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.
