Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jul. 02, 2017 | Aug. 07, 2017 | |
Details | ||
Registrant Name | PARKS AMERICA, INC | |
Registrant CIK | 1,297,937 | |
SEC Form | 10-Q | |
Period End date | Jul. 2, 2017 | |
Fiscal Year End | --09-30 | |
Trading Symbol | prka | |
Tax Identification Number (TIN) | 910,626,756 | |
Number of common stock shares outstanding | 74,671,537 | |
Filer Category | Smaller Reporting Company | |
Current with reporting | Yes | |
Voluntary filer | No | |
Well-known Seasoned Issuer | No | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Incorporation, State Country Name | Nevada | |
Entity Address, Address Line One | 1300 Oak Grove Road | |
Entity Address, City or Town | Pine Mountain, | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 31,822 | |
City Area Code | (706) | |
Local Phone Number | 663-8744 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jul. 02, 2017 | Oct. 02, 2016 | |
ASSETS | |||
Cash - unrestricted | $ 2,785,664 | $ 1,482,777 | |
Cash - restricted | [1] | 0 | 456,492 |
Inventory | 133,573 | 107,573 | |
Prepaid expenses | 34,066 | 87,760 | |
Total current assets | 2,953,303 | 2,134,602 | |
Property and equipment, net | 6,555,394 | 6,432,897 | |
Intangible assets, net | 2,400 | 3,000 | |
Deferred tax asset | 375,405 | 777,124 | |
Other assets | 9,199 | 8,500 | |
Total assets | 9,895,701 | 9,356,123 | |
Liabilities | |||
Accounts payable | 42,330 | 24,106 | |
Other current liabilities | 355,765 | 231,392 | |
Accrued judgment award | [2] | 0 | 372,416 |
Current portion of long-term debt, net | 120,113 | 104,652 | |
Total current liabilities | 518,208 | 732,566 | |
Long-term debt, net | 3,026,384 | 3,113,603 | |
Total liabilities | 3,544,592 | 3,846,169 | |
Stockholders' equity | |||
Common Stock, Value, Issued | 74,671 | 74,531 | |
Capital in excess of par | 4,825,666 | 4,809,606 | |
Treasury stock | (3,250) | (3,250) | |
Retained earnings | 1,454,022 | 629,067 | |
Total stockholders' equity | 6,351,109 | 5,509,954 | |
Total liabilities and stockholders' equity | $ 9,895,701 | $ 9,356,123 | |
[1] | Note 3 | ||
[2] | Note 9 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - $ / shares | Jul. 02, 2017 | Oct. 02, 2016 |
Details | ||
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 74,671,537 | 74,531,537 |
Common Stock, Shares, Outstanding | 74,671,537 | 74,531,537 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 02, 2017 | Jul. 03, 2016 | Jul. 02, 2017 | Jul. 03, 2016 | |
Details | ||||
Net sales | $ 2,110,476 | $ 1,819,140 | $ 4,259,657 | $ 3,459,277 |
Sale of animals | 4,027 | 0 | 74,134 | 16,327 |
Total net sales | 2,114,503 | 1,819,140 | 4,333,791 | 3,475,604 |
Cost of sales | 189,151 | 182,141 | 440,245 | 390,078 |
Selling, general and administrative | 808,363 | 717,261 | 2,226,862 | 1,960,395 |
Depreciation and amortization | 89,450 | 85,200 | 268,350 | 255,800 |
(Gain) loss on disposal of operating assets, net | 0 | 2,623 | (309) | 2,623 |
Income from operations | 1,027,539 | 831,915 | 1,398,643 | 866,708 |
Other income (expense), net | 82,472 | 1,978 | 87,131 | 6,000 |
Interest expense | (49,799) | (52,144) | (150,819) | (163,375) |
Income before income taxes | 1,060,212 | 781,749 | 1,334,955 | 709,333 |
Income tax provision | 406,000 | 50,100 | 510,000 | 55,500 |
Net income | $ 654,212 | $ 731,649 | $ 824,955 | $ 653,833 |
Income per share - basic and diluted | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Weighted average shares outstanding (in 000's) - basic and diluted | 74,674 | 74,531 | 74,632 | 74,488 |
Consolidated Statements Changes
Consolidated Statements Changes in Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings |
Stockholders' Equity at Sep. 27, 2015 | $ 3,600,147 | $ 74,381 | $ 4,801,506 | $ (3,250) | $ (1,272,490) |
Shares Outstanding at Sep. 27, 2015 | 74,381,537 | ||||
Stock Issued During Period, Value, New Issues | 8,250 | $ 150 | 8,100 | 0 | 0 |
Stock Issued During Period, Shares, New Issues | 150,000 | ||||
Net Income (Loss) | 1,901,557 | $ 0 | 0 | 0 | 1,901,557 |
Stockholders' Equity at Oct. 02, 2016 | 5,509,954 | $ 74,531 | 4,809,606 | (3,250) | 629,067 |
Shares Outstanding at Oct. 02, 2016 | 74,531,537 | ||||
Stock Issued During Period, Value, New Issues | 16,200 | $ 150 | 16,050 | 0 | 0 |
Stock Issued During Period, Shares, New Issues | 150,000 | ||||
Stock Redeemed or Called During Period, Value | 0 | $ (10) | 10 | 0 | 0 |
Stock Redeemed or Called During Period, Shares | (10,000) | ||||
Net Income (Loss) | 824,955 | $ 0 | 0 | 0 | 824,955 |
Stockholders' Equity at Jul. 02, 2017 | $ 6,351,109 | $ 74,671 | $ 4,825,666 | $ (3,250) | $ 1,454,022 |
Shares Outstanding at Jul. 02, 2017 | 74,671,537 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Jul. 02, 2017 | Jul. 03, 2016 | |
OPERATING ACTIVITIES: | ||
Net income | $ 824,955 | $ 653,833 |
Reconciliation of net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 268,350 | 255,800 |
Interest expense - loan fee amortization | 7,806 | 7,806 |
(Gain) loss on disposal of assets | (309) | 2,623 |
Stock-based compensation | 16,200 | 8,250 |
Changes in assets and liabilities | ||
(Increase) decrease in inventory | (26,000) | 3,900 |
(Increase) decrease in prepaid expenses | 53,694 | 45,878 |
Increase (decrease) in accounts payable | 18,224 | (32,094) |
Increase (decrease) in other current liabilities | 124,373 | 49,079 |
Increase (decrease) in accrued judgment award | (372,416) | 0 |
