collinmcb
7 years ago
The recent acceleration was primarily driven by stronger attendance. 80% of revenue is from the Georgia park and 20% from Missouri. At Georgia, attendance has averaged +9% for the last 3 years and pricing +5%. In the last quarter, attendance accelerated to +26% while pricing remained +5%. At Missouri, attendance has averaged +8% and pricing +3% for the last 3 years. In the last quarter, attendance was +21% and pricing was flat.
Management has upgraded the facilities with new animal shelters, new buildings, and more targeted local marketing which has improved the attendance trends. You can call either of the Georgia or Missouri parks and ask them about the changes in the last few years. I think it will continue because they have a good track record of growing attendance and attendance growth accelerated in the most recent quarter. Reviews online continue to improve
It is a very regional market, so waterparks are probably the best competitors, but provide a very different product offering. Other entertainment activities such as movies, bowling, minigolf, etc also likely compete. As far as I can tell nothing has changed in the competitive landscape
Management got involved in 2011 and 2013 and appear to have been hired by Charles Kohnen who owns 28% of the shares. CEO Dale Van Voorhis owns 20% and has spent his whole career in the entertainment parks business. Other management have strong career histories. Insiders have been aggressively buying shares since 2014. I think a management buyout may be the most likely outcome long-term for Parks! America given high insider ownership and strong FCF generation which can easily service the debt to buyout minority holders.
srg4444
7 years ago
New to story, can you briefly break out recent acceleration in revenue (price, visitation, etc)? Why has management been successful at driving the top-line, and what indications are there it will continue to grow? Any competitive threats (i.e. waterparks, etc). Why is this public and how did the new management team get involved? thanks!
collinmcb
7 years ago
PRKA Writeup
Parks! America, Inc (ticker PRKA) is a $12 million market cap company that owns two regional Wild Animal Safari theme parks located in Georgia and Missouri. At the Wild Animal Safari theme parks, visitors travel through a 3.5-mile self-guided tour, experiencing hundreds of animals and having the opportunity to feed and interact with them. The parks primarily generate revenue from admission fees which are $20-25/person, but also rent vehicles, sell animal feed, and have food and souvenir shops. PRKA is under-discovered and the market is not giving credit for the significant growth in revenue and EBITDA and for the upbeat outlook for the future with shares trading at just 4.2x EV/EBITDA vs larger peers at 10x. I estimate fair value is $0.37 today, +125% upside, and will increase to $0.68 over the next 3 years, +340% upside. Management owns over half the company and has been buying more in the open market
Thesis
• Management has significantly upgraded the facilities and the overall park experience and is beginning to realize significant progress in their financial results. This is driving strong attendance growth and consistent pricing increases since current management took over in 2013. With theme parks, incremental margins are about 90% so maintaining or growing attendance is key to growing profits. Similarly, incremental profit on pricing increases is 100%.
o Attendance has grown at a +10% CAGR including accelerating to +26% in the most recent quarter
o Ticket pricing has grown at a +5% CAGR including +4.5% in the most recent quarter
o Ratings on travel websites for both Animal Safari parks have significantly improved over the last couple years (4.5 stars with 613 reviews on Trip Advisor) which is tangible evidence of management improving the experience for visitors
o Management has successfully turned around the Georgia park, growing EBITDA +75% over the last two years. The company is just starting to get traction on its Missouri park. If Missouri reaches the same level of profitability as Georgia, the company will more than double its EBITDA to $4.2mm. Plus Georgia continues to see attendance and pricing growth and will continue to grow EBITDA
• Management is well-aligned with shareholders. Management owns 69% of the shares including purchasing 11% of the float in the open market over the last two years. Clearly they see value in PRKA shares and are motivated to continue to create value
• Powerful value creation formula as management continues to drive revenue growth and EBITDA growth. Continuing the playbook they have used for the last couple years of +10% attendance growth and +5% pricing gains drives +15% revenue growth and +36% EBITDA growth. I estimate PRKA will grow revenue dollars by $0.8mm in the next 12 months and EBITDA dollars by $0.7mm. In addition, PRKA will generate $1.8mm of FCF. Each year, the company creates $0.7mm EBITDA x 10x EV/EBITDA = $7mm of enterprise value plus $1.8mm of FCF generation = $8.8mm value creation or $0.12/share. This means shares should appreciate by about $0.12/year or 80% annually.
