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

GB Foods Corp.: The Newport Beach operator and franchiser of Green Burrito restaurants reported net income of $140,000 for the third quarter, contrasted with a net loss of $190,000, or 3 cents a share, for the comparable period in 1995. Revenue dropped 33% to $1.2 million from $1.8 million.

The company attributed the decline primarily to a decrease in revenue from restaurant operations. The company sold five restaurants in the fourth quarter of 1995 and closed one restaurant in February, as part of its plan to emphasize franchise and dual-concept expansion.

GB Foods recorded a net loss of $177,000, or 3 cents a share, for the nine-month period, compared with a net loss of $1.7 million, or 28 cents a share, a year ago. Revenue was off 29% to $3.6 million from $5.1 million.