Malibu Grand Prix reported higher third-quarter operating earnings, but its net income fell sharply because the year-earlier profit included a special gain.
The Woodland Hills company, which operates amusement parks, said net income for the quarter ended Sept. 27 dropped to $1.5 million, or eight cents a share, from $14.2 million, or 80 cents a share, a year earlier when the company included a $13.6-million gain from Malibu Grand Prix's restructure of debt.
Excluding that gain and other special items, the company's after-tax operating earnings rose to $831,000 from $582,000. Revenue climbed 7%, to $9.6 million from $9 million.
For the first nine months of 1987, Malibu Grand Prix's net income fell to $2.5 million, or 13 cents a share, from $13.2 million, or 92 cents a share, a year earlier. Nine-month revenue rose to $24.4 million from $22.9 million.
Last year the company issued new stock as part of a debt restructuring in the third quarter of 1986.