PARKS AMERICA, INC
For the period ended Dec 28, 2025. Filed Feb 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 28, 2025 · Filed Feb 6, 2026
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-29; filed 2025-08-08.
0001641172-25-022809
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-12-28; filed 2026-02-06.
0001493152-26-005566
Item 2. 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 141 previous paragraphs and 128 current paragraphs.
52 unchanged; 24 reworded; 49 added; 62 removed; 3 previous and 3 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 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 (49)
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 President and CEO, who is the Chief Operating Decision Maker (“CODM”).
Current report
We identify our operating segments to be the individual parks: Georgia Park, Missouri Park and Texas Park. We have determined that each of our operating segments share similar economic and other qualitative characteristics, but quantitative measures require the results of our operating segments to be reported as three reportable segments.
Current report
Each of our three parks are located rural areas. The parks are local attractions in that guests usually drive less than one hour out of their way to visit us. Park guests tend to be residents living within 100 miles of our parks, tourists staying within 100 miles of our parks and tourists driving on a road near our parks. Park guests are groups, almost never individuals and most often families, who seek away-from-home entertainment within driving distance. Management does not believe we compete with in-home entertainment or solo activities and therefore, the market is away-from-home activity seekers within driving distance of our parks. Nearby attractions can be either “complements” to our parks or “substitutes” for our parks. Nearby attractions (such as Callaway Gardens and Great Wolf Lodge near our Georgia Park) increase our attendance because some guests of those attractions visit our parks as part of the same trip.
Current report
All Park Operations
Current report
Approximately 98% of our revenue is generated from guests who visit our parks and approximately 2% is derived from payments made by buyers of our animals.
Current report
Park revenues are derived primarily from admission fees, as well as sales of animal food, animal encounters, vehicle rentals, gift shop and specialty item retail sales and food and beverage sales.
Current report
In addition to the animal environments, each of our parks has a gift shop, a restaurant or concessions areas and picnic areas. We sell food and beverages in our restaurant or concession areas, and a variety of items in our gift shops, including shirts, hats, plush toys, educational books, toys and novelty items, many of which are animal themed.
Current report
Most of the animals at each of our parks have been born on-site or domestically acquired. We rarely import animals and have not imported any animals in the past 15 years. Auctions and sales of animals across the United States occur often and we may acquire animals in these auctions if we see an opportunity to enhance the animal population at our parks. As a result of natural breeding, animal populations at our parks tend to grow over time. Periodically, we sell surplus animals, and the proceeds are recorded as revenue. The periodic acquisition and sale of animals is also part of our herd and genetic management program. From time-to-time, we may also relocate animals between our parks as part of this program. Each park is subject to routine inspection by federal and state agencies. Each park maintains a high standard of animal care and has passed all recent inspections.
Current report
Basis of Presentation
Current report
The Consolidated Financial Statements (Unaudited) 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
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
(1) The significant expense categories and amounts align 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
Total Park Revenue
Current report
Results of Operations
Current report
First Quarter 2026 compared with First Quarter 2025
Current report
Total revenue was $2.09 million in First Quarter 2026, an increase of $322,940 or 18.2%, compared to $1.77 million in First Quarter 2025.
Current report
Park revenue was $2.07 million in First Quarter 2026, an increase of $355,380 or 20.7%, compared to $1.72 million in First Quarter 2025.
Current report
Georgia Park revenue was $1.17 million in First Quarter 2026, an increase of $88,229 or 8.1% compared to $1.08 million in First Quarter 2025. The increase was primarily driven by higher admission revenue due to more favorable weather conditions, especially during the weeks of Thanksgiving and Christmas, compared to First Quarter 2025. In addition, in-park guest spending on animal encounters increased due to concerted effort by management to allocate more resources to offer additional animal encounters to the guests, as well as an increase in food service and gift shop revenue due to the higher attendance.
