PARKS AMERICA, INC
For the period ended Mar 29, 2026. Filed May 11, 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.
Mar 29, 2026 · Filed May 11, 2026
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2026-03-29; filed 2026-05-11.
0001493152-26-022265
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 128 previous paragraphs and 178 current paragraphs.
80 unchanged; 35 reworded; 51 added; 13 removed; 0 previous and 12 current paragraphs rearranged.
Tables are not compared: 11 previous and 14 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 (51)
Current report
In January 2026 we completed a strategic switch to a new ticketing platform provider which we believe improves guest experience while also providing improved functionality and reporting for our park customer service teams. This change had a net neutral impact on our profitability. With this change in January 2026 we started to directly upcharge and collect from customers a transaction processing fee that is included in total Park revenue and included in Other revenue driven costs. Prior to January 2026 we did not directly upcharge for the customer transaction processing fees and therefore the customer transaction processing fees were excluded from total Park revenue and Other revenue driven costs. We did present pro-forma Park revenue excluding transaction processing fees collected from customers for Second Quarter 2026 for comparison to Second Quarter 2025 and for Year-to-Date 2026 compared to Year-to-Date 2025.
Current report
The following table shows our consolidated and segment Park revenue for the 13 weeks ended March 29, 2026 and March 30, 2025, respectively, along with proforma Park revenue for the 13 weeks ended March 29, 2026:
Current report
Second Quarter 2026 compared with Second Quarter 2025
Current report
Total revenue was $2.30 million in Second Quarter 2026, an increase of $294,326 or 14.7%, compared to $2.00 million during Second Quarter 2025. On a pro-forma basis, adjusting for the change to exclude transaction processing fees collected from customers in Park revenue, our total revenue was $2.27 million in Second Quarter 2026, an increase of $268,247 or 13.4% compared to $2.00 million during Second Quarter 2025.
Current report
Park revenue was $2.25 million in Second Quarter 2026, an increase of $266,557 or 13.5%, compared to $1.98 million during Second Quarter 2025. On a pro-forma basis, adjusting for the change to exclude transaction processing fees collected from customers in Park revenue, our Park revenue was $2.22 million in Second Quarter 2026, an increase of $240,478 or 12.1% compared to $1.98 million during Second Quarter 2025.
Current report
Texas Park revenue was $681,137 in Second Quarter 2026, an increase of $102,001 or 17.6% compared to $579,136 during Second Quarter 2025. While overall attendance was down in Second Quarter 2026 compared to Second Quarter 2025, admission revenue increased due to increased admission ticket prices. In addition, in-park guest spending on animal food and animal encounters increased primarily because certain admission packages included animal food and animal encounters in the price of the admission during Second Quarter 2025. In addition, we were able to provide guests with more animal encounter offerings and availability due to additional staffing. On a pro-forma basis, adjusting for the change to exclude customer transaction processing fees in Texas Park revenue, our Park revenue was $673,583 in Second Quarter 2026, an increase of $94,447 or 16.3% compared to $579,136 during Second Quarter 2025.
Current report
Georgia Park attendance increased approximately 7.9% during Second Quarter 2026 compared to Second Quarter 2025. This was primarily driven by more favorable weather conditions compared to Second Quarter 2025. In Second Quarter 2025 we experienced adverse weather conditions and a two-day power outage that required the park to be closed as well as rainy and colder than average weather temperature that negatively impacted attendance.
Current report
Missouri Park attendance increased by approximately 9.8% during Second Quarter 2026 compared to Second Quarter 2025 primarily driven by more favorable weather conditions during the winter months compared to Second Quarter 2025. In Second Quarter 2025 we experienced adverse weather conditions and snow that required the park to be closed for one week and closed for other consecutive days due to rainy and colder than average weather temperatures.
Current report
Texas Park attendance decreased approximately 23.0% in Second Quarter 2026 compared to Second Quarter 2025 primarily due to rainy weather the first two days of Spring Break resulting in lower attendance compared to Second Quarter 2025. In Second Quarter 2025 we experienced a significant increase in attendance during Spring Break due to the positive response to new marketing strategies. In addition, our Texas Park was closed on Tuesdays and Wednesdays for all weeks, except Spring Break week, during Second Quarter 2026 compared to being open seven days a week during Second Quarter 2025.
