Executive Summary

Q3 FY2025 revenue was $3.48M and net income was $0.82M ($1.09 EPS). Revenue rose modestly year over year (+0.8%), with strong segment income and a material benefit from reversal of previously accrued proxy-related legal costs; consolidated “income from operations” jumped to $1.12M .
Mix shift: Texas delivered a sharp turnaround on new pricing and marketing (revenue +45.8% YoY; attendance +44%), offsetting weather-driven weakness in Georgia (revenue −8.6%; attendance −16.2%) and minor declines in Missouri (revenue −1.8%) .
No formal revenue/EPS guidance was issued; management emphasized pricing changes at Texas, marketing effectiveness, and CapEx normalization after completing a large Georgia restroom project (one-time, unusually high CapEx), with the effective tax rate observed at 24.0% in Q3 and 25.5% YTD .
Wall Street consensus for PRKA Q3 FY2025 EPS and revenue was unavailable via S&P Global; investors should focus on park-level momentum (Texas) and execution on marketing/price strategy as the near-term stock narrative catalysts [Values retrieved from S&P Global].

What Went Well and What Went Wrong

What Went Well

Texas Park performance accelerated: revenue +45.8% YoY to $761,047; segment income +$226,445 to $333,531; attendance +44.0% driven by new admission pricing (safari/adventure passes, family four pack) and more effective marketing .
Consolidated profitability expanded: income from operations reached $1.12M; segment operating margin improved to 44.3%; Adjusted EBITDA rose to $1.27M, underscoring operating leverage as seasonal volume returned .
Management emphasis on returns and marketing: “The biggest things to grow EBITDA/free cash per share…improve marketing effectiveness,” and better pricing; near-term focus is improving existing parks over acquisitions given superior payoff from execution .

What Went Wrong

Georgia Park headwinds: revenue −8.6% YoY to $1.98M; attendance −16.2% on consecutive rainy weeks and increased local competition; animal food, food service, and vehicle rental sales were pressured .
Missouri Park softness: revenue −1.8% YoY to $656,191 as full food service was discontinued; segment income −$5,965; adverse weather also impacted results .
Interest expense ticked up: $53,970 (+$7,047 YoY) due to the 2025 term loan at a higher rate; other income fell with lower interest income after CDs matured .

Financial Results

Consolidated comparison vs prior year and prior quarter

Metric	Q3 2024	Q2 2025	Q3 2025
Revenue ($USD)	$3,448,744	$2,002,021	$3,475,920
Park Revenue ($USD)	$3,356,723	$1,979,345	$3,397,658
Net Income ($USD)	$67,870	$(247,762)	$824,370
Diluted EPS ($)	$0.09	$(0.33)	$1.09
Income from Operations ($USD)	$102,581	$(299,376)	$1,120,224
Segment Income ($USD)	$1,502,330	$267,661	$1,538,950
Adjusted EBITDA ($USD)	$1,132,660	$(53,738)	$1,265,668
SG&A ($USD)	$1,911,148	$1,568,276	$1,813,001
Cost of Sales ($USD)	$436,348	$314,999	$401,846
Interest Expense ($USD)	$46,923	$54,709	$53,970
Effective Tax Rate (%)	22.1%	24.6%	24.0%

Segment breakdown

Segment Metric	Q3 2024	Q3 2025
Georgia Revenue ($USD)	$2,166,574	$1,980,420
Missouri Revenue ($USD)	$668,097	$656,191
Texas Revenue ($USD)	$522,052	$761,047
Georgia Segment Income ($USD)	$1,172,530	$988,670
Missouri Segment Income ($USD)	$222,714	$216,749
Texas Segment Income ($USD)	$107,086	$333,531
Consolidated Segment Operating Margin (%)	43.6%	44.3%

KPIs and operating metrics

KPI	Q3 2024	Q3 2025
Georgia Attendance YoY Change (%)	—	−16.2%
Missouri Attendance YoY Change (%)	—	+6.8%
Texas Attendance YoY Change (%)	—	+44.0%
Advertising & Marketing Expense ($USD, quarter)	$282,933	$256,633
CapEx – Georgia ($USD, quarter)	$98,867	$65,100
CapEx – Missouri ($USD, quarter)	$4,569	$30,364
CapEx – Texas ($USD, quarter)	$81,483	$0
Total CapEx ($USD, quarter)	$184,919	$95,464

Balance sheet and liquidity

Metric	Sep 29, 2024	Jun 29, 2025
Total Assets ($USD, consolidated)	$19,194,071	$18,590,070
Total Cash & Short-term Investments ($USD, consolidated)	$3,324,368	$2,687,661
Total Long-term Debt, Net ($USD)	$2,687,831	$2,885,798
Debt-to-Equity Ratio (loan debt/equity)	0.25x	0.22x