Current report
Missouri Park revenue was $357,151 in First Quarter 2026, an increase of $81,420 or 29.5% compared to $275,731 in First Quarter 2025. The increase was primarily driven by higher admission revenue due to the more favorable weather conditions, especially during the week of Christmas, compared to First Quarter 2025. In addition, in-park guest spending on animal encounters increased primarily due to the addition and success of the capybara encounter offering, as well as the completion of the new animal encounter building to complement the guest experience for animal encounters.
Current report
Texas Park revenue was $546,110 in First Quarter 2026, an increase of $185,731 or 51.5% compared to $360,379 in First Quarter 2025. The increase was primarily driven by an increase in admission revenue due to more favorable weather conditions compared to First Quarter 2025 and a continued positive response to the new admission pass pricing and effectiveness of new marketing strategies. In addition, in-park guest spending, primarily animal food sales and concessions, increased compared to First Quarter 2025.
Current report
Georgia Park attendance increased approximately 16.7% during First Quarter 2026 compared to First Quarter 2025. The increase in attendance was primarily due to more favorable weather conditions, especially during the weeks of Thanksgiving and Christmas, compared to First Quarter 2025.
Current report
Missouri Park attendance increased by approximately 21.4% during First Quarter 2026 compared to First Quarter 2025 primarily driven by more favorable weather conditions, especially during the week of Christmas, compared to First Quarter 2025.
Current report
Significant Expenses
Current report
Cost of animal food, merchandise and food
Current report
Consolidated cost of animal food, merchandise and food was $275,975 in First Quarter 2026, an increase of $24,313 or 9.7% compared to $251,662 in First Quarter 2025. The increase was primarily attributed to the Georgia Park increase in gift shop and food service cost of sales because of the increase in gift shop and food service revenue.
Current report
Other revenue driven costs
Current report
Consolidated other revenue driven costs were $42,149 in First Quarter 2026, an increase of $9,126 or 27.6% compared to $33,023 in First Quarter 2025 driven by an overall increase in Park revenue.
Current report
Personnel costs
Current report
Consolidated personnel costs were $673,297 in First Quarter 2026, an increase of $32,819 or 5.1% compared to $640,478 in First Quarter 2025. The increase in personnel costs at the Georgia Park and Missouri Park was primarily driven by additional educational and zookeeper personnel compared to First Quarter 2025 offset by a decrease in personnel costs at the Texas Park due to the park being closed to the public two days a week during First Quarter 2026 compared to being open seven days a week during Fiscal 2025. In addition, an internal graphic designer and event planner were added in Fourth Quarter 2025 for the benefit of all three parks.
Current report
Advertising and marketing
Current report
Consolidated advertising and marketing expenses were $242,950 in First Quarter 2026 compared to $123,896 in First Quarter 2025. The Company switched their advertising agency in First Quarter 2025. The new advertising agency recommended a different mix of advertising and marketing strategies that included increased social media and digital marketing spending in First Quarter 2026 compared to television and radio advertising in First Quarter 2025.
Current report
Other segment expenses
Current report
Consolidated other segment expenses were $451,300 in First Quarter 2026, a decrease of $37,380 or 7.6% compared to $488,680 in First Quarter 2025. The decrease was primarily driven by lower outside services at the Georgia Park as well as lower park maintenance expenses, due to the one-time demolition costs of an unoccupied house on the Georgia Park grounds in First Quarter 2025 and lower operating expenses at the Texas Park, primarily due to the purchase of new park signs in First Quarter 2025 and lower travel related expenses compared to First Quarter 2026.
Current report
Consolidated segment income was $407,727 in First Quarter 2026, an increase of $175,008 or 75.2%, from $232,719 in First Quarter 2025.
Current report
Georgia Park segment income was $311,853 in First Quarter 2026, a decrease of $22,093 or 6.6% from $333,946 in First Quarter 2025. The increase in admission revenue and gross margin from in-park guest spending on animal food, gift shop and food service was not enough to offset the higher advertising and marketing costs and higher personnel costs that were slightly offset lower other segment expenses, primarily due to the one-time demolition costs of an unoccupied house at the Georgia Park in First Quarter 2025.
