Executive Summary

Q4 FY2024 revenue declined 8.6% year over year to $2.61M, but pre-tax income improved to $0.25M from $0.09M as cost discipline offset softer traffic at Georgia and Texas; total segment EBITDA was $0.83M vs $0.92M last year .
Segment mix: Missouri grew revenue 13.8% and pre-tax income 27.8% y/y; Georgia and Texas were down y/y on revenue, consistent with heavier competition in GA and lower advertising spend through winter .
Balance sheet/liquidity: Cash & short-term investments were $3.32M at FY-end; total loan debt fell to $3.50M; post-quarter, Aggieland debt was refinanced with a 10-year loan at Prime–0.50%, smoothing near-term amortization .
Strategic updates likely to drive stock narrative: (1) Aggieland appraisal of $9.2M ($6.3M land) and a go/no-go decision targeted around FY25 year-end; (2) potential reverse/forward split tied to the next annual meeting, contingent on liquidity; (3) Georgia capex spike in FY25 for a new restaurant, a one-year step-up with multi-year benefit .

What Went Well and What Went Wrong

What Went Well

Missouri momentum: Q4 revenue $0.72M (+13.8% y/y) and pre-tax income $0.29M (+27.8% y/y), signaling operating leverage as the park scales .
Profitability inflection: Consolidated pre-tax income rose to $0.25M in Q4 from $0.09M a year ago despite lower revenue, reflecting tighter costs and lower corporate expense in the quarter .
Debt optimization: Aggieland refinanced on 9/30/24 with a 10-year term, Prime–0.50% rate and 15-year amortization, replacing the prior loan and easing cash outflows (subsequent event) .
- Quote: “We... refinanc[ed] a loan... that event happened right after the end of the quarter... it's going to have some slight differences... versus what you see in the balance sheet” .

What Went Wrong

Georgia softness: Q4 GA revenue fell to $1.47M from $1.77M y/y; GA revenue remains below pre-tornado/pro-COVID peaks amid increased competition and previously ineffective advertising .
Texas down: Q4 TX revenue declined to $0.42M from $0.45M y/y; management reiterated challenges around location-driven demand and high capital intensity .
Elevated FY unusual costs: FY24 carried $2.04M in contested proxy expenses and a $75k legal settlement, masking underlying segment improvements; working capital fell to $1.60M from $3.69M y/y .

Financial Results

Consolidated quarterly trend

Metric	Q2 2024	Q3 2024	Q4 2024
Total Revenues ($)	$1,958,200	$3,448,744	$2,607,691
Income (Loss) Before Income Taxes ($)	$(1,344,724)	$87,070	$252,312
Net Income (Loss) ($)	$(1,000,324)	$67,870	— (not disclosed)
Diluted EPS ($)	$(0.01)	$0.00	— (not disclosed)
Segment EBITDA ($)	—	—	$831,979

Notes: The company did not disclose net income or EPS for Q4 in its 8-K/press materials; Q4 includes segment EBITDA, corporate expenses, and pre-tax income .

Q4 2024 vs Q4 2023 – segment revenue and pre-tax income

Segment	Revenue Q4 2023 ($)	Revenue Q4 2024 ($)	Pre-tax Income Q4 2023 ($)	Pre-tax Income Q4 2024 ($)
Georgia	$1,770,394	$1,471,131	$689,362	$570,862
Missouri	$631,285	$718,543	$227,281	$290,333
Texas	$451,593	$418,017	$8,349	$(29,216)
Consolidated	$2,853,272	$2,607,691	$90,543	$252,312

KPIs and balance sheet indicators

KPI	Prior Year FY-End (10/1/2023)	Q3 2024 (6/30/2024)	FY-End (9/29/2024)
Cash & Short-term Investments ($)	$4,098,387	$2,852,083	$3,324,368
Total Assets ($)	$20,095,723	$19,006,316	$19,194,071
Total Loan Debt ($)	$4,227,491 (sum current + long-term at 10/1/23)	$3,654,303 (as disclosed)	$3,497,? see note (10-K: $3.50M total loan debt at FY-end)
Capital Expenditures ($, FY)	$1,557,844 (FY23)	—	$906,955 (FY24)

Notes: FY-end total loan debt disclosed as $3.50M in 10-K narrative (rounded) . As of 6/30/24, total debt was $3.65M per Q3 press release . Post-quarter refinancing of Aggieland (Prime–0.50%, 10-year term, 15-year amortization) completed 9/30/24 .

Estimates vs actuals

Wall Street consensus (S&P Global) for Q4 2024 EPS and revenue was not available; PRKA has limited sell-side coverage. No estimate comparison provided (consensus unavailable).

