Parks! America (OTCMKTS:PRKA) executives fielded shareholder questions on the company’s fourth quarter and full-year fiscal 2025 earnings call, focusing largely on park-level revenue and attendance trends, marketing initiatives, land sales, and how management evaluates performance across the company’s properties.
Texas: revenue gains driven by paid ticket sales
Responding to a question about the “significant increase” in Texas park revenue year-over-year, President Geoff Gannon said the increase was driven entirely by ticket revenue. He attributed the growth to a combination of higher attendance and higher average ticket prices, and said the gains were “none of it” from in-park spending such as animal encounters.
Gannon said the strongest improvements at the Texas park have been since spring break, roughly “March to now,” and noted that the prior free attendance promotions may have helped raise awareness for the park.
Missouri and Georgia: different drivers behind revenue and spending
In Missouri, management addressed why attendance rose 14% while revenue increased about 7.5% for the full year. Gannon described multiple factors, including seasonality and a mix shift in when visits occurred during the year. He also said the company has eliminated certain offerings that previously generated spending, including food service with a kitchen, which would reduce per-capita revenue even if admissions are rising.
Gannon said broader industry conditions have been weak, describing the “general experience of both animal attractions and industry attractions” in the U.S. as “really poor right now,” with “really no growth.” He said consumers have been value-conscious, and he suggested those pressures are even more pronounced in the Branson and Springfield market where the Missouri park operates. As a result, he said, reluctance to spend is showing up in categories such as the gift shop and other add-ons, even as admissions have performed well.
In Georgia, the company saw attendance down 10% year-over-year, but revenue down only 1%. Gannon said park-specific actions helped support per-capita spending, pointing to improvements in retail and food service operations. He said gift shop sales were up in total even with lower attendance, implying a meaningful increase on a per-capita basis.
He also noted admission pricing dynamics as a factor, citing “dynamic pricing” and seasonal pricing differences in Georgia. While revenue for the full year was not up, he said revenue in the most recent quarter was up significantly, and that quarter typically carries higher prices.
Marketing and margin opportunities: events, social media, and encounters
Looking ahead, Gannon said the company has added two remote corporate hires in the last six months, with their salaries allocated into each park’s personnel costs. He said management may add one more person. The focus, he said, is on events and marketing, with more “small events” planned as tests throughout the coming year.
For margin expansion, Gannon highlighted animal encounters as a key opportunity. He said Missouri encounters were up sharply in the most recent quarter and could grow substantially over time, and said encounters may also grow in Georgia. While encounters represent a small portion of revenue—typically “only a couple percent at most” per park—he said it is “not inconceivable” for that category to rise 50% to 100% in a year as marketing improves.
Gannon described encounters as more profitable than areas the company has been de-emphasizing, such as food service and certain vehicle-related offerings that carry higher costs. He also characterized encounters as “very web-driven,” tied to social media and website effectiveness.
Land transactions: small sale in Georgia, limited expectations
On excess land, Gannon confirmed a small transaction in Georgia involving the sale of roughly 40 to 50 acres to a management employee for just under $150,000, based on an initial framework of $3,000 per acre. He said the land had “no utility” to the company and was not near the area used by guests.
Gannon said additional small land sales are possible, but cautioned investors not to expect transactions large enough to “move the needle.” He also noted practical constraints: some properties have loans secured by the land, which can complicate larger footprint changes without refinancing or related steps. He added that the land in Texas is materially more valuable than the land in Georgia, estimating Texas land could be “four or five times more valuable.”
Management incentives, Texas outlook, and acquisition commentary
Gannon outlined how general managers are evaluated, with the core benchmark being EBITDA relative to non-cash assets. He said managers are expected to generate EBITDA greater than 20% of non-cash assets over the full year. A second target is capital discipline: managers submit CapEx budgets expected to be less than one-third of EBITDA. He said performance against those measures influences bonuses and, indirectly, raises.
He said Missouri and Georgia are evaluated under that framework, while Texas is not currently held to the same standard because he does not believe it can meet the 20% return threshold in the near term, even though he expects improvement.
Addressing questions about why Texas has not followed the same turnaround path as Missouri, Gannon said Texas has high asset levels, which depresses returns on capital. However, he emphasized improving trends, noting that in the most recent quarter Texas contributed more to year-over-year EBITDA improvement than any other park. He also said he would be “stunned” if Texas is not producing more EBITDA than Missouri in fiscal 2026 and expects Texas to be the company’s second-largest contributor to earnings, though still at a lower return on invested capital.
When asked about a potential sale of the Texas property, Gannon referenced the last appraisal of $14,000 per acre across 450 acres, implying roughly $6 million to $6.5 million in value. He noted the park had about a $2.5 million loan, and suggested a net figure near $4 million before transaction costs, while also arguing that as operating performance improves the park could become “worth more alive than dead.”
On acquisitions, Gannon said he does not expect anything immediately. He noted that prices could become more attractive as financial conditions tighten and industry performance remains soft, but said that in recent periods investing in the company’s existing parks has made more sense than buying another park based on observed multiples.
In closing remarks, Gannon cautioned that the company’s recent growth should not be interpreted as an industry tailwind. He said local tourism markets were likely around flat and that Parks! America’s outperformance was driven by park-specific factors, “having most to do with marketing at each of the parks.”
About Parks! America (OTCMKTS:PRKA)
Parks! America, Inc, through its subsidiaries, engages in acquiring, developing, and operating local and regional theme parks and attractions in the United States. The company owns and operates three Wild Animal Safari theme parks located in Pine Mountain, Georgia; Strafford, Missouri; and Bryan/College Station, Texas. The company was formerly known as Great American Family Parks, Inc and changed its name to Parks! America, Inc in June 2008. Parks! America, Inc is based in Pine Mountain, Georgia.