Current report
Consolidated cost of animal food, merchandise and food was $299,635 in Second Quarter 2026, a decrease of $15,364 or 4.9% compared to $314,999 during Second Quarter 2025. The decrease was primarily attributed to the Georgia Park decrease in resale and non-sale animal food cost of sales due to an inventory adjustment in Second Quarter 2025.
Current report
Consolidated other revenue driven costs were $66,493 in Second Quarter 2026, an increase of $24,947 or 60.0% compared to $41,546 during Second Quarter 2025 primarily driven by the additional expense related to the transaction processing fees paid to the new ticketing platform provider that was excluded in Second Quarter 2025. On a pro forma basis, excluding the transaction processing fees paid to the new ticketing platform provider, consolidated other revenue driven costs were $40,965 in Second Quarter 2026, a decrease of $581 or 1.4% compared to $41,546 during Second Quarter 2025. Other revenue driven costs during Second Quarter 2026 include a cost-plus fee adjustment credit from our payment processor, in the amount of $7,545, provided to us through our contractual relationship with our new ticketing platform provider.
Current report
Consolidated other segment expenses were $489,508 in Second Quarter 2026, a decrease of $32,399 or 6.2% compared to $521,907 during Second Quarter 2025. The decrease was primarily driven by lower insurance expenses at all three parks and a decrease at our Texas Park due to lower veterinary costs and animal expenses, primarily due to an animal insurance policy purchased for a limited term period for the transportation of a giraffe.
Current report
Consolidated segment income was $494,324 in Second Quarter 2026, an increase of $271,903 from $222,421 during Second Quarter 2025.
Current report
Missouri Park segment income was $31,032 in Second Quarter 2026, an increase of $24,226 from $6,806 during Second Quarter 2025. The increase was primarily driven by an increase in admission revenue and in-park guest spending on animal encounters offset by higher personnel costs, higher advertising and marketing and higher other revenue driven costs due to the transaction processing fee paid to the new ticketing platform provider compared to Second Quarter 2025.
Current report
Texas Park segment income was $208,246 in Second Quarter 2026, an increase of $141,173 from $67,073 during Second Quarter 2025. The increase was primarily driven by an increase in admission revenue and in-park guest spending on animal encounters as well as increased gross margin from higher in-park guest spending on animal food and changes in significant segment expenses, primarily lower personnel costs, lower advertising and marketing costs and lower travel related costs and higher other revenue driven costs, due to the transaction processing fee paid to the new ticketing platform provider, compared to Second Quarter 2025.
Current report
Other income, net was $19,803 in Second Quarter 2026, a decrease of $5,520 from $25,323 during Second Quarter 2025. The decrease was primarily driven by interest income received on a federal income tax refund during Second Quarter 2025.
Current report
Net Income (Loss) and Earnings (Loss) per share
Current report
(1) The significant expense categories and amounts align with the segment -level information that is regularly provided to the CODM.
Current report
The following table shows our consolidated and segment Park revenue for 26 weeks ended March 29, 2026 and March 30, 2025, respectively, along with proforma Park revenue for the 26 weeks ended March 29, 2026:
Current report
Year-to-Date 2026 compared with Year-to-Date 2025
Current report
Total Revenue and Park Revenue
Current report
Our total revenue was $4.39 million for Year-to-Date 2026, an increase of $617,266 or 16.4%, compared to $3.77 million during Year-to-Date 2025. On a pro-forma basis, adjusting for the change to exclude transaction processing fees collected from customers in Park revenue, our total revenue was $4.36 million for Year-to-Date 2026, an increase of $591,187 or 15.7% compared to $3.77 million during Year-to-Date 2025.
Current report
Our total Park revenue was $4.32 million for Year-to-Date 2026, an increase of $621,937 or 16.8%, compared to $3.70 million during Year-to-Date 2025. On a pro-forma basis, adjusting for the change to exclude transaction processing fees collected from customers in Park revenue, our Park revenue was $4.29 million for Year-to-Date 2026, an increase of $595,858 or 16.1% compared to $3.70 million during Year-to-Date 2025.
Current report
Animal sales were $69,433 for Year-to-Date 2026, a decrease of $4,671 compared to $74,104 for Year-to-Date 2025 primarily driven by a decrease in animal sales at our Texas Park due to timing of animal sales.
