GB Foods’ Quarterly Net Income Up 10%

Anaheim-based GB Foods Corp., which operates the Green Burrito chain and other fast-food restaurants, reported net income of $281,000, or 4 cents a share, for the second quarter, 10% higher than the $256,000, or 4 cents a share, for the second quarter last year. Revenue declined 7% to $1.3 million from $1.4 million. For the six months, the company posted net income of $533,000, or 7 cents a share, a 50% gain from the $355,000, or 5 cents a share, reported for the first half of 1997. Revenue was unchanged at $2.6 million.

The company attributed the increases in net income to continued expansion of dual-concept restaurants and corporate operating efficiencies. A total of 28 outlets have been converted to dual Carl’s Jr./Green Burrito restaurants so far this year, and about 20 more are planned for the rest of the year.

The acquisitions of Timber Lodge Steakhouse Inc. and JB’s Family Restaurants Inc. is expected to be completed during the third quarter, the company said.