Showing the first 40 of 49 passages. Open the source sections for the rest.
Removed paragraphs (62)
Previous report
In mid-January 2024 we completed the strategic switch to a new ticketing platform which we believe improves the guest experience while also providing improved functionality for our park customer services teams. While this change had a net neutral impact on our profitability, we no longer directly upcharge customer transaction fees which we previously reported in Park revenue. Total Park revenue during Third Quarter 2025 and Third Quarter 2024 excluded customer transaction fees, therefore we did not present pro-forma Park revenue for Third Quarter 2024 compared to Third Quarter 2025. We did present pro-forma Park revenue, excluding customer transaction fees, for Year-to-Date 2024 in comparison to Year-to-Date 2025.
Previous report
Park revenue is presented by segment for the periods indicated:
Previous report
Third Quarter 2025 compared with Third Quarter 2024
Previous report
Total revenue was $3.48 million in Third Quarter 2025, an increase of $27,176 or 0.8%, compared to $3.45 million in Third Quarter 2024.
Previous report
Park revenue was $3.40 million in Third Quarter 2025, an increase of $40,935 or 1.2%, compared to $3.36 million in Third Quarter 2024.
Previous report
Georgia Park revenue was $1.98 million in Third Quarter 2025, a decrease of $186,154 or 8.6% compared to $2.17 million in Third Quarter 2024. During Third Quarter 2025, two weeks of the seasonal Spring Break period shifted into Third Quarter 2025 compared to one week during Third Quarter 2024 resulting in a shift of Park revenue into Third Quarter 2025 of approximately $94,000. This increase early in Third Quarter 2025 was not sustained due to rainy weather conditions over consecutive days and weeks that negatively impacted attendance. The lower attendance also negatively impacted animal food sales, food service and vehicle rental revenue.
Previous report
Missouri Park revenue was $656,191 in Third Quarter 2025, a decrease of $11,906 or 1.8% compared to $668,097 in Third Quarter 2024. The decrease in Park revenue was primarily attributed to a decrease in food service revenue due to a decision by management to no longer offer full food service at the park as offered in Third Quarter 2024. As an alternative, beginning late in Second Quarter 2025 during Spring Break, customers were offered full food service at the park through independently owned food trucks. In addition, animal food sales decreased due to rainy weather conditions over consecutive days and weeks.
Previous report
Texas Park revenue was $761,047 in Third Quarter 2025, an increase of $238,995 or 45.8% compared to $522,052 in Third Quarter 2024. The increase in Park revenue was primarily driven by a positive response to the new admission pass pricing and effectiveness of new marketing strategies. Starting in mid-June, management made the decision to close the park to the public on Tuesdays and Wednesdays during the summer months, which did not have an immediate negative impact on Park revenue.
Previous report
Georgia Park attendance decreased approximately 16.2% during Third Quarter 2025 compared to Third Quarter 2024. During Third Quarter 2025, the strongest attendance days during the seasonal Spring Break dates shifted into Third Quarter 2025 and increased attendance by approximately 2,200 customers but this increase was not sustained as the Georgia Park experienced rainy weather conditions over consecutive days and weeks that negatively impacted attendance.
Previous report
Missouri Park attendance increased by approximately 6.8% during Third Quarter 2025 compared to Third Quarter 2024 primarily driven by an increase in field trip and group attendance.
Previous report
Texas Park attendance increased by approximately 44.0% in Third Quarter 2025 compared to Third Quarter 2024 driven by a positive response to new admission pass pricing in early May 2025 and effectiveness of new marketing strategies. The new admission pass pricing offers a safari pass that grants access only to the drive-thru safari and an adventure pass that grants access to both the drive-thru safari and walkabout adventure zoo. In addition, a family four pack was added that grants access to both the drive-thru safari and walkabout adventure zoo.
Previous report
Consolidated segment income was $1.54 million in Third Quarter 2025, an increase of $36,620 or 2.4%, from $1.50 million in Third Quarter 2024.