(Increase) decrease in deferred tax asset | 401,719 | 0 |
Net cash provided by operating activities | 1,316,596 | 995,075 |
INVESTING ACTIVITIES: | ||
Acquisition of property and equipment | (390,637) | (277,042) |
(Increase) decrease in restricted cash | 456,492 | 0 |
Net cash provided by (used in) investing activities | 65,855 | (277,042) |
FINANCING ACTIVITIES: | ||
Proceeds from lines of credit and related party borrowings | 0 | 220,000 |
Repayment of lines of credit and related party borrowings | 0 | (220,000) |
Payments on notes payable | (79,564) | (89,384) |
Net cash used in financing activities | (79,564) | (89,384) |
Net increase in cash | 1,302,887 | 628,649 |
Cash at beginning of period | 1,482,777 | 563,096 |
Cash at end of period | 2,785,664 | 1,191,745 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 131,192 | 150,220 |
Cash paid for income taxes | $ 116,770 | $ 76,525 |
NOTE 1. ORGANIZATION
NOTE 1. ORGANIZATION | 9 Months Ended |
Jul. 02, 2017 | |
Notes | |
NOTE 1. ORGANIZATION | NOTE 1. ORGANIZATION Parks! America, Inc. (Parks or the Company) was originally incorporated on July 30, 1954 as Painted Desert Uranium & Oil Co., Inc. in Washington State. On October 1, 2002, Painted Desert Uranium & Oil Co., Inc. changed its name to Royal Pacific Resources, Inc. and its corporate domicile to the State of Nevada. On December 19, 2003, Royal Pacific Resources, Inc. acquired the assets of Great Western Parks LLC pursuant to a Share Exchange Agreement that resulted in the Company assuming control and changing the corporate name to Great American Family Parks, Inc. The acquisition was accounted for as a reverse acquisition in which Great Western Parks was considered to be the acquirer of Royal Pacific Resources for reporting purposes. On June 11, 2008, the Company changed its name from Great American Family Parks, Inc. to Parks! America, Inc. The Company owns and operates through wholly owned subsidiaries two regional theme parks and is in the business of acquiring, developing and operating local and regional theme parks and attractions in the United States. The Companys wholly owned subsidiaries are Wild Animal Safari, Inc., a Georgia corporation (Wild Animal Georgia) and Wild Animal, Inc., a Missouri corporation (Wild Animal Missouri). Wild Animal Georgia owns and operates the Wild Animal Safari theme park in Pine Mountain, Georgia (the Georgia Park). Wild Animal Missouri owns and operates the Wild Animal Safari theme park located in Strafford, Missouri (the Missouri Park). The Company acquired the Georgia Park on June 13, 2005, and the Missouri Park on March 5, 2008. The Parks are open year round but experience increased seasonal attendance, typically beginning in the latter half of March through early September. On a combined basis, net sales for the third and fourth quarter of the last two fiscal years represented approximately 67% to 72% of annual net sales. |
NOTE 2. SIGNIFICANT ACCOUNTING
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jul. 02, 2017 | |
Notes | |
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: These unaudited consolidated financial statements should be read in conjunction with audited consolidated financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the fiscal year ended October 2, 2016. Principles of Consolidation: Accounting Method: Estimates and Assumptions: Fiscal Year End: Reclassifications: Financial and Concentrations Risk: Trade Accounts Receivable: Inventory: Property and Equipment: July 2, 2017 October 2, 2016 Depreciable Lives Land $ 2,507,180 $ 2,507,180 not applicable Ground improvements 893,433 824,427 7 - 25 years Buildings and structures 2,882,285 2,882,285 10 - 39 years Animal shelters and habitats 1,270,224 1,219,023 10 - 39 years Park animals 727,705 642,769 5 - 10 years Equipment - concession and related 221,493 221,493 3 - 15 years Equipment and vehicles - yard and field 545,381 512,445 3 - 15 years Vehicles - buses and rental 209,626 186,932 3 - 5 years Rides and entertainment 181,867 181,867 5 - 10 years Furniture and fixtures 60,485 60,485 5 - 10 years Projects in process 124,974 - Property and equipment, cost 9,624,653 9,238,906 Less accumulated depreciation (3,069,259) (2,806,009) Property and equipment, net $ 6,555,394 $ 6,432,897 Intangible assets: Impairment of Long-Lived Assets: Other Current Liabilities: July 2, 2017 October 2, 2016 Accrued sales taxes $ 53,911 $ 28,928 Accrued wages and payroll taxes 47,821 23,814 Accrued income taxes 37,400 45,426 Deferred revenue 33,798 16,532 Accrued property taxes 29,174 37,408 Other accrued liabilities 153,661 79,284 Other current liabilities $ 355,765 $ 231,392 Financial Instruments: Revenue Recognition: Advertising and Market Development: Stock Based Compensation: Income Taxes: Basic and Diluted Net Income (Loss) Per Share: Basic and diluted net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding in each period. Dividend Policy: Recent Accounting Pronouncements: |
NOTE 3. RESTRICTED CASH
NOTE 3. RESTRICTED CASH | 9 Months Ended |
Jul. 02, 2017 | |
Notes | |