Current report
Georgia Park revenue was $2.27 million for Year-to-Date 2026, an increase of $151,636 or 7.1% compared to $2.12 million during Year-to-Date 2025. The increase was primarily driven by the increase in attendance year-over-year primarily due to more favorable weather conditions, especially during the weeks of Thanksgiving and Christmas in First Quarter 2026 compared to the prior year. 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. On a pro-forma basis, adjusting for the change to exclude customer transaction processing fees in Georgia Park revenue, our Park revenue was $2.26 million for Year-to-Date 2026, an increase of $140,651 or 6.6% compared to $2.12 million during Year-to-Date 2025.
Current report
Missouri Park revenue was $819,379 for Year-to-Date 2026, an increase of $182,569 or 28.7% compared to $636,810 during Year-to-Date 2025. The increase was primarily driven by higher attendance due to more favorable weather conditions over the winter months and especially during the week of Christmas in First Quarter 2026 compared to the prior year. In addition, in-park guest spending on animal encounters increased primarily due to the addition and success of the capybara encounter offering not offered in the prior year, as well as the completion of the new animal encounter building to complement the guest experience for animal encounters. On a pro-forma basis, adjusting for the change to exclude customer transaction processing fees in Missouri Park revenue, our Park revenue was $811,839 for Year-to-Date 2026, an increase of $175,029 or 27.5% compared to $636,810 during Year-to-Date 2025.
Current report
Texas Park revenue was $1.23 million for Year-to-Date 2026, an increase of $287,732 or 30.6% compared to $0.94 million during Year-to-Date 2025. The increase in revenue was driven by higher admission ticket prices year-over-year and an increase in in-park guest spending primarily on animal encounters and animal food because during Year-to-Date 2025 certain admission packages included animal food and animal encounters in the admission pricing. On a pro-forma basis, adjusting for the change to exclude customer transaction processing fees in Texas Park revenue, our Park revenue was $1.22 million for Year-to-Date 2026, an increase of $280,178 or 29.8% compared to $0.94 million during Year-to-Date 2025.
Current report
Attendance
Current report
Georgia Park attendance increased approximately 3.7% during Year-to-Date 2026 compared to Year-to-Date 2025.
Current report
Significant Expenses
Current report
Other revenue driven costs
Current report
Consolidated other revenue driven costs were $108,642 for Year-to-Date 2026, an increase of $34,073 or 45.7% compared to $74,569 during Year-to-Date 2025. The increase was driven by an increase in Park revenue, as well as the additional expense related to the transaction processing fees paid to the new ticketing platform provider that was excluded in Year-to-Date 2025. On a pro forma basis, excluding the transaction processing fees paid to the new ticketing platform provider, consolidated other revenue driven costs were $83,114 for Year-to-Date 2026, an increase of $8,545 or 11.5% compared to $74,569 during Year-to-Date 2025. Other revenue driven costs during Year-to-Date 2026 include a cost-plus fee adjustment credit from our payment processor, in the amount of $7,545, provided to us during Year-to-Date 2026 through our contractual relationship with our new ticketing platform provider.
Current report
Personnel costs
Current report
Advertising and marketing
Current report
Other segment expenses
Current report
Segment Income
Current report
Our consolidated segment income was $902,051 for Year-to-Date 2026, an increase of $446,911 from $455,140 during Year-to-Date 2025.
Current report
Our Georgia Park segment income was $566,899 for Year-to-Date 2026, an increase of $84,411 from $482,488 during Year-to-Date 2025. The increase was primarily driven by an increase in admission revenue and in-park guest spending on animal encounters, as well as increased gross margin from higher in-park guest spending on animal food, gift shop and food service. These increases in Park revenue more than offset the changes in significant segment expenses, primarily higher personnel and benefit costs, higher advertising and marketing costs, higher other revenue driven costs, due to the inclusion of the transaction processing fee paid to the new ticketing platform provider, and lower insurance expense and lower park maintenance expense, primarily due to one-time demolition costs of an unoccupied house at the Georgia Park in First Quarter 2025, compared to Year-to-Date 2025.
