortization period. The 2021 Term Loan has a maturity date of June 18, 2028. The 2021 Term Loan is secured by a security deed on the assets of Wild Animal – Georgia. We paid a total of approximately $1,514 in fees and expenses in connection with the 2021 Refinancing. The outstanding balance of the 2021 Term Loan was $0.83 million and $1.11 million as of September 28, 2025 and September 29, 2024, respectively.
Previous wording
On April 27, 2020, through our wholly owned subsidiary Aggieland-Parks Inc., we acquired Aggieland Wild Animal – Texas. In part, this acquisition was financed with the “2020 Term Loan” from First Financial Bank (“First Financial”). The 2020 Term Loan in the original principal amount of $5.0 million from First Financial is secured by substantially all the Aggieland Wild Animal – Texas assets, as well as guarantees from the Company and its subsidiaries. The 2020 Term Loan bore an interest rate of 5.0% per annum, had a maturity date of April 27, 2031, and required interest only monthly payments through April 2021. The 2020 Term Loan required monthly payments of approximately $53,213 beginning in May 2021. We paid a total of approximately $62,375 in fees and expenses in connection with the 2020 Term Loan. On June 30, 2021, the Company used the incremental proceeds of the 2021 Term Loan, combined with additional funds, to paydown $1.0 million against the 2020 Term Loan, which had an outstanding balance of $2.39 million as of September 29, 2024. On September 30, 2024, the 2020 Term Loan with First Financial was fully paid off with the proceeds of the term loan described “Subsequent Events”.
Current wording
On April 27, 2020, through our wholly owned subsidiary Aggieland-Parks Inc., we acquired Aggieland Wild Animal – Texas. In part, this acquisition was financed with the 2020 Term Loan from First Financial Bank (“First Financial”). The 2020 Term Loan in the original principal amount of $5.0 million from First Financial is secured by substantially all the Aggieland Wild Animal – Texas assets, as well as guarantees from the Company and its subsidiaries. The 2020 Term Loan had an interest rate of 5.0% per annum, had a maturity date of April 27, 2031, and required interest only monthly payments through April 2021. The 2020 Term Loan required monthly payments of approximately $53,213 beginning in May 2021. We paid a total of approximately $62,375 in fees and expenses in connection with the 2020 Term Loan. On June 30, 2021, the Company used the incremental proceeds of the 2021 Term Loan, combined with additional funds, to pay down $1.0 million against the 2020 Term Loan, which had an outstanding balance of $2.39 million as of September 29, 2024. On September 30, 2024, the 2020 Term Loan with First Financial was fully paid off with the proceeds of the 2025 Term Loan.
Previous wording
On September 30, 2024, Aggieland-Parks, Inc. completed a refinancing transaction (the “2025 Refinancing”) with Cendera Bank N.A. (“Cendera”). The 2025 Refinancing included a term loan in the original principal amount of $2.5 million (the “2025 Term Loan). The 2025 Term Loan bears interest at a daily adjusted rate equal to the Prime Rate minus 0.5%. The Prime Rate was 8.0% as of September 30, 2024; as such the 2025 Term Loan bears an initial interest rate of 7.5%. The 2025 Term Loan has a term of 10 years, with a 15-year amortization, and a balloon payment of the outstanding principal balance due September 30, 2034. The initial monthly loan payment is $23,200. Aggieland-Parks, Inc. paid approximately $56,500 of fees and expenses in connection with the 2025 Term Loan. The 2025 Term Loan is secured by substantially all the assets of Aggieland-Parks, Inc., as well as a cash collateral reserve of $2.5 million established by Focused Compounding Fund, LP, with Cendera. Geoffrey Gannon and Andrew Kuhn control Focused Compounding Fund, LP, and each serve on the Board of the Company, and Mr. Gannon is the Company’s President. Focused Compounding did not receive a fee or any other benefit in connection with establishing the above-described cash collateral reserve.
Current wording
On September 30, 2024, Aggieland-Parks, Inc. completed a refinancing transaction of the 2025 Term Loan with Cendera Bank N.A. The 2025 Term Loan provided an original principal amount of $2.5 million, the proceeds of which were used to repay all the indebtedness under the 2020 Term Loan, and bears interest at a daily adjusted rate equal to the Prime Rate minus 0.5%. The initial interest rate was 7.25%. As of September 28, 2025 the effective interest rate was at 6.75%. The 2025 Term Loan has a term of 10 years, with a 15-year amortization, and a balloon payment of the outstanding principal balance due September 30, 2034. The initial monthly loan payment was $23,200 and has been reduced with the decrease in the effective interest rate to $22,277 as of September 28, 2025. Aggieland-Parks, Inc., paid approximately $60,716 of fees and expenses in connection with the 2025 Term Loan. The outstanding balance of the 2025 Term Loan was $2.41 million as of September 28, 2025.
Previous wording
Our discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. Our significant accounting policies are set forth in “NOTE 2. SIGNIFICANT ACCOUNTNG POLICIES” of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K, which should be reviewed as they are integral to understanding our results of operations and financial position. Our critical accounting policies are periodically reviewed with the Audit Committee of the Board of Directors of the Company.
Current wording
Our discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. Our significant accounting policies are set forth in Note 2,Significant Accounting Policies of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K, which should be reviewed as they are integral to understanding our results of operations and financial position. Our critical accounting policies are periodically reviewed with the Audit Committee of the Board of Directors of the Company.
Previous wording
Significant judgment is required in determining our provision or benefit for income taxes, our deferred tax assets and liabilities, and any valuation allowance recorded against our net deferred tax assets. We record deferred tax assets, primarily resulting from net operating loss carry-forwards to the extent we believe these assets will more likely than not be realized. In making such a determination, we consider all available evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent results of operations. In the event we determine it is more likely than not we will not realize our deferred tax assets we establish a valuation allowance.
Current wording
Significant judgment is required in determining our provision or benefit for income taxes, our deferred tax assets and liabilities, and any valuation allowance recorded against our net deferred tax assets. We record deferred tax assets, primarily resulting from net operating loss carryforwards to the extent we believe these assets will more likely than not be realized. In making such a determination, we consider all available evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent results of operations. In the event we determine it is more likely than not we will not realize our deferred tax assets we establish a valuation allowance.
Previous wording
The forward-looking information set forth in this Annual Report on Form 10-K is based on management’s current views and assumptions regarding future events, and speak only as of the date of this report. We assume no obligation to update any of these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements, except as required by applicable law, including the securities laws of the United States and the rules and regulations of the SEC. More information about potential factors that could affect our business and financial results is included in the section entitled “Risk Factors” in this Annual Report on Form 10-K.
Current wording
The forward-looking statements we make in this Annual Report are based on management’s current views and assumptions regarding future events and speak only as of the date of this report. We assume no obligation to update any of these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements, except as required by applicable law, including the securities laws of the United States and the rules and regulations of the SEC.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Consolidated and Segment Results of Operations Fiscal 2025 as Compared to Fiscal 2024
Current report — wording carried from elsewhere
The 2025 Term Loan is secured by substantially all the assets of Aggieland-Parks, Inc., as well as a cash collateral reserve of $2.5 million established by Focused Compounding Fund, LP, with Cendera Bank N.A. Geoffrey Gannon and Andrew Kuhn control Focused Compounding Fund, LP, and each serves on the Board of the Company, and Mr. Gannon serves as the Company’s President. Focused Compounding did not receive a fee or any other benefit in connection with establishing the above-described cash collateral reserve. See Note 5,Long-term Debt to the Consolidated Financial Statements.