NOTE 3. RESTRICTED CASH | NOTE 3. RESTRICTED CASH As of February 5, 2015, the Company was required to post a security of $456,492 (the Security Amount) in connection with the Companys appeal of a summary judgment and award of costs more fully described in NOTE 9. COMMITMENTS AND CONTINGENCIES herein. The Company deposited the Security Amount, in cash, in a newly established account with Fifth Third Bank, an Ohio Banking Corporation (Fifth Third) and on July 8, 2015, Fifth Third issued a Letter of Credit equal to the Security Amount to the Harper Defendants (as that term is defined in NOTE 9). On November 8, 2016, $372,416 was paid out to the Harper Defendants against the Letter of Credit as a final settlement of the judgment and award of costs. As a result, the balance of the security amount, net of fees, was no longer restricted and on November 17, 2016 approximately $79,300 was returned to the Company as unrestricted funds. |
NOTE 4. LONG-TERM DEBT
NOTE 4. LONG-TERM DEBT | 9 Months Ended |
Jul. 02, 2017 | |
Notes | |
NOTE 4. LONG-TERM DEBT | NOTE 4. LONG-TERM DEBT On January 9, 2013, the Company completed a refinancing transaction (the Refinancing Loan) with Commercial Bank & Trust Company of Troup County (CB&T) as lender. The Refinancing Loan was for a principal amount of $3,752,000 and has a 20-year term. The Refinancing Loan is secured by substantially all the assets of the Company and its wholly owned subsidiaries. The Refinancing Loan bears interest at the rate of Prime Rate plus 2.50%, resulting in a rate of 5.75% during the first five years of the loan term. Thereafter, the interest rate will be re-priced every five years based on the then-Prime Rate plus 2.50%. During the first four months following the closing of the Refinancing Loan the Company was required to make interest-only payments. The minimum required monthly payment is approximately $26,343 during the first five years of the Refinancing Loan term. The closing costs for the Refinancing Loan totaled $175,369 and are being amortized over the 20-year life of the loan. July 2, 2017 October 2, 2016 Refinancing Loan principal outstanding $ 3,286,943 $ 3,366,507 Less: unamortized debt closing costs (140,446) (148,252) Gross long-term debt 3,146,497 3,218,255 Less current portion of long-term debt, net of unamortized debt closing costs (120,113) (104,652) Long-term debt $ 3,026,384 $ 3,113,603 As of July 2, 2017, the scheduled future principal maturities by fiscal year are as follows: 2017 $ 31,932 2018 132,406 2019 140,223 2020 148,502 2021 157,270 thereafter 2,676,610 Total $ 3,286,943 Interest expense of $49,799 and $52,144 for the three month period ended July 2, 2017 and July 3, 2016, respectively, includes $2,602 of amortization of debt closing costs in each period. Interest expense of $150,819 and $163,375 for the nine month period ended July 2, 2017 and July 3, 2016, respectively, includes $7,806 of amortization of debt closing costs in each period. Effective October 3, 2016, the Company retroactively adopted the requirements of ASU No. 2015-03, Interest Imputation of Interest (Subtopic 835-50): Simplifying the Presentation of Debt Issuance Costs |
NOTE 5. LINES OF CREDIT
NOTE 5. LINES OF CREDIT | 9 Months Ended |
Jul. 02, 2017 | |
Notes | |
NOTE 5. LINES OF CREDIT | NOTE 5. LINES OF CREDIT The Company maintains a $350,000 line of credit loan (the LOC) from CB&T for working capital purposes. This LOC has an initial term of seven years, ending on January 8, 2020, and is subject to the satisfactory performance by the Company. The LOC interest rate is tied to the prime rate and was 6.00% as of July 2, 2017, with a minimum rate of 5.25%. The closing costs for the LOC totaled $11,482 and are being amortized over the initial seven-year term of the loan. As of July 2, 2017 and October 2, 2016, respectively, there was no outstanding balance against the LOC. When applicable, all advances on the Companys LOC are recorded as current liabilities. |
NOTE 6. STOCKHOLDERS' EQUITY
NOTE 6. STOCKHOLDERS' EQUITY | 9 Months Ended |
Jul. 02, 2017 | |
Notes | |
NOTE 6. STOCKHOLDERS' EQUITY | NOTE 6. STOCKHOLDERS EQUITY Shares of common stock issued for service to the Company are valued based on market price on the date of issuance. On December 20, 2016, the Company awarded a total of 150,000 shares of its common stock to six Directors for their service on the Board of Directors at a fair market value of $0.108 per share or $16,200, which was reported as an expense in the first quarter of the 2017 fiscal year. On December 18, 2015, the Company awarded 150,000 shares of its common stock to six Directors for their service on the Board of Directors at a fair market value of $0.055 per share or $8,250, which was reported as an expense in the first quarter of the 2016 fiscal year. Officers, Directors and their controlled entities own approximately 55.6% of the outstanding common stock of the Company as of July 2, 2017. |
NOTE 7. SIGNIFICANT TRANSACTION
NOTE 7. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES | 9 Months Ended |
Jul. 02, 2017 | |
Notes | |