Current report
Our Texas Park segment income was $337,442 for Year-to-Date 2026, an increase of $322,368, from $15,074 during Year-to-Date 2025. The increase was primarily driven by an increase in admission revenue and in-park guest spending on animal encounters and increased gross margin from in-park guest spending on animal food and changes in significant segment expenses, primarily lower personnel costs, lower insurance and travel related costs and an increase in advertising and marketing costs and higher other revenue driven costs, due to the inclusion of the transaction processing fee paid to the new ticketing platform provider, compared to Year-to-Date 2025 as well as higher animal expenses, primarily due to an animal insurance policy purchased for a limited policy period for the transportation of a giraffe during Year-to-Date 2025.
Current report
Corporate Expenses
Showing the first 40 of 51 passages. Open the source sections for the rest.
Removed paragraphs (13)
Previous report
All prior period share and per share information contained in this Quarterly Report gives effect to the Reverse Forward Stock Split that became effective on April 30, 2025.
Previous report
Total Park Revenue
Previous report
First Quarter 2026 compared with First Quarter 2025
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
Texas Park segment income was $129,196 in First Quarter 2026, an increase of $181,195 from segment loss of $51,999 in First Quarter 2025. The increase in admission revenue and gross margin from in-park guest spending on animal food, gift shop and concessions more than offset the increase in advertising and marketing costs that were offset by lower personnel costs and other segment expenses, primarily timing of spend for park signage and travel related costs compared to First Quarter 2025.
Previous report
Contested Proxy and Related Matters
Previous report
Other income, net was $22,074 in First Quarter 2026, an increase of $8,692 from $13,382 in First Quarter 2025. The increase was primarily driven by the one-time non-operating expense at the Texas Park included in First Quarter 2025.
Previous report
Net Income (Loss)
Reworded paragraphs (35)
Previous wording
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 wording
Each of our three parks are located in 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.
Previous wording
On December 22, 2023, Focused Compounding Fund, LP (together with the participants in its solicitation, “Focused Compounding”) submitted documents to the Company providing notice as to a demand that the Company hold a special meeting of stockholders (the “Special Meeting”). The Special Meeting was held for the purpose of asking stockholders to consider and vote upon five proposals, including a proposal for the removal of all directors currently serving on the Board of Directors and a proposal for the election of a new Board of Directors comprised entirely of Focused Compounding’s slate of three candidates. The Special Meeting was held on February 26, 2024 and Focused Compounding’s proposal to reconstitute the Board of Directors received the votes of a majority of shareholders who voted, but not a sufficient majority for approval under Nevada law, so it did not pass.
Current wording
On December 22, 2023, Focused Compounding Fund, L.P. (together with the participants in its solicitation, “Focused Compounding”) submitted documents to the Company providing notice as to a demand that the Company hold a special meeting of stockholders (the “Special Meeting”). The Special Meeting was held for the purpose of asking stockholders to consider and vote upon five proposals, including a proposal for the removal of all directors currently serving on the Board of Directors and a proposal for the election of a new Board of Directors comprised entirely of Focused Compounding’s slate of three candidates. The Special Meeting was held on February 26, 2024 and Focused Compounding’s proposal to reconstitute the Board of Directors received the votes of a majority of shareholders who voted, but not a sufficient majority for approval under Nevada law, so it did not pass.
Previous wording
No fractional shares will be 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 wording
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:
Previous wording
Consolidated and Segment Results of Operations for First Quarter 2026 as Compared to First Quarter 2025
Current wording
Consolidated and Segment Results of Operations for Second Quarter 2026 as Compared to Second Quarter 2025
Previous wording
(1) The significant expense categories and amounts align the CODM.
Current wording
(1) The significant expense categories and amounts align with the segment -level information that is regularly provided to the CODM.
Previous wording
(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 wording
(4) Other segment expenses include all other operating expenses, including animal expenses, park and vehicle maintenance expenses, insurance, utilities, outside services, operating supplies and other miscellaneous expenses.
Previous wording
(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 wording
(5) Unallocated corporate expenses include corporate personnel costs, director fees and compensation, directors and officers insurance, computer software and services, professional fees and public company related expenses.
Previous 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.
Current wording
Animal sales were $50,445 in Second Quarter 2026, an increase of $27,769 compared to $22,676 during Second Quarter 2025. The increase is driven by the timing of animal sales at our Georgia Park year-over-year.
