SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
X Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
for Quarterly Period Ended March 31, 1995
-OR-
Transaction Report Pursuant to Section 13 or 15(d)
of the Securities And Exchange Act of 1934
for the transaction period from to
________________________________________________________________________
Commission File Number 0-6066
________________________________________________________________________
Premier Parks Inc.
________________________________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 73-6137714
________________________________________________________________________
(State of other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
11501 Northeast Expressway, Oklahoma City, OK 73131
________________________________________________________________________
(Address of principal executive offices, Zip Code)
(405) 478-2414
________________________________________________________________________
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's classes
of common stock as of the latest practicable date:
At March 31,1995, Premier Parks Inc. had outstanding 16,860,607 shares
of common stock, par value $.01 per share.
<PAGE>
PREMIER PARKS INC.
Index
PART I. FINANCIAL INFORMATION
Consolidated Balance Sheets
Consolidated Statement of Cash Flows
Three Months Ended March 31, 1995 and 1994
(unaudited)
Consolidated Statements of Operations
Three Months Ended March 31, 1995 and 1994
(unaudited)
Notes to Financial Statements
Management's Discussion and Analysis of
Financial Condition and Results of Operations
PART II. OTHER INFORMATION.
Items 1 through 5 have been omitted since the items
are inapplicable.
Item 6. Exhibits.
Signatures
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PREMIER PARKS INC.
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
(Unaudited) (Audited)
----------- ------------
<S> <C> <C>
ASSETS
Current assets
Cash and cash equivalents $ 2,100,862 $ 1,365,728
Accounts receivable 922,605 869,796
Inventories 1,109,168 1,017,791
Prepaid expenses 775,772 765,200
--------------- --------------
Total current assets 4,908,407 4,018,515
Other assets
Investment in and advances to a partnership, at equity:
229 East 79th Street Associates LP 1,127,119 1,123,708
Deferred charges 405,379 428,608
Deposits 77,132 1,107,732
Other 286,197 288,143
--------------- --------------
Total other assets 1,895,827 2,948,191
Property and equipment, at cost 47,303,633 44,841,784
Less accumulated depreciation 6,825,232 6,269,852
--------------- --------------
Total property and equipment 40,478,401 38,571,932
Total assets $ 47,282,635 $ 45,538,638
=============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $ 1,695,197 $ 1,281,061
Accrued interest payable 123,704 101,857
Current portion of long-term debt 1,239,451 1,239,160
Current portion of long-term debt -
related parties 200,000 200,000
Revolving credit facility 3,500,000 0
Current portion of capitalized
lease obligations 452,645 452,645
=============== ==============
Total current liabilities 7,210,997 3,274,723
Long-term debt and capitalized lease obligations
Capitalized lease obligation 1,419,924 1,419,924
Long-term debt - unrelated parties:
Senior subordinated notes 1,240,000 1,240,000
Term notes 11,885,289 11,901,080
Long-term debt - related parties:
Senior subordinated notes 5,760,000 5,760,000
Junior subordinated loan 1,895,000 1,895,000
-------------- --------------
Total long-term debt and capitalized
lease obligations 22,200,213 22,216,004
Deferred income taxes 1,043,305 1,913,900
-------------- --------------
Total liabilities 30,454,515 27,404,627
-------------- --------------
Stockholders' equity
Common stock 169,923 169,923
Capital in excess of par 50,572,978 50,572,978
Accumulated deficit (33,226,015) (31,920,123)
-------------- --------------
17,516,887 18,822,778
Less treasury stock at cost 688,767 688,767
-------------- --------------
Total stockholders' equity 16,828,120 18,134,011
-------------- --------------
Total liabilities and
stockholders' equity $ 47,282,635 $ 45,538,638
=============== ==============
</TABLE>
PREMIER PARKS INC
CONSOLIDATED STATEMENT OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
Cash flow from operating activities:
Net loss $ (1,305,892) $ (1,760,958)
Adjustments to reconcile net loss to net cash
provided by operating activities
Depreciation and amortization 557,326 687,061
Amortization of discount on issuance
costs of debt 23,229 14,291
Equity in losses of partnerships 19,389 25,408
(Increase) in accounts receivable (52,810) (194,615)
(Decrease) in deferred income taxes (870,595) (1,279,264)
(Increase) in inventories and prepaid
expenses (101,949) (116,027)
(Increase) decrease in other assets
and deposits 1,030,600 (15,917)
Increase in accounts payable and
accrued expenses 414,137 1,212,219
Increase in accrued interest payable 21,847 26,319
------------- -------------
Total adjustments 1,041,174 301,568
------------- -------------
Net cash (used in) operating activities (264,717) (1,459,390)
------------- -------------
Cash flow from investing activities:
Additions to property and equipment (2,461,849) (2,822,097)
Investments in and advances to partnerships (22,800) (30,960)
------------- -------------
Net cash (used in) investing activities (2,484,649) (2,853,057)
Cash flow from financing activities:
Repayment of long-term debt (15,500) (12,500)
Proceeds from borrowings 3,500,000 4,500,000
------------- -------------
Net cash provided by financing activities 3,484,500 4,487,500
------------- -------------
Increase in cash and cash equivalents 735,134 175,053
Cash and cash equivalents at beginning of period 1,365,728 3,025,859
------------- -------------
Cash and cash equivalents at end of period $ 2,100,862 $ 3,200,912
============= ==============
</TABLE>
PREMIER PARKS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31,1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
1995 1994
<S> <C> <C>
Revenue:
Theme parks $ 1,570,321 $ 359,029
Equity in (loss) of partnership (19,389) (25,408)
Interest and other 4,074 7,417
------------- ------------
TOTAL REVENUE 1,555,006 341,038
Costs and expenses:
Operating expenses 1,698,150 1,852,731
Selling, general and administrative 881,784 687,796
Cost of products sold 11,648 19,476
Depreciation and amortization 557,327 443,868
Interest 582,584 377,389
------------- ------------
TOTAL COSTS AND EXPENSES 3,731,493 3,381,260
(Loss) before income taxes (2,176,487) (3,040,222)
Provision for income tax benefit: (870,595) (1,279,264)
------------- ------------
NET (LOSS) $ (1,305,892) $ (1,760,958)
============= ============
Per share amounts
------------- ------------
NET (LOSS) PER SHARE $ (0.08) $ (0.13)
AVERAGE SHARES OUTSTANDING 16,992,335 13,276,097
============= ============
</TABLE>
PREMIER PARKS INC.