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Quantitative revenue/EPS guidance	FY25	None	None	Maintained: no formal guidance
Advertising cadence	FY25 (winter → spring)	—	Ad spend remains below normal through winter; ramp more normal by Feb/March as seasonality returns	Qualitative update
Aggieland (TX) strategic review	Through FY25	Under review	Appraised at $9.2M ($6.3M land); decision likely around FY25 year-end; sale would require wind-down lead time	New specifics on appraisal/timeline
Reverse/forward split	Next annual meeting window	Discussed	Highest priority after liquidity; earliest formal notice could be Jan; vote by early March; fractional buybacks would use cash and depend on liquidity	Process/timing clarified
Georgia capex (restaurant)	FY25	—	“Very, very high” in FY25; restaurant could equal ~one year of normal capex by itself	New capex color
Debt	FY25	Prior schedule	Aggieland loan refinanced 9/30/24; 10-year term, Prime–0.50%	Improved tenor/liquidity

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 & Q3 FY24)	Current Period (Q4 FY24)	Trend
Advertising effectiveness and spend	Q2: Company highlighted “strong return” on marketing; later acknowledged headwinds in GA (competition, post-COVID normalization) . Q3: Strategic highlights but no quantitative ad detail .	Advertising “less than normal” and remains below normal through winter; management criticized prior ad effectiveness; FY24 advertising declined ~19% .	Resetting strategy; spend to ramp with seasonality
Aggieland (TX) review	Q2: TX +2% YTD revenue; structural challenges implied .	Appraised at $9.2M ($6.3M land); decision likely ~9 months (around FY25 YE); potential wind-down before any sale .	Active strategic review
Debt/liquidity	Q2: Debt down vs prior year; LOCs unused . Q3: Total debt $3.65M .	Aggieland refinancing 9/30/24 (Prime–0.50%, 10-year, 15-year amort), smoothing cash needs .	Improved structure
Reverse/forward split and micro-cap structure	—	Reverse split a “very, very high priority,” but secondary to liquidity; timing around annual meeting (notice Jan, meeting by early March); reverse/forward could function as fractional buyback .	Preparation phase
Georgia competitive dynamics	Q2: GA still below 2022; competition in Atlanta market .	Increased competition; offering deteriorated vs price; plan to improve park value proposition; capex-heavy restaurant project in FY25 .	Addressing product/value; capex up
Missouri scaling potential	Q2: +27.4% YTD revenue . Q3: MO revenue +18.6% YTD .	EBITDA margins could scale with sales; expenses already lean; room to improve with proper execution .	Improving

Management Commentary

“Aggieland appraised for $9.2 million, of which $6.3 million was land… improvements may not necessarily be worth their cost to reproduce” .
“Advertising was less than normal… you won’t really see a pickup until around spring break… February might be the first month that looks like it’s a normal sort of level” .
“The reverse split… is a very, very high priority… but it is a second priority to having an appropriate liquidity level… earliest formal notice could be as early as January… meeting could be as late as early March” .
“Capital spending with Georgia will be huge for the next year… the restaurant project alone is [akin to] an entire year’s worth of CapEx” .
“Competition [in Georgia/Alabama] increased… advertising effectiveness… very poor… advertising declined 19%” .

Q&A Highlights

Aggieland appraisal and timeline: $9.2M appraisal ($6.3M land); decision around FY25 year-end; potential operational wind-down ahead of any sale .
Reverse/forward split mechanics: Most likely at the annual meeting; needs >50% of shares outstanding to vote; fractional buyouts act like a targeted buyback; contingent on cash levels .
Missouri profitability path: Greater scalability and higher ceiling than Texas; EBITDA margins can expand with sales; key is execution, not further cost cuts .
Georgia investment case: Long underinvested; FY25 will have elevated capex (restaurant), intended to reset value proposition .
Run-rate caution: Don’t expect a near-term sales pickup without ad ramp; seasonality means meaningful changes show from spring onward .

Estimates Context

Consensus (S&P Global) for Q4 FY2024 EPS and revenue was not available; PRKA has minimal sell-side coverage. As a result, we cannot provide a vs-consensus comparison for the quarter (consensus unavailable).

Key Takeaways for Investors

Missouri is the current growth engine; continued revenue gains there should translate into outsized EBITDA margin expansion given operating leverage .
Georgia will be capex-heavy in FY25 (restaurant); watch for improved guest value proposition and ad ramp by spring to re-accelerate attendance .
Aggieland is under active review; an asset sale could unlock cash and simplify the footprint, but timing and wind-down lead times imply a multi-quarter process .
The reverse/forward split could rationalize the shareholder base and potentially improve trading dynamics, but only if liquidity is ample; earliest formal steps align with the next annual meeting cycle .
Balance sheet is stable with $3.32M cash/ST investments and $3.50M total loan debt at FY-end; Aggieland refinancing extends tenor and reduces near-term cash burden .
Near-term trading: Expect seasonally weak months and muted ad spend through winter; KPI inflection likely from March (spring break) as ad spend normalizes and new pricing/marketing at Aggieland is tested .
Medium-term thesis: Clean capital allocation (potential TX action), focused reinvestment in GA, and MO growth provide a credible path to improved consolidated margins once one-time expenses subside .

PARKS AMERICA, INC (PRKA)·Q4 2024 Earnings Summary