Previous report
Georgia Park segment income was $0.99 million in Third Quarter 2025, a decrease of $183,860 from $1.17 million in Third Quarter 2024. The decrease is primarily driven by decreased Park revenue, lower animal sales, higher staffing costs offset by lower advertising costs, outside services and transaction processing costs compared to Third Quarter 2024.
Previous report
Missouri Park segment income was $216,749 in Third Quarter 2025, a decrease of $5,965 from $222,714 in Third Quarter 2024. The decrease is primarily driven by a decrease in food service margin, lower animal sales and higher staffing costs offset by lower advertising expense compared to Third Quarter 2024.
Previous report
Texas Park segment income was $333,531 in Third Quarter 2025, an increase of $226,445 from $107,086 in Third Quarter 2024. The increase is primarily driven by an increase in Park revenue offset by higher operating expenses, primarily advertising, staffing costs and transaction processing fees compared to Third Quarter 2024.
Previous report
Depreciation and amortization expense was $230,756 in Third Quarter 2025, compared to $230,852 in Third Quarter 2024.
Previous report
Contested Proxy and Related Matters, net was a credit of $103,657 in Third Quarter 2025 compared to expense of $746,570 in Third Quarter 2024. The credit in Third Quarter 2025 was from the reversal of previously accrued contested proxy legal fees that were waived as part of the full settlement of outstanding invoices during Third Quarter 2025. During Third Quarter 2024, we recorded contested proxy and related matters, net expense. See Note 3,*Contested Proxy and Related Matter,*to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report for additional information.
Previous report
Tornado Expenses and Write-offs, Net
Previous report
As a result of the tornado and severe weather damage at our Georgia Park in March 2023, during Third Quarter 2024, we received final insurance proceeds of $53,755 related to the Georgia Park 2023 tornado event.
Previous report
Legal Settlement
Previous report
During Third Quarter 2024, we entered into a settlement agreement and paid $75,000 to settle a lawsuit initiated by a former employee alleging several instances of discrimination in employment. See Note 8,Commitments and Contingencies, to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report for additional information.
Previous report
Other operating expenses, net
Previous report
Other operating expenses, net was $13,750 in Third Quarter 2025 compared to $0 in Third Quarter 2024. Third Quarter 2025 includes the loss on animal exhibit design costs that were abandoned at the Georgia Park.
Previous report
Other income, net was $18,345 in Third Quarter 2025, a decrease of $13,067 from $31,412 in Third Quarter 2024. The decrease is driven by lower interest income, related to the maturity of certificates of deposit during First Quarter 2025, and lower average money market balances compared to Third Quarter 2024.
Previous report
Net Income
Previous report
Park revenue is presented by segment for the periods indicated and pro forma for the 39 weeks ended June 30, 2024:
Previous report
Year-to-Date 2025 compared with Year-to-Date 2024
Previous report
Total Revenue and Park Revenue
Previous report
Total revenue was $7.25 million for Year-to-Date 2025, a decrease of $56,170 or 0.8%, compared to $7.30 million during Year-to-Date 2024.
Previous report
Park revenue was $7.10 million for Year-to-Date 2025, an increase of $5,836 or 0.1%, compared to $7.09 million during Year-to-Date 2024.
Previous report
Animal sales were $152,366 for Year-to-Date 2025, a decrease of $62,006 compared to $214,372 during Year-to-Date 2024 primarily driven by the timing of animal sales at our Texas Park year over year.
Previous report
In mid-January 2024 we completed the strategic switch to a new ticketing platform which we believe improves the guest experience while also providing improved functionality for our park customer services teams. While this change had a net neutral impact on our profitability, we no longer directly upcharge customer transaction fees which we previously reported in Park revenue. On a pro forma basis, adjusting for the change to exclude customer transaction fees in Park revenue, our total Park revenue Year-to-date 2025 increased by $58,716 or 0.8% compared to Year-to-Date 2024.
