Malibu Grand Prix Posts $170,000 1st-Quarter Profit

Malibu Grand Prix Corp. reported first-quarter earnings of $170,000 versus a year-ago loss of $1.1 million, while sales rose 9%, to $6.5 million.

The company said it lost $179,000 on operations in the first quarter, but that it finished the period in the black thanks to a $349,000 extraordinary gain from a debt restructuring.

Net income per share was 1 cent, against a loss of 9 cents a year ago.

The company also said it entered a joint-venture agreement to develop and run an entertainment center in Atlanta, and has made licensing agreements for facilities in Spain and Saudi Arabia.

Based in Woodland Hills, Malibu Grand Prix owns and operates 40 entertainment centers in the United States, featuring miniature raceways, miniature golf and electronic video games.