Parks! America, Inc.(PRKA) and its subsidiaries have r eleased their consolidated financial statements for the three and nine months ending July 2, 2023, revealing a net loss of $487,064 for the nine-month period. The company's park revenues reached $6,476,656 during the same period.
Park Revenues Experience a Decline
Parks! America, Inc. witnessed a decline in park revenues for both the three and nine months ending July 2, 2023, compared to the corresponding periods in the previous year. The park revenues for the three-month period amounted to $2,801,512, down from $3,619,240 for the same period in 2022. Similarly, the nine-month park revenues stood at $6,476,656, a decrease from $7,645,743 in the previous year.
Net Loss Incurred
The company reported a net loss of $487,064 for the nine months ended July 2, 2023. This net loss contrasts with a net income of $245,082 for the same period in 2022. The loss can be attributed to various factors including tornado expenses, asset write-offs, and legal settlement charges.
The company's adjusted net income, a non-GAAP measure, presents a different perspective on its financial performance. For the three months ended July 2, 2023, the adjusted net income was $315,829, compared to $791,712 for the same period in 2022. Similarly, the adjusted net loss for the nine months ended July 2, 2023, was $221,638, contrasting with an adjusted net income of $318,082 in the previous year.
The report also provides a breakdown of park revenues based on location. In the three months ended July 2, 2023, Georgia contributed $1,713,205, Missouri brought in $570,888, and Texas generated $517,419 in park revenues. This makes the total reported park revenues for the period $2,801,512.
Pro Forma Revenue Analysis
The company also presented pro forma park revenues that reflect a hypothetical scenario. In the three months ended July 2, 2023, the pro forma revenues amounted to $3,477,012, indicating an increase compared to the reported park revenues. This analysis aims to provide a comprehensive view of potential revenue if certain factors were adjusted.
The consolidated balance sheet reveals that as of July 2, 2023, the company's total assets amounted to $20,269,344, which experienced a decrease from $21,103,606 on October 2, 2022. The stockholders' equity stood at $14,981,882, reflecting the ownership stake in the company.
Parks! America, Inc. has reported a net loss of $487,064 for the nine months ended July 2, 2023, accompanied by park revenues totaling $6,476,656. The financial statements indicate challenges faced by the company, including tornado expenses and write-offs, which have impacted its overall financial performance. The pro forma revenue analysis provides insight into the potential growth trajectory, while the balance sheet highlights the company's financial position as of July 2, 2023.