Previous wording
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 wording
Georgia Park revenue was $1.10 million in Second Quarter 2026, an increase of $63,406 or 6.1% compared to $1.04 million during Second Quarter 2025. The increase was primarily driven by the increase in attendance year-over-year. 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 higher attendance. On a pro-forma basis, adjusting for the change to exclude customer transaction processing fees in Georgia Park revenue, our Park revenue was $1.09 million in Second Quarter 2026, an increase of $52,421 or 5.0% compared to $1.04 million during Second Quarter 2025.
Previous wording
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 wording
Missouri Park revenue was $462,228 in Second Quarter 2026, an increase of $101,150 or 28.0% compared to $361,078 during Second Quarter 2025. The increase was primarily driven by higher attendance due to more favorable weather conditions over the winter months compared to the prior year. 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. On a pro-forma basis, adjusting for the change to exclude customer transaction processing fees in Missouri Park revenue, our Park revenue was $454,688 in Second Quarter 2026, an increase of $93,610 or 25.9% compared to $361,078 during Second Quarter 2025.
Previous wording
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 wording
Consolidated personnel costs were $707,550 in Second Quarter 2026, an increase of $41,681 or 6.3% compared to $665,869 during Second Quarter 2025. The increase in personnel costs at the Georgia Park and Missouri Park was primarily driven by additional education and zookeeper personnel compared to Second Quarter 2025. This was offset by a decrease in personnel costs at our Texas Park due to the park being closed to the public two days a week in Second Quarter 2026 compared to being open seven days a week during Second Quarter 2025. In addition, an internal graphic designer and event planner were hired during Fourth Quarter 2025 and a social media content and animal educator hired later in Second Quarter 2026 for the benefit of all three parks.
Previous wording
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 wording
Consolidated advertising and marketing expenses were $238,837 in Second Quarter 2026, an increase of $3,558 or 1.5% compared to $235,279 during Second Quarter 2025. The Company switched its 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.
Previous wording
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.
Current wording
Georgia Park segment income was $255,046 in Second Quarter 2026, an increase of $106,504 or 71.7% from $148,542 during Second Quarter 2025. The increase was primarily driven by an increase in admission revenue and in-park guest spending on animal encounters. In addition, higher attendance generated increased gross margin from in-park guest spending on animal food, gift shop and food service. These increases in Park revenue more than offset the changes in significant segment expenses, primarily higher personnel costs, higher advertising and marketing costs and higher other revenue driven costs, due to the transaction processing fee paid to the new ticketing platform provider, compared to Second Quarter 2025.
Previous 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.
Current wording
Corporate expenses were $219,845 in Second Quarter 2026, a decrease of $81,637 from $301,482 during Second Quarter 2025 primarily driven by lower professional fees, due to timing of accruals, lower insurance expense and lower personnel costs compared to Second Quarter 2025.
Previous wording
Depreciation and amortization expense was $211,081 in First Quarter 2026, compared to $208,548 in First Quarter 2025. The increase was driven by higher depreciation expense at the Georgia Park related to the new restroom facility placed on service during Second Quarter 2025.
Current wording
Depreciation and amortization expense was $216,171 in Second Quarter 2026, a decrease of $4,144 compared to $220,315 during Second Quarter 2025. The decrease was driven by lower depreciation expense for our Texas Park and Missouri Park due to assets becoming fully depreciated offset by higher depreciation expense at the Georgia Park related to the new restroom facility placed in service during Second Quarter 2025.
Previous wording
Other operating income, net was $2,791 in First Quarter 2026 compared to $52 in First Quarter 2025. The increase was due to higher net gain on disposals of property and equipment during First Quarter 2026 compared to First Quarter 2025.
Current wording
Other operating income, net was $1,008 in Second Quarter 2026 compared to none in Second Quarter 2025. The increase was due to net gain on disposals of property and equipment during Second Quarter 2026.
Previous 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.
Current wording
Interest expense was $45,859 in Second Quarter 2026, a decrease of $8,850 from $54,709 during Second 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 Second Quarter 2025 and a decrease in the 2021 Term Loan interest due to lower principal balances.
Previous 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.
