Great American Family Parks, Inc. (OTC Bulletin Board: GFAM) today announced further details of its Parks Staffing Services ("PSS") acquisition, which is part of a broader corporate strategy of diversifying GFAM’s revenue sources. PSS will be GFAM’s division that will run all staffing needs of the GFAM theme parks together with generating revenues from its existing temporary staffing services. The division is expected to generate approximately $7.6 million in revenue in fiscal 2008, its first full 12-month period integrated with GFAM. These projected revenues would significantly increase GFAM’s consolidated income in 2008.
Even without factoring in plans for national expansion, PSS conservatively expects to grow at a healthy 5% per annum into the future. The revenues and profits of PSS are projected to solidly be able to support the operational health of GFAM as it continues its acquisitions of profitable theme parks across the country. Founded in 1979, PSS developed its client and employee base on a methodical and financially-sound basis to over 3, 000 current employees on the present payroll with an efficient in-house staff of only eight.
PSS generated revenues of $7, 256, 829 (unaudited) in 2007, a 5% increase over PSS’s 2006 revenues of $6, 911, 266 (unaudited). PSS has sustained consistent growth the past five years and forecasts continued growth into the future. Its earnings before income tax, depreciation and amortization were $382, 950 (unaudited) in 2006 and approximately $531, 478 (unaudited) in 2007 prior to its acquisition by GFAM. PSS was purchased through equity and debt, with no external financing needed.
Dr. Larry Eastland, Chairman and CEO of GFAM said: "We are very excited to have this important addition to our company. Temporary, seasonal and part-time employees make up the vast majority of the employees in a theme park or attraction. This gives us the chance to consolidate this important function for our current theme park, and those we are working to buy. Furthermore, it brings revenues to GFAM from more diversified sources, revenues that are expected to be more than five times our current revenues in 2008."
About the Parks Staffing Services Division
PSS, based in Bakersfield, CA, provides manufacturing, construction, service and office personnel on a contractual basis. PSS has expanded to manage staffing of the amusement attractions that GFAM’s theme park division will acquire. Founded in 1979, PSS developed its client and employee base on a methodical and financially-sound basis to over 3, 000 current employees on the present payroll with an efficient in-house staff of only eight.
About Great American Family Parks, Inc.
Great American Family Parks, Inc. ("GFAM") is a theme park acquisition, management and staffing company based in Santa Monica, CA. Comprised of nationally known amusement park experts and management specialists, GFAM has the goal of acquiring small and medium-sized theme parks, instilling an efficient management system, streamlining and managing staffing, and generating industry-leading profits.
GFAM will operate as two main divisions: Park Staffing Services and the theme park division. It is the intent of GFAM’s theme park division to continue acquiring additional regional theme parks around the nation. PSS will run all staffing needs of the theme parks as well as generate revenues from its existing temporary staffing services.
SOURCE Great American Family Parks, Inc.