• Discount to intrinsic value. PRKA shares are trading at 4.2x NTM EV/EBITDA vs theme park peers at 10x EV/EBITDA (SEAS 8.8x NTM EV/EBITDA, FUN 10.4x, and SIX 13.2x). In addition, peers are only seeing LSD to MSD organic growth vs PRKA +15% organic growth. Valuing PRKA in-line with peers at 10x EV/EBITDA, fair value is $0.37/share.
o It gets even more interesting if you take a 3 year view. Assuming a 3-yr revenue CAGR of 15% and 90% incremental margins, consistent with what they have realized the last few years, PRKA will generate $4.5mm of EBITDA, up +125% from LTM, and generate $6mm of FCF over the period. Valuing at 10x EV/EBITDA, consistent with peers, PRKA is worth $0.68/share, +340% above its current price.
• The company has a conservative balance sheet with $1.4mm cash, $3.2mm debt, and $1.98mm of TTM EBITDA, putting leverage at just 0.91x net debt / EBITDA. Theme parks can easily handle 3-4x of leverage, giving borrowing capacity of $4-6mm in addition to the $1.8mm of FCF PRKA generates each year. Management may look at acquisitions where they can apply their best-in-class management expertise of regional theme parks to improve operating results as they have with the Georgia and Missouri Safari Parks.
e-ore
9 years ago
PRKA - News today
"Total net sales for the first nine months of the 2015 fiscal year totaled $2,848,793, an increase of $265,377 or 10.3%, driven by higher attendance and higher average revenue per guest. The Company reported a net income of $200,091 for the first nine months of its 2015 fiscal year, an improvement of $270,118 over a net loss of $70,027 during the nine months ended June 29, 2014."
http://www.otcmarkets.com/stock/PRKA/news
e-ore
9 years ago
PRKA 10Q out. Solid improvement
"Our net income increased by $270,118 to $200,091 for the nine month period ended June 28, 2015, as compared with a net loss of $70,027 for the nine month period ended June 29, 2014."
"Officers, Directors and their controlled entities owned approximately 43.6% of the outstanding common stock of the Company as of June 28, 2015. Subsequent to the period covered in this report, on July 17, 2015, four members of the Company’s Board of Directors purchased a total of 6,000,000 shares of the Company’s common stock in a private transaction. As a result, as of July 31, 2015, Officers, Directors and their controlled entities own approximately 51.7% of the Company’s outstanding common."
stocktrademan
10 years ago
$PRKA recent news/filings
bullish
## source: finance.yahoo.com
Tue, 12 Aug 2014 11:48:00 GMT ~ [video] Return of roller coaster wars
read full: http://video.cnbc.com/gallery/?video=3000301491&__source=yahoo%7cheadline%7cquote%7cvideo%7c&par=yahoo
*********************************************************
Wed, 06 Aug 2014 19:38:04 GMT ~ PARKS AMERICA, INC Files SEC form 10-Q, Quarterly Report
read full: http://biz.yahoo.com/e/140806/prka10-q.html
*********************************************************
Thu, 31 Jul 2014 20:27:14 GMT ~ PARKS AMERICA, INC Files SEC form 8-K, Financial Statements and Exhibits
read full: http://biz.yahoo.com/e/140731/prka8-k.html
*********************************************************
Sat, 10 May 2014 17:04:18 GMT ~ PARKS AMERICA, INC Financials
read full: http://finance.yahoo.com/q/is?s=prka
*********************************************************
Thu, 01 May 2014 20:31:59 GMT ~ PARKS AMERICA, INC Files SEC form 10-Q, Quarterly Report
read full: http://biz.yahoo.com/e/140501/prka10-q.html
*********************************************************
$PRKA charts
basic chart ## source: stockcharts.com
basic chart ## source: eoddata.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$PRKA company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/PRKA/company-info
Ticker: $PRKA
OTC Market Place: OTCQB
CIK code: 0001297937
Company name: Parks! America, Inc.
Company website: http://www.animalsafari.com
Incorporated In: NV, USA
Business Description: The company operates drive-thru animal safaris.
