Green Burrito Operator Posts Gains in Net Income

GB Foods Corp., operator of Green Burrito Mexican fast-food restaurants, said net income for the fourth quarter totaled $265,000, or 3 cents a share, more than double the $129,000, or 2 cents a share, for the comparable period in 1996. Revenue was flat at $1.4 million. For the year, the company posted net income of $854,000, or 11 cents a share, compared with a net loss of $48,000, or 1 cent a share, for 1996. Revenue gained 8% to $5.4 million from $5 million.

The company attributed the gains to expansion of its dual-concept restaurant business. At the end of 1997, there were seven company-owned restaurants, 40 stand-alone franchise restaurants and 134 dual-concept franchise restaurants, including 115 Carl’s Jr./Green Burrito outlets.