Malibu Grand Prix Loses $16.2 Million for the Year

Big write-downs and operating losses gave Malibu Grand Prix Corp. a widened loss of $16.2 million last year. In 1984, it lost $6.3 million.

Woodland Hills-based Malibu, which runs 42 amusement centers featuring scaled-down grand prix racing, miniature golf and video games, reported 5% higher sales of $29.6 million. Per share, the loss rose to $1.28 from 57 cents a year ago.

The loss for 1985 includes $8.5 million in write-downs on property and equipment, much of it stemming from the elimination of water slides and other water sports at several Malibu facilities. The company said insurance had become too expensive to continue those attractions.

The loss also includes $4.6 million in interest charges the company could not pay. It remains in default to Crocker National Bank and is still trying to restructure its debt, said Gary Rudolph, Malibu’s vice president for operations.

On continuing operations, the company lost $2.3 million, versus an operating loss of $2.2 million in 1984, Rudolph said.