NOTES TO FINANCIAL STATEMENTS
March 31, 1995
1. Management's Discussion and Analysis of Financial Condition and Results
of Operations which follows these notes contains additional information
on the results of operations and the financial position of the Company.
Those comments should be read in conjunction with these notes. The
Company's annual report on Form 10-K for the year ended December 31, 1994
includes additional information about the Company, its operations and its
financial position, and should be read in conjunction with this quarterly
report on Form 10-Q.
2. The information furnished in this report reflects all adjustments which
are, in the opinion of management, necessary to present a fair statement
of the results for the periods presented.
3. Results of operations for the three month period ended March 31, 1995 are
not indicative of the results expected for the full year. In particular,
the Company's theme park operations contribute most of their annual revenue
during the period from Memorial Day to Labor Day each year.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Three months ended March 31, 1995 vs. three months ended March 31, 1994
Loss before income taxes for the three months ended March 31, 1995
aggregated $2.2 million, as compared to loss before taxes of $3.0 million for
the comparable three-month period of 1994. The decrease in the loss in the
1995 period was attributable to increased operating revenues in that period,
arising primarily from a new season pass program. The increase in operating
revenue in the first quarter of 1995 was offset in part by increased
depreciation expense in that period arising out of the Company's capital
improvement program and additional interest expense due to higher levels of
outstanding debt.
Because of the seasonal nature of the Company's theme park operations most
of the Company's revenues are generated from Memorial Day to Labor Day.
LIQUIDITY, CAPITAL COMMITMENTS AND RESOURCES
At March 31, 1995, the Company's indebtedness (including capitalized
leases) aggregated $27.6 million, of which approximately $1.9 million matures
prior to March 31, 1996, and $3.5 million represents borrowings under the
Company's revolving credit facility. Amounts outstanding under this facility
must be repaid in full prior to November 1, with reborrowings thereunder
permitted commencing in December. The Company anticipates repaying current
indebtedness from funds generated from operations.
The Company continues to implement the capital improvement program for
its three parks developed prior to the 1993 season. In connection with this
program, the Company estimates that it will expend approximately $5 million
prior to the 1995 season. The Company expects to fund this amount from
existing cash, funds generated from operations and the proceeds of financings.
During the fourth quarter of 1994, the Company consummated a private placement
of 3,584,510 shares of its common stock at a purchase price of $1.35 per
share. Of the shares issued, 485,437 were issued in satisfaction of $655,340
of indebtedness of the Company. The cash proceeds of approximately $4.184
million have been used to fund improvements to the parks.
The Company's liquidity could be adversely affected by any event or
condition, such as inclement weather that significantly reduces attendance at
any of its parks.
PART II. OTHER INFORMATION
ITEMS 1 - 5.
Not applicable
ITEM 6.
(a) Exhibit Number
27 Financial Data Schedule
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Premier Parks Inc.
__________________
(Registrant)
KIERAN E. BURKE
Kieran E. Burke
Chairman/CEO
May 10,1995 RICHARD R. WEBB
____________ Richard R. Webb
Date Vice President/Accounting
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000701374
<NAME> PREMIER PARKS INC.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 2100862
<SECURITIES> 0
<RECEIVABLES> 922605
<ALLOWANCES> 0
<INVENTORY> 1109168
<CURRENT-ASSETS> 4908407
<PP&E> 47303633
<DEPRECIATION> 6825232
<TOTAL-ASSETS> 47282635
<CURRENT-LIABILITIES> 7210997
<BONDS> 0
<COMMON> 169923
0
0
<OTHER-SE> 18035730
<TOTAL-LIABILITY-AND-EQUITY> 47282635
<SALES> 1570321
<TOTAL-REVENUES> 1555006
<CGS> 11648
<TOTAL-COSTS> 11648
<OTHER-EXPENSES> 3137261
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 582584
<INCOME-PRETAX> (2176487)
<INCOME-TAX> (870595)
<INCOME-CONTINUING> (1305892)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1305892)
<EPS-PRIMARY> (0.08)
<EPS-DILUTED> 0
</TABLE>
