Tax Benefits Lift Malibu’s 2nd-Quarter Profit by 43%

Malibu Grand Prix, a Woodland Hills operator of miniature auto-racing tracks and other amusement centers, said tax benefits helped lift its second-quarter profit 43% above year-earlier levels.

The company earned $958,000, or 5 cents a share, in the quarter that ended June 26, compared with $668,000, or 4 cents a share, a year earlier. The latest profit included a $311,000 tax credit. Second-quarter revenue rose 8% to $8.97 million from $8.31 million.

For the first half of 1988, Malibu’s net income fell to $912,000, or 4 cents a share, from $2.04 million, or 12 cents a share, a year earlier. The year-ago results included a $1.65-million gain from the restructuring of Malibu’s debt. Six-month revenue rose to $15.3 million from $14.8 million.