Parks America, Inc. (OTCPink:PRKA), a company specializing in amusement and recreation services, announced the appointment of Rebecca McGraw as its new Chief Financial Officer. This change took effect on Monday, January 13, 2025. The company, with a market capitalization of $30.41 million, has maintained impressive gross profit margins of 85.75% according to InvestingPro data.
McGraw, 58, brings a wealth of financial experience to Parks America. She previously served as Assistant Controller - SEC Reporting at Lands’ End, Inc. from November 2020 to December 2024. Before that, she held the position of Controller at General Beverage Sales Co., a major wholesale beverage distributor in Wisconsin, where she worked from October 2005 to October 2020.
The employment agreement with McGraw outlines that her position is on an "at will" basis, with an annual salary of $180,000. Additionally, she is eligible for a potential annual bonus that could reach up to $20,000.
According to the company's statement, McGraw does not have any familial or financial ties with current officers or directors of Parks America. Furthermore, before her appointment, she had no transactional history with the company.
This strategic hire comes as Parks America continues to navigate the competitive amusement and recreation industry. The company's choice of McGraw for the CFO role is indicative of their commitment to strong financial leadership. With revenue of $9.91 million and 5% growth in the last twelve months, investors can access more detailed financial analysis and 6 additional key insights through InvestingPro's comprehensive platform.
The information regarding this executive change is based on a recent SEC filing by Parks America, Inc.
In other recent news, Parks America has received a partial insurance payout of approximately $567,150 for legal expenses related to stockholder activism matters. Despite this reimbursement, the company still has outstanding legal bills amounting to around $365,000 and is in discussions with its insurance carrier for potential additional coverage.
In other financial developments, Parks America has secured a new $2.5 million term loan with Cendera Bank, N.A. through its subsidiary, Aggieland-Parks, Inc., leading to the termination of a previous loan arrangement. The loan, which comes with a 10-year term and an initial interest rate of 7.5%, was facilitated by a $2.5 million cash collateral reserve established by Focus Compounding Fund, LP.
In terms of personnel changes, Parks America's CFO, Todd R. White, and board member Lisa Brady have announced their resignations. Meanwhile, seven new board members have been elected during the company's annual meeting. These are among the recent developments for Parks America, which maintains a moderate debt-to-equity ratio of 0.25 and a healthy current ratio of 1.63, according to InvestingPro.
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