NOTE 7. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES | NOTE 7. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES Employment Agreements: Effective June 1, 2009, the Company entered into an employment agreement with Dale Van Voorhis (the 2009 Van Voorhis Employment Agreement) to serve as the Companys Chief Operating Officer. Effective January 27, 2011, Mr. Van Voorhis was appointed as the Companys Chief Executive Officer. Effective June 1, 2016, the Company and Mr. Van Voorhis entered into the 2016 Van Voorhis Employment Agreement. Pursuant to the 2016 Van Voorhis Employment Agreement, Mr. Van Voorhis receives an initial base annual compensation in the amount of $90,000 per year, subject to annual review by the Board of Directors. The 2016 Van Voorhis Employment Agreement has a term of two years and entitles Mr. Van Voorhis to participate in any deferred compensation plan the Company may adopt during the term of his employment with the Company. On April 1, 2008, the Company entered into an employment agreement with Jim Meikle (the 2008 Meikle Employment Agreement) pursuant to which Mr. Meikle was hired to serve as the President and Chief Executive Officer of each of the Companys wholly owned subsidiaries. Effective January 27, 2011, Mr. Meikle was appointed as the Companys Chief Operating Officer. Effective April 1, 2017, the Company and Mr. Meikle entered into the 2017 Meikle Employment Agreement. Pursuant to the 2017 Meikle Employment Agreement, Mr. Meikle receives an initial base annual compensation in the amount of $135,000 per year, subject to annual review by the Board of Directors. The 2017 Meikle Employment Agreement has a term of two years and entitles Mr. Meikle to participate in any deferred compensation plan the Company may adopt during the term of his employment with the Company. Effective April 2, 2014, the Company entered into an employment agreement with Todd R. White (the White Employment Agreement) to serve as the Companys Chief Financial Officer. Pursuant to the White Employment Agreement, Mr. White received an initial base annual compensation of $50,000 per year, subject to annual review by the Board of Directors. Mr. White also received a $10,000 signing bonus. Effective April 2, 2015, Mr. Whites annual base compensation was increased to $60,000. The White Employment Agreement has a term of five years and entitles Mr. White to participate in any deferred compensation plan the Company may adopt during the term of his employment with the Company. Each of the foregoing employment agreements contains provisions for severance compensation in the event an agreement is (i) terminated early by the Company without cause or (ii) in the event of a change in control of the Company. This additional severance compensation payable totals $455,000. |
NOTE 8. INCOME TAXES
NOTE 8. INCOME TAXES | 9 Months Ended |
Jul. 02, 2017 | |
Notes | |
NOTE 8. INCOME TAXES | NOTE 8. INCOME TAXES For the nine month period ended July 2, 2017, the Company reported a pre-tax income of $1,334,955. For the fiscal year ending October 1, 2017 the Company expects to generate pre-tax income and to record a tax provision at an effective rate of approximately 38%. As such, the Company recorded a tax provision of $510,000 for the nine month period ended July 2, 2017. The Companys cumulative Federal net operating loss carry-forward was approximately $1,913,000 at October 2, 2016 and will expire beginning in the year 2026. For the fiscal year ending October 1, 2017 the Company expects to utilize a portion of its Federal net tax operating loss carry-forwards to offset regular Federal cash tax due in its 2017 fiscal year. However, the Company will likely owe Federal alternative minimum tax for its 2017 fiscal year. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $1,913,000 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, Federal net operating loss carry forwards may be limited as to use in future years. |
NOTE 9. COMMITMENTS AND CONTING
NOTE 9. COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Jul. 02, 2017 | |
Notes | |
NOTE 9. COMMITMENTS AND CONTINGENCIES | NOTE 9. COMMITMENTS AND CONTINGENCIES Background In September 2009, the Company filed an action against Larry Eastland, its former President and CEO, in the Eighth Judicial District Court of the State of Nevada (Parks! America, Inc. vs. Eastland; et al., Case No. 09-A-599668). The Company brought this action to obtain a Temporary Restraining Order and injunctive relief against Mr. Eastland and his related companies as to their attempt to install a new Board of Directors for the Company. The Temporary Restraining Order was granted, as was the Preliminary Injunction. In June 2012, the Company amended its complaint against the original defendants to, among other things, add new claims for relief, as well as join as defendants, LEA Capital Advisors, LLC, an entity controlled by Mr. Eastland (LEA Capital Advisors, LLC and the original defendants are collectively referred to herein as the Eastland Defendants), and Stanley Harper and Computer Contact Service, Inc., an entity controlled by Mr. Harper (together the Harper Defendants) for breaches of contract and fiduciary duty with regard to the Companys purchase of TempSERV on September 30, 2007, its subsequent re-conveyance of TempSERV to Computer Contact Service, Inc. as of January 1, 2009, and other conduct of management at that time. The Company was seeking damages in excess of $1.8 million. Discovery was conducted on the claims between the parties, after which the Harper Defendants filed a Motion for Summary Judgment asking that the claims against them be dismissed and that the counterclaims asserted by the Harper Defendants against the Company be granted. After briefing and argument, the Court granted summary judgment in favor of the Harper Defendants. Because one of the contracts at issue contained a legal fee provision, the Harper Defendants filed a motion seeking to recover legal fees and costs. On October 24, 2014, the Court granted the Harper Defendants motion in part and ordered the Company to pay $304,328 