Non-GAAP disclosures: Adjusted net income of $748,703 and adjusted diluted EPS of $0.99 reflect exclusion of contested proxy-related net credits and other non-operational items; reconciliation is provided in the 10-Q .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue/EPS	FY2025	None	None provided	Maintained (no formal guidance)
Pricing – Texas	Summer 2025	Not applicable	New pricing effective mid-June; higher pricing to be reflected from May onward	Raised (pricing)
CapEx – Georgia Restroom	FY2025	Normal maintenance	One-time, unusually high CapEx (restroom project); expected to normalize thereafter	One-time elevated; normalization expected
Effective Tax Rate	FY2025	Not provided	Observed ~24–26% (Q3 24.0%; YTD 25.5%)	Informational (no guidance)

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3)	Trend
Marketing effectiveness	New agency; advertising cut in off-season; focus on paid ads effectiveness	Texas momentum attributed to new marketing; Georgia/Missouri impacted by prior weak marketing	Improving in Texas; still a work-in-progress elsewhere
Pricing strategy	Planned higher pricing at Aggieland (Texas) starting May	Texas adopted differentiated passes; strong response	Positive impact evident
CapEx	Georgia restroom project drives unusually high CapEx; normalization expected	Q3 CapEx down sequentially; restroom project still key driver overall	Normalizing post-project
Attendance & seasonality	Season starts March; off-season advertising/sales lower	Q3 shows seasonal lift; Georgia weather/competition tempered volumes; Missouri field trips helped	Seasonal lift mixed by region
Returns on capital	Emphasis on park-level ROC; improve marketing/pricing before acquisitions	Continued focus; Texas demonstrating better ROC potential with mix/pricing	Favor internal execution over M&A
Financing/liquidity	Consider revolving facilities for buffer; manage cash through seasonality	Debt/Equity improved to 0.22x; working capital higher; liquidity adequate	Stable/liquidity adequate

Management Commentary

Strategy: “The biggest things to grow EBITDA/free cash per share…improve marketing effectiveness…better pricing,” with the best returns from improving existing parks rather than acquisitions near term .
Texas execution: New GM and pricing changes beginning May; early results reflect March; continued improvements expected as pricing/marketing take hold .
CapEx discipline: Georgia restroom project is the unusual item; normalized CapEx should be ~50% lower post-project given one-time nature .
Return focus: Asset decisions hinge on return on capital—retain/acquire only where returns are adequate; no blanket decision to shrink/grow .

Notable quotes:

“Results in April will start to reflect the new general manager and in May will start to reflect new pricing…higher pricing” (Texas) .
“A successful park…probably is capable of doing ~30% EBITDA margin…[but] it’s really important what the relationship between sales and capital invested is” .

Q&A Highlights

Aggieland (Texas) leadership and pricing: Permanent GM in place; price increases starting May intended to improve profitability; Q2 captured mostly March effects .
Capital allocation: Priority is improving existing parks via marketing/pricing versus acquisitions; asset sale/purchase decisions are case-by-case on ROC .
CapEx cadence: Georgia restroom is the one big project; overall CapEx expected to normalize after completion; no immediate repetition of large projects .
Liquidity/credit lines: Company monitors seasonality, may explore revolving facilities as a buffer though not needed currently; cash is managed to avoid off-season constraints .
Share actions/OTCQX: Reverse/forward split executed; listed on OTCQX; detailed impacts (fractional cash-out, share counts) covered in filings .

Estimates Context

Wall Street consensus for PRKA Q3 FY2025 EPS and revenue was unavailable via S&P Global; no comparison to estimates is possible. Values retrieved from S&P Global.

Key Takeaways for Investors

Texas is the swing factor: Pricing and marketing changes drove revenue/attendance momentum; sustaining this through Q4 season could anchor a positive revision narrative absent Street estimates .
Georgia requires marketing recovery: Weather and competition pressured volumes; execution in paid advertising and targeted promotions is key to stabilizing revenue .
One-off support to earnings: Q3 included a credit from contested proxy legal fee reversals; monitor underlying park-level profitability as non-recurring items roll off .
Profitability leverage is visible: Income from operations and Adjusted EBITDA improved materially with seasonal volume; maintaining segment margins is critical as mix shifts .
CapEx normalization ahead: Post-restroom project, expect lower, maintenance-like CapEx which can improve free cash generation if attendance/pricing hold .
Balance sheet stable: Debt-to-equity improved to 0.22x; working capital rose; refinancing complete with predictable amortization schedule and prime−0.5% rate .
Near-term catalyst: Continued Texas growth and evidence of marketing-driven recovery in Georgia/Missouri during peak season can drive sentiment in absence of formal guidance or Street coverage .

PARKS AMERICA, INC (PRKA)·Q3 2025 Earnings Summary