SANTA MONICA, Calif., April 18 /PRNewswire-FirstCall/ -- Great American Family Parks, Inc. (OTC:GFAM) (BULLETIN BOARD: GFAM) filed its 10-KSB for the fiscal year ended December 31, 2006 with the Securities and Exchange Commission. The fiscal year was the first annual period in which the Company's Wild Animal Safari had been fully-integrated into its business financials. In the first year of this integration, GFAM has shown profitability. Dr. Larry Eastland, President of Great American said: "we are pleased to report that our independent registered public accountant issued us an unqualified report for the year ended December 31, 2006. This replaced the previous "Note 13: Going Concern" issued for the year ended December 31, 2005. We are gratified at the progress GFAM has made in that regard, and we will continue to manage the operation with the expectation that GFAM will be even stronger this coming year." 2006 revenues increased 33.7% over 2005 revenues, rising from $6,978,066 to $9,329,284. The increase in revenues was due to a full year of operations of the theme park as well as ten months of operations from the convenience store operation. 2006 gross margins increased 66.8% to $2,230,482 as compared to $1,337,441 in 2005. Gross margins increased dramatically due to profitability of the theme park as well as improved park margins. This increase in park admissions volume also raised cost of revenues from $5,640,825 in 2005 to $7,098,801 in this fiscal year. GFAM's net profit increased 152.1% from 2005, rising from a net loss of $827,617 in 2005 to a net profit of $431,599 in 2006. In 2006, GFAM successfully sold its convenience store operation in order to fully concentrate on theme park operations and expansion; the one-time costs of the sale resulted in a net loss from operations of $1,265,309. Total current assets increased over 140% from $230,399 in 2005 to $1,482,962 in 2006. Shareholder's equity increased 239% from $2,508,167 from 2005 to $3,996,566 in 2006. About Great American Family Parks, Inc. Great American Family Parks ("GFAM") is in the business of acquiring, developing and operating local and regional theme parks and attractions in the U.S. and internationally. The Company plans to build a family of parks primarily through acquisitions of small local regional privately owned existing parks. Its goal is to develop a series of compatible but distinct entertainment and amusement products, including themed amusement parks, associated products, food and beverage, and multimedia offerings. The implementation of this strategy has begun with themed amusement parks and attractions. GFAM owns and operates the Wild Animal Safari theme park, which is located on 200 acres of a 500-acre plot, and includes a drive-through animal viewing area that opened in 1991. It is home to more than 1,800 animals from every continent except Antarctica. Most animals roam wild throughout a natural habitat of more than 200 acres; the total area utilized will be increased as further venues are added. In addition to availing themselves of the amenities described below, visitors to Wild Animal Safari are able to observe, photograph, and feed the animals from their own cars as they drive along the more than three miles of paved roads that run throughout the habitat area. Some animals are contained in special fenced areas or pens within natural habitat, and others are located in a more traditional zoo-like atmosphere. Safe Harbor Statement 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 expectations. Contact: Ashley J. Hull Corporate Administrative Director Great American Family Parks, Inc. 3420 Ocean Park Blvd. Suite 3000 Santa Monica, CA 90405 (310) 450-9100 DATASOURCE: Great American Family Parks, Inc. CONTACT: Ashley J. Hull, Corporate Administrative Director of Great American Family Parks, Inc., +1-310-450-9100, Web site: http://www.weloveparks.com/

Copyright