in costs and attorneys fees to the Harper Defendants. The Company appealed the summary judgment orders and the award of costs and attorneys fees. On July 28, 2016, the Supreme Court of the State of Nevada issued an order mostly affirming the Eighth Judicial District Courts summary judgment rulings and award of attorneys fees and costs in favor of the Harper Defendants. After exhausting the Companys options to further pursue its action against the Harper Defendants, the Company reached a final settlement with the Harper Defendants totaling $372,416, inclusive of additional attorneys fees, costs and interest (the Harper Judgment Award), which was paid on November 8, 2016. The separate claims against the Eastland Defendants then remained for trial in Nevada District Court. Settlement with the Eastland Defendants The Company entered into a settlement and release agreement dated March 30, 2017 (the Eastland Settlement Agreement) with certain the Eastland Defendants to settle the District Court Action. Pursuant to the Eastland Settlement Agreement, the Eastland Defendants agreed to make a settlement payment of $80,000 to the Company and assign 10,000 shares of the Companys common stock beneficially owned by one of the Eastland Defendants to the Company (the Settlement Shares), and the Company consented to the sale of 10,010,000 shares of common stock beneficially owned by the Eastland Defendants to Nicholas Parks (the NP Transaction). On April 21, 2017, the Company received the $80,000 settlement payment and the Settlement Shares. A Stipulation and Order to Dismiss the Litigation with Prejudice was filed on April 24, 2017. As part of the NP Transaction, the Company and Nicholas Parks entered into a Settlement Agreement and Release dated March 30, 2017 (the NP Settlement Agreement). This Agreement also has been released from escrow and is effective. As a result of the NP Transaction, Nicholas Parks holds shares representing approximately 13.4% of the outstanding common stock of the Company. Other Matters Except as described above, the Company is not a party to any pending legal proceeding, nor is its property the subject of a pending legal proceeding, that is not in the ordinary course of business or otherwise material to the financial condition of its business. None of the Companys directors, officers or affiliates is involved in a proceeding adverse to its business or has a material interest adverse to its business. |
NOTE 10. BUSINESS SEGMENTS
NOTE 10. BUSINESS SEGMENTS | 9 Months Ended |
Jul. 02, 2017 | |
Notes | |
NOTE 10. BUSINESS SEGMENTS | NOTE 10. BUSINESS SEGMENTS The Company manages its operations on an individual location basis. Discrete financial information is maintained for each Park and provided to management for review and as a basis for decision-making. The primary performance measures used to allocate resources are Park earnings before interest and tax expense, and free cash flow. The following tables present financial information regarding each of the Companys reportable segments: For the three months ended For the nine months ended July 2, 2017 July 3, 2016 July 2, 2017 July 3, 2016 Total net sales: Georgia $ 1,766,845 $ 1,481,336 $ 3,715,226 $ 2,888,325 Missouri 347,658 337,804 618,565 587,279 Consolidated $ 2,114,503 $ 1,819,140 $ 4,333,791 $ 3,475,604 Income (loss) before income taxes: Georgia $ 1,134,511 $ 894,443 $ 2,078,277 $ 1,366,769 Missouri 42,034 65,610 (97,429) (95,482) Segment total 1,176,545 960,053 1,980,848 1,271,287 Corporate (149,006) (128,138) (582,205) (404,579) Other income (expense), net 82,472 1,978 87,131 6,000 Interest expense (49,799) (52,144) (150,819) (163,375) Consolidated $ 1,060,212 $ 781,749 $ 1,334,955 $ 709,333 As of July 2, 2017 October 2, 2016 Total assets: Georgia $ 6,538,463 $ 5,350,266 Missouri 2,656,184 2,633,066 Corporate 701,054 1,372,791 Consolidated $ 9,895,701 $ 9,356,123 |
NOTE 11. SUBSEQUENT EVENTS
NOTE 11. SUBSEQUENT EVENTS | 9 Months Ended |
Jul. 02, 2017 | |
Notes | |
NOTE 11. SUBSEQUENT EVENTS | NOTE 11. SUBSEQUENT EVENTS In accordance with ASC 855-10 the Company has analyzed its operations subsequent to July 2, 2017 to the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these unaudited consolidated financial statements. |
NOTE 2. SIGNIFICANT ACCOUNTIN18
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Basis of Presentation | Basis of Presentation: These unaudited consolidated financial statements should be read in conjunction with audited consolidated financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the fiscal year ended October 2, 2016. |
NOTE 2. SIGNIFICANT ACCOUNTIN19
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Principles of Consolidation (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Principles of Consolidation | Principles of Consolidation: |
NOTE 2. SIGNIFICANT ACCOUNTIN20
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Accounting Method (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Accounting Method | Accounting Method: |
NOTE 2. SIGNIFICANT ACCOUNTIN21
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Estimates and Assumptions (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Estimates and Assumptions | Estimates and Assumptions: |
NOTE 2. SIGNIFICANT ACCOUNTIN22
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Fiscal Year End (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Fiscal Year End | Fiscal Year End: |
