Malibu Grand Prix Loses $1.1 Million in Quarter
Malibu Grand Prix said it lost $1.1 million for the fourth quarter ended Dec. 31 contrasted with a profit of $1.9 million, or 9 cents a share, in the same period a year earlier. Revenue was $5.8 million, down from $5.9 million a year ago.
The Woodland Hills company, which operates 39 recreation centers, attributed its poor results to a $324,000 loss on the sale of some property and equipment.
For the year ended Dec. 31, Malibu’s income fell 83% to $2.6 million, or 15 cents a share, compared to $15 million, or 92 cents a share, for fiscal 1986. Revenue for the year was up 5% to $30.2 million from $28.8 million.