GB Foods Corp.: The Newport Beach parent...

GB Foods Corp.: The Newport Beach parent of the Green Burrito restaurant chain reported a $48,000 net loss, or 1 cent per share, for 1996, compared to a $1.9 million net loss, or 31 cents per share, the previous year. Revenue fell 24% to $5 million from $6.6 million. The company said revenue slipped because five company-owned stores were sold as part of a plan to emphasize franchise growth and dual-menu restaurants with other chains, including Carl’s Jr.

GB Foods reported $129,000 in net income for the fourth quarter, compared to a $222,000 net loss during the last quarter of 1995. The company did not release fourth-quarter revenue figures.