Previous report
Georgia Park revenue was $4.10 million for Year-to-Date 2025, a decrease of $316,743 or 7.2% compared to $4.42 million during Year-to-Date 2024. The decrease was primarily driven by lower attendance due to adverse and rainy weather conditions during consecutive days and weeks. In addition, Year-to-Date 2025 excluded customer transaction fees in revenue due to the switch to a new ticketing platform. On a pro forma basis, adjusting to exclude customer transaction fees in Park revenue, Year-to-Date 2025 our Georgia Park revenue decreased by $280,279 or 6.4%.
Previous report
Missouri Park revenue was $1.29 million for both Year-to-Date 2025 and Year-to-Date 2024. On a pro forma basis, adjusting to exclude customer transaction fees in Park revenue, Year-to-Date 2025 the Missouri Park revenue increased by $7,671 or 0.6%.
Previous report
Texas Park revenue was $1.70 million for Year-to-Date 2025, an increase of $322,680 or 23.4% compared to $1.38 million during Year-to-Date 2024. The increase in revenue was driven by higher attendance during the Spring Break season and positive response to new admission pass pricing in early May 2025 and effectiveness of new marketing strategies. On a pro forma basis, adjusting to exclude customer transaction fees in Park revenue, Year-to-Date 2025 our Texas Park revenue increased $331,323 or 24.2%.
Previous report
Attendance
Previous report
Georgia Park attendance during Year-to-Date 2025 decreased approximately 14.5% compared to Year-to-Date 2024. The adverse and rainy weather over consecutive days and weeks negatively impacted our attendance during our strongest attendance season.
Previous report
Missouri Park attendance during Year-to-Date 2025 increased by approximately 2.6% compared to Year-to-Date 2024. The increase was primarily attributed to an increase in field trip and group attendance during Third Quarter 2025.
Previous report
Segment Income
Previous report
Consolidated segment income was $1.99 million for Year-to-Date 2025, a decrease of $1,049 from $1.99 million during Year-to-Date 2024.
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Reworded paragraphs (24)
Previous wording
You should read the following discussion in conjunction with the Consolidated Financial Statements and accompanying notes included elsewhere in the Quarterly Report on Form 10-Q. This Management’s discussion and Analysis of Results of Operations and Financial Condition 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 the forward-looking statements. See “Cautionary Statement Regarding Forward-Looking Statements” below, “Item 1A. Risk Factors” in our Annual Report filed on Form 10-K for the fiscal year ended September 29, 2024 filed with the United States Securities and Exchange Commission (“SEC”) on December 13, 2024 and “Part II, Item 1A Risk Factors” of this Quarterly Report on Form 10-Q, for a discussion of these uncertainties, risks and assumptions associated with these statements.
Current wording
You should read the following discussion in conjunction with the Consolidated Financial Statements (Unaudited) and accompanying notes included elsewhere in the Quarterly Report on Form 10-Q. This Management’s discussion and Analysis of Results of Operations and Financial Condition 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 the forward-looking statements. See “Cautionary Statement Regarding Forward-Looking Statements” below, “Item 1A. Risk Factors” in our Annual Report filed on Form 10-K for the fiscal year ended September 28, 2025 filed with the United States Securities and Exchange Commission (“SEC”) on December 12, 2025 and “Part II, Item 1A Risk Factors” of this Quarterly Report on Form 10-Q, for a discussion of these uncertainties, risks and assumptions associated with these statements.
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 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”).
Current wording
Parks! America, Inc. owns and operates three regional safari parks and is in the business of acquiring, developing and operating local and regional entertainment assets and attractions in the United States. The Company’s wholly owned subsidiaries are Wild Animal Safari, Inc., a Georgia corporation (“Wild Animal – Georgia”) acquired on June 13, 2005, Wild Animal, Inc., a Missouri corporation (“Wild Animal – Missouri”) acquired on March 5, 2008, and Aggieland-Parks, Inc., a Texas corporation (“Aggieland Wild Animal – Texas”) acquired on April 27, 2020.