Current wording
We recorded income tax expense for Second Quarter 2026 of $3,715 which resulted in an effective tax rate of 11.2% compared to income benefit of $81,000 for Second Quarter 2025 which resulted in an effective tax rate of 24.6%. 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 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).
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 on our Consolidated Financial Statements (Unaudited).
Previous 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.
Current wording
As a result of the above factors, Net income was $29,545 and basic and diluted earnings per share of $0.04 in Second Quarter 2026 compared with Net loss of $247,762 and basic and diluted loss per share of $0.33 in Second Quarter 2025.
Previous wording
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 wording
Missouri Park attendance increased by approximately 15.0% during Year-to-Date 2026 compared to Year-to-Date 2025 primarily driven by more favorable weather conditions during the winter months, especially during the first week of Christmas compared to Year-to-Date 2025.
Previous 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.
Current wording
Texas Park provided customers with free admissions promotions on certain days during the Year-to-Date 2025 and we do not believe attendance is comparable to the prior year.
Previous wording
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 wording
Consolidated cost of animal food, merchandise and food was $575,610 for Year-to-Date 2026, an increase of $8,949 or 1.6% compared to $566,661 during Year-to-Date 2025. The increase was primarily attributed to the Georgia Park increase in food service cost of sales due to the increase in food service revenue.
Previous wording
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 wording
Consolidated other segment expenses were $0.94 million for Year-to-Date 2026, a decrease of $69,779 or 6.9% compared to $1.01 million during Year-to-Date 2025. The decrease was primarily driven by lower insurance and outside services for all three parks, as well as lower park maintenance expenses, due to the one-time demolition costs of an unoccupied house on the Georgia Park grounds in Year-to-Date 2025. In addition, the Texas Park had lower operating expenses, primarily lower travel related costs, veterinary costs and animal expenses, primarily due to an animal insurance policy purchased for a limited term period for the transportation of a giraffe compared to Year-to-Date 2025.
Previous wording
Missouri Park segment loss was $33,322 in First Quarter 2026, a decrease of $15,906 or 32.3% from segment loss of $49,228 in First Quarter 2025. The increase in admission revenue and in-park guest spending on animal encounters was more than the increase in advertising and marketing costs that were offset by lower personnel costs and other segment expenses, primarily lower insurance expense and property taxes due to timing of the accrual compared to First Quarter 2025.
Current wording
Our Missouri Park segment loss was $2,290 for Year-to-Date 2026, a decrease of $40,132, from segment loss of $42,422 during Year-to-Date 2025. The increase in admission revenue and in-park guest spending, primarily on animal encounters, was more than the increase in personnel costs, advertising and marketing costs and other revenue driven costs, due to the inclusion of the transaction processing fee paid to the new ticketing platform provider, offset by lower insurance expense compared to Year-to-Date 2025.
Previous 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.
Current wording
Contested proxy and related matters, net was none Year-to-Date 2026 compared to a credit of $567,157 during Year-to-Date 2025. The credit in Year-to-Date 2025 was from the receipt of insurance proceeds in First Quarter 2025 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
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:
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 (loss) per share:
Previous 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.
Current wording
Our working capital was $3.01 million as of March 29, 2026, compared to $3.28 million as of September 28, 2025. The decrease in working capital primarily reflects a reduction in cash used for the payments of other current liabilities, primarily bonuses, accrued professional fees and property taxes, as well as cash used for capital expenditures and scheduled term loan payments.
Previous 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.
Current wording
Total long-term debt, including current maturities, as of March 29, 2026 was $2.99 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 Year-to-Date 2026.
Previous 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.
Current wording
As of March 29, 2026, we had stockholders’ equity of $15.22 million and total loan debt of $2.99 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 operating activities was $56,679 during First Quarter 2026, compared to $54,797 during First Quarter 2025. The decrease in net income and year over year change in non-cash items, primarily deferred income taxes, was offset by higher cash provided due to the year over year changes in working capital, primarily accounts payable, as directors and officers insurance proceeds received in First Quarter 2025 were used to pay down accounts payable associated with the contested proxy and related matters.