NOTE 2. SIGNIFICANT ACCOUNTIN23
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Reclassifications (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Reclassifications | Reclassifications: |
NOTE 2. SIGNIFICANT ACCOUNTIN24
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Financial and Concentrations Risk (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Financial and Concentrations Risk | Financial and Concentrations Risk: |
NOTE 2. SIGNIFICANT ACCOUNTIN25
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Trade Accounts Receivable (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Trade Accounts Receivable | Trade Accounts Receivable: |
NOTE 2. SIGNIFICANT ACCOUNTIN26
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Inventory (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Inventory | Inventory: |
NOTE 2. SIGNIFICANT ACCOUNTIN27
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Property and Equipment (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Property and Equipment | Property and Equipment: July 2, 2017 October 2, 2016 Depreciable Lives Land $ 2,507,180 $ 2,507,180 not applicable Ground improvements 893,433 824,427 7 - 25 years Buildings and structures 2,882,285 2,882,285 10 - 39 years Animal shelters and habitats 1,270,224 1,219,023 10 - 39 years Park animals 727,705 642,769 5 - 10 years Equipment - concession and related 221,493 221,493 3 - 15 years Equipment and vehicles - yard and field 545,381 512,445 3 - 15 years Vehicles - buses and rental 209,626 186,932 3 - 5 years Rides and entertainment 181,867 181,867 5 - 10 years Furniture and fixtures 60,485 60,485 5 - 10 years Projects in process 124,974 - Property and equipment, cost 9,624,653 9,238,906 Less accumulated depreciation (3,069,259) (2,806,009) Property and equipment, net $ 6,555,394 $ 6,432,897 |
NOTE 2. SIGNIFICANT ACCOUNTIN28
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Intangible assets (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Intangible assets | Intangible assets: |
NOTE 2. SIGNIFICANT ACCOUNTIN29
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Impairment of Long-Lived Assets (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets: |
NOTE 2. SIGNIFICANT ACCOUNTIN30
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Other Current Liabilities (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Other Current Liabilities | Other Current Liabilities: July 2, 2017 October 2, 2016 Accrued sales taxes $ 53,911 $ 28,928 Accrued wages and payroll taxes 47,821 23,814 Accrued income taxes 37,400 45,426 Deferred revenue 33,798 16,532 Accrued property taxes 29,174 37,408 Other accrued liabilities 153,661 79,284 Other current liabilities $ 355,765 $ 231,392 |
NOTE 2. SIGNIFICANT ACCOUNTIN31
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Financial Instruments (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Financial Instruments | Financial Instruments: |
NOTE 2. SIGNIFICANT ACCOUNTIN32
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Revenue Recognition (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Revenue Recognition | Revenue Recognition: |
NOTE 2. SIGNIFICANT ACCOUNTIN33
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Advertising and Market Development (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Advertising and Market Development | Advertising and Market Development: |
NOTE 2. SIGNIFICANT ACCOUNTIN34
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Stock Based Compensation (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Stock Based Compensation | Stock Based Compensation: |
NOTE 2. SIGNIFICANT ACCOUNTIN35
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Income Taxes (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Income Taxes | Income Taxes: |
NOTE 2. SIGNIFICANT ACCOUNTIN36
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Basic and Diluted Net Income (Loss) Per Share (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Basic and Diluted Net Income (Loss) Per Share | Basic and Diluted Net Income (Loss) Per Share: Basic and diluted net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding in each period. |
NOTE 2. SIGNIFICANT ACCOUNTIN37
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Dividend Policy (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Dividend Policy | Dividend Policy: |
NOTE 2. SIGNIFICANT ACCOUNTIN38
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Jul. 02, 2017 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: |
NOTE 2. SIGNIFICANT ACCOUNTIN39
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Property and Equipment: Property, Plant and Equipment (Tables) | 9 Months Ended |
Jul. 02, 2017 | |
Tables/Schedules | |
Property, Plant and Equipment | July 2, 2017 October 2, 2016 Depreciable Lives Land $ 2,507,180 $ 2,507,180 not applicable Ground improvements 893,433 824,427 7 - 25 years Buildings and structures 2,882,285 2,882,285 10 - 39 years Animal shelters and habitats 1,270,224 1,219,023 10 - 39 years Park animals 727,705 642,769 5 - 10 years Equipment - concession and related 221,493 221,493 3 - 15 years Equipment and vehicles - yard and field 545,381 512,445 3 - 15 years Vehicles - buses and rental 209,626 186,932 3 - 5 years Rides and entertainment 181,867 181,867 5 - 10 years Furniture and fixtures 60,485 60,485 5 - 10 years Projects in process 124,974 - Property and equipment, cost 9,624,653 9,238,906 Less accumulated depreciation (3,069,259) (2,806,009) Property and equipment, net $ 6,555,394 $ 6,432,897 |