Previous wording
Our parks are open year-round and experience increased seasonal attendance, typically beginning in the latter half of March through early September. Combined third and fourth quarter Park revenue was 61.4% and 60.4% of annual Park revenue for Fiscal 2024 and Fiscal 2023, 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
We engaged legal counsel specializing in activist stockholder matters, as well as several other consultants, during this proxy contest. During Fiscal 2024, we incurred $2,040,810 of contested proxy and related matter expenses, net. We received $567,157 of insurance proceeds 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. As of June 29, 2025, total accounts payable include approximately $6,500 of unpaid bills associated with the contested proxy and related matters. See Note 3,Contested Proxy and Related Matters, to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report for additional information.
Current wording
We engaged legal counsel specializing in activist stockholder matters, as well as several other consultants, during this proxy contest. We received $567,157 of insurance proceeds 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. See Note 3,Contested Proxy and Related Matters, to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report for additional information.
Previous wording
Prior to and on May 1, 2025, the Company’s common stock was traded on the OTCPink market. Effective May 2, 2025, the Company’s common stock is 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 wording
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 is 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.”
Previous wording
Consolidated and Segment Results of Operations for Third Quarter 2025 as Compared to Third Quarter 2024
Current wording
Consolidated and Segment Results of Operations for First Quarter 2026 as Compared to First Quarter 2025
Previous 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 Chief Operating Decision Maker (“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.
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 presents consolidated and segment operating results for the periods indicated:
Current wording
The following table shows our consolidated and segment operating results for the 13 weeks ended December 28, 2025 and December 29, 2024:
Previous wording
Animal sales were $78,262 in Third Quarter 2025, a decrease of $13,759 or 15.0%, compared to $92,021 in Third Quarter 2024. The decrease is driven by the timing of animal sales at our Georgia Park year over year.
Current wording
Animal sales were $18,988 in First Quarter 2026, a decrease of $32,440 or 63.1%, compared to $51,428 in First Quarter 2025. The decrease is driven by the timing of animal sales at our Georgia Park and Missouri Park year over year.
Previous wording
Texas Park provided customers with free attendance promotions during First Quarter 2025 and we do not believe Year-to-Date 2025 attendance is comparable to Year-to-Date 2024.
Current wording
The Texas Park provided customers with free admissions promotions on certain days during the First Quarter 2025 and we do not believe attendance is a comparable to the prior year.
Previous wording
Corporate expenses were $277,876 in Third Quarter 2025, a decrease of $123,206 from $401,082 in Third Quarter 2024 primarily driven by higher professional fees, due to timing of accruals, offset by lower salaries and wages due to severance costs in Third Quarter 2024.
Current wording
Corporate expenses were $218,320 in First Quarter 2026, a decrease of $52,032 from $270,352 in First Quarter 2025 primarily driven by lower professional fees, due to timing of accruals, lower insurance expense and director fee compensation offset slightly by higher personnel costs in First Quarter 2026.
Previous wording
Contested Proxy and Related Matters, net was a credit of $670,814 for Year-to-Date 2025 primarily from the receipt of insurance proceeds from our directors and officers insurance policy associated with the contested proxy and related matters in the amount of $567,157 during First Quarter 2025. The remaining credit of $103,657 was from the reversal of previously accrued contested proxy legal fees that were waived as part of the full settlement of outstanding invoices during Third Quarter 2025. Year-to-date 2024, we recorded contested proxy and related matters, net expense of $2.04 million. See Note 3,*Contested Proxy and Related Matters,*to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report for additional information.
Current wording
Contested proxy and related matters, net was none in First Quarter 2026 compared to the credit of $567,157 in First Quarter 2025. The credit in First Quarter 2025 was from the receipt of insurance proceeds from our directors and officers insurance policy associated with the contested proxy and related matters. See Note 3,*Contested Proxy and Related Matters,*to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report for additional information.
Previous wording
Interest expense was $53,970 in Third Quarter 2025, an increase of $7,047 from $46,923 in Third Quarter 2024. The increase is driven by a higher interest rate on the 2025 Term Loan refinanced during First Quarter 2025 offset by a decrease in the 2021 Term Loan interest due to lower principal balances.
