Parks! America Inc

This meeting is being recorded. Good afternoon, everyone. Welcome to Parks America's fourth quarter and full year fiscal 2025 earnings call. My name is Doug Jaffe and I will be hosting today's call, which will be webcast and recorded. Before we begin, I'd like to remind everyone that our comments today will contain forward-looking statements within the meaning of the federal securities laws. These statements may involve risks and uncertainties that could cause actual results to differ from those forward-looking statements. For a more detailed discussion of those risks, you may refer to the company's filings with the Securities and Exchange Commission. In addition, we may reference non-GAAP financial measures and other financial metrics on the call. More information regarding our forward-looking statements and reconciliations of non-GAAP measures to the most comparable GAAP measures is included in our Form 10-Q. Last Friday, we filed our quarterly earnings release and our 10Q with the SEC. In our quarterly earnings release, you will find summary information related to our segment financial results. We encourage all of our shareholders to read and complete 10Q. In a few minutes, I will turn the call over to our President Jeff Gannon to answer any questions. First, we will begin by responding to questions previously submitted via email. Then, we will take any follow-up questions from live participants on today's call. For those who would like to ask a follow-up question, you can use the raise hand feature on the bottom of your screen at any time to indicate that you have a question. When you are called on to ask your question, your line will be unmuted. When you are finished asking your question, please state that you have no further questions. Your line will be muted afterwards. And with that, we will begin. Our first question comes from a shareholder by the name of Rich, who has a couple of questions regarding some of the parks. The first one, Jeff, is can you talk about the significant increase in Texas park revenue year over year, especially in view of the fact that you offered free attendance promotion in the first quarter of 2025?

Sure. The Texas, so we reported both, you know, if you look at the AK that we did, you can see the 13 weeks ended September 28 and you can also see the entire fiscal year. Generally, Texas had higher attendance and revenue later in the year so that the number you see for the overall fiscal year is obviously behind the recent growth rate. The reason that we don't offer a comparison on the attendance is because we had free attendance promotions, which means that we're just uncomfortable with the idea between reporting attendance when some of it wasn't paid and some is paid. So just whenever we've had a comparison in that quarter, which matches up a year ago on a quarter where we did the attendance promotions, we don't disclose attendance in that quarter, but in the future we'll be disclosing attendance changes again. for any quarter where we didn't have free attendance the year before. The increase is due entirely to ticket revenue, but it's a combination of attendance increases and ticket price increases. None of it is due to in-park spending. So anything that is including things like encounters and other things like that. So it's general admission tickets, which is a combination of more general admission tickets being bought and the average price of those admission tickets being higher. Both of those factors together is what's caused it. And the biggest increases are obviously since kind of the spring break period started, which would be, you know, for that park, it's a little earlier. So March to now. And I think The other thing to keep in mind is that the free attendance promotions obviously did raise awareness for the park and also increased in-park spending at the time then. So that is one possible reason why I say in-park spending didn't go up at all is that we had some in-park spending from free admissions. But that's not the only factor because actually I would say more people have been to the park even though they're all paid this year versus some being paid and some not last year. The total falls higher this year.

Terrific. And then specific to the Missouri park attendance, it was up 14%, but revenue only increased by about 7.5%. Do you have any assessments on why that occurred?