NOTE 2. SIGNIFICANT ACCOUNTIN40
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Other Current Liabilities: Other Current Liabilities (Tables) | 9 Months Ended |
Jul. 02, 2017 | |
Tables/Schedules | |
Other Current Liabilities | July 2, 2017 October 2, 2016 Accrued sales taxes $ 53,911 $ 28,928 Accrued wages and payroll taxes 47,821 23,814 Accrued income taxes 37,400 45,426 Deferred revenue 33,798 16,532 Accrued property taxes 29,174 37,408 Other accrued liabilities 153,661 79,284 Other current liabilities $ 355,765 $ 231,392 |
NOTE 4. LONG-TERM DEBT_ Schedul
NOTE 4. LONG-TERM DEBT: Schedule of Debt (Tables) | 9 Months Ended |
Jul. 02, 2017 | |
Tables/Schedules | |
Schedule of Debt | July 2, 2017 October 2, 2016 Refinancing Loan principal outstanding $ 3,286,943 $ 3,366,507 Less: unamortized debt closing costs (140,446) (148,252) Gross long-term debt 3,146,497 3,218,255 Less current portion of long-term debt, net of unamortized debt closing costs (120,113) (104,652) Long-term debt $ 3,026,384 $ 3,113,603 |
NOTE 4. LONG-TERM DEBT_ Sched42
NOTE 4. LONG-TERM DEBT: Schedule of Maturities of Long-term Debt (Tables) | 9 Months Ended |
Jul. 02, 2017 | |
Tables/Schedules | |
Schedule of Maturities of Long-term Debt | 2017 $ 31,932 2018 132,406 2019 140,223 2020 148,502 2021 157,270 thereafter 2,676,610 Total $ 3,286,943 |
NOTE 10. BUSINESS SEGMENTS_ Sch
NOTE 10. BUSINESS SEGMENTS: Schedule of Segment Reporting Information, by Segment (Tables) | 9 Months Ended |
Jul. 02, 2017 | |
Tables/Schedules | |
Schedule of Segment Reporting Information, by Segment | For the three months ended For the nine months ended July 2, 2017 July 3, 2016 July 2, 2017 July 3, 2016 Total net sales: Georgia $ 1,766,845 $ 1,481,336 $ 3,715,226 $ 2,888,325 Missouri 347,658 337,804 618,565 587,279 Consolidated $ 2,114,503 $ 1,819,140 $ 4,333,791 $ 3,475,604 Income (loss) before income taxes: Georgia $ 1,134,511 $ 894,443 $ 2,078,277 $ 1,366,769 Missouri 42,034 65,610 (97,429) (95,482) Segment total 1,176,545 960,053 1,980,848 1,271,287 Corporate (149,006) (128,138) (582,205) (404,579) Other income (expense), net 82,472 1,978 87,131 6,000 Interest expense (49,799) (52,144) (150,819) (163,375) Consolidated $ 1,060,212 $ 781,749 $ 1,334,955 $ 709,333 As of July 2, 2017 October 2, 2016 Total assets: Georgia $ 6,538,463 $ 5,350,266 Missouri 2,656,184 2,633,066 Corporate 701,054 1,372,791 Consolidated $ 9,895,701 $ 9,356,123 |
NOTE 1. ORGANIZATION (Details)
NOTE 1. ORGANIZATION (Details) | 9 Months Ended |
Jul. 02, 2017 | |
Details | |
Entity Incorporation, Date of Incorporation | Jul. 30, 1954 |
Entity Information, Former Legal or Registered Name | Painted Desert Uranium & Oil Co. |
Entity Incorporation, State Country Name | Nevada |
NOTE 2. SIGNIFICANT ACCOUNTIN45
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Property and Equipment: Property, Plant and Equipment (Details) - USD ($) | 9 Months Ended | |
Jul. 02, 2017 | Oct. 02, 2016 | |
Property, Plant and Equipment, Gross | $ 9,624,653 | $ 9,238,906 |
Less accumulated depreciation | (3,069,259) | (2,806,009) |
Property and equipment, net | 6,555,394 | 6,432,897 |
Land | ||
Property, Plant and Equipment, Gross | 2,507,180 | 2,507,180 |
Land Improvements | ||
Property, Plant and Equipment, Gross | 893,433 | 824,427 |
Building | ||
Property, Plant and Equipment, Gross | 2,882,285 | 2,882,285 |
Animal shelters and habitats | ||
Property, Plant and Equipment, Gross | 1,270,224 | 1,219,023 |
Park animals | ||
Property, Plant and Equipment, Gross | 727,705 | 642,769 |
Equipment - concession and related | ||
Property, Plant and Equipment, Gross | 221,493 | 221,493 |
Equipment and vehicles - yard and field | ||
Property, Plant and Equipment, Gross | 545,381 | 512,445 |
Vehicles - buses and rental | ||
Property, Plant and Equipment, Gross | 209,626 | 186,932 |
Rides and entertainment | ||
Property, Plant and Equipment, Gross | 181,867 | 181,867 |
Furniture and Fixtures | ||
Property, Plant and Equipment, Gross | 60,485 | 60,485 |
Projects in process | ||
Property, Plant and Equipment, Gross | $ 124,974 | $ 0 |
Minimum | Land Improvements | ||
Depreciable Lives | 7 years | |
Minimum | Building | ||
Depreciable Lives | 10 years | |
Minimum | Animal shelters and habitats | ||
Depreciable Lives | 10 years | |
Minimum | Park animals | ||
Depreciable Lives | 5 years | |
Minimum | Equipment - concession and related | ||
Depreciable Lives | 3 years | |
Minimum | Equipment and vehicles - yard and field | ||
Depreciable Lives | 3 years | |
Minimum | Vehicles - buses and rental | ||
Depreciable Lives | 3 years | |
Minimum | Rides and entertainment | ||
Depreciable Lives | 5 years | |
Minimum | Furniture and Fixtures | ||
Depreciable Lives | 5 years | |
Maximum | Land Improvements | ||
Depreciable Lives | 25 years | |
Maximum | Building | ||
Depreciable Lives | 39 years | |
Maximum | Animal shelters and habitats | ||
Depreciable Lives | 39 years | |
Maximum | Park animals | ||
Depreciable Lives | 10 years | |
Maximum | Equipment - concession and related | ||
Depreciable Lives | 15 years | |
Maximum | Equipment and vehicles - yard and field | ||
Depreciable Lives | 15 years | |
Maximum | Vehicles - buses and rental | ||
Depreciable Lives | 5 years | |
Maximum | Rides and entertainment | ||
Depreciable Lives | 10 years | |