Current wording
Interest expense was $48,752 in First Quarter 2026, a decrease of $8,717 from $57,469 in First Quarter 2025. The decrease was primarily driven by the reduction in the 2025 Term Loan variable interest rate of approximately 75 basis points compared to First Quarter 2025 and a decrease in the 2021 Term Loan interest due to lower principal balances.
Previous wording
We recorded income tax expense for Third Quarter 2025 of $260,229 which resulted in an effective tax rate of 24.0% compared to income tax expense of $19,200 for Third Quarter 2024 which resulted in an effective tax rate of 22.1%. The overall effective tax rate varies from the U.S. federal statutory rate of 21.0% primarily due to Georgia state taxes.
Current wording
We recorded income tax benefit for First Quarter 2026 of $9,500 which resulted in an effective tax rate of 20.9% compared to income tax expense of $83,900 for First Quarter 2025 which resulted in an effective tax rate of 30.3%. The overall effective tax rate varies from the U.S. federal statutory rate of 21.0% primarily due to Georgia state taxes.
Previous wording
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA includes a broad range of tax reform provisions that may affect the Company’s financial results. The OBBBA has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently evaluating the impact of these provisions which could affect the Company’s income tax expense and deferred tax assets; however, it is not expected to have a material impact to our Consolidated Financial Statements.
Current wording
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA includes a broad range of tax reform provisions that may affect the Company’s financial results. The OBBBA has multiple effective dates, with certain provisions effective in 2026 and others implemented through 2027. The Company is currently evaluating the impact of these provisions which could affect the Company’s income tax expense and deferred tax assets; however, it is not expected to have a material impact to our Consolidated Financial Statements (Unaudited).
Previous wording
As a result of the above factors, Net income was $824,380 or $1.09 per basic and diluted share in Third Quarter 2025 compared to Net income of $67,870 or $.09 per basic and diluted share in Third Quarter 2024.
Current wording
As a result of the above factors, Net loss was $36,061 or $0.05 per basic and diluted share in First Quarter 2026 compared to Net income of $193,041 or $.25 per basic and diluted share in First Quarter 2025.
Previous wording
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 wording
The following table sets forth, for the periods indicated, a reconciliation of Net income (loss) to Adjusted net income (loss) and Adjusted diluted net income per share:
Previous wording
Our working capital was $2.23 million as of June 29, 2025, compared to $1.60 million as of September 29, 2024. The increase in working capital primarily reflects a reduction in accounts payable as a result of the contested proxy insurance proceeds, offset by cash used for capital spending and scheduled term loan payments.
Current wording
Our working capital was $3.05 million as of December 28, 2025, compared to $3.28 million as of September 28, 2025. The decrease in working capital primarily reflects a reduction in accounts payable as a result of the contested proxy insurance proceeds offset by cash used for capital spending and scheduled term loan payments.
Previous wording
Total long-term debt, including current maturities, as of June 29, 2025 was $3.28 million compared to $3.50 million as of September 29, 2024. The decrease in total long-term debt is primarily the result of scheduled term loan principal payments paid during Year-to-Date 2025.
Current wording
Total long-term debt, including current maturities, as of December 28, 2025 was $3.09 million compared to $3.19 million as of September 28, 2025. The decrease in total long-term debt is primarily the result of scheduled term loan principal payments paid during First Quarter 2026.
Previous wording
As of June 29, 2025, we had stockholders’ equity of $14.59 million and total loan debt of $3.28 million, resulting in a debt-to-equity ratio of 0.22 to 1.0, compared to stockholders’ 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 as of September 29, 2024.
Current wording
As of December 28, 2025, we had stockholders’ equity of $15.23 million and total loan debt of $3.09 million, resulting in a debt-to-equity ratio of 0.20 to 1.0, compared to stockholders’ 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 as of September 28, 2025.