$PRKA share structure
## source: otcmarkets.com
Market Value: $4,528,124 a/o Aug 12, 2014
Shares Outstanding: 74,231,537 a/o Feb 04, 2014
Float: Not Available
Authorized Shares: 300,000,000 a/o Aug 03, 2011
Par Value: 0.001
$PRKA extra dd links
Company name: Parks! America, Inc.
Company website: http://www.animalsafari.com
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=PRKA+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=PRKA+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=PRKA+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/PRKA/news - http://finance.yahoo.com/q/h?s=PRKA+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/PRKA/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/PRKA/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=PRKA+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/PRKA
DTCC (dtcc.com): http://search2.dtcc.com/?q=Parks%21+America%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Parks%21+America%2C+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Parks%21+America%2C+Inc.&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.animalsafari.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.animalsafari.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.animalsafari.com
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/PRKA
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001297937&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/PRKA/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/PRKA/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=PRKA&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=PRKA
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/PRKA/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=PRKA+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=PRKA+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=PRKA
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=PRKA
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=PRKA+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/PRKA/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=PRKA+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/PRKA.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=PRKA
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/PRKA/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/PRKA/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/PRKA
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/PRKA
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/PRKA:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=PRKA
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=PRKA
$PRKA DD Notes ~ http://www.ddnotesmaker.com/PRKA
nicpinball
10 years ago
This is not a stock for traders. The volume is just too low. I own 2 million shares of the stock and have been following it awhile now. If you look at the balance sheet, you will see an accounting book value far below the cost to purchase this land today. The biggest news in the last couple years has been the refinancing of the long term debt (saving over $170k a year) and a massive renovation for the 2013 season of close to $400k to revive the parks. Looking at the 10-K for the quarter ending June 30, 2014, you will see this already paying off. We are looking at $400k in earnings for FY2014 (.005 a share) and Missouri Park should start to contribute. If I'm the CEO, I sell Missouri Park and pay much of the long-term debt off it the park does not see much higher revenues there this year or next. The stock is trading at accounting book plus 3-5 times earnings. If you want to make some money and have a 10 year plus time horizon, you will see this company debt free and making $500k+ a year. I think the stock trades to .10 soon after annual report and to .20+ within 10 years. With about $100k invested in 2.7% of the company, I figure I own about 20 acres and a few dozen animals :) Plus, I'm earning about $10,000 a year or a 10% rate of return! To anyone interested in a penny stock that is a REAL business that has real assets (land) and actually makes a profit, look no further. Actually, don't buy any stock and let is get back to .03 so I can get some more!!!
RonnieD
10 years ago
In this case, the market value as reflected on the stock
exchange is out of whack with the true value of the company.
It appears to me that their land holdings are understated.
They could be listed at cost, not current value. The company
has done nothing to attract investors over the years. They
don't issue press releases, or promote the stock in any fashion.
The lack of trading is a result. Still, if insiders are willing
to pluck down .05 for it in an illiquid market, eventually
something will happen. The current market cap is only about
3 million, I can't see how the co wouldn't get 2-3x that much
at least in any sale. The stock should be trading over .10
as a floor, not where it is.
RonnieD
10 years ago
yes i also believe now is the time. directors are purchasing.
insiders own majority of shares. if this awakens from its deep slumber, a lot can happen. They don't do any PR and don't try to get people to buy stock, but it's exceedingly rare for a "penny stock" to qualify for a bank loan like this has, have no need to issue stock or dilute, and own big parcels of land. Their business
is gradually growing also, the day may come when another park
(two open so far) can be acquired. One more potential catalyst
is sale of the company.
The two primary owners are principal management and both 74 years old.
I like to see the positive reviews of the parks on Trip Advisor and Yelp also.
Georgia:
http://www.yelp.com/biz/wild-animal-safari-pine-mountain
http://www.tripadvisor.com/Attraction_Review-g35187-d105068-Reviews-Pine_Mountain_Wild_Animal_Safari-Pine_Mountain_Georgia.html
Missouri:
http://www.tripadvisor.com/Attraction_Review-g44943-d258060-Reviews-Wild_Animal_Safari-Strafford_Missouri.html
http://www.yelp.com/biz/wild-animal-safari-missouri-strafford
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