SANTA MONICA, Calif., May 21 /PRNewswire-FirstCall/ -- Great
American Family Parks, Inc. (OTC:GFAM) (BULLETIN BOARD: GFAM) , a
company in the business of acquiring, staffing and managing theme
parks, announced today 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 will host a conference call with CEO Larry
Eastland and CFO Richard Jackson on Thursday, May 22 at 11 a.m.
Eastern. The call will cover the company's first quarter 2008
earnings. A question-and-answer session will follow. To participate
in this call, dial 800-762-8779 any time after 10:45 a.m. Eastern
on May 22. International callers should dial 480-629-9031. 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. Safe Harbor Statement Under The Private Securities
Litigation Reform Act of 1995: Except for historical information
contained herein, the statements in this news release are
forward-looking statements that are made pursuant to the safe
harbor provisions of the Private Securities Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties, which may cause a company's actual results,
performance and achievement in the future to differ materially from
forecasted results, performance, and achievement. These risks and
uncertainties are described in the Company's periodic filings with
the Securities and Exchange Commission. The Company undertakes no
obligation to publicly release the results of any revisions to
these forward-looking statements that may be made to reflect events
or circumstances after the date hereof, or to reflect the
occurrence of unanticipated events or changes in the Company's
plans or expectation. For more information contact Ashley Hull at
Great American Family Parks, Inc., at 310.450.9100 or Frank Hawkins
or Julie Marshall at 305.451.1888. Additional information about
GFAM visit: http://www.weloveparks.com/ GREAT AMERICAN FAMILY
PARKS, INC and SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31,
2008 and December 31, 2007 Mar 31, Dec 31, 2008 2007 (Unaudited)
(Audited) ASSETS CURRENT ASSETS Cash $ 485,475 $ 554,212 Accounts
receivable - trade 1,218,854 1,162,340 Inventory 102,462 92,462
Advances 535 1,641 Prepaid expenses 13,358 3,308 Prepaid insurance
124,105 155,544 Tennant Improvements 158 - Total Current Assets
1,944,947 1,969,507 PROPERTY AND EQUIPMENT, net of depreciation
7,000,876 4,834,874 OTHER ASSETS Goodwill 1,062,500 1,062,500
Covenant not to compete, net of amortization 48,334 49,167
Franchise and loan fees, net of amortization 26,226 22,067 Note
receivable, Idaho Chevron 300,000 300,000 Note receivable, Treasure
Bay, affiliate 90,600 90,600 Deposits 56,791 68,327 Total Other
Assets 1,584,451 1,592,661 TOTAL ASSETS $ 10,530,274 $ 8,397,042
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts
payable $ 10,794 $ 46,455 Accrued expenses 1,229,051 1,104,375
Current maturities of long term debt 528,681 246,366 Total Current
Liabilities 1,768,526 1,397,196 LONG-TERM DEBT Long-term
obligations 4,627,737 2,702,683 EQUITY Common stock 300,000,000
shares authorized, at $.001 par value; 52,106,537 shares issued and
outstanding 52,106 51,886 Capital in excess of par value 4,460,890
4,443,510 Retained earnings (deficit) (378,985) (198,233) Total
equity 4,134,011 4,297,163 TOTAL LIABILITIES and STOCKHOLDERS'
EQUITY $ 10,530,274 $ 8,397,042 GREAT AMERICAN FAMILY PARKS, INC
and SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS For the Three
Months Ended March 31, 2008 and 2007 Mar 31, Mar 31, 2008 2007
(Unaudited) (Unaudited) SALES $ 2,784,431 $ 537,928 COST OF SALES
2,004,280 242,589 Gross profit 780,151 295,339 OPERATING EXPENSES
Administrative 828,425 339,872 Depreciation and amortization 55,889
41,740 Total operating expenses 884,314 381,612 NET PROFIT (LOSS)
FROM OPERATIONS (104,163) (86,273) OTHER INCOME & EXPENSES
Sales of assets-net 3,047 - Other Income 2,174 128,075 Other
Expense (18,605) - Interest Income 1,456 10,732 Interest Expense
(64,661) (47,055) NET PROFITS (LOSS) $ (180,752) $ 5,479 NET LOSS
PER COMMON SHARE Basic and diluted AVERAGE OUTSTANDING SHARES -
(stated in 1,000's) Basic 52,106 51,887 Diluted 65,293 65,074
DATASOURCE: Great American Family Parks, Inc. CONTACT: Ashley Hull
of Great American Family Parks, Inc., +1-310-450-9100; Frank
Hawkins or Julie Marshall, +1-305-451-1888, for Great American
Family Parks, Inc. Web site: http://www.weloveparks.com/
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