GB Foods Cuts Losses

GB Foods Corp., which owns and franchises Green Burrito restaurants, said its net loss for the second quarter narrowed to $74,000, or 1 cent a share, from a net loss of $392,000, or 6 cents a share, for the same period in 1995. Revenue declined 29% to $1.2 million from $1.7 million.

The company said it lost $316,000, or 5 cents a share, for the first six months, compared with a net loss of $1.5 million, or 25 cents a share, a year earlier. Revenue was down 27% to $2.4 million from $3.34 million.

The company said it sold five restaurants in the fourth quarter of 1995 and closed one restaurant in February as part of the company’s decision to emphasize expansion of franchises and dual-concept outlets.