Previous wording
Net cash used in investing activities was $319,407 during Year-to-Date 2025, compared to $1.43 million during Year-to-Date 2024 resulting in a net decrease of $1,107,551. Our investing activity Year-to-Date 2025 included cash provided of $838,442 from the maturity of short-term investments in certificates of deposit during First Quarter 2025. Our investing activity for Year-to-Date 2024 included cash used of $1.0 million for the purchase of short-term investments in certificates of deposit during First Quarter 2024. Our capital spending for Year-to-Date 2025 was $1.18 million compared to $0.67 million during Year-to-Date 2024. The increase in capital spending is attributed to capital improvements, primarily construction of a new restroom facility and animal exhibit improvements, at our Georgia Park.
Current wording
Net cash used in investing activities was $300,855 during First Quarter 2026, compared to net cash provided in investing activities of $260,966 during First Quarter 2025 resulting in a net decrease of $561,821. Our investing activity during First Quarter 2026 included capital spending of $304,853. Our investing activity during First Quarter 2025 included cash provided of $838,442 from the maturity of short-term investments in certificates of deposit. Our capital spending for First Quarter 2025 was $601,476. The decrease in capital spending in First Quarter 2026 is primarily attributed to the higher capital spending at the Georgia Park during First Quarter 2025 primarily related to the new restroom facility.
Previous wording
Net cash used in financing activities was $365,111 during Year-to-Date 2025, compared to $581,603 during Year-to-Date 2024 resulting in a decrease of $216,492. During Year-to-Date 2025, the 2020 Term Loan was refinanced with the 2025 Term Loan during First Quarter 2025 resulting in net cash provided of $110,456 offset by payments of $334,399 for scheduled term loan principal payments and term loan refinancing fees. Year-to-Date 2025 also includes cash used during Third Quarter 2025 of $141,168 for the payments of the fractional shares as part of the Reverse/Forward Stock Split. Year-to-Date 2024 primarily included payments of $576,603 for scheduled term loan principal payments.
Current wording
Net cash used in financing activities was $97,888 during First Quarter 2026, compared to $34,261 during First Quarter 2025 resulting in an increase of $63,627. During First Quarter 2026 our financing activity was scheduled term loan principal payments of $97,888. During First Quarter 2025, the 2020 Term Loan was refinanced with the 2025 Term Loan during First Quarter 2025 resulting in net cash provided of $110,429 offset by payments of $144,690 for scheduled term loan principal payments and term loan refinancing fees.
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%. As of June 29, 2025 the effective interest rate was at 7.0%. 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 $60,716 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. See Note 4,Long-term Debt to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report for additional information.
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 7.50%. As of December 28, 2025, the effective interest rate was at 6.25%. 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 $21,619 as of December 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 $2.39 and $2.41 million as of December 28, 2025 and September 28, 2025, respectively.
Previous wording
See Part I, Item 1, Note 2,Recently Issued Accounting Pronouncements Not Yet Adopted for information regarding recent accounting pronouncements.
Current wording
See Part I, Item 1, Note 2,Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted for information regarding recent accounting pronouncements.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Wild Animal – Georgia owns and operates a 500-acre safari park located in Pine Mountain, Georgia (the “Georgia Park”). Wild Animal – Missouri owns and operates a 255-acre safari park located in Strafford, Missouri (the “Missouri Park”). Aggieland Wild Animal – Texas owns and operates a 450-acre safari park located near Bryan/College Station, Texas (the “Texas Park”).
Current report — wording carried from elsewhere
The following table sets forth, for the periods indicated, selected income statement data.
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 4,Long-term Debt to the Consolidated Financial Statements (Unaudited).
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
The following table presents consolidated and segment operating results for the periods indicated:
Previous report — wording carried elsewhere
Contested Proxy and Related Matters, net
Previous report — wording carried elsewhere
We recorded income tax expense for Year-to-Date 2025 of $263,129 which resulted in an effective tax rate of 25.5% compared to an income tax benefit of $430,400 for Year-to-Date 2024 which resulted in an effective tax rate of 24.8%. The overall effective tax rate varies from the U.S. federal statutory rate of 21.0% primarily due to Georgia state taxes.