Current wording
Net cash provided by operating activities was $263,506 during Year-to-Date 2026, compared to net cash used in operating activities of $162,671 resulting in an increase in cash provided by operating activities of $426,177 during Year-to-Date 2025. The decrease in net loss was offset by higher cash provided due to the year-over-year changes in working capital, primarily accounts payable, as directors and officers insurance proceeds received in First Quarter 2025 were used to pay down accounts payable associated with the contested proxy and related matters.
Previous 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.
Current wording
Net cash used in investing activities was $424,936 during Year-to-Date 2026, compared to $223,943 during Year-to-Date 2025 resulting in a net increase of $200,993. Our investing activity during Year-to-Date 2026 included capital spending of $431,833. Our investing activity during Year-to-Date 2025 included cash provided of $838,442 from the maturity of short-term investments in certificates of deposit. Our capital spending for Year-to-Date 2025 was $1.1 million. The decrease in capital spending in Year-to-Date 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 $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.
Current wording
Net cash used in financing activities was $238,027 during Year-to-Date 2026, compared to $129,129 during Year-to-Date 2025 resulting in an increase of $108,898. During Year-to-Date 2026 our financing activity was scheduled term loan principal payments of $198,327 and purchases of treasury stock of $39,700. 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 $239,585 for scheduled term loan principal payments and term loan refinancing fees.
Previous 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.
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 March 29, 2026, 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 March 29, 2026. 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 $2.36 and $2.41 million as of March 29, 2026 and September 28, 2025, respectively.
Previous wording
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).
Current wording
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, L.P., with Cendera Bank N.A. Geoffrey Gannon and Andrew Kuhn control Focused Compounding Fund, L.P., and each serve 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 current paragraphs (12)
Current report — wording carried from elsewhere
The following table shows our consolidated and segment operating results for the 26 weeks ended March 29, 2026 and March 30, 2025:
Current report — wording carried from elsewhere
(2) Other revenue driven costs include credit card fees and other revenue processing costs driven by sales volume.
Current report — wording carried from elsewhere
(3) Personnel costs include fixed and variable wages, benefits and employer taxes.
Current report — wording carried from elsewhere
(4) Other segment expenses include all other operating expenses, including animal expenses, park and vehicle maintenance expenses, insurance, utilities, outside services, operating supplies and other miscellaneous expenses.
Current report — wording carried from elsewhere
(5) Unallocated corporate expenses include corporate personnel costs, director fees and compensation, directors and officers insurance, computer software and services, professional fees and public company related expenses.
Current report — wording carried from elsewhere
Cost of animal food, merchandise and food
Current report — wording carried from elsewhere
Consolidated personnel costs were $1.38 million for Year-to-Date 2026, an increase of $74,500 or 5.7% compared to $1.31 million during Year-to-Date 2025. The increase in personnel costs at the Georgia Park and Missouri Park was primarily driven by additional education and zookeeper personnel compared to Year-to-Date 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 Year-to-Date 2026 compared to being open seven days a week during Year-to-Date 2025. In addition, an internal graphic designer and event planner were hired during Fourth Quarter 2025 and a social media content and animal educator hired later in Second Quarter 2026 for the benefit of all three parks.
Current report — wording carried from elsewhere
Consolidated advertising and marketing expenses were $481,787 for Year-to-Date 2026, an increase of 122,612 or 34.1% compared to $359,175 during Year-to-Date 2025. The Company switched its 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 Year-to-Date 2026 compared to Year-to-Date 2025.
Current report — wording carried from elsewhere
Contested Proxy and Related Matters, net
Current report — wording carried from elsewhere
Interest expense was $94,611 for Year-to-Date 2026, a decrease of $17,567 from $112,178 during Year-to-Date 2025. The decrease was primarily driven by the reduction in the 2025 Term Loan variable interest rate of approximately 75 basis points compared to Year-to-Date 2025 and a decrease in the 2021 Term Loan interest due to lower principal balances.
Current report — wording carried from elsewhere
We recorded income tax benefit for Year-to-Date 2026 of $5,785 which resulted in an effective tax rate of 47.0% compared to income tax expense of $2,900 for Year-to-Date 2025 which resulted in an effective tax rate of (5.60%). The overall effective tax rate varies from the U.S. federal statutory rate of 21.0% primarily due to Georgia state taxes.
Current report — wording carried from elsewhere
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 on our Consolidated Financial Statements (Unaudited).