Powertec Inc. Profits Up 2% for Quarter
Despite a 2% drop in sales, Powertec Inc., a Chatsworth manufacturer of computer power supplies, reported that profits were up 2% in the quarter ended April 28.
Powertec earned $623,000, or 23 cents a share, on sales of $5.67 million, compared with earnings of $608,000, or 22 cents a share, on sales of $5.8 million for the same quarter in 1984, the company said.
The company said it achieved higher profits on lower sales by improving its product mix and cutting costs.
For the six months ended April 28, sales were $11.1 million, 10% higher than during the same period a year ago. Earnings rose 20%, to $1.2 million, and earnings per share were up 19%, to 44 cents.
Powertec said per-share earnings have been adjusted for a 5-for-4 stock split effective May 15.
Malibu Grand Prix Posts $2.5-Million Quarterly Loss
Malibu Grand Prix Corp., a Woodland Hills amusement park company, showed a $2.5-million loss for the first quarter ended March 31. The company showed a $700,000 loss for the same quarter in 1984.
Edward T. Peabody Jr., the company’s president, attributed the poor showing to inclement weather in much of the country that kept customers away and to one-time costs associated with the merger of Malibu and Castle Entertainment Inc. of Westlake Village.
Malibu owns and operates amusement parks, and Peabody said the business is highly seasonal, with most of its profits coming in summer and early fall.
For the quarter, the company reported revenue of $6.1 million, versus $4.5 million for the same period in 1984. On a per-share basis, the loss was 20 cents a share, double the loss in last year’s first quarter.
The first-quarter results for 1984 include only 40 “recreational centers,” whereas the 1985 figures are for the 46 centers the company now owns. The additional centers were acquired in the Castle Entertainment merger.
Malibu, which went public a year ago, is also planning to expand, Peabody said.
“We are now actively negotiating arrangements for the development of a water park at our Miami recreational center and for the development of a recreational center in Tulsa, Okla.,” he said.