Maximum | Furniture and Fixtures | ||
Depreciable Lives | 10 years |
NOTE 2. SIGNIFICANT ACCOUNTIN46
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Other Current Liabilities: Other Current Liabilities (Details) - USD ($) | Jul. 02, 2017 | Oct. 02, 2016 |
Details | ||
Accrued sales taxes | $ 53,911 | $ 28,928 |
Accrued wages and payroll taxes | 47,821 | 23,814 |
Accrued income taxes | 37,400 | 45,426 |
Deferred revenue | 33,798 | 16,532 |
Accrued property taxes | 29,174 | 37,408 |
Other accrued liabilities | 153,661 | 79,284 |
Other current liabilities | $ 355,765 | $ 231,392 |
NOTE 4. LONG-TERM DEBT_ Debt is
NOTE 4. LONG-TERM DEBT: Debt issued on January 9, 2013 (Details) | 9 Months Ended |
Jul. 02, 2017USD ($) | |
Details | |
Debt Instrument, Description | Refinancing Loan |
Debt Instrument, Face Amount | $ 3,752,000 |
Debt Instrument, Term | 20 years |
Debt Instrument, Interest Rate Terms | The Refinancing Loan bears interest at the rate of Prime Rate plus 2.50%, resulting in a rate of 5.75% during the first five years of the loan term. Thereafter, the interest rate will be re-priced every five years based on the then-Prime Rate plus 2.50%. |
Debt Instrument, Fee Amount | $ 175,369 |
NOTE 4. LONG-TERM DEBT_ Sched48
NOTE 4. LONG-TERM DEBT: Schedule of Debt (Details) - USD ($) | Jul. 02, 2017 | Oct. 02, 2016 |
Details | ||
Refinancing Loan principal outstanding | $ 3,286,943 | $ 3,366,507 |
Less: unamortized debt closing costs | (140,446) | (148,252) |
Gross long-term debt | 3,146,497 | 3,218,255 |
Less current portion of long-term debt, net of unamortized debt closing costs | (120,113) | (104,652) |
Long-term debt | $ 3,026,384 | $ 3,113,603 |
NOTE 4. LONG-TERM DEBT_ Sched49
NOTE 4. LONG-TERM DEBT: Schedule of Maturities of Long-term Debt (Details) | Jul. 02, 2017USD ($) |
Details | |
Long-term Debt, Maturities, Repayments of Principal in remainder of current fiscal year | $ 31,932 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 132,406 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 140,223 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 148,502 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 157,270 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 2,676,610 |
Long-term Debt | $ 3,286,943 |
NOTE 4. LONG-TERM DEBT_ Interes
NOTE 4. LONG-TERM DEBT: Interest Expense and Amortization of Debt Closing Costs (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 02, 2017 | Jul. 03, 2016 | Jul. 02, 2017 | Jul. 03, 2016 | |
Details | ||||
Long-term debt, Interest Expense | $ 49,799 | $ 52,144 | $ 150,819 | $ 163,375 |
Long-term debt, Amortization and Closing Costs | $ 2,602 | $ 2,602 | $ 7,806 | $ 7,806 |
NOTE 5. LINES OF CREDIT (Detail
NOTE 5. LINES OF CREDIT (Details) - USD ($) | 9 Months Ended | |
Jul. 02, 2017 | Oct. 02, 2016 | |
Details | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | |
Line of Credit Facility, Description | line of credit loan (the “LOC”) from CB&T for working capital purposes | |
Line of Credit, Initial Term | 7 years | |
Line of Credit Facility, Expiration Date | Jan. 8, 2020 | |
Line of Credit Facility, Covenant Terms | subject to the satisfactory performance by the Company | |
Line of Credit Facility, Interest Rate Description | The LOC interest rate is tied to the prime rate and was 6.00% as of July 2, 2017, with a minimum rate of 5.25% | |
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | $ 0 |
NOTE 8. INCOME TAXES (Details)
NOTE 8. INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 02, 2017 | Jul. 03, 2016 | Jul. 02, 2017 | Jul. 03, 2016 | |
Details | ||||
Income before income taxes | $ 1,060,212 | $ 781,749 | $ 1,334,955 | $ 709,333 |
Income tax provision | $ 406,000 | $ 50,100 | $ 510,000 | $ 55,500 |
NOTE 9. COMMITMENTS AND CONTI53
NOTE 9. COMMITMENTS AND CONTINGENCIES (Details) | 9 Months Ended |
Jul. 02, 2017 | |
Defendant 1 | |
Loss Contingency, Name of Defendant | Larry Eastland, its former President and CEO |
Defendant 2 | |
Loss Contingency, Name of Defendant | LEA Capital Advisors, LLC |
Defendant 3 | |
Loss Contingency, Name of Defendant | Stanley Harper and Computer Contact Service, Inc. |
NOTE 10. BUSINESS SEGMENTS_ S54
NOTE 10. BUSINESS SEGMENTS: Schedule of Segment Reporting Information, by Segment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 02, 2017 | Jul. 03, 2016 | Jul. 02, 2017 | Jul. 03, 2016 | |
Total net sales: | $ 2,114,503 | $ 1,819,140 | $ 4,333,791 | $ 3,475,604 |
Income (loss) before income taxes: | 1,060,212 | 781,749 | 1,334,955 | 709,333 |
Total assets: | 9,895,701 | 9,356,123 | ||
Georgia | ||||
Total net sales: | 1,766,845 | 1,481,336 | 3,715,226 | 2,888,325 |
Income (loss) before income taxes: | 1,134,511 | 894,443 | 2,078,277 | 1,366,769 |
Total assets: | 6,538,463 | 5,350,266 | ||
Missouri | ||||
Total net sales: | 347,658 | 337,804 | 618,565 | 587,279 |
Income (loss) before income taxes: | 42,034 | 65,610 | (97,429) | (95,482) |
Total assets: | 2,656,184 | 2,633,066 | ||
Segment total | ||||
Income (loss) before income taxes: | 1,176,545 | 960,053 | 1,980,848 | 1,271,287 |
Corporate | ||||
Income (loss) before income taxes: | (149,006) | (128,138) | (582,205) | (404,579) |
Total assets: | 701,054 | 1,372,791 | ||
Other income (expense), net | ||||
Income (loss) before income taxes: | 82,472 | 1,978 | 87,131 | 6,000 |
Interest expense | ||||
Income (loss) before income taxes: | $ (49,799) | $ (52,144) | $ (150,819) | $ (163,375) |