GB Foods Corp. Trims Losses in First Quarter
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NEWPORT BEACH — GB Foods Corp., operator and franchiser of Green Burrito fast-food restaurants, narrowed its losses in the first quarter while revenue dropped 20%.
The company lost $242,087, or 4 cents a share, compared with a net loss of $1.1 million, or 20 cents a share, for the same period in 1995. The year-earlier figure included a charge of $716,393 from litigation settlements and related costs. Revenue was down 20% to $1.2 million from $1.5 million.
The company said its sale of five restaurants in the fourth quarter last year and the closure of one restaurant in February contributed to the lower revenue.
An increase in franchise royalties and income from the expansion of restaurants with dual menus helped offset the lower revenue, the company said.
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