Great American Family Parks, Inc, a company in the business of acquiring, staffing and managing theme parks, has announced results for its first quarter 2008.
Revenue for the first quarter ended March 31, 2008 was $2, 784, 431 compared with revenue of $537, 928 in the same quarter a year ago. Gross profit for the quarter was $780, 151 versus $295, 339.
The company reported a net loss of $180, 752 compared with a net profit of $5, 479 in 3/31/07. Total Assets were $10, 530, 274 versus $8, 397, 042 at 12/31/07.
Larry Eastland, CEO of Great American Family Parks, Inc., said, "The first quarter included a major addition to our family animal park operations with the acquisition of Wild Animal, Inc. near Springfield, Missouri. The substantial increase in revenue reflected the addition of our staffing company in 2007 and continued operations in Pine Mountain, Georgia."
"These changes put us on course to build our company into a financially strong entity providing family entertainment at a regional level. We believe this model is particularly promising in an era of rising fuel prices when families are more likely to seek the kind of animal safari experience we provide closer to home."
"The decrease in profitability for the three months ended March 31, 2008 was due to the decrease of other income, seasonal decrease at Wild Animal Safari and the preliminary operating costs of Wild Animal, Inc., offset partially by the income of Park Staffing. However as we move forward we are structuring our company in a way that we expect will provide an increasingly good return to our shareholders as we continue to grow and to strengthen our balance sheet."
"We will continue to look for opportunities to further strengthen our core animal park business even as we implement new procedures and systems to enhance the efficiency of our operations, " Eastland said.
The company hosted a conference call with CEO Larry Eastland and CFO Richard Jackson on Thursday, May 22 at 11 a.m. Eastern. The call covered the company’s first quarter 2008 earnings. A question-and-answer session followed.
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, Calif. 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. The company has two operating segments, the Park Staffing Services, which staffs and services businesses on a contractual basis and the Theme Park Division, which continues to expand its acquisitions throughout the U.S. The theme park division is currently composed of two theme parks, Wild Animal Safari near Atlanta, GA and Animal Paradise near Springfield, MO.
For additional information about GFAM visit: http://www.weloveparks.com/