Theme Park Revenues Increase Over 147% & Gross Profit Increases 78% in Latest GFAM 10Q

SANTA MONICA, Calif., May 18  /PRNewswire-FirstCall/ -- Great American Family Parks, Inc (OTC:GFAM) (BULLETIN BOARD: GFAM)  today released its 10Q-SB for the first quarter 2007.  Revenues for GFAM's Wild Animal Safari amusement park and corporation increased 147% to $662,928.37 for the first quarter 2007 as compared to $268,327.85 for the three months ended March 31, 2006. This represents an increase of  $394,600.52 when isolating the present operations of the Company.  Overall revenues for the three months ended March 31, 2007 were $662,928.37, a decrease as compared to 2006 first quarter revenues of $1,868,283.41 primarily due to the result of the sale of Crossroads Convenience Center, LLC.

                        1st Quarter   1st Quarter       Change      Percent
                            2007          2006                      Change
  Revenues without
   Convenience Store     662,928.37    268,327.85      394,600.52     147%
  Revenues with
   Convenience Store     662,928.37  1,868,283.41   (1,205,355.14)  (64.5%)





Gross profit increased by $268,737.02, or 78%, to $613,006.84 for the three months ended March 31, 2007 compared to $344,269.82 for the three months ended March 31, 2006.  The increase in gross profit is primarily due to the result of increased receipts at Wild Animal Safari, Inc and the elimination of the convenience store high volume sales with a low margin for gross profit.  Net profit was $5,478.86 for the three months ended March 31, 2007 compared to a net loss of $34,706.96 for the three months ended March 31, 2006.   The increase in profitability for the three months ended March 31, 2007 was due to the improved operations at Wild Animal Safari Inc, management fees and the elimination of the marginal performance from the convenience store.

Total current assets at the end of the first quarter 2007 were $1,353,552.17 including $1,076,744.96 in cash, as compared with $279,353.39 in total current assets at March 31, 2006, which included cash of $95,485.65. Interest expense decreased 23% to $13,875.24 due to the elimination of long term debt on Crossroads Convenience Center and a decrease in long term debt.

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 expectation.

  PR Contact:
  Ashley J. Hull
  Great American Family Parks, Inc.
  310-450-9100
  

DATASOURCE: Great American Family Parks, Inc.



CONTACT:  Ashley J. Hull of Great American Family Parks, Inc.,

[phone], 



Web site:  http://www.